Document:

EX-10.10

 Exhibit 10.10 
 EXECUTION VERSION 
 MANAGEMENT AGREEMENT 

By and Between 
 CAESARS BALTIMORE MANAGEMENT COMPANY, LLC, 
 a Delaware limited liability
company 
 as Manager 
 and 
 CBAC GAMING, LLC, 

a Delaware limited liability company 
 as Owner 
 Dated as of October 23, 2012 

 TABLE OF CONTENTS 

 

							
	ARTICLE I.	  	 DEFINITIONS AND EXHIBITS
	  	 	1	  
			
	 1.1
	  	Definitions	  	 	1	  
	 1.2
	  	Exhibits	  	 	1	  
			
	ARTICLE II.	  	 APPOINTMENT/TERM
	  	 	2	  
			
	 2.1
	  	Grant of Authority	  	 	2	  
	 2.2
	  	Limitations on Manager Authority	  	 	7	  
	 2.3
	  	Other Operations of Manager and Owner	  	 	9	  
	 2.4
	  	Term	  	 	11	  
			
	ARTICLE III.	  	 FEES AND EXPENSES
	  	 	11	  
			
	 3.1
	  	Management Fees	  	 	11	  
	 3.2
	  	Centralized Services Charges	  	 	13	  
	 3.3
	  	Reimbursable Expenses	  	 	13	  
	 3.4
	  	Interest	  	 	13	  
	 3.5
	  	Payment of Fees and Expenses	  	 	14	  
	 3.6
	  	Application of Payments	  	 	14	  
	 3.7
	  	Sales and Use Taxes	  	 	14	  
			
	ARTICLE IV.	  	 CENTRALIZED SERVICES
	  	 	15	  
			
	 4.1
	  	Centralized Services	  	 	15	  
	 4.2
	  	Modification of Centralized Services	  	 	17	  
			
	ARTICLE V.	  	 OPERATION OF THE MANAGED FACILITIES
	  	 	17	  
			
	 5.1
	  	Annual Budget	  	 	17	  
	 5.2
	  	Maintenance and Repair; Capital Improvements	  	 	21	  
	 5.3
	  	Personnel	  	 	22	  
	 5.4
	  	Bank Accounts	  	 	23	  
	 5.5
	  	Funds for Operation of the Managed Facilities	  	 	25	  
	 5.6
	  	Purchasing	  	 	26	  
	 5.7
	  	Managed Facilities Parking	  	 	27	  
	 5.8
	  	Use of Affiliates by Manager	  	 	27	  
	 5.9
	  	Limitation on Manager’s Obligations	  	 	28	  
	 5.10
	  	Third-Party Operated Areas	  	 	28	  
	 5.11
	  	Amenities	  	 	29	  
			
	ARTICLE VI.	  	 APPROVALS
	  	 	29	  
			
	 6.1
	  	Execution of Agreement Subject to Maryland Gaming Approvals	  	 	29	  
	 6.2
	  	Modification of Agreement	  	 	29	  
			
	ARTICLE VII.	  	 PROPRIETARY RIGHTS
	  	 	30	  
			
	 7.1
	  	Service Mark Rights	  	 	30	  
	 7.2
	  	Use of Service Mark Rights	  	 	31	  
	 7.3
	  	Rights to Service Mark Rights	  	 	31	  
	 7.4
	  	Proprietary Information and Systems of Manager or its Affiliates	  	 	31	  

  
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	ARTICLE VIII.	  	 CONFIDENTIALITY
	  	 	34	  
			
	 8.1
	  	Disclosure by Owner	  	 	34	  
	 8.2
	  	Disclosure by Manager	  	 	35	  
	 8.3
	  	Public Statements	  	 	35	  
	 8.4
	  	Cumulative Remedies	  	 	35	  
	 8.5
	  	Survival	  	 	36	  
			
	ARTICLE IX.	  	 MARKETING
	  	 	36	  
			
	 9.1
	  	Marketing	  	 	36	  
			
	ARTICLE X.	  	 BOOKS AND RECORDS
	  	 	37	  
			
	 10.1
	  	Maintenance of Books and Records	  	 	37	  
	 10.2
	  	Monthly Financial Reports	  	 	37	  
	 10.3
	  	Quarterly Financial Reports	  	 	38	  
	 10.4
	  	Annual Financial Reports	  	 	38	  
	 10.5
	  	Other Reports and Schedules	  	 	39	  
			
	ARTICLE XI.	  	 ASSIGNMENTS
	  	 	39	  
			
	 11.1
	  	Assignment by Owner	  	 	39	  
	 11.2
	  	Assignment by Manager	  	 	40	  
	 11.3
	  	Acknowledgement of Assignment	  	 	40	  
	 11.4
	  	Approvals	  	 	41	  
			
	ARTICLE XII.	  	 INSURANCE, BONDING AND INDEMNIFICATION
	  	 	41	  
			
	 12.1
	  	Owner Insurance and Bonding Requirements	  	 	41	  
	 12.2
	  	Waiver of Liability	  	 	42	  
	 12.3
	  	Indemnification	  	 	43	  
			
	ARTICLE XIII.	  	 FINANCING; GROUND LEASE
	  	 	44	  
			
	 13.1
	  	Mortgages; Collateral Assignments; Non-Disturbance	  	 	44	  
	 13.2
	  	Lender’s Right of Access	  	 	45	  
	 13.3
	  	Disclosure of Mortgages	  	 	45	  
	 13.4
	  	Estoppel Certificates	  	 	45	  
	 13.5
	  	Amendments to Agreement	  	 	45	  
	 13.6
	  	Owner’s Ground Lease and Land Purchase Obligations	  	 	46	  
			
	ARTICLE XIV.	  	 BUSINESS INTERRUPTION
	  	 	46	  
			
	 14.1
	  	Business Interruption	  	 	46	  
	 14.2
	  	Proceeds of Business Interruption Insurance	  	 	47	  
			
	ARTICLE XV.	  	 CASUALTY OR CONDEMNATION
	  	 	47	  
			
	 15.1
	  	Casualty	  	 	47	  
	 15.2
	  	Condemnation	  	 	47	  
			
	ARTICLE XVI.	  	 DEFAULTS AND TERMINATIONS
	  	 	48	  
			
	 16.1
	  	Events of Default	  	 	48	  
	 16.2
	  	Manager Termination Rights	  	 	51	  
	 16.3
	  	Owner Termination Rights	  	 	53	  

							
	 16.4
	  	Actions To Be Taken on Termination	  	 	55	  
	 16.5
	  	Notice of Termination to Employees	  	 	59	  
			
	ARTICLE XVII.	  	 DISPUTE RESOLUTION
	  	 	60	  
			
	 17.1
	  	Generally	  	 	60	  
	 17.2
	  	Expert Resolution	  	 	60	  
	 17.3
	  	Time Limit	  	 	61	  
	 17.4
	  	Prevailing Party’s Expenses	  	 	62	  
	 17.5
	  	WAIVERS	  	 	62	  
	 17.6
	  	Survival and Severance	  	 	63	  
	 17.7
	  	ACKNOWLEDGEMENTS	  	 	63	  
	 17.8
	  	Survival	  	 	65	  
			
	ARTICLE XVIII.	  	 GAMING LAW PROVISIONS
	  	 	65	  
			
	 18.1
	  	Regulatory Matters; Initial Suitability Review	  	 	65	  
	 18.2
	  	Licensing Event	  	 	65	  
	 18.3
	  	Unlawful Payments	  	 	66	  
			
	ARTICLE XIX.	  	 GENERAL PROVISIONS
	  	 	66	  
			
	 19.1
	  	Governing Law	  	 	66	  
	 19.2
	  	Construction of this Agreement	  	 	66	  
	 19.3
	  	Limitation on Liabilities	  	 	68	  
	 19.4
	  	Waivers	  	 	69	  
	 19.5
	  	Notices	  	 	69	  
	 19.6
	  	Party Representatives	  	 	71	  
	 19.7
	  	No Recordation	  	 	71	  
	 19.8
	  	Further Assurances	  	 	71	  
	 19.9
	  	Relationship of the Parties	  	 	71	  
	 19.10
	  	Force Majeure	  	 	72	  
	 19.11
	  	Terms of Other Management Agreements	  	 	72	  
	 19.12
	  	Execution of Agreement	  	 	72	  

  

			
	EXHIBITS	  	
	Exhibit A	  	Premises
	Exhibit B	  	Definitions
	Exhibit C	  	Pre-Opening Services
	Exhibit D	  	Examples of Centralized Services and Provided Enterprise Shared Services
	Exhibit E	  	Form of Summary Annual Budget
	Exhibit F	  	Manager’s Proprietary Information and Systems
	Exhibit G	  	Insurance Requirements
	Exhibit H	  	Opening Date Confirmation
	Exhibit I	  	Service Marks
	Exhibit J	  	Total Rewards System
	Exhibit K	  	Confidentiality and Limited Use of Owner Confidential Information

 MANAGEMENT AGREEMENT 

This MANAGEMENT AGREEMENT (this “Agreement”) is dated as of October 23, 2012, and is made and entered into by and
between CBAC Gaming, LLC, a Delaware limited liability company, or its successors and permitted assigns (“Owner”), and Caesars Baltimore Management Company, LLC, a Delaware limited liability company. Owner and Manager are sometimes
referred to collectively in this Agreement as the “Parties” and individually as a “Party.” 

RECITALS 

A. Owner has acquired or intends to acquire the real property interests more fully described on Exhibit A attached hereto (the
“Premises”) and intends to develop and construct a casino (the “Casino”) and related Facilities (as hereinafter defined) thereon (such Casino and Facilities located at the Premises, collectively, the
“Managed Facilities”). 
 B. Manager is a wholly-owned indirect subsidiary of CEOC (as hereinafter defined)
with experience in operating gaming, hotel and related businesses. 
 C. Owner desires to engage Manager to manage and operate
the Managed Facilities under and utilizing the Brand (as hereinafter defined), and Manager desires to manage and operate the Managed Facilities under and utilizing the Brand as an agent of Owner. 

AGREEMENT 

NOW, THEREFORE, in consideration of the recitals and covenants set forth in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are acknowledged by the Parties, the Parties agree: 
 ARTICLE I. 

DEFINITIONS AND EXHIBITS 
 1.1 Definitions. 
 All capitalized terms used without
definition in this Agreement shall have the meanings assigned to such terms in Exhibit B attached hereto and by this reference incorporated herein. 
 1.2 Exhibits. 
 The exhibits listed in the table of contents and
attached hereto are incorporated in, and deemed to be an integral part of, this Agreement. 

  
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 ARTICLE II. 
 APPOINTMENT/TERM 
 2.1 Grant of Authority. 

2.1.1 Engagement of Manager. On and subject to the terms and conditions of this Agreement, Owner hereby engages Manager, and
Manager hereby agrees to be engaged, as Owner’s agent and exclusive manager to Operate the Managed Facilities during the Term. The Parties acknowledge that the scope of both Manager’s authority and duties as the Manager to Operate the
Managed Facilities are limited to the authority and duties set forth in this Agreement. Owner acknowledges that Manager and its Affiliates own numerous brands and, notwithstanding anything contained herein to the contrary, Owner agrees that Manager
has elected to use the “Harrah’s” brand (the “Brand”) in connection with Manager’s Operation of the Casino; provided, that Manager shall have the right to require Owner, subject to the receipt of any
required approval from any Governmental Authority, to change the Brand to the “Horseshoe” brand if table games at the Managed Facilities are permitted by applicable Law and (a) if such change is made prior to opening of the Managed
Facilities or (b) if after the opening of the Managed Facilities, if approved by the Owner. In such event, Owner shall implement such rebranding as directed by Manager, the costs of such rebranding shall be borne by Owner to the extent set
forth in such approval, if required, of Owner (and shall not, for the avoidance of doubt, reduce Net Income or EBITDA) and the Parties shall enter into an amendment to the non-economic provisions of this Agreement to reflect such rebranding
(including amendments to Exhibit I attached hereto). 
 2.1.2 Manager’s Standard of Care. Manager agrees with
Owner that (a) it will execute its duties under this Agreement in a manner that Manager reasonably believes will promote the overall long-term economic value and profitability of the Managed Facilities (the “Manager’s Standard of
Care”), and (b) Manager shall be acting as the agent of Owner in connection with the performance of its duties under this Agreement. Owner agrees that the Manager’s Standard of Care and Manager’s duties as agent to Owner are
further subject to, and limited by, the terms and conditions of this Agreement and the Operating Limitations. Except for Manager’s indemnification obligations set forth in Article XII, Owner agrees that, as between Owner and Manager,
Manager will have no liability for monetary damages or monetary relief to Owner for any violation of Manager’s Standard of Care or claims of breach of any fiduciary duties or duties as agent unless such violation or breach was due to the
Manager’s Gross Negligence or Willful Misconduct. 
 2.1.3 Manager’s System Policies. Owner acknowledges that
Manager’s Affiliates operate other casino, racetrack, hotel, dining, retail, entertainment and other operations and that Manager or its Affiliates may derive benefits in addition to the fees and reimbursements paid hereunder, including in
connection with marketing programs, the Total Rewards System, the Operating Limitations, the purchasing programs, the employment policies relating to the Managed Facilities Personnel or other programmatic or policy activities that may exist from
time to time at the discretion of CEOC or its Affiliates and that extend through the majority of Gaming properties operated by Manager’s Affiliates (collectively, the “Manager’s System Policies”). Owner agrees that Manager
will not be in violation of the Manager’s Standard of Care or in breach of its duties as agent hereunder when Manager follows the Manager’s System Policies, even if certain aspects of the Manager’s System Policies have the effect of
providing 

  
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greater benefit to the properties operated by the Manager’s Affiliates collectively than to the Managed Facilities, so long as the Manager’s System Policies do not specifically disfavor
the Managed Facilities or were not designed or implemented with the intent to disfavor the Managed Facilities. The foregoing shall not be deemed to excuse any breach by Manager of any of the express provisions of this Agreement. 

2.1.4 General Grant of Authority – Managed Facilities. On and subject to the terms of this Agreement, Owner hereby grants to
Manager (and Manager hereby accepts) the right, authority and responsibility during the Term, and instructs Manager during the Term, to take all such actions for and on behalf of Owner and the Managed Facilities that Manager reasonably deems
necessary or advisable to Operate the Managed Facilities: (a) at a level of service and quality generally consistent with the level of service and quality prevailing from time to time at the Specified Brand Properties; (b) in accordance in
all material respects with the standards, policies and programs in effect from time to time with respect to the operation of the Specified Brand Properties; (c) in accordance with the Proprietary Information and Systems (the standards and
objectives described in clauses (a) through (c) being referred to collectively as the “Operating Standard”), subject in each case to the Operating Limitations. If any Specified Brand Property ceases to be
branded “Harrah’s” or “Horseshoe,” as applicable, or to be managed by CEOC or one of its Affiliates, such property shall cease to be a Specified Brand Property and shall be replaced by a Gaming facility managed by CEOC or
its Affiliate, selected by Manager and approved by Owner (such facility, an “Alternate Brand Property”). Except as contemplated by the CVP Consulting Agreement or the PRT TWO Consulting Agreement, which provide for certain
non-Gaming services, Owner shall not hire any Person other than Manager to perform any of the actions to be taken by Manager pursuant to this Article II. 
 2.1.5 Specific Actions Authorized by Owner. Without limiting the generality of the authority granted to Manager in Section 2.1.4, but subject to the Annual Budget then in effect and the
Operating Limitations and other limitations and conditions set forth in this Agreement, including in Section 2.2, Owner’s general grant of authority under Section 2.1.4 and this Section 2.1.5 shall
specifically include the right, authority and responsibility of Manager to take, on behalf of Owner during the Term, the following actions (either directly or, to the extent permitted under this Agreement, through a third party designated or
subcontracted by Manager, which may be an Affiliate of Manager): 
 2.1.5.1 provide the Pre-Opening Services in accordance with
Exhibit C attached hereto; 
 2.1.5.2 (a) hire, employ, supervise, train and discharge all Managed Facilities
Personnel; (b) establish all salary, fringe benefits and benefits plans for the Managed Facilities Personnel; and (c) execute any collective bargaining, recognition, neutrality or other material labor agreements involving the Managed
Facilities Personnel; 
 2.1.5.3 establish and administer Bank Accounts for the operation of the Managed Facilities in
accordance with Section 5.4; 
 2.1.5.4 prepare and deliver to Owner for Owner’s review and approval operating
plans and budgets in accordance with Section 5.1; 

  
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 2.1.5.5 plan, account for and supervise all repairs, capital replacements and improvements
to the Managed Facilities or any portion thereof in accordance with Sections 5.2.1 and 5.2.2; 
 2.1.5.6
establish and maintain for the Managed Facilities accounting, internal controls and reporting systems that are adequate to provide Owner, Manager and the Designated Accountant with sufficient information about the Managed Facilities to permit the
preparation of the financial statements and reports contemplated in Article X and which comply with all Applicable Laws; 
 2.1.5.7 negotiate, enter into and administer, in the name of Owner, all leases, service contracts, licenses and other contracts and agreements Manager deems necessary or advisable for the Operation of the
Managed Facilities, including contracts and licenses for: (a) health and life safety systems and security force and related security measures; (b) maintenance of all electrical, mechanical, plumbing, HVAC, elevator, boiler and other
building systems; (c) electricity, gas and telecommunications (including television and internet service); (d) cleaning, laundry and dry cleaning services; (e) use of copyrighted materials (including games, filmed entertainment, music
and videos); (f) entertainment; (g) gaming machines and other gaming equipment in the event Maryland Gaming Laws permit or require Owner to own or lease and maintain such gaming equipment and non-gaming equipment; and (h) ownership
and operation of gaming servers; 
 2.1.5.8 negotiate and administer, in the name of Owner, leases, licenses and concession
agreements or other agreements for the right to use or occupy any public space at the Managed Facilities, including any store, office, parking facility or lobby space thereunder; 

2.1.5.9 supervise and purchase or lease or arrange for the purchase or lease of, all FF&E and Supplies that are advisable for the
Operation of the Managed Facilities in accordance with this Agreement; 
 2.1.5.10 be the primary interface for all
interactions with the Maryland Gaming Authorities in connection with the Managed Facilities which shall include: (a) oversight of any amendments to any licenses or permits required by the Maryland Gaming Authorities under any Maryland Gaming
Laws; (b) coordination of all lobbying efforts with respect to the activities conducted or proposed to be conducted in connection with the Managed Facilities; including any introduction or possible introduction of table games at the Managed
Facilities and (c) preparation and implementation of all actions required with respect to any filing with the Maryland Gaming Authorities relating to the Managed Facilities; provided, that Manager shall consult with and keep Owner
apprised of (i) the status of any annual or other periodic license renewals for the operation of Gaming activities at the Managed Facilities with the Gaming Authorities and (ii) the status of non-routine matters before the Gaming
Authorities regarding the Managed Facilities; provided further, that any filings or Gaming Approvals relating to Owner and Owner’s Affiliates shall be the responsibility of Owner; 

2.1.5.11 apply for and process applications and filings for all Approvals in a manner and within the time periods that are required for
the Managed Facilities to be operated on a continuous and uninterrupted basis. Manager shall act in a reasonably diligent manner to assure that all reports required by any Governmental Authority pertaining to the

  
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Managed Facilities are filed on or prior to their due date. Owner shall file all such other reports pertaining to Owner. Manager shall prepare, maintain and provide to Owner, at Owner’s
request, a listing of all Approvals and reports required by any Governmental Authority and the term, duration or frequency of such Approvals and reports for the Managed Facilities to be operated in a continuous and uninterrupted basis; 

2.1.5.12 institute in its own name, or in the name of Owner or the Managed Facilities, using Approved Counsel, all legal actions or
proceedings to: (a) collect charges, rent or other income derived from the Managed Facilities’ operations; (b) oust or dispossess guests, tenants or other Persons in possession therefrom; or (c) terminate any lease, license or
concession agreement for the breach thereof or default thereunder by the tenant, licensee or concessionaire; 
 2.1.5.13 using
Approved Counsel, defend and control any and all legal actions or proceedings arising from Claims; provided, that as soon as reasonably practical, Manager shall notify Owner in writing of the commencement of any legal action or proceeding
concerning the Managed Facilities which could reasonably be anticipated to involve an expense, liability or damage to Owner that is not fully covered by insurance or is in excess of Two Hundred Fifty Thousand Dollars ($250,000); provided
further, however, that (a) Owner may appoint counsel, defend and control any and all legal actions or proceedings pertaining to real property related claims not involving the Operation of the Managed Facilities (such as zoning
disputes, structural defects and title disputes); (b) in determining what portion, if any, of the cost of any legal actions or proceedings described in clause (a) above is to be allocated to the Managed Facilities, due consideration
shall be given to the potential impact of such legal action or proceeding on the Managed Facilities as compared with the potential impact on Manager or its Affiliates or on other Operated Brand Properties; and (c) if Owner is also a named party
in such legal actions or proceedings, Owner shall have the right to appoint separate counsel to prosecute and defend its interests, such appointment being at Owner’s sole cost and expense; 

2.1.5.14 using Approved Counsel, take actions to challenge, protest, appeal or litigate to final decision in any appropriate court or
forum any Applicable Laws affecting the Managed Facilities or any alleged non-compliance with, or violation of, any Applicable Law (with the cost of such challenge, protest, appeal or litigation being treated in the same manner as the cost of
compliance with the Applicable Law in question would be treated under Section 5.1.5.4); 
 2.1.5.15 establish and
implement all policies and procedures of credit to patrons of the Managed Facilities; 
 2.1.5.16 use reasonable efforts to
collect and account for and remit to Governmental Authorities all applicable excise, sales, occupancy and use Taxes and all other Taxes, assessments, duties, levies and charges imposed by any Governmental Authority and collectible by the Managed
Facilities directly from patrons or guests (including those Taxes based on the sales price of any goods, services, or displays, gross receipts or admission) or imposed by Applicable Laws on the Managed Facilities or the Operations thereof;

 2.1.5.17 subject to Applicable Law, establish the types of Gaming activities to be offered at the Managed Facilities,
including the matrix of owned, leased, progressive and electronic games and gaming systems. Manager shall establish all policies and procedures for Gaming at the Casino; 

  
 5 

 2.1.5.18 administer all non-Gaming activities to be conducted at the Managed Facilities,
including all hospitality, retail, food and beverage and other related activities; 
 2.1.5.19 establish and implement policies
and procedures regarding, and assign Managed Facilities Personnel to resolve, disputes with patrons of the Managed Facilities; 

2.1.5.20 establish rates for all areas within the Managed Facilities, including all: (a) charges for food and beverage;
(b) charges for recreational and other guest amenities at the Managed Facilities, consistent with the corporate policy applicable to the Brand; (c) subject to Applicable Law, policies with respect to discounted and complimentary food and
beverage and other services at the Managed Facilities; (d) billing policies (including entering into agreements with credit card organizations); (e) price and rate schedules; and (f) rents, fees and charges for all leases, concessions
or other rights to use or occupy any space in the Managed Facilities; 
 2.1.5.21 supervise, direct and control the collection
of income of any nature from the Operation of the Managed Facilities and issue receipts with respect to, and use reasonable efforts to collect all charges, rent and other amounts due from guests, lessees and concessionaires of the Managed
Facilities, and use those funds, as well as funds from other sources as may be available to the Managed Facilities, in accordance with this Agreement; 
 2.1.5.22 determine the number of hours per week and the days per week that the Managed Facilities shall be open for business, taking into account Applicable Laws, the season of the year and other relevant
factors; 
 2.1.5.23 select all entertainment and promotions events to be staged at the Managed Facilities; 

2.1.5.24 cooperate in all reasonable respects with Owner and any prospective purchaser, lessee, Lender or other prospective lender in
connection with any proposed sale, lease or financing of or relating to the Managed Facilities, including answering questions of Owner or such other Persons, providing copies of financial statements and projections, preparing schedules and providing
copies of leases, concessions, Supplies, FF&E, employees and other similar matters, as may reasonably be requested by Owner or such other Persons; provided, that (a) if cooperation by Manager pursuant to this
Section 2.1.5.24 involves the disclosure of Manager Confidential Information, Manager shall only be required to release such Manager Confidential Information to a Lender, and only to the extent that such Lender has a “need to
know” such Manager Confidential Information in connection with any Financing, subject to customary protections against disclosure or misuse of such information; and (b) Owner shall reimburse Manager for any Out-of-Pocket Expenses incurred
by Manager in connection with such cooperation to the extent such expense is not otherwise paid or reimbursed under this Agreement; 
 2.1.5.25 use commercially reasonable efforts to take such actions within Manager’s reasonable control to comply with: (a) all Applicable Laws or the requirements to

  
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maintain all Approvals necessary for the operation of the Managed Facilities (provided, that Manager shall not be a guarantor of the Managed Facilities’ compliance with such
Applicable Laws or such requirements); (b) the requirements of the Ground Lease, the terms of which shall be provided by Owner to Manager (provided that Manager shall not be a guarantor of Owner’s compliance with the Ground Lease);
(c) the requirements of any Mortgage or other lease that is specifically identified by Owner to Manager (provided, that Manager shall not be a guarantor of Owner’s compliance with any such Mortgage or lease); (d) the
requirements of any Financing Documents provided to Manager (provided, that Manager shall not be a guarantor of Owner’s compliance with any such Financing Documents); and (e) the terms of all insurance policies applicable to the
Managed Facilities and provided to Manager; 
 2.1.5.26 as directed by Owner and at Owner’s expense, take actions within
Manager’s reasonable control to discharge any lien, encumbrance or charge against the Managed Facilities or any component of the Managed Facilities; 
 2.1.5.27 supervise and maintain books of account and records relating to or reflecting the results of operation of the Managed Facilities; 

2.1.5.28 use reasonable efforts to keep the Managed Facilities and the FF&E in good operating order, repair and condition,
consistent with the Operating Standard; 
 2.1.5.29 take such actions as Manager determines to be necessary or advisable to
perform all duties and obligations required to be performed by Manager under this Agreement or as are customary and usual in the operation of the Managed Facilities in accordance with the Operating Standard and the Manager’s Standard of Care,
in each case subject to the Operating Limitations; 
 2.1.5.30 implement standards, policies and programs in effect for the
Brand and the Total Rewards System in accordance with Exhibit J attached hereto; 
 2.1.5.31 with respect to the Managed
Facilities Guest Data, the Guest Data, the Managed Facilities and Total Rewards System, establish such contact and privacy policies and implement such data security policies and security controls for databases and systems utilizing Managed
Facilities Guest Data, the Guest Data and the Total Rewards System as Manager determines is desirable to protect such information; 
 2.1.5.32 establish policies and procedures relating to problem gaming, underage drinking, compliance with the Americans with Disabilities Act, diversity and inclusion and a whistleblower hotline; and

 2.1.5.33 take any action necessary or ancillary to the authorities set forth above in this Section 2.1.5, it
being acknowledged and agreed that the foregoing is not intended to be an exhaustive list of Manager’s authorities. 
 2.2
Limitations on Manager Authority. 
 Notwithstanding the grant of authority given to Manager in
Section 2.1, and without limiting any of the other circumstances under which Owner’s approval is specifically required under this Agreement, Manager shall not take any of the following actions without Owner’s prior written
approval: 
 2.2.1 Settle any claim (a) regardless of the amount, admitting intentional misconduct or fraud or
(b) arising out of the Operations of the Managed Facilities which involves an amount in excess of $500,000 that is not fully covered (other than deductible amounts) by insurance or as to which the insurance denies coverage or “reserves
rights” as to coverage; provided, that the dollar amount specified in this Section 2.2.1 shall be increased on January 1 of every third Operating Year by the percentage increase in the Index since January 1 of the
first Operating Year or the date of the prior increase, as applicable; 

  
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 2.2.2 Execute any equipment lease (or series of leases relating to the same or similar
equipment) or other leases or contracts (or series of contracts relating to the same or similar goods or services) that requires aggregate annual payments in excess of $500,000, other than leases, licenses or contracts which are consistent with the
Annual Budget; provided, that the dollar amount specified in this Section 2.2.2 shall be increased on January 1 of every third Operating Year by the percentage increase in the Index since January 1 of the first Operating
Year or the date of the prior increase, as applicable; 
 2.2.3 Except as permitted by Section 5.5.3, borrow any
money or incur indebtedness or issue any guaranty in respect of borrowed money, or issue any indemnity or surety obligation outside of the ordinary course of business, in the name and on behalf of Owner; 

2.2.4 Grant or create any lien or security interest on the Managed Facilities or any part thereof or interest therein; provided,
that the foregoing shall not be deemed to restrict Manager from incurring trade payables, ordinary course advances for travel, entertainment or relocation or granting credit or refunds to patrons for goods and services incurred in the ordinary
course of business in the Operation of the Managed Facilities in accordance with this Agreement; 
 2.2.5 Sell or otherwise
dispose of the Managed Facilities or any part thereof or interest therein, including FF&E, except for the sale of inventory and the disposal of obsolete or worn out or damaged items, each in the ordinary course of business or as contemplated in
the Annual Budget or Capital Budget; 
 2.2.6 Commence any ROI Capital Improvements, except as directed by Owner or as included
in the Capital Budget, or commence any Building Capital Improvements, except if required by the Operating Standard as determined pursuant to Section 5.1.4 and Expert Resolution under Article XVII or Operating Limitations;

 2.2.7 Hire or replace individuals for the positions of Senior Executive Personnel; 

2.2.8 Submit, settle, adjust or otherwise resolve any casualty insurance claim related to the Managed Facilities involving losses or
casualties in excess of $500,000; provided, that the amount specified in this Section 2.2.8 shall be increased on January 1 of every third Operating Year by the percentage increase in the Index since January 1 of the
first Operating Year or the date of the prior increase, as applicable; 

  
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 2.2.9 Enter into any contract or transaction with an Affiliate of Manager, except as
expressly provided for in this Agreement or expressly permitted in the Related Agreements or the Annual Budget (it being understood that any such contract or transaction entered into with an Affiliate of Manager and not approved in writing pursuant
to this Section 2.2 shall first comply with the provisions of Section 5.6 or Section 5.8, as applicable); 
 2.2.10 Confess any judgment, make any assignment for the benefit of creditors, admit an inability to pay debts as they become due in the ordinary course of business, file a voluntary bankruptcy or consent
to any involuntary bankruptcy with respect to the Managed Facilities or Owner; 
 2.2.11 Initiate or settle any real or personal
property tax appeals or claims involving property of Owner, unless directed by Owner; 
 2.2.12 Acquire any land or interest in
land in the name of Owner; 
 2.2.13 Consent to any condemnation relating to the Managed Facilities, except with respect to
Manager’s interests under this Agreement as contemplated in Section 15.2; or 
 2.2.14 File with any
Governmental Authority any federal or state income tax return applicable to Owner. 
 2.3 Other Operations of Manager and
Owner. 
 2.3.1 Owner acknowledges that: (a) Owner has selected Manager to Operate the Managed Facilities on behalf
of Owner in substantial part because of the other hotels, casinos, entertainment venues, dining establishments, spas and retail locations that are owned or operated by Manager and its Affiliates; (b) Owner has determined, on an overall basis,
that the benefits of operation as part of the Total Rewards System are substantial, notwithstanding that the properties operating under the Brand may not all benefit equally from operation as part of the Brand; and (c) in certain respects all
hotels, casinos, entertainment venues, dining establishments, spas and retail locations compete on a national, regional and local basis with other hotels and casinos and facilities, and that conflicts and competition may, from time to time, arise
between the Managed Facilities, on the one hand, and other hotels, casinos and facilities that are owned and/or operated by Manager or its Affiliates under the Brand, Other Brands, a third-party brand or no brand, on the other hand. 

2.3.2 Owner acknowledges and agrees that Manager and its Affiliates operate many casino, hotel and other properties across the country
and internationally, some of which may be in competition with the Managed Facilities. Subject to the limitations and restrictions set forth in the CRBH Operating Agreement (to the extent applicable), Sections 2.3.4, 2.3.5 and
7.4.3 and Applicable Law, Manager and its Affiliates shall be permitted to: (a) utilize the Guest Data for its own account and for use at Manager’s and its Affiliates’ other properties and utilize and retain the Guest Data
after expiration or termination of the Term, (b) engage in commercially reasonable cross-marketing and cross-promotional activities with Manager’s and its Affiliates’ other properties, and (c) otherwise participate or engage in
competing projects, programs and activities. This Section 2.3.2 shall survive the expiration or termination of this Agreement. For the avoidance of doubt, the limitations and restrictions set forth in Sections 2.3.4 and
2.3.5 shall not survive the expiration or termination of this Agreement. 

  
 9 

 2.3.3 Manager acknowledges and agrees that Owner and its Affiliates may develop, operate and
manage properties and other facilities in other locations, some of which may be in competition with the Managed Facilities. Subject to the limitations and restrictions set forth in the CRBH Operating Agreement (to the extent applicable),
Section 7.4.3 and Applicable Law, Owner shall be permitted to: (a) utilize the Managed Facilities Guest Data for its own account and for use at its other properties, utilize the Managed Facilities Guest Data during the Term, and
retain and use the Managed Facilities Guest Data after expiration or termination of the Term in accordance with this Agreement, (b) engage in cross-marketing and cross-promotional activities for the direct benefit of Owner’s other
properties in a manner that may be competitive to the Managed Facilities or Manager’s and its Affiliates’ other facilities or operations, and (c) otherwise participate or engage in competing projects, programs and activities. This
Section 2.3.3 shall survive the expiration or termination of this Agreement. 
 2.3.4 Notwithstanding the provisions
of Section 2.3.2, Manager hereby agrees that neither it nor any of its Affiliates shall, directly or through others, conduct direct marketing to Maryland Restricted Persons regarding the Gaming facility known as “Harrah’s
Philadelphia” or any other Gaming facility located at such location to the extent managed by Manager or Manager Affiliates’ (the “Restricted Casino”); provided that, Manager and its Affiliates shall be entitled to:
(i) implement national and regional programs and offers for the benefit of facilities owned, operated or managed by Manager or its Affiliates, including (a) marketing programs that target specific customer groups on a national or
international basis and (b) special events; (ii) offer redemption of Total Rewards System points at such facilities owned, operated or managed by Manager or its Affiliates; (iii) implement marketing programs or offers that target
Maryland Restricted Persons that are substantially similar to any marketing program or offer of the Managed Facilities to Maryland Restricted Persons in effect during the same period of time (which, in the case of free play or any other offer
denominated in cash, must be economically equivalent); provided that Manager shall, or shall cause its applicable Affiliate to, provide prompt written notice of any marketing program or offer of the type described in this clause
(iii) regarding the Restricted Casino initiated by it or its Affiliates prior to commencement thereof (which notice shall include reasonable details describing such marketing program or offer); and (iv) market Manager’s and its
Affiliates’ facilities, other than the Restricted Casino to the Maryland Restricted Persons. Nothing contained in this paragraph shall be deemed to limit or restrict the right of Manager or its Affiliates to engage in advertising and marketing
in general circulation print and broadcast media and the Internet. For purposes of this paragraph, “Maryland Restricted Persons” means patrons or potential patrons of the Managed Facilities that reside within forty (40) miles
of the Managed Facilities. 
 2.3.5 Notwithstanding the provisions of Section 7.4.3, for so long as a Restricted
Casino is managed by Manager or an Affiliate of Manager, Owner hereby acknowledges that Manager shall not, and, in accordance with Section 9.1, neither Owner nor any of its Affiliates, directly or indirectly through others, shall,
conduct direct marketing to Pennsylvania Restricted Persons regarding the Managed Facilities; provided that, Manager in promoting the Managed Facilities shall be entitled to implement marketing programs or offers that target Pennsylvania
Restricted Persons that are substantially similar to any marketing program or offer of the applicable Restricted Casino to Pennsylvania Restricted Persons in effect 

  
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during the same period of time (which, in the case of free play or any other offer denominated in cash, must be economically equivalent). Nothing in this paragraph shall be deemed to limit the
rights of Manager to engage in advertising and marketing in general circulation print and broadcast media and the Internet. For purposes of this paragraph, “Pennsylvania Restricted Persons” means patrons or potential patrons of any
Restricted Casino that reside within forty (40) miles of any Restricted Casino. 
 2.3.6 Notwithstanding anything herein to
the contrary, none of the limitations or restrictions in this Section 2.3 shall apply to e-gaming operations conducted by Manager or its Affiliates or Owner or its Affiliates. 

2.4 Term. 
 2.4.1 Term. The initial term (the “Initial Term”) of this Agreement (together with the Renewal Term and any Continuing Term, the “Term”) shall commence on the
Commencement Date and expire on the day immediately preceding the fifteenth (15th) anniversary of the Opening Date, unless terminated earlier in accordance with the terms of this Agreement or extended by Manager. Manager shall have the right
(but not the obligation) to extend the Initial Term of this Agreement for one (1) additional ten (10) year period (the “Renewal Term”) by giving Owner written notice of its desire to extend not later than ninety
(90) days prior to the expiration of the Initial Term of this Agreement. The Renewal Term is subject to earlier termination in accordance with the terms of this Agreement. After expiration of the Renewal Term, the Term of this Agreement shall
continue until (a) terminated by Manager upon written notice delivered to Owner not less than ninety (90) days prior to the date of termination, (b) terminated by Manager as permitted by Section 16.2 or (c) terminated
by Owner as permitted by Section 16.3 (the “Continuing Term”). If this Agreement is renewed for the Renewal Term or continues for the Continuing Term, unless otherwise agreed by the Manager and Owner in writing, this
Agreement, and all terms, covenants and conditions set forth herein, shall be automatically extended to the expiration or earlier termination in accordance with the terms of this Agreement of the Renewal Term or the Continuing Term, as applicable.

 2.4.2 No Other Early Termination. This Agreement may only be terminated prior to the expiration of the Term as provided
in Article XVI. Notwithstanding any Applicable Law to the contrary, including principles of agency, fiduciary duties or operation of law, Owner shall not be permitted to terminate this Agreement except in accordance with the express
provisions of Article XVI of this Agreement. 
 ARTICLE III. 

FEES AND EXPENSES 
 3.1 Management Fees. 
 The following provisions shall apply to the
payment of the Management Fees and other fees and expenses: 
 3.1.1 Base Management Fee. The Base Management Fee for
each month shall be payable to Manager in monthly installments in arrears within fifteen (15) days of delivery to Owner of each Monthly Report required under Section 10.2. Each installment payment of the Base Management Fee shall
equal the Base Management Fee for the preceding 

  
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twelve (12) month period, less the sum of all prior installment payments of Base Management Fee attributable to such period (and subject to any adjustments made in connection with any annual
reconciliations undertaken pursuant to Section 3.1.3). At the time of submission of each Monthly Report, Manager shall provide to Owner a computation of the Base Management Fee installment payment in reasonable detail and certified by
Manager’s Designated Financial Officer. Any disputes regarding the Base Management Fee shall be referred to the Expert for Expert Resolution pursuant to Article XVII. 

3.1.2 Incentive Management Fee. The Incentive Management Fee shall be payable to Manager in quarterly installments in arrears
within fifteen (15) days of delivery to Owner of each Quarterly Report with respect to the end of the calendar quarter to which such Incentive Management Fee installment relates. Each installment payment of the Incentive Management Fee shall
equal the Incentive Management Fee for the period consisting of the preceding four (4) calendar quarters, less the sum of all prior installment payments of Incentive Management Fee attributable to such period (and subject to any adjustments
made in connection with any annual reconciliations undertaken pursuant to Section 3.1.3). At the time of submission of each Quarterly Report, Manager shall provide to Owner a computation of the Incentive Management Fee installment
payment in reasonable detail and certified by Manager’s Designated Financial Officer. Any disputes regarding the Incentive Management Fee shall be referred to the Expert for Expert Resolution pursuant to Article XVII. 

3.1.3 Reconciliation of Management Fees. By April 15 of each Operating Year during the Term, Manager shall cause to be
prepared and delivered to Owner a reconciliation statement for the prior Operating Year showing the calculation and payment of the Management Fees for the prior Operating Year, and appropriate adjustments shall be made for any overpayment or
underpayment of the Management Fees during such Operating Year. For the fourth (4th) Operating Year and continuing for each Operating Year thereafter, Manager shall include with the reconciliation statement a calculation of the EBITDA Margin
and Benchmark Margin for such Operating Year. If any reconciliation statement reflects an overpayment of Management Fees to Manager, Manager shall, within fifteen (15) days after such reconciliation statement has been delivered by Manager to
Owner, deposit into the Operating Account the amount of such overpayment. If the reconciliation statement reflects an underpayment of Management Fees to Manager, Manager shall disburse from the Operating Account, within thirty (30) days after
such reconciliation statement has been delivered by Manager to Owner, the amount of such underpayment of Management Fees due Manager; provided that if funds in the Operating Account are insufficient to withdraw such underpayment or such
withdrawal is otherwise restricted for a period of sixty (60) days after such reconciliation statement has been delivered, the amount of such underpayment shall accrue interest in accordance with Section 3.4 and shall be withdrawn
by Manager as soon as funds are sufficient therefor. Any disputes regarding such reconciliation statement shall be referred to the Expert for Expert Resolution pursuant to Article XVII. 

3.1.4 Determination of Benchmark Margin. On or before the first day of the fourth (4th) Operating Year, Manager shall prepare
and deliver to Owner for its review and approval (i) a list of commercial gaming facilities located in Pennsylvania, West Virginia, Delaware and/or Maryland (but excluding the Managed Facilities), where the necessary financial information is
reasonably available on a property level basis to determine such facilities’ net revenues and earnings before interest, taxes, depreciation and amortization; (ii) an identification 

  
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of the properties from such list that Manager considers to be the most appropriate for financial performance comparison to the Managed Facilities, but in no event shall such list contain more
than six (6) comparable properties, and (iii) a description in reasonable detail of all proposed adjustments to be made with respect to each such gaming facilities’ earnings and/or net revenues for reasonable comparison with the
Managed Facilities based upon structural differences (including gaming tax rates and management fees) and matters outside of the reasonable control of Manager or the operator of such facility, as applicable (such as capital expenditure levels and
casualty, condemnation or similar events interfering with operations). Owner shall review the list, the selection of the comparable properties and the description of proposed adjustments, and provide Manager with any objections in writing within
ninety (90) days after receipt thereof. The Parties shall use good faith efforts to reach an agreement regarding the gaming facilities selected and adjustments to be used in calculating the Benchmark Margin, and the comparable gaming facilities
so agreed upon (with agreed upon adjustments) shall be the “Competitive Set.” From time to time during the Term of this Agreement, either Party may propose modifications to the Competitive Set used in calculating the Benchmark
Margin, or the proposed adjustments to be made with respect to any included gaming facility’s earnings, and the Parties shall use good faith efforts to reach agreement regarding any proposed modifications. If the Parties, despite their good
faith efforts, are unable to reach agreement on the selection of comparable gaming facilities and adjustments to be used in calculating the Benchmark Margin by the end of the fourth (4th) Operating Year, or any subsequent proposed modifications
thereto, the matters in dispute may be submitted by either Party to the Expert for Expert Resolution in accordance with Article XVII of this Agreement. 
 3.2 Centralized Services Charges. 
 Centralized Services Charges
payable in accordance with Section 4.1.1 shall be due and payable to Manager monthly in arrears for the immediately preceding month within fifteen (15) days of delivery to Owner of the Monthly Report for such month. All Centralized
Services Charges shall be set forth in the Monthly Reports. Any disputes regarding the Centralized Services Charges shall be referred to the Expert for Expert Resolution pursuant to Article XVII. 

3.3 Reimbursable Expenses. 
 Owner shall reimburse Manager for all Reimbursable Expenses incurred by Manager during the Term. The Reimbursable Expenses (a) may be withdrawn by Manager from the Operating Account to pay such
Reimbursable Expenses when such amounts become due or (b) shall be due monthly in arrears for the immediately preceding month within fifteen (15) days of delivery to Owner of the Monthly Reports for such month. If funds in the Bank
Accounts are insufficient to pay such Reimbursable Expenses or if such withdrawal is otherwise restricted within the sixty (60) day period after such Reimbursable Expenses are due, such Reimbursable Expenses shall accrue interest in accordance
with Section 3.4 and shall be withdrawn by Manager as soon as funds are sufficient therefor. Any disputes regarding the Reimbursable Expenses shall be referred to the Expert for Expert Resolution pursuant to Article XVII.

 3.4 Interest. 
 If any fee or other amount due by either Party to the other Party or its Affiliates or designees under this Agreement is not paid within sixty (60) days after such payment is due, such amount shall
bear interest from and after the respective due dates thereof until the date on 

  
 13 

 
which the amount is received in the bank account designated by the Party to which such amount is owed at an annual rate of interest equal to the lesser of (a) the prevailing lending rate of
such Party’s principal bank for working capital loans to such Party plus three percent (3%) and (b) the highest rate permitted by Applicable Law. 
 3.5 Payment of Fees and Expenses. 
 3.5.1 No Offset. All
payments by Owner or Manager under this Agreement and all related agreements between the Parties or their respective Affiliates shall be made pursuant to independent covenants, and neither Owner nor Manager shall set off any claim for damages or
money due from either Party or any of its Affiliates to the other, except to the extent of any outstanding and undisputed payments owed to Owner by Manager under this Agreement. 

3.5.2 Place and Means of Payment. All fees and other amounts due to Manager or its Affiliates under this Agreement, including,
without limitation, Management Fees, Centralized Services Charges and Reimbursable Expenses, shall be paid to Manager in U.S. Dollars, in immediately available funds. Manager may pay such fees and other amounts owed to Manager or its Affiliates
consistent with this Agreement and the Annual Budget directly from the Operating Account or, in the case of Management Fees, Management Account when such fees and other amounts are due. In addition, Manager may require that any such payments to
Manager hereunder be effected through electronic debit/credit transfer of funds programs specified by Manager from time to time, and Owner agrees to execute such documents (including independent transfer authorizations), pay such fees and costs and
do such things as Manager reasonably deems necessary to effect such transfers of funds. 
 3.6 Application of
Payments. 
 All payments by Owner, or Manager on behalf of Owner, pursuant to this Agreement and all related agreements
shall be applied in the manner provided in this Agreement. 
 3.7 Sales and Use Taxes. 

Owner shall pay to Manager an amount equal to any sales, use, commercial activity tax, gross receipts, value added, excise or similar tax
assessed against Manager by any Governmental Authority that are calculated on Reimbursable Expenses or Centralized Services Charges required to be paid by Owner under this Agreement (but not, for avoidance of doubt, any such assessment with respect
to the Management Fees), other than income, gross receipts, franchise or similar taxes assessed against Manager on the Management Fees or income taxes on Manager’s income. Owner and Manager agree to cooperate in good faith to minimize the taxes
assessed against Manager, Owner and the Managed Facilities, including by Owner assuming the employment of Managed Facilities Personnel or paying Reimbursable Expenses directly to the applicable third-party vendor, so long as such actions are
commercially reasonable and could not reasonably be expected to, and do not, result in an adverse impact on Manager, Owner or the Managed Facilities. In the event of any dispute regarding appropriate actions to be taken to minimize taxes assessed
against Manager, Owner and the Managed Facilities, such dispute may be submitted by either Party for Expert Resolution in accordance with Article XVII. 

  
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 ARTICLE IV. 
 CENTRALIZED SERVICES 
 4.1 Centralized Services.

 In connection with Manager’s Operation of the Managed Facilities, Manager agrees to arrange for CEOC and its controlled
subsidiaries to provide the centralized managerial, administrative, supervisory and support services and products to Manager and the Managed Facilities as are generally provided by CEOC and its controlled subsidiaries to the Operated Brand
Properties (collectively, the “Centralized Services”), including: (a) services and products in the areas of marketing, risk management, information technology, legal, internal audit, accounting and accounts payable;
(b) the Proprietary Information and Systems; and (c) the Total Rewards System. As consideration for the Management Fee, Manager grants to the Owner a license to the Technology Systems included in the Centralized Services solely with
respect to the Property during the Term and the Transition Period. The Centralized Services to be provided under this Agreement may be provided by Manager, CEOC or an Affiliate of either of them in or from the State of Maryland, the State of Ohio,
the State of Pennsylvania, Las Vegas, Nevada, or at locations other than the Managed Facilities, or for such Centralized Services appropriately provided by third parties, by a third-party designated by Manager, CEOC or an Affiliate of either of them
(the “Third-Party Centralized Services”). 
 The Centralized Services to be provided to the Managed Facilities
hereunder will be provided in consideration of the Management Fees and without additional cost or expense to the Managed Facilities or Owner except Property Specific Centralized Services and Enterprise Shared Services. “Property Specific
Centralized Services” are those Centralized Services that benefit the Managed Facilities specifically and which could be performed as described under Sections 4.1.1.1(c), (d) and (f). “Enterprise Shared
Services” are those Centralized Services identified as Enterprise Shared Services on Exhibit D. Property Specific Centralized Services and Enterprise Shared Services will be provided for a fee as provided for in
Section 4.1.1.1 (but shall be required to be provided to the Managed Facilities only to the extent that such Property Specific Centralized Services and Enterprise Shared Services are provided for in the Annual Budget (subject to
Sections 5.1.4 and 5.1.5) or otherwise agreed by Owner). 
 For illustrative purposes only, Exhibit D
attached hereto sets forth examples of the types of services that may be provided as Centralized Services to the Managed Facilities from time to time without additional charge. Such examples are not intended to be an exhaustive list of the
Centralized Services that may be made available to the Managed Facilities or the other Operated Brand Properties, nor is such list intended to provide a guarantee that the products and services listed thereon will be available as Centralized
Services during the Term hereof. 
 4.1.1 Centralized Services Charges. 

4.1.1.1 The following costs and expenses of Centralized Services provided to the Managed Facilities shall be paid by Owner as an
Operating Expense of the Managed Facilities to the extent set forth in the Annual Budget (subject to Sections 5.1.4 and 5.1.5) or otherwise approved by Owner (the “Centralized Service Charges”): 

(a) The actual costs incurred to third-parties for Third-Party Centralized Services provided to the Managed Facilities. In the event the
cost of such Third-Party 

  
 15 

 
Centralized Services are incurred by CEOC or its Affiliates on an Owner-wide or enterprise basis, then a reasonable allocation of such costs as between the Managed Facilities and such other
properties owned or operated by CEOC and its Affiliates that receive such services shall be paid by Owner as an Operating Expense; 
 (b) The reasonable costs of travel, food and lodging (without mark-up) for any non-Managed Facilities staff of Manager or its Affiliates visiting the Managed Facilities for purposes of providing
services related to the Operation of the Managed Facilities; 
 (c) To the extent that any employee of an Affiliate of
Manager, including Corporate Personnel and other employees providing internal auditing services, shall be devoting substantially full time to a special project for the Managed Facilities which is extraordinary, nonrecurring and non-routine, if such
special project has been approved by Owner or the cost of such project is set forth in the Annual Budget, then for the duration of such project an amount equal to one hundred thirty percent (130%) of the base salary of such employee shall be
paid by Owner as an Operating Expense; 
 (d) To the extent that any Corporate Personnel shall be devoting substantially
full time services solely to the Managed Facilities, then for the duration of the provision of such services, an amount equal to one hundred thirty percent (130%) of the base salary of such Corporate Personnel shall be paid by Owner as an
Operating Expense; 
 (e) Fees for legal services provided by Affiliates of Manager on a per diem or other quantitative
basis which is agreed upon by Owner and Manager in advance of the rendition of such services; 
 (f) All personnel and
labor costs for the installation and maintenance of any games, equipment and Technology Systems at the Managed Facilities used in connection with the Centralized Services, on a per diem or other quantitative basis which is agreed upon by Owner and
Manager in advance of the rendition of such services; and 
 (g) The actual cost incurred by CEOC and/or its subsidiaries
in providing Enterprise Shared Services as allocated to the Managed Facilities in the manner set forth on Exhibit D, or in such other manner for one or more Enterprise Shared Services as the parties may subsequently agree upon in writing.

 4.1.1.2 Manager shall have the right (but not the obligation) to pay (directly or through an Affiliate) any amounts due to a
third-party for any Third-Party Centralized Services provided to the Managed Facilities, in which case, notwithstanding anything to the contrary in this Agreement, such amounts shall be deemed to be Reimbursable Expenses for all purposes under this
Agreement. 
 4.1.1.3 For the avoidance of doubt, all costs incurred by Manager, CEOC or its Affiliates in providing
Centralized Services shall be borne by Manager, CEOC or its Affiliates as applicable, except as expressly set forth otherwise in Section 4.1.1.1. 
 4.1.1.4 Any new or additional services provided by CEOC and its subsidiaries to CEOC gaming subsidiaries, including Operated Brand Properties, in the nature of Enterprise Shared Services (i.e., intended
to cost-effectively replace functions otherwise required 

  
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to be performed at the Managed Facilities) shall be provided to the Managed Facilities pursuant to a written amendment to this Agreement setting forth a description of the services and the agreed
method of cost allocation. 
 4.1.1.5 Owner, its agents and representatives. shall have the right, during regular business
hours and upon reasonable notice, to inspect and audit the books, records and accounts of Manager and Manager’s Affiliates relating to the costs of providing Enterprise Shared Services and the allocation of those costs to the Managed
Facilities. In the event such audit discloses that the cost of Enterprise Shared Services allocated to the Managed Facilities has been overstated, Manager shall immediately pay to Owner the amount of such overstatement, together with interest in
accordance with Section 3.4. In the event that such audit discloses that the cost of Enterprise Shared Services as allocated to the Managed Facilities has been overstated by more than ten percent (10%), Manager shall pay for the costs of
the audit. In the event such audit discloses that the cost of Enterprise Shared Services allocated to the Managed Facilities has been understated, Owner shall immediately pay to Manager the amount of such understatement, together with interest in
accordance with Section 3.4. 
 4.2 Modification of Centralized Services. 

Owner acknowledges that the Centralized Services are an integral part of CEOC’s operation of the Operated Brand Properties and
related facilities, and CEOC needs the flexibility to modify the Centralized Services to respond to market trends, customer demands, economic conditions, technological advances and other factors affecting the operation of Operated Brand Properties
and related facilities, as they may change from time to time. Accordingly, Owner agrees that CEOC and its Affiliates shall have the right to, without limitation: (a) modify the structure, scope, delivery and manner of providing of any
Centralized Services; or (b) add a new, or discontinue an existing, Centralized Service, as CEOC deems advisable from time to time. 
 ARTICLE V. 
 OPERATION OF THE MANAGED FACILITIES 

5.1 Annual Budget. 
 5.1.1 Proposed Annual Budget. On or before one hundred eighty (180) days prior to the anticipated Opening Date, Manager shall prepare and deliver to Owner, for its review and approval, a
proposed operating plan and budget for the first (1st) Operating Year (which may be included in the Pre-Opening Budget), and on or before November 1 of each Operating Year thereafter, Manager shall prepare and deliver to Owner, for its
review and approval, a proposed operating plan and budget for the next Operating Year. All operating plans and budgets proposed by Manager shall include projections of Gross Operating Revenue and Operating Expenses by department for such period for
the Managed Facilities and shall be prepared in good faith in accordance with budgeting and planning procedures typically employed by CEOC’s operating subsidiaries. Each operating plan and budget shall include monthly and annualized projections
of each of the following items, as applicable, for the Managed Facilities: 
 5.1.1.1 results of operations (including itemized
Gross Operating Revenue, Promotional Allowances, Operating Expenses and EBITDA), together with the following supporting data: (a) total labor costs, including both fixed and variable labor; (b) the Management Fees, Centralized Services
Charges and Reimbursable Expenses; and (c) a description of the category and nature of Centralized Services to be provided, together with a budget for each such category; 

  
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 5.1.1.2 a description of proposed Routine Capital Improvements, Building Capital
Improvements and ROI Capital Improvements to be made during such Operating Year, including capitalized lease expenses, an itemization of the costs of such capital improvements (including a contingency line item) and proposed monthly funding for such
costs, and project schedules to commence and complete such capital improvements (the “Capital Budget”); 
 5.1.1.3 a
statement of cash flow, including a schedule of any anticipated cash shortfalls or requirements for funding by Owner; 

5.1.1.4 a schedule of debt service payments and reserves required under any Financing Documents; and 

5.1.1.5 a marketing plan and budget for the activities to be undertaken by Manager pursuant to Article IX, including promotional
activities and Promotional Allowances for the Managed Facilities. 
 5.1.2 Approval of Annual Budget. Owner shall review
the proposed operating plan and budget and shall provide Manager with any objections to such proposed operating plan and budget in writing, in reasonable detail, within forty-five (45) days after receipt of the proposed operating plan and
budget from Manager; provided, the proposed operating plan and budget shall not be adopted and implemented by Manager until Owner shall have approved such operating plan and budget and/or any items therein in dispute shall have been
determined pursuant to Section 5.1.3. Owner shall be deemed to have approved that portion of any proposed operating plan and budget to which Owner has not objected in writing within such forty-five (45) day period. If Owner objects
to any portion of the proposed operating plan and budget within such forty-five (45) day period, the Parties shall meet within twenty (20) days after Manager’s receipt of Owner’s objections and discuss such objections, and then
Manager shall submit written revisions to the proposed operating plan and budget after such discussion. The Parties shall use good faith efforts to reach an agreement on the operating plan and budget at least ninety (90) days in advance of the
anticipated Opening Date for the first Operating Year and prior to January 1 of each other Operating Year. The proposed operating plan and budget, as modified to reflect the revisions, if any, either agreed to by the Parties or determined by
resolution pursuant to Section 5.1.3, shall become the “Annual Budget” for the next Operating Year. Owner shall act reasonably and exercise prudent business judgment in approving of, or objecting to, all or any portion
of any proposed operating plan and budget. 
 5.1.3 Resolution of Disputes for Annual Budget. If the Parties, despite
their good faith efforts, are unable to reach final agreement on the proposed operating plan for the first Operating Year on or before ninety (90) days prior to the anticipated Opening Date, or prior to January 1 of each successive
Operating Year, or otherwise have a dispute regarding the Annual Budget as contemplated by this Section 5.1, those portions of such proposed operating plan that are not in dispute shall become effective on the Opening Date or
January 1 of such Operating Year, as applicable, and the matter(s) in dispute may be submitted by either Party for Expert Resolution in accordance with Article XVII. Pending the resolution of such dispute, the prior year’s Annual
Budget shall govern the items in dispute, except that the budgeted expenses 

  
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provided for such item(s) in the prior year’s Annual Budget (or, if earlier, the last Annual Budget in which the budgeted expenses for such disputed item(s) were approved) shall be increased
by the percentage increase in the Index from January 1 of the prior Operating Year (or, if applicable, each additional Operating Year between the prior Operating Year and the Operating Year in which there became effective the last Annual Budget
in which the budgeted expenses for such disputed item(s) were approved). If any item in dispute regarding the Annual Budget is submitted for Expert Resolution in accordance with Article XVII, the Expert should be charged with determining
whether such item is reasonable in light of: (a) current and expected market conditions reasonably anticipated to affect the operation of the Managed Facilities for the subject Operating Year; (b) the Managed Facilities’ historical
performance; (c) the Operating Standard giving appropriate consideration to (i) the existing physical and operational differences as of the prior Operating Year between the Managed Facilities and the Specified Brand Properties and
(ii) any limitations or conditions arising under Applicable Laws; and (d) any other factors the Expert determines to be relevant under the circumstances. Upon the resolution of any such dispute (whether by agreement of the Parties or
through the procedures described in Article XVII), such resolution shall control as to such item(s). 
 5.1.4
Operation in Accordance with Annual Budget. Manager shall use its commercially reasonable efforts to operate the Managed Facilities in accordance with the Annual Budget for the applicable Operating Year (subject, in the case of disputed
items, to the provisions of Section 5.1.3 and Article XVII). Nevertheless, the Parties acknowledge that preparation of the Annual Budgets is inherently inexact and that Manager may vary from any Annual Budget (a) to the
extent Manager reasonably determines that such variance is required for compliance with the Operating Standard or Operating Limitations, subject in the case of the Operating Standard to resolution in accordance with Section 5.1.3,
(b) in connection with the matters set forth in Section 5.1.5, or (c) by reallocating up to ten percent (10%) of any line item (as shown on the Summary Annual Budget in the form attached hereto as Exhibit E) to any
other line item without Owner’s prior approval (unless such other line item is for Centralized Service Charges, in which event Owner’s approval shall be required for such reallocation). Other than as set forth in the preceding sentence,
Manager shall not incur costs or expenses or make expenditures that would cause the total expenditures for the Operation of the Managed Facilities to exceed the aggregate amount of expenditures provided in the Annual Budget by more than five percent
(5%) without Owner’s prior approval. In the event Owner fails to promptly approve any expenditures requested by Manager in excess of the Annual Budget, such failure shall be a dispute which shall be resolved in accordance with
Section 5.1.3 and Article XVII. Owner acknowledges that the actual financial performance of the Managed Facilities during any Operating Year will likely vary from the projections contained in the Annual Budget for such Operating
Year, and Manager shall not be deemed to have made any guarantee, warranty or representation whatsoever in connection with the Annual Budget or consistency of actual results with the Operating Plan. 

5.1.5 Exceptions to Annual Budget. Notwithstanding Section 5.1.4, Owner acknowledges and agrees as follows:

 5.1.5.1 The amount of certain expenses provided for in the Annual Budget for any Operating Year will vary based on the
occupancy, use and demand for goods and services provided at the Managed Facilities and, accordingly, to the extent that occupancy, use and demand for such goods and services for any Operating Year exceeds the occupancy, use and

  
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demand projected in the Annual Budget for such Operating Year, such Annual Budget shall be deemed to include corresponding increases in such variable expenses, provided, that the
percentage increase in the variable expense over budget shall not exceed the percentage increase in corresponding revenue over projections. To the extent that occupancy, use and demand for goods and services provided at the Managed Facilities for
any Operating Year is less than the occupancy, use and demand projected in the Annual Budget for such Operating Year, Manager will (to the extent feasible without compromising the Operating Standard or Operating Limitations) make commercially
reasonable adjustments to the Operation of the Managed Facilities in an effort to reduce such variable expenses; 
 5.1.5.2 The
amount of certain expenses provided for in the Annual Budget for any Operating Year are not within the ability of Manager to control, including real estate and personal property taxes, applicable gaming taxes, fees and charges, insurance premiums,
utility rates, license and permit fees and certain charges provided for in contracts and leases entered into pursuant to this Agreement, and accordingly, Manager shall have the right to pay from the Operating Account the actual amount of such
uncontrollable expenses without reference to the amounts provided for with respect thereto in the Annual Budget for such Operating Year; 
 5.1.5.3 If any expenditures are required on an emergency basis to (a) preserve or repair the Managed Facilities or other property or (b) avoid potential injury to persons or damage to the
Managed Facilities or other property, Manager shall have the right to make such expenditures, whether or not provided for, or within the amounts provided for, in the Annual Budget for the Operating Year in question, to the extent reasonably required
to avoid or mitigate such injury or damage, and such expenditures shall be treated as Operating Expenses or capital expenditures, as determined in accordance with this Agreement. In connection with any emergency expenditure that was not specifically
included in the Annual Budget, Manager shall use commercially reasonable efforts to notify Owner prior to the time that the expenditures in question are made and shall in any event notify Owner as soon as reasonably possible after such expenditures
are made. If funds are not available in the Operating Account to pay for such emergency expenditures, Manager may, at its election, (i) transfer funds from the Reserve Account to the Operating Account or (ii) pay such amounts directly from
the Reserve Account; and 
 5.1.5.4 If any expenditures are required to comply with, or cure or prevent any violation of, any
Applicable Law, Manager shall, following written notice to Owner (except in the case of emergency, in which case the provisions of Section 5.1.5.3 shall govern) have the right to make such expenditures, whether or not provided for or
within the amounts provided for in the Annual Budget for the Operating Year in question, as may be necessary to comply with, or cure or prevent the violation of, such Applicable Law. Such expenditures shall be treated as Operating Expenses or
capital expenditures, as determined in accordance with this Agreement. 
 5.1.6 Modification to Annual Budget. Manager
shall have the right from time to time during each Operating Year to propose modifications to the Annual Budget then in effect based on actual operations during the elapsed portion of the applicable Operating Year and Manager’s judgment as to
what will transpire during the remainder of such Operating Year. If, during any Operating Year, Manager forecasts the EBITDA for such Operating Year to be less 

  
 20 

 
than the budgeted EBITDA by more than five percent (5%), Manager shall meet with Owner to discuss appropriate modifications to the operating, promotional and marketing plans in order to address
the forecasted variance. Modifications to such Annual Budget, if any, shall be subject to Owner’s approval pursuant to Section 5.1.2, and any dispute relating to a proposed modification of an Annual Budget shall be resolved by
Expert Resolution in accordance with Section 5.1.3 and Article XVII. 
 5.2 Maintenance and Repair;
Capital Improvements. 
 5.2.1 Required Maintenance and Repair and Capital Improvements. Except as otherwise
provided in this Section 5.2, Manager, at Owner’s expense, shall perform or cause to be performed all ordinary maintenance and repairs and all such Routine Capital Improvements and Building Capital Improvements: (a) as are
necessary or advisable to keep the Managed Facilities in good working order and condition and in compliance with the Operating Standard (subject to the Annual Budget and Section 5.1.4) and Operating Limitations; and (b) as Manager
reasonably determines are necessary or advisable to comply with, and cure or prevent the violation of, any Applicable Laws. Manager, at Owner’s expense, shall perform or cause to be performed all such Routine Capital Improvements and Building
Capital Improvements as are provided in the Annual Budget or otherwise approved by Owner. 
 5.2.2 Discretionary Capital
Improvements. Manager, at Owner’s expense, shall cause to be performed all ROI Capital Improvements approved by Owner (in the Annual Budget or otherwise), unless Manager notifies Owner that Manager will not perform or supervise such work,
and in either such case Owner shall perform or supervise such work and ensure that the performance of such work is undertaken in a manner reasonably calculated to avoid or minimize interference with the Operation of the Managed Facilities or
inconvenience to Managed Facilities guests. Except as provided in the applicable Annual Budget or proposed by Manager and approved by Owner, Owner shall notify Manager of any ROI Capital Improvements proposed to be undertaken by Owner and Manager
may, within thirty (30) days after receipt of such notice, object to the undertaking of such ROI Capital Improvements based on Manager’s reasonable determination that such ROI Capital Improvements will not be consistent with the Operating
Standard or will unreasonably interfere with the Operation of the Managed Facilities, including that such ROI Capital Improvements would unreasonably interfere with the Managed Facilities’ operating performance and the ability of Manager to
Operate the Managed Facilities in accordance with the Operating Standard. Within fifteen (15) days after receipt of any notice from Manager alleging a deficiency with respect to any ROI Capital Improvement proposed by Owner, Owner shall respond
in detail to such allegation and, if the matter is not resolved by the Parties within thirty (30) days after Owner’s response, the determination of whether such capital improvement does not, or when constructed will not, be consistent with
the Operating Standard or will unreasonably interfere with the Operation of the Managed Facilities shall be submitted to the Expert for Expert Resolution in accordance with Article XVII. If the Expert determines that such capital improvement
does not, or when constructed will not, comply with the Operating Standard or will unreasonably interfere with the Operation of the Managed Facilities, Owner shall promptly take such actions as the Expert shall require to bring such capital
improvement into compliance with the Operating Standard or to cause such capital improvement to not unreasonably interfere with the Operation of the Managed Facilities. 

  
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 5.2.3 Reserve Fund Contributions. In order to facilitate the funding of Routine
Capital Improvements and Building Capital Improvements, Manager shall set aside on a monthly basis an amount equal to the Reserve Fund Contribution by transferring funds from the Operating Account to the Reserve Fund. Payment of the Reserve Fund
Contribution into the Reserve Fund for each month shall be due within five (5) days after the end of such month. All interest earned in the Reserve Fund shall be added to the Reserve Fund, but shall not be credited against amounts required to
be deposited in the Reserve Fund. 
 5.2.4 Use of Reserve Fund. Except as otherwise expressly set forth in this
Agreement, the Reserve Fund shall be used for the purpose of funding Routine Capital Improvements or Building Capital Improvements which are permitted under Section 5.2.1, which are included in the Annual Budget or otherwise proposed by
Manager and approved by Owner; provided, that Manager also may expend up to the amount of the contingency line item in the Capital Budget from the Reserve Fund during each Operating Year to pay any Routine Capital Improvements that Manager
may reasonably determine to be necessary for items not included in the Annual Budget and not otherwise permitted under Section 5.2.1 (but not, for avoidance of doubt, Building Capital Improvements or ROI Capital Improvements). In the
discretion of Owner, the Reserve Fund may also be used for the funding of Building Capital Improvements and ROI Capital Improvements. At the end of each Operating Year, all amounts not expended from the Reserve Fund shall be carried forward to the
next Operating Year; provided, that in the event Owner determines not to proceed with any previously budgeted Building Capital Improvement or ROI Capital Improvement which has been funded in whole or in part through the Reserve Fund, then the
unexpended funds for such Building Capital Improvement or ROI Capital Improvement shall be transferred by Manager to the Operating Account. 
 5.2.5 Remediation of Design or Construction Defect. If the design or construction of the Managed Facilities is defective, and the defective condition presents a risk of injury to persons or damage
to the Managed Facilities or other property, or results in non-compliance with Applicable Law, then Owner shall cause to be performed all work necessary to remedy such design or construction defect in the Managed Facilities as expeditiously as
reasonably possible. Owner acknowledges that such work shall be performed at Owner’s expense and that Owner may not use funds in the Operating Account or the Reserve Fund in remedying such defects. 

5.3 Personnel. 
 5.3.1 Manager Control. Manager shall manage and have sole and exclusive control of all aspects of the Managed Facilities’ human resources functions as set forth in this Section 5.3.

 5.3.2 Employment of Managed Facilities Personnel. All Managed Facilities Personnel shall be employees of Manager or an
Affiliate of Manager. All Managed Facilities Personnel Costs shall be Operating Expenses. Owner shall have no right to supervise, discharge or direct any Managed Facilities Personnel, except as otherwise set forth herein, and covenants and agrees
not to attempt to so supervise, direct or discharge. 
 5.3.3 Senior Executive Personnel. Subject to Owner’s
approval rights in Section 2.2.6, Manager shall, on Owner’s behalf, recruit, screen, appoint, hire, pay, train, supervise, instruct and direct the Senior Executive Personnel, and they, or other Managed

  
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Facilities Personnel to whom they may delegate such authority, shall, on Owner’s behalf: (a) recruit, screen, appoint, hire, pay, train, supervise, instruct and direct all other Managed
Facilities Personnel necessary or advisable for the Operation of the Managed Facilities; and (b) discipline, transfer, relocate, replace, terminate and dismiss any Managed Facilities Personnel. 

5.3.4 Terms of Employment. Subject to Owner’s approval rights under Section 2.2.6, all terms of employment,
personnel policies and practices relating to the Managed Facilities Personnel shall be established by Manager consistent with Applicable Laws, on Owner’s behalf, including the terms of employment, including recruiting, screening, appointment,
hiring, compensation, bonuses, severance, pension plans and other employee benefits, training, supervision, instruction, direction, discipline, transfer, relocation, replacement, termination and dismissal of Managed Facilities Personnel. Manager
shall process the payroll and benefits for Managed Facilities Personnel. 
 5.3.5 Non-Solicitation. Owner hereby agrees
not to, and to cause its Affiliates, its and their respective successors and assigns and any Person acting for or on behalf of any of them not to, solicit the employment of any of the Managed Facilities Personnel, without Manager’s prior
written consent, at any time during the Term or any management personnel of the Affiliates of the Manager during the Term; provided, that this covenant shall not restrict Owner and its Affiliates from engaging in general solicitation or
advertising of employment opportunities that is not targeted at employees of the Managed Facilities. 
 5.3.6 Corporate
Personnel. All Corporate Personnel who travel to the Managed Facilities to perform technical assistance, participate in special projects or provide other services shall be permitted to utilize the services provided at the Managed Facilities
(including food and beverage consumption), without charge to Manager or such Corporate Personnel. 
 5.4 Bank
Accounts. 
 5.4.1 Administration of Bank Accounts. Manager shall establish and administer the bank accounts
listed in this Section 5.4 (the “Bank Accounts”) on Owner’s behalf at a bank or banks selected by Owner and approved by Manager. All Bank Accounts shall be established by Manager, as agent for Owner, in the name of
Owner, doing business as the Managed Facilities, shall be owned by Owner and shall use the taxpayer identification number of Owner. The Funds in the Bank Accounts shall be held in express trust for the benefit of Owner and shall be disbursed, in
each case on the terms and subject to the conditions of this Agreement. Except as expressly provided in this Agreement, Manager shall not commingle the funds in any such Bank Account with any funds of Manager or any Affiliate of Manager. The Bank
Accounts shall be interest-bearing accounts if such accounts are reasonably available. The Bank Accounts may include: 

5.4.1.1 one or more accounts for the purposes of depositing all funds received in the Operation of the Managed Facilities and paying all
Operating Expenses (collectively, the “Operating Account”); 
 5.4.1.2 one or more accounts into which amounts
sufficient to cover all Managed Facilities Personnel Costs shall be deposited from time to time by Manager (by transfer of funds from the Operating Account); 

  
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 5.4.1.3 a separate interest bearing account into which the Reserve Fund Contributions shall
be deposited from time to time by Manager (by transfer of funds from the Operating Account) in accordance with Section 5.2.3 (the “Reserve Fund”); 

5.4.1.4 a separate account for the purpose of depositing funds sufficient to pay all Management Fees and other amounts due to Manager
under this Agreement (by transfer of funds from the Operating Account) (the “Management Account”); and 

5.4.1.5 such other accounts as Manager with Owner’s prior approval (or Owner with Manager’s approval) deems necessary or
desirable. Owner expressly disclaims a security interest and lien in any funds in the Bank Accounts that belong to the State of Maryland. 
 To
the extent, if any, that the funds in the Bank Accounts and Reserve Fund are deemed not to be held in express trust for the benefit of Owner and to the extent permitted by the terms of any Financing, Owner is hereby granted a security interest and
lien in the Bank Accounts and Reserve Fund to secure Manager’s obligations under this Agreement and Owner is entitled to perfect its security interest and lien in the Bank Accounts and Reserve Fund through an account control agreement with the
applicable bank where the Bank Account and Reserve Fund are deposited (in customary form and substance and which is reasonably satisfactory to Manager and which is consistent with this Agreement, including the provisions of this agreement applicable
to the holding and disbursement of funds). 
 5.4.2 Authorized Signatories. Manager’s designees shall be the only
Persons authorized to draw funds from the Bank Accounts and make deposits into the Bank Accounts during the Term; provided, however, that if Manager is in breach of Section 5.4.4 or the fourth sentence of
Section 5.4.1, (i) Owner shall be authorized to draw, disburse and retain funds as Manager would be so entitled under Section 5.4.4 (and such funds may only be used in accordance with Section 5.4.4) and
(ii) if such breach constitutes an Event of Default by Manager, Manager shall cease having any further rights to draw on such Bank Accounts and a signature (electronic or otherwise) from Owner (other than an Affiliate of the Manager) shall also
be required for the drawing of funds from the Management Account (and Owner shall not unreasonably withhold, condition or delay any such signature). Manager shall establish reasonable controls to ensure accurate reporting of all transactions
involving the Bank Accounts and as Manager, consistent with commercially reasonable business procedures and practices which are consistent with the size and nature of the operations at the Managed Facilities, reasonably deems necessary or advisable.
Manager shall provide Owner copies of bank statements with respect to the Bank Accounts, as requested by Owner. 
 5.4.3
Permitted Investments; Liability for Loss in Bank Accounts. Manager shall not invest funds in the Bank Accounts, except as may be permitted under the Financing Documents. Owner shall bear all losses suffered in any investment of funds into
any such Bank Account, and Manager shall have no liability or responsibility for such losses, except to the extent due to Manager’s Gross Negligence or Willful Misconduct. 

5.4.4 Disbursement of Funds to Owner. All revenues from the operation of the Managed Facilities shall be deposited by Manager in
the Operating Account in accordance with Manager’s practices and policies for Other Brand Properties. Unless the Parties agree otherwise, on or about the twenty fifth (25th) day of each calendar quarter, Manager shall disburse to Owner, as
directed by Owner, any funds remaining in the Operating Account at the 

  
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end of the immediately preceding month after payment, contribution or retention, as applicable, of the following in the following order of priority: (a) all Operating Expenses then due but
which have not yet been paid; (b) the amount of debt service accruals and payments due to Lenders as provided in the most recently updated Monthly Debt Service Schedule; (c) transfer of the Management Fees then due to the Management
Account (for payment within one (1) Business Day to Manager and, if applicable, in accordance with Section 5.4.5); (d) the Reserve Fund Contribution due for such month in the Reserve Fund, and any deficiencies in the Reserve
Fund; (e) the amount of any reserves required to be funded pursuant to the Financing Documents; and (f) retention by Manager of an amount sufficient to cover (i) a reasonable reserve for any non-capital expense (including debt
service), or any capital expense set forth in the Annual Budget, that Manager reasonably believes will be due during the next twelve (12) month period and for which Manager reasonably determines that a reserve for such quarter would be prudent
to insure sufficient cash to pay such expense, (ii) any other amounts necessary to cure or prevent any violation of, any Applicable Law in accordance with this Agreement, (iii) an amount of working capital reasonably determined to be
prudent by Manager and Owner to provide reserves for emergency expenditures or Operating Expenses payable less frequently than monthly or to cover anticipated operating shortfalls for a ninety (90) day period and (iv) such other amounts as
may be agreed to by the Parties from time to time. In the event Owner disputes any decision by Manager to reserve and not disburse to Owner funds pursuant to this Section 5.4.4, such dispute may be submitted by either Party for Expert
Resolution in accordance with Article XVII. 
 5.4.5 Transfers Between Bank Accounts. Manager has the authority to
transfer funds from and between the Bank Accounts in order to pay Operating Expenses, to pay debt service with respect to the Managed Facilities, to invest funds for the benefit of the Managed Facilities, to pay the Management Fees to Manager
pursuant to this Agreement and for any other purpose consistent with the Annual Budget and good business practices; provided, that, except to the extent necessary to pay Managed Facilities Personnel Costs or to pay emergency expenditures in
accordance with Section 5.1.5.3, Manager shall not transfer funds from the Reserve Fund to other Bank Accounts without the consent of Owner and, if the circumstance contemplated by the proviso in the first sentence of
Section 5.4.2 has occurred and is continuing, Manager shall not transfer funds from the Management Account without the co-signature (electronic or otherwise) of a representative of Owner (other than an Affiliate of Manager) (and Owner
shall not unreasonably withhold, condition or delay such co-signature). 
 5.4.6 Monthly Debt Service Schedule. Whenever
Owner incurs indebtedness with respect to the Managed Facilities, Owner shall provide Manager with a schedule of all principal and interests payments due with respect thereto and the method for calculating interest with respect to such indebtedness
(as the same may be updated, the “Monthly Debt Service Schedule”). 
 5.5 Funds for Operation of the
Managed Facilities. 
 5.5.1 Initial Working Capital. Owner shall deposit or cause to be deposited the Initial
Working Capital into the Operating Account at least thirty (30) days prior to the anticipated Opening Date, or at such earlier time as reasonably required for Operation of the Managed Facilities. The Initial Working Capital is separate from,
and in addition to, any funds that Owner may be required to fund for Pre-Opening Services, including purchasing initial inventories of FF&E and Supplies. 

  
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 5.5.2 Additional Funds. If Manager determines at any time during the Term that:
(a) the available funds in the Operating Account are insufficient to allow for the uninterrupted and efficient Operation of the Managed Facilities in accordance with this Agreement (including the Operating Standard) based on a ninety
(90) day reference period; (b) the available funds in the Operating Account are insufficient for the timely payment of amounts in any given month to be paid under Section 5.4.4; (c) the available funds in the Operating
Account or, in the case of capital expenditures, the Reserve Fund are insufficient for the Operation of the Managed Facilities in accordance with the obligations of Owner set forth in the Ground Lease, Building Capital Improvements and ROI Capital
Improvements then contemplated in the Annual Budget or otherwise approved by Owner or authorized under this Agreement, Manager shall notify Owner of the existence and amount of the shortfall (a “Funds Request”). Owner shall be
obligated to deposit into the Operating Account or the Reserve Fund, as applicable, the amount requested by Manager in the Funds Request within fifteen (15) days after delivery of the Funds Request. 

5.5.3 Failure to Provide Funds. If Owner fails to deposit all or any portion of any amount requested in a Funds Request, Manager
shall have the right, but not the obligation, to use or pledge its credit in paying, on Owner’s behalf, (a) ordinary and customary Operating Expenses or (b) Building Capital Improvements and Routine Capital Improvements then
contemplated in the Annual Budget or otherwise approved by Owner or authorized under this Agreement (but not, for avoidance of doubt, ROI Capital Improvements), in which case Owner shall pay for such goods or services when such payment is due. In
addition, if Owner fails to pay for such goods or services when such payment is due, then Manager shall have the right, but not the obligation, to pay for such goods or services, in which case Owner shall reimburse Manager immediately upon demand by
Manager (and Manager shall be entitled to reimburse itself from any available funds from the Operation of the Managed Facilities, including the Operating Account and the Reserve Fund) for all amounts advanced by Manager, together with interest
thereon in accordance with Section 3.4. 
 5.6 Purchasing. 

Manager or its Affiliates may, in its discretion, make available to the Managed Facilities licensing or purchasing programs available to
other facilities owned or operated by Manager and its Affiliates (whether on a national, regional, mandatory, optional or other basis) (each, a “Purchasing Program”). Manager may elect, in its discretion, but subject to the terms of
this Section 5.6 and Applicable Law, to license any games or purchase or lease any FF&E and Supplies for the Operation of the Managed Facilities from a Purchasing Program maintained by Manager or its Affiliates; provided, that
Manager shall use reasonable efforts to ensure the prices and terms of the games, FF&E and Supplies to be licensed or purchased under such Purchasing Program (including with such modifications as provided below), taken as a whole, are
competitive with the prices and terms of games, products and services of equal quality available from other suppliers. In making such determination, the prices and terms for the games, FF&E and Supplies will be compared to the prices and terms
which would be charged by reputable and qualified unrelated third parties on an arm’s length basis for similar games, FF&E and Supplies sold, leased or licensed to similar companies in the hospitality industry, and may be grouped in

  
 26 

 
reasonable categories rather than being compared item by item. Owner acknowledges and agrees that Manager and its Affiliates shall have the right to (a) modify the fees, costs or terms of
any such Purchasing Program, including adding games, FF&E and Supplies to, and, subject to Applicable Law, deleting games, FF&E and Supplies from, such Purchasing Program; (b) terminate all or any portion of any such Purchasing Program,
from time to time, upon sixty (60) days’ notice to Owner; (c) subject to this Section 5.6, receive payments, fees, commissions or reimbursements from suppliers and third parties in respect of such purchases, leases or
licenses; and (d) subject to this Section 5.6, own or have investments in such suppliers; provided, that such ownership or investment is disclosed to Owner. It is Manager’s and its Affiliates’ policy to pass through
any discounts, rebates or similar incentives to the Managed Facilities, except in cases where an allocation is not reasonably possible or where rebate funds are used for marketing or other purposes which generally benefit properties owned or managed
by Manager or its Affiliates. 
 5.7 Managed Facilities Parking. 

Owner shall cause to be available as part of the Managed Facilities parking sufficient for the Operation of the Managed Facilities. If
parking for the Managed Facilities is not Operated as a part of the Managed Facilities, Manager shall have the right to approve the arrangements for such operation, including the identity of any third-party parking manager. 

5.8 Use of Affiliates by Manager. 
 In performing its obligations under this Agreement, Manager from time to time may use the services of one (1) or more of its Affiliates as permitted under this Agreement. If an Affiliate of Manager
performs services Manager is required to provide under this Agreement, such Affiliate and its employees must hold such licenses or qualifications as may be required by the Gaming Authorities in connection with the performance of such services and
Manager shall be ultimately responsible to Owner for its Affiliate’s performance. Owner shall bear no cost or expense for the Affiliate’s services, other than as expressly set forth in Section 4.1.1 for Centralized Services
Charges, Section 3.3 for Reimbursable Expenses, Section 5.6 for participation in Purchasing Programs, Section 5.11 for an Amenities Manager, Section 12.1.2 for the Insurance Program and the Related
Agreements. Additionally, Manager may cause Affiliates of Manager who operate other facilities on behalf of Owner or Owner’s Affiliates to perform services Manager is required to provide under this Agreement and the costs associated with such
performance shall be an Operating Expense of the Managed Facilities. Any agreement or transaction between Manager acting on behalf of Owner, on the one hand, and any Affiliate of Manager, on the other hand, that involves a cost or expense to Owner
or the Managed Facilities, or a transfer of assets from the Managed Facilities, shall either be (a) approved by Owner or (b) set forth in the Annual Budget (subject to Sections 5.1.4 and 5.1.5) and identified as an expense of
an Affiliate of Manager (except that Managed Facilities Personnel Costs and costs incurred to third-party vendors under the Purchasing Program need not be separately identified in the Annual Budget as an expense to an Affiliate of Manager). Subject
to any confidentiality or similar obligations, Manager shall make available to Owner such information as reasonably requested by Owner to compare the cost or expense charged by the Affiliate with charges of an unaffiliated third party. 

  
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 5.9 Limitation on Manager’s Obligations. 

5.9.1 General Limitations. Manager’s obligations under this Agreement are subject in all respects to the availability of
sufficient funds from the Operation of the Managed Facilities, or which are otherwise provided by Owner. Except as otherwise expressly provided in this Agreement, all costs and expenses of Operating the Managed Facilities shall be payable out of
funds from the Operation of the Managed Facilities, or which are otherwise provided by Owner. In no event shall Manager be obligated to pledge or use its own credit or advance any of its own funds to pay any such costs or expenses for the Managed
Facilities. Accordingly, notwithstanding anything to the contrary in this Agreement, Manager shall be relieved from its obligations to Operate the Managed Facilities in compliance with the Operating Standard and in accordance with this Agreement
whenever and to the extent that Manager is prevented or restricted in any way from doing so by reason of: (a) the occurrence of a Force Majeure Event; (b) the Operating Limitations; (c) Owner’s breach of any material term of this
Agreement (including Owner’s obligation to provide sufficient funds as required under this Agreement); (d) any limitation or restriction in this Agreement on Manager’s authority or ability to expend funds in respect of the Managed
Facilities; or (e) the availability of sufficient funds to Operate the Managed Facilities. 
 5.9.2 Pre-Existing
Conditions and External Events. If any environmental, construction, personnel, real property-related or other problems arise at the Managed Facilities during the Term that: (a) relate to the Operation or condition of the Managed Facilities,
or activities undertaken at the Managed Facilities or on the Premises, prior to the Term; or (b) are caused by or arise from sources outside of the Managed Facilities, Manager’s services under this Agreement shall not extend to management
of any remediation, abatement or other correction of such problems, and Owner shall retain full managerial and financial responsibility and liability for and control over the remediation, abatement and correction of such problems, and shall take
such actions in a timely manner with as little disturbance or interruption of the use and Operation of the Managed Facilities as reasonably practicable. Notwithstanding the foregoing, in the event such problems exist: (i) Manager will cooperate
reasonably with Owner in connection with Owner’s remediation, abatement and correction efforts; and (ii) if there is a reasonable likelihood that such problems would cause criminal or civil liability to Manager, injury to persons using the
Managed Facilities or damage to the Managed Facilities, Owner shall promptly remedy such problems and if Owner fails to do so, Manager shall have the right to take all reasonably necessary steps to comply with any Applicable Law, or to avoid
criminal or civil liability to Manager, or injury to Persons or property; provided, that Manager shall give Owner prior notice thereof. 
 5.9.3 Pre-Opening Period. Owner acknowledges that, except for the Pre-Opening Services or as provided in the CRBH Development Agreement, Manager and its Affiliates shall have no obligations to
provide any services for the Operation of the Managed Facilities prior to the commencement of the Term. 
 5.10
Third-Party Operated Areas. 
 Manager shall, in consultation with Owner, identify particular portions of the
Managed Facilities, such as a restaurant, bar, entertainment venue, spa or retail location (“Third-Party Operated Areas”), that shall be operated by third parties (the “Third-Party Managers”) under a

  
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lease, operating agreement, franchise agreement or similar agreement arranged by Manager. Manager shall have the right to manage the process of selecting any Third-Party Managers. Any lease,
operating agreement, franchise agreement or similar agreement entered into with a Third-Party Manager shall (a) be consistent with the terms of this Agreement; (b) require the Third Party Managers to operate the Third-Party Operated Areas
in accordance with the Operating Standard and all other terms of this Agreement, subject to the Operating Limitations, and (c) require the Third-Party Managers and their employees and contractors, as applicable, to hold such license or
qualification as may be required by the Gaming Authorities. 
 5.11 Amenities. 

Subject to Section 2.2.9, Manager shall have the right to propose to have an Affiliate of Manager (the “Amenities
Manager”) operate one or more of the Third-Party Operated Areas. The arrangement with any Amenities Manager for the operation of a restaurant, bars, entertainment venue, spa, retail location or other amenity as a part of the Managed
Facilities shall be documented pursuant to a lease or management agreement prepared by Manager and approved by Owner which shall provide that the restaurant, bars, entertainment venue, spa, retail location or other amenity, as applicable, shall be
(a) designed and constructed in all material respects in accordance with the Operating Standard, Design Guidance and any other standards reasonably required by Owner and the Amenities Manager, and (b) operated in accordance with the
Operating Standard and all other terms of this Agreement, in each case subject to the Operating Limitations. 
 ARTICLE VI.

 APPROVALS 
 6.1 Execution of Agreement Subject to Maryland Gaming Approvals. 

This Agreement and all other agreements contemplated herein shall be executed subject to all required approvals and authorizations, if
any, by all applicable Maryland Gaming Authorities. Owner, at its expense, promptly after the date hereof shall take such commercially reasonable actions as may be reasonably required to obtain such required approval or authorization from, the
applicable Governmental Authorities to make effective this Agreement as and if required by Applicable Law and all Related Agreements, and permit Owner to make the payments required to be made to Manager under this Agreement and all related
agreements; provided, that Manager, at Manager’s expense, shall obtain such license(s) or qualification(s) applicable to Manager as may be required by applicable Maryland Gaming Authorities. Manager shall have the right, at its expense,
to participate in all phases of the approval or authorization process. The Parties shall cooperate in all such undertakings or dealings with Maryland Gaming Authorities, and Owner shall provide reasonable notice to Manager prior to all meetings with
any Maryland Gaming Authority for such purpose. Owner covenants and agrees to use best efforts to diligently pursue and obtain all Approvals (other than such license(s) or qualification(s) applicable to Manager) required to approve Manager to
Operate the Managed Facilities and this Agreement, and Owner will maintain all such Approvals during the Term. 
 6.2
Modification of Agreement. 
 If any Governmental Authority, as a condition of its approval of the initial
effectiveness of this Agreement, requires directly or indirectly, the modification of any terms or provisions of 

  
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this Agreement, the Parties shall use their commercially reasonable efforts to comply with such request; provided, that if such requested modification would have a material adverse effect
on any Party, then such Party shall have the right to terminate this Agreement by giving written notice to the other Party within thirty (30) days after receipt of such request for modification, with no liability whatsoever to the other Party
for such termination. 
 ARTICLE VII. 
 PROPRIETARY RIGHTS 
 7.1 Service Mark Rights.

 7.1.1 In consideration of the Management Fee, Manager shall procure for the benefit of Owner and the Managed Facilities the
non-exclusive right and license to use and otherwise exploit the Service Mark Rights in connection with the development, Operation, promotion and marketing of the Managed Facilities throughout the Term of this Agreement and during the Transition
Period. As between Owner and Manager with respect to such right and license, Manager shall have the sole and exclusive right to determine the form of presentation of the Service Mark Rights in the Operation of the Managed Facilities, including in
all uses of the Service Mark Rights in marketing, sales, advertising and promotional materials of the Managed Facilities, any goods or services relating to the Managed Facilities and any signage for the Managed Facilities. Subject to the Annual
Budget, Manager agrees to procure merchandise bearing the Brand or other Service Mark Rights on behalf of the Owner for sale or promotion at the Managed Facilities at customary whole-sale prices for such merchandise. 

7.1.2 Notwithstanding that Manager shall use the Service Mark Rights in the conduct of the Operations, Owner acknowledges that, as
between Manager and Owner, this use of the Service Mark Rights shall not create in Owner’s favor any right, title, or interest in or to any of the Service Mark Rights, but all rights of ownership and control of the Service Mark Rights shall
reside solely with such Affiliate of Manager that owns such Service Mark Rights. If and to the extent Owner acquires any right, title or interest in or to any of the Service Mark Rights, Owner hereby assigns all such right, title and interest
therein to such Affiliate of Manager. 
 7.1.3 Owner acknowledges and agrees that the right to use the Service Mark Rights in
connection with the Managed Facilities (a) excludes any right of Owner to register any trademarks, copyrights, or domain names, or seek patents, which use any elements of the Service Mark Rights, such right being reserved exclusively to Manager
and its Affiliates; (b) excludes any right of Owner to sub-license or sub-contract or permit other Persons to use the Service Mark Rights (including the production of branded goods) without the prior written consent of Manager; (c) does
not permit Owner to use the Brand or any marks, names, indicia or identifiers that are or may be confusingly similar to any element of the Brand in Owner’s corporate name; (d) does not permit Owner to acquire, or represent in any manner
that Owner has acquired, in any manner any ownership rights in the Brand or any element thereof, and (e) does not permit Owner to use the Service Mark Rights to incur, secure or guarantee any obligation or indebtedness in such a manner as may,
in any way, subject Manager or such Affiliate of Manager that owns such Service Mark Rights to liability. Further, as between Owner and Manager, any new trademarks, trade dress, slogans, logos, and any other matter capable of serving as a
designation of origin for the goods and services provided in connection with the Managed 

  
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Facilities that incorporate and are derived from the Service Mark Rights shall be owned by Manager or its Affiliates; provided, however, that in connection with any sale of the
Managed Facilities, Manager shall, at its option, either (i) assign (or cause its relevant Affiliates to assign) all of its right, title and interest in the Owner Marks to Owner, whereupon such Owner Marks shall be deemed owned by the Managed
Facilities, or (ii) have and retain full ownership of the Owner Marks and grant (or cause its relevant Affiliates to grant) a non-exclusive, royalty free transferrable license to Owner to use and otherwise exploit the Owner Marks. 

7.2 Use of Service Mark Rights. 
 Subject to the obligation of the Manager to operate the Casino under the Brand, as part of Manager’s services under this Agreement for the Operation of the Managed Facilities, Manager may use any
Service Mark Rights in the Operation of the Managed Facilities as Manager deems appropriate or advisable consistent with the Annual Budget. The Managed Facilities shall be a part of the Total Rewards System used generally at other Operated Brand
Properties. Manager reserves the right and discretion to require Managed Facilities Personnel to sign a commercially reasonable confidentiality and restricted use agreement as a condition to the disclosure or use of any Service Mark Rights by such
Person, which shall supplement the terms set forth in this Article VII. 
 7.3 Rights to Service Mark
Rights. 
 Owner hereby (a) recognizes the sole and exclusive right of ownership of Manager and its Affiliates to
all Service Mark Rights and (b) agrees that Owner’s use of the Service Mark Rights shall be conducted exclusively by Manager under this Agreement. Without limiting any other rights, remedies or claims of Manager or its Affiliates at law,
under this Agreement or otherwise, Owner covenants that in the event of any termination or expiration of this Agreement, whether as a result of a default by Manager or otherwise, Owner shall not continue the operations of the Managed Facilities
pursuant to a Service Mark Right, nor will it otherwise utilize any of the Service Mark Rights (or hold itself out as operating pursuant to the same) or any variant thereof in the operations of the Managed Facilities or the name of the Managed
Facilities provided, however, that Owner shall have a period of twelve (12) months following termination or expiration of this Agreement to remove all Service Mark Rights from FF&E and the Managed Facilities, the cost which
shall be borne by Owner. If Owner fails to so remove all Service Mark Rights within such twelve (12) month period, Owner agrees that Manager and its Affiliates (excluding Owner) or their respective representatives may enter the Managed
Facilities and remove all Service Mark Rights from FF&E and the Managed Facilities, the cost which shall be borne by Owner. This Section 7.3 shall survive the expiration or termination of this Agreement. 

7.4 Proprietary Information and Systems of Manager or its Affiliates. 

7.4.1 Proprietary Information and Systems. Owner agrees that Manager or its Affiliates have the sole and exclusive right, title
and ownership to the following items as now in existence and as the same may be modified, supplemented or updated in the future (collectively, the “Proprietary Information and Systems”): 

7.4.1.1 proprietary information, techniques and methods of operating and marketing, gaming, hotel and related businesses, including
without limitation, the Total Rewards System; 

  
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 7.4.1.2 proprietary information, techniques and methods of designing, selecting,
maintaining, operating, marketing, developing and customizing games used in gaming, hotel and related businesses; 
 7.4.1.3
proprietary information, techniques and methods of training employees in the gaming, hotel and related businesses; 
 7.4.1.4
proprietary business plans, projections, marketing, advertising and promotion plans, strategies and systems, including the items listed on Exhibit F attached hereto and incorporated herein by this reference and any modifications, supplements
or revisions thereof, which may hereafter be made by Manager or its Affiliates, all of which have been developed or acquired over many years through the expenditure of time, money and effort and which Manager and its Affiliates maintain as
confidential and as a trade secret(s); and 
 7.4.1.5 all proprietary information, techniques and methods used in connection
with the Total Rewards System or any other rewards system which is used generally at Operated Brand Properties. 
 Notwithstanding the
foregoing, Proprietary Information and Systems shall not include: (a) information and systems developed by Owner or third parties on Owner’s behalf; (b) information and systems developed by Manager or a third party specifically for
use at the Managed Facilities; (c) data specific to the Managed Facilities that may be contained in Proprietary Information and Systems, including the Managed Facilities Guest Data; and (d) information which is not recognized as a trade
secret of Manager or its Affiliates, or entitled to protection as proprietary to Manager and its Affiliates, under applicable state law. 
 7.4.2 Confidentiality. Owner further agrees that, to the extent Owner has access to the Proprietary Information and Systems, Owner shall: (a) maintain the confidentiality of Manager
Confidential Information in such Proprietary Information and Systems, and not provide access to such Manager Confidential Information (or any documents, notes, memoranda, lists, computer programs or summaries thereof) to any other Person (including
any shareholder or Affiliate of Owner); (b) not use the Proprietary Information and Systems for any purpose other than as permitted under this Agreement; (c) make no copies of all or any portion of the Proprietary Information and Systems;
and (d) upon the termination or expiration of this Agreement, (i) return all Proprietary Information and Systems to Manager, including documents, notes, memoranda, lists, computer programs and any summaries of the Proprietary Information
and Systems in Owner’s possession or control but excluding any Managed Facilities Guest Data which Owner may retain pursuant to the terms of this Agreement, and (ii) cease to access any and all of the Proprietary Information and Systems,
in each case upon the end of the Transition Period. 
 7.4.3 Guest Data and Managed Facilities Guest Data. 

7.4.3.1 Owner recognizes the exclusive right of ownership of Manager and its Affiliates to all Guest Data, other than Managed Facilities
Guest Data, and the Parties 

  
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agree that they shall have joint right of ownership to all Managed Facilities Guest Data. Owner hereby disclaims any right or interest in Guest Data, other than Managed Facilities Guest Data,
regardless of any legal protection afforded thereto. Owner agrees that throughout the Term, Manager or Manager’s designees shall host and retain the database relating to customers’ activities at the Managed Facilities which shall be
collected and stored in systems implemented and managed by Manager, including all customer information gathered in by Manager or its Affiliates in connection with any casino player loyalty program card or successor player or guest rewards program,
and, subject to the restrictions set forth in this Section 7.4.3, Manager or one of its Affiliates shall own and be entitled to use any and all of the customer or other information gathered by Manager or its Affiliates in connection with
this Agreement or such programs. 
 7.4.3.2 Owner shall not and Manager shall not and shall cause its Affiliates not to
(a) use the Managed Facilities Guest Data to offer, solicit or promote any illegal, obscene, inappropriate, adult oriented, or pornographic material or activity or to engage in any activity that would constitute spamming or a violation of any
Applicable Laws relating to privacy, (b) during the Term, use the Managed Facilities Guest Data in any manner which is inconsistent with the integrity of the Brand, (c) sell, license or grant any other Person (except, in the case of
Manager, an Affiliate of Manager or Rock Gaming or its Affiliates) a right to use, view or copy the Managed Facilities Guest Data or (d) use the Managed Facilities Guest Data for any purpose which is not for the direct benefit of the Managed
Facilities, or the businesses and/or operations of either Manager and its Affiliates or Owner and its Affiliates. Notwithstanding anything contained in this Agreement to the contrary, the use of the Managed Facilities Guest Data shall, in all
events, be subject to the limitations and restrictions set forth in any other agreement or other contract related thereto (including any operating agreement of any Parent Company of Owner, to the extent applicable), this Agreement, Applicable Law
(including any established by the State of Maryland) and this Section 7.4.3. Owner and Manager further agree not to use, nor permit their Affiliates to use, at any time, the Managed Facilities Guest Data in any illegal manner, nor to
engage in any activity that would constitute spamming or a violation of any privacy laws under any applicable jurisdiction’s regulations. For the avoidance of doubt, Owner agrees that it shall not disclose any gaming play or player rating
information contained in the Managed Facilities Guest Data to a Competitor. Notwithstanding the foregoing, if, upon the expiration or termination of this Agreement, Owner engages a successor manager to Operate the Managed Facilities, then the
Managed Facilities Guest Data may be disclosed to such successor; provided, that if Applicable Law or any privacy policy of Manager or its Affiliates requires Manager to provide guests of the Managed Facilities with notice of such transfer
and/or a right to “opt out” of having their information transferred to such successor, Owner and Manager shall comply with such requirement and the election of such guest with respect thereto. Owner agrees to, and to cause its Affiliates
to, (A) maintain commercially reasonable measures to protect the physical safety and data integrity of the Managed Facilities Guest Data, and (B) comply with (1) all applicable data protection policies applicable to guest data, to
which Manager and its Affiliates are subject, including compliance with all relevant security best practices including PCI Data Security Standards and the Sarbanes Oxley Act, and (2) during the Term, all privacy, data security and reasonable
contact policies of Manager and its Affiliates. Manager may require Owner to acknowledge in writing its receipt of any Managed Facilities Guest Data (in whatever form) and confirm its obligations under this Section 7.4.3 and the
requirements described herein. In the event Manager reasonably believes the integrity of such Managed Facilities Guest Data has been compromised, Manager and its Affiliates shall have the right, upon reasonable notice and at reasonable times to
inspect the physical facilities and servers where Owner stores (or has stored on its behalf) the Managed Facilities Guest Data and to review all methods and processes associated with the storage and use of same. 

  
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 7.4.4 Improvements to System. All intellectual property rights to the improvements in
the Proprietary Information and Systems (the “System Improvements”) are hereby irrevocably assigned by Owner (to the extent of Owner’s interest therein, if any) to Manager or its designee and upon creation shall be and become
the exclusive property of Manager or its designee, and neither Owner nor any of its Affiliates shall have any ownership rights in any System Improvements. Manager or its Affiliates may incorporate any such System Improvements into the Proprietary
Information and Systems and shall have the exclusive right to all intellectual property rights (including patent, copyright, and industrial design rights) in and to the System Improvements, and to register and protect such System Improvements in
Manager’s or its designee’s own name to the exclusion of Owner, who shall have no rights to use such System Improvements except as specifically granted to Owner under this Agreement. Owner agrees to execute such assignment or other
documents as Manager may reasonably request to evidence its ownership or to assist Manager in securing intellectual property rights to the System Improvements, at Manager’s sole expense. 

7.4.5 Survival. This Section 7.4 shall survive the expiration or termination of this Agreement. 

ARTICLE VIII. 
 CONFIDENTIALITY 
 8.1 Disclosure by Owner. 

Owner acknowledges that Manager will provide certain Manager Confidential Information to Owner in connection with the Operation of the
Managed Facilities, and that such Manager Confidential Information is proprietary to Manager and its Affiliates, and includes trade secrets. Accordingly, during the Term and thereafter: (a) Owner shall not, and shall cause its Affiliates not
to, use the Manager Confidential Information in any other business or capacity, and Owner acknowledges such use would constitute an unfair method of competition; (b) Owner shall maintain the confidentiality of, and shall not disclose to any
other Person (including the media), any Manager Confidential Information or the terms of this Agreement, except to its shareholders, partners, directors, officers, employees, agents, legal counsel, accountants and existing and potential Lenders and
potential purchasers (provided such potential purchaser is not a Competitor), but only on a “need to know” basis in connection with its ownership of the Managed Facilities and subject to customary confidentiality protections;
(c) Owner shall not make unauthorized copies of any portion of the Manager Confidential Information disclosed in written, electronic or other form; and (d) Owner shall make every effort to ensure that none of its shareholders, partners,
members, trustees, beneficiaries, Affiliates, directors, officers, employees, agents, representatives and potential purchasers use, disclose or copy any Manager Confidential Information, disclose any terms of this Agreement or take any other actions
that Owner is otherwise prohibited from taking under this Section 8.1. Notwithstanding the foregoing, the restrictions on the use and disclosure of Manager Confidential Information shall not apply: (i) to information or techniques
which are or become generally known to the public (other than through any breach of any obligation with respect to confidentiality); (ii) to the extent such disclosure is required under Applicable Laws, including reporting requirements
applicable to 

  
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public companies; (iii) to information known to Owner before disclosure by Manager or disclosed to Owner by a third party not subject to confidentiality obligations to Manager or developed
by Owner without use of Manager Confidential Information; or (iv) Managed Facilities Guest Data to the extent used in accordance with this Agreement, including Section 2.3.3. In the event that Owner or any Person to which Owner has
disclosed Manager Confidential Information is requested or required by oral question, interrogatory, request for information or documents, subpoena, civil investigative demand or similar process to disclose any Manager Confidential Information,
Owner shall and shall cause such Person to: (A) provide Manager with prompt notice so that Manager and its Affiliates may seek a protective order or other appropriate remedy or, in their discretion, waive compliance with the provisions of this
Section 8.1; and (B) cooperate with Manager and its Affiliates, at their expense, in any effort Manager or any of its Affiliates undertakes to obtain a protective order or other remedy. In the event that such protective order or
other remedy is not obtained or Manager in its discretion waives compliance with the provisions of this Section 8.1, Owner shall and shall cause such Person to disclose to the Person compelling disclosure only that portion of the Manager
Confidential Information that Owner is advised, by outside counsel, is legally required and to use best efforts to obtain reliable assurance that confidential treatment is accorded the Manager Confidential Information so disclosed (to the extent
available). 
 8.2 Disclosure by Manager. 

Manager acknowledges that Owner may, from time to time, provide certain Owner Confidential Information (as defined in Exhibit K
attached hereto) to Manager in connection with its ownership of the Managed Facilities. All such Owner Confidential Information received by Manager, as well as the terms of this Agreement, will be held by Manager and its Affiliates in accordance
with Exhibit K attached hereto. 
 8.3 Public Statements. 

The Parties shall cooperate with each other on all press releases and other public statements relating to the Managed Facilities and
neither Party shall issue any press release or other public statement relating to the Managed Facilities without the prior written approval of the other Party and receipt of any required approvals from any Governmental Authority, except for any
public statement required under Applicable Law; provided, that Manager and its Affiliates may, subject to Applicable Law, make public statements and press releases regarding the Managed Facilities in connection with CEOC’s general
business operations, the Operation of the Managed Facilities or in the ordinary course of Manager’s Operation of the Managed Facilities. With respect to any public statement required under Applicable Law, the issuing Party shall provide the
other Party with a reasonable opportunity to review and comment upon any such statement prior to its issuance. In addition, either Party may make reference to the Managed Facilities, this Agreement and such Party’s business in connection with
making Securities Exchange Commission filings, investor and lender reports and presentations, financing documents and offering materials. 
 8.4 Cumulative Remedies. 
 Owner acknowledges that any violation of
the provisions of Section 8.1, 8.2 or 8.3 would cause irreparable harm and injury to Manager and its Affiliates and that money damages would not be an adequate remedy for any such violation and, accordingly, Manager and its
Affiliates 

  
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shall be entitled to injunctive or other equitable relief to prevent any actual or threatened breach of any of such provisions and to enforce such provisions specifically, without the necessity
of posting a bond or other security or of proving actual damages, by an appropriate court in the appropriate jurisdiction. The remedies provided in this Section 8.4 are cumulative and shall not exclude any other remedies to which Manager
and its Affiliates may be entitled under this Agreement or Applicable Law, and the exercise of a remedy under this Section 8.4 shall not be deemed an election excluding any other remedy or any waiver thereof. 

8.5 Survival. 
 This Article VIII shall survive the expiration or termination of this Agreement. 
 ARTICLE IX. 
 MARKETING 

9.1 Marketing. 
 9.1.1 Managed Facilities Marketing Program. In addition to the Managed Facilities’ participation in any marketing program included as part of the Centralized Services, Manager shall develop
and implement a specific marketing program for the Managed Facilities, which shall provide for the planning, publicity, internal communications, organizing and budgeting activities to be undertaken, and which may include the following:
(a) production, distribution and placement of promotional materials relating to the Managed Facilities, including materials for the promotion of employee relations; (b) development and implementation of promotional offers or programs that
benefit the Managed Facilities and are undertaken by Manager or by a group of hotels and casinos that includes the Managed Facilities; (c) attendance of Managed Facilities Personnel at conferences, conventions, meetings, seminars and travel
congresses; (d) selection of and guidance to advertising agency and public relations personnel; and (e) preparation and dissemination of news releases for national and international trade and, consumer publications. Owner shall not publish
any advertising materials or otherwise implement any marketing, advertising or promotion program for the Managed Facilities on its own, without Manager’s prior written approval. 

9.1.2 Development and Implementation. The development and implementation of the Managed Facilities’ specific marketing
program shall be effected substantially by Managed Facilities Personnel, with periodic assistance from Corporate Personnel with marketing and sales expertise. Any such assistance provided by any Corporate Personnel shall be at no cost to Owner or
the Managed Facilities for such Corporate Personnel’s time, but the reasonable Out-of-Pocket Expenses incurred by Manager or its Affiliates in connection with such assistance shall be Operating Expenses. Subject to the provisions of
Section 5.1 relating to the Annual Budget, the Managed Facilities’ specific marketing program shall comply with the sales, advertising and public relations policies and guidelines and corporate identity requirements established by
Manager, for other Operated Brand Properties, as such policies, guidelines and requirements may be modified from time to time. Subject to the provisions of Section 5.1 relating to the Annual Budget, Manager shall have the right to engage
a Person on behalf of Owner to perform such marketing and public relations activities for the Managed Facilities pursuant to this Article IX. 
 9.1.3 Content. Manager shall have the right to obtain, or at the reasonable request of Manager, Owner shall obtain and provide to Manager, updated photographs, descriptive content and other media,
such as video and floor plans, of the Managed Facilities (collectively, “Content”) from time to time in accordance with Manager’s specifications for Content. All ownership or license rights to Content, whether procured by
Manager or Owner, shall vest in Owner. If Owner obtains Content, Owner shall ensure that any such Content includes usage rights for the benefit of Manager in connection with the operation of the Managed Facilities during the Term. 

  
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 ARTICLE X. 
 BOOKS AND RECORDS 
 10.1 Maintenance of Books and
Records. 
 Manager shall keep and maintain, on an Operating Year basis in accordance with GAAP, accurate books, records
and accounts reflecting all of the financial affairs, and all items of income and expense, in connection with the Operation of the Managed Facilities and otherwise in a manner consistent with the then existing policies and standards applicable to
other Operated Brand Properties. All books of account and other financial records of the Managed Facilities shall be available to Owner, any Lender and their respective agents, representatives and designees (subject to Section 8.1) at
all reasonable times for examination, audit, inspection and copying. All of the financial books and records of the Managed Facilities, including books of account and front office records (but excluding any Proprietary Rights) shall be the property
of Owner. 
 10.2 Monthly Financial Reports. 

Manager shall cause to be prepared and delivered to Owner reasonably detailed unaudited monthly operating reports (the “Monthly
Reports”) that reflect the operational results of the Managed Facilities for each month of each Operating Year. Manager shall use commercially reasonable efforts to deliver each Monthly Report to Owner on or before the twenty fifth
(25th) day of the month following the month (or partial month) to which such Monthly Report relates. At a minimum, the Monthly Reports shall include: (a) a balance sheet including current and prior month and prior year-end comparisons (to
the extent applicable) and differences in reasonable detail; (b) an income and expense statement for such month and for the elapsed portion of the current Operating Year through the end of such month (with comparison to previous year);
(c) a statement of cash flows for such month and for the elapsed portion of the Current Operating Year through the end of such month (with comparison to previous year) in reasonable detail to allow Owner to identify and ascertain sources and
uses thereof; (d) a statement of account balances in each Bank Account and an itemization of transfers to the Reserve Fund; (e) a computation of any installment of the Base Management Fees due following delivery of such Monthly Report; and
(f) such other reports or information otherwise specified in this Agreement to be provided to Owner on a monthly basis or as Owner may reasonably specify from time to time. Notwithstanding anything to the contrary contained in this
Section 10.2, Manager shall not be obligated to deliver a Monthly Report for the last month of each calendar quarter. In lieu of such delivery, Manager shall deliver the Quarterly Report for the applicable calendar quarter and such
Quarterly Report shall include the information that would have been included in the Monthly Report for such month pursuant to this Section 10.2. 

  
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 10.3 Quarterly Financial Reports. 

Manager shall cause to be prepared and delivered to Owner reasonably detailed unaudited quarterly operating reports (the “Quarterly
Reports”) and shall use commercially reasonable efforts to deliver each Quarterly Report to Owner on or before the twenty fifth (25th) day of the month following the end of the fiscal quarter (or partial fiscal quarter) to which such
Quarterly Report relates. With respect to the Quarterly Reports, Manager’s Designated Financial Officer shall certify that it has reviewed such Quarterly Reports and, to such Designated Financial Officer’s Knowledge, such Designated
Financial Officer has no reason to believe that such Quarterly Reports do not fairly present, in all material respects, the financial condition, results of operations, cash flows and other financial and operating results, as applicable, of the
Managed Facilities for the periods presented in the report (except for the fact that there are no footnotes to such Quarterly Reports and subject to year end adjustments in all respects). At a minimum, the Quarterly Reports shall include: (a) a
narrative report on Owner’s actual performance to the Operating Plan and Capital Budget; (b) a computation of any installment of the Incentive Management Fees due following delivery of such Quarterly Report; (c) an itemization of
expenses other than Management Fees incurred to Manager or any Affiliate of Manager during such quarter, including Centralized Services Charges and Reimbursable Expenses; (d) a schedule comparing the financial performance of the Managed
Facilities to the financial covenants under Financing Documents to the extent that the applicable Financing relates the Managed Facilities only; (e) a report on the project status and actual to budget expenditures for Routine Capital
Improvements and Building Capital Improvements projects underway; (f) for the last month of such calendar quarter, the information that would have been included in the Monthly Report for such month pursuant to Section 10.2; and
(g) such other reports or information otherwise specified in this Agreement to be provided to Owner on a monthly basis or as Owner may reasonably specify from time to time. 

10.4 Annual Financial Reports. 
 Manager shall cause to be prepared and delivered to Owner no later than fifty-five (55) days after the end of each Operating Year (beginning with February 25 of the second (2nd) Operating
Year with respect to the completion of the first (1st) Operating Year), year end financial statements for the preceding Operating Year (including a balance sheet, a statement of earnings and retained earnings and a statement of cash flows),
which statements shall be unaudited and shall be prepared in accordance with GAAP. With respect to such statements, Manager’s Designated Financial Officer shall certify that it has reviewed such statements and, to such Designated Financial
Officer’s knowledge, such Designated Financial Officer has no reason to believe that such statements do not fairly present, in all material respects, the financial condition, results of operations, cash flows and other financial and operating
results, as applicable, of the Managed Facilities for the periods presented in the statements (except for the fact that there are no footnotes to such statements and subject to all adjustments made in the Certified Financial Statements). Owner shall
engage the Designated Accountant to provide audited financial statements for the Operating Year then ended (the “Certified Financial Statements”). Owner and Manager shall cooperate in all respects with the Designated Accountant in
the preparation of such financial statements, including the delivery by Manager of any financial information generated by Manager pursuant to the terms of this Agreement and reasonably required by the Designated Accountant to prepare such audited
financial statements. The Certified Financial Statements prepared by the Designated Accountant pursuant to this 

  
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Section 10.4 and all information therein shall be binding and conclusive on the Parties unless, within sixty (60) days after the delivery of such statements to the Parties,
either Party shall deliver written notice to the other Party of its objection thereto setting forth in reasonable detail the nature of such objection. If the Parties are unable thereafter to resolve any disputes with respect to the matters set forth
in the Certified Financial Statements within sixty (60) days after delivery by either Party of such notice, either Party shall have the right to cause such dispute to be resolved in accordance with Article XVII. In addition to the
foregoing, Owner may at its election and as an Operating Expense, cause further audits of the accounting systems, books and records and financial records of the Managed Facilities, including all expenditures made by the Managed Facilities;
provided, that such further audits shall occur not more than one (1) time each Operating Year. 
 10.5 Other
Reports and Schedules. 
 In addition to the Operating Reports and Certified Financial Statement required to be
delivered to Owner hereunder, Manager shall cause to be prepared and delivered to Owner any additional reports and schedules as Owner may reasonably request from time to time, and copies of such leases, contracts and documents as Owner a reasonably
request from time to time. 
 ARTICLE XI. 
 ASSIGNMENTS 
 11.1 Assignment by Owner. 

11.1.1 Owner Assignments Restricted. Except as otherwise permitted in Article XIII or this Article XI, Owner may not
cause, permit or suffer an Assignment of Owner’s right, title and interest in and to this Agreement without the prior consent of Manager which consent shall not be unreasonably withheld. Any Change of Control of Owner shall be deemed an
Assignment for purposes of this Article XI. Any Assignment in violation of the terms of this Article XI shall be void and of no force or effect as between the Parties and shall constitute an Event of Default by Owner governed by the
terms of Article XVI. 
 11.1.2 Assignment by Owner without Manager’s Consent. 

11.1.2.1 Notwithstanding the provisions of Section 11.1.1, Owner shall have the right, without Manager’s consent, to
effect an Assignment of this Agreement in connection with a Managed Facilities Transfer; provided, that, to the extent applicable, the conditions described in Section 11.1.3 are satisfied in connection with such Assignment.

 11.1.2.2 Notwithstanding the provisions of Section 11.1.1, Owner shall have the right, without Manager’s
consent, to effect an Assignment of this Agreement or a Managed Facilities Transfer in connection with any Financing provided, that, to the extent applicable, the conditions described in Section 11.1.3 are satisfied in connection
with such Assignment. 
 11.1.3 Conditions to Assignment. Notwithstanding anything to the contrary in
Section 11.1.2, all Assignments by Owner (whether or not Manager’s consent is required pursuant to this Section 11.1) shall be subject to the following conditions: 

11.1.3.1 Owner shall provide written notice to Manager at least thirty (30) days prior to the proposed Assignment, specifying in
reasonable detail the nature of the Assignment and such additional information as Manager may reasonably request in order to determine whether the proposed transferee is a Manager Prohibited Person; 

  
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 11.1.3.2 The assignee (other than a Lender in connection with a Financing, except to the
extent of any foreclosure or realization) shall assume the obligations of Owner under this Agreement and shall agree in writing to be bound by this Agreement from and after the date of the Assignment, and Owner shall provide Manager with a copy of
such agreement, together with copies of all other documents effecting such Assignment, within ten (10) days following the date of the Assignment; and 
 11.1.3.3 The assignee is not a Manager Prohibited Person. 
 11.2 Assignment
by Manager. 
 11.2.1 Manager Assignments Restricted. Except as otherwise permitted in this Article XI,
Manager may not cause, permit or suffer an Assignment, in whole or in part, of Manager’s right, title and interest in and to this Agreement without the prior consent of Owner which may be granted or withheld in Owner’s sole discretion;
provided, however, that Manager may assign its right, title and interest in and to this Agreement without Owner’s consent (a) to any Affiliate of Manager that is directly or indirectly wholly owned by CEOC or (b) in
connection with a Substantial Sale; provided, that neither the proposed transferee nor any of its direct or indirect Equity Owners, is an Owner Prohibited Person and provided further that Manager shall (a) provide written notice
to Owner at least thirty (30) days prior to the proposed Assignment, specifying in reasonable detail the nature of the Assignment, and such additional information as Owner may reasonably request in order to determine whether the proposed
transferee is an Owner Prohibited Person, and (b) the assignee shall assume the obligations of Manager under this Agreement and shall agree in writing to be bound by this Agreement from and after the date of the Assignment, and Manager shall
provide Owner with a copy of such agreement, together with copies of all other documents effecting such Assignment, within ten (10) days following the date of this Assignment. Any transfer of all or a portion of the equity interests in Manager
to a Person who is not a direct or indirect wholly owned subsidiary of CEOC shall be deemed an Assignment for purposes of this Section 11.2. Any Assignment in violation of the terms of this Article XI shall be void and of no force
or effect as between the Parties and shall constitute an Event of Default governed by the terms of Article XVI. 
 11.3
Acknowledgement of Assignment. 
 Notwithstanding anything to the contrary contained herein, with respect to any
Assignment under this Article XI, the transferring Party shall, within thirty (30) days following the request of the non-assigning Party, provide a written acknowledgement to the non-assigning Party confirming that such Assignment
complied with the provisions of this Article XI and was permitted hereunder and such acknowledgment shall be accompanied by the provision of such information as may reasonably be necessary to demonstrate that the Assignment complies with the
provisions of this Article XI. 

  
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 11.4 Approvals. 

To the extent necessary, all Assignments will be subject to the requirements of the Maryland Gaming Authorities, which may include prior
approval of such Assignments. 
 ARTICLE XII. 
 INSURANCE, BONDING AND INDEMNIFICATION 
 12.1 Owner Insurance
and Bonding Requirements. 
 12.1.1 Insurance Policies and Bonding Requirements. 

12.1.1.1 Manager, at Owner’s expense, shall procure and maintain all insurance policies required under the Insurance Requirements
set forth as Exhibit G (except to the extent Exhibit G attached hereto or this Agreement expressly provides that Manager shall procure and obtain specific insurance policies) and in accordance with the Annual Budget to protect the
Owner and Manager against loss or damage arising in connection with the ownership and operation of the Managed Facilities. The insurance policies shall be effective upon the earlier of the date of expiry of the construction insurance(s) in relation
to the Managed Facilities or the date when Manager begins pre-opening Operations at the Managed Facilities as contemplated in this Agreement. Subject to Owner’s approval, not to be unreasonably withheld or denied, Manager may modify the
Insurance Requirements on at least sixty (60) days’ notice to respond to insurance market trends, customer demands, economic conditions, technological advances and other factors affecting the gaming industry and its risks, as they may
change from time to time; provided, that the Insurance Requirements are consistent with the Specified Brand Properties. Manager, at its sole discretion, shall hire a qualified insurance broker to place such insurance policies required under
Exhibit G attached hereto. 
 12.1.1.2 Manager, at Owner’s expense, shall have the power and authority to procure
and deliver to the Lottery Commission all bonding instruments required by the State of Maryland, including a $500,000 fidelity bond, $1,000,000 performance bond and $2,000,000 payment bond. 

12.1.2 Insurance Program. Manager, at its option, may make the insurance programs provided to the other Operated Brand Properties
available to Owner with respect to the Managed Facilities (the “Insurance Program”) on the same basis and for the same premium allocation methodology as for other Operated Brand Properties, to the extent permitted by the terms of
such Insurance Program. Owner, at Manager’s sole direction, may obtain any insurance coverage required under the Insurance Requirements through the Insurance Program to the extent such coverage is available under the Insurance Program. Owner
acknowledges that (a) the premiums charged under the Insurance Program include certain third-party pass-through costs, such as brokers’ commissions and insurance services performed by third parties, and (b) some or all of the
insurance in the Insurance Program may be provided by an Affiliate of Manager, and such Affiliate will have a profit or loss for its insurance business from time to time, depending on the amount of premiums received, and claims paid, by such
Affiliate during the relevant period. 
 12.1.3 Evidence of Insurance. Owner (for insurance policies obtained by Owner
through third-party insurers) and Manager (for insurance policies obtained by Manager 

  
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through the Insurance Program or other vendors) shall provide the other Party with certificates or other reasonably satisfactory insurance evidence confirming that the insurance policies comply
with the Insurance Requirements. In addition, upon a Party’s request, the other Party promptly shall provide to the requesting Party a schedule of insurance obtained by such Party, listing the insurance policy numbers, the names of the
insurers, the names of the Persons insured, the amounts of coverage, the expiration dates and the risks covered thereunder. 

12.1.4 Payment of Premiums. For all insurance policies contemplated by this Section 12.1, Manager shall have the right
to pay premiums using funds from the Operating Account. For the avoidance of doubt, any additional insurance policies obtained by Owner or Manager that are not contemplated by this Section 12.1 or otherwise approved by the Parties, shall
not be funded from the Operating Account. 
 12.1.5 Review of Insurance. All insurance policy limits provided under this
Article XII shall be reviewed by the Parties every three (3) years following the commencement of the Term, or sooner if reasonably requested by Owner or Manager, to determine the suitability of such insurance limits in view of exposures
reasonably anticipated over the ensuing three (3) years. Owner and Manager hereby acknowledge that changing practices in the insurance industry and changes in the local law and custom may necessitate changes to types or amounts of coverage
during the Term. Each Party agrees to comply with any other insurance requirements the other Party reasonably requests in order to protect the Managed Facilities and the respective interests of Owner and Manager. Any dispute regarding such other
insurance requirements shall be referred to the Expert for Expert Resolution pursuant to Article XVII. 
 12.1.6
Investigation of Claims and Reports. Manager shall promptly investigate and, as soon as reasonably practicable, make a full written report to Owner regarding all material accidents or claims for material damage relating to the ownership,
operation and maintenance of the Managed Facilities and the estimated liability or cost of repair thereof, and shall prepare, for the approval of Owner, any and all reports required by any insurance Owner in connection therewith. 

12.1.7 Reliance on Owner’s Advisors. Owner acknowledges that neither Manager nor any insurance broker that Manager or its
Affiliates may retain makes any representation, warranty or guaranty whatsoever regarding: (a) the advisability or sufficiency of the insurance required or obtained under this Agreement; (b) whether the insurance made available under the
Insurance Program maintained by Manager or its Affiliates is sufficient to protect Owner, the Managed Facilities and its Operations against all liability, damage, loss, cost or expense that might be incurred; or (c) any other insurance that
Owner should consider for the protection of Owner, the Managed Facilities and its Operations, and Owner agrees to rely exclusively on its own insurance advisors with respect to all insurance matters. 

12.2 Waiver of Liability. 
 AS LONG AS A PARTY AND ANY AFFILIATES REQUESTED BY SUCH PARTY ARE A NAMED INSURED OR ADDITIONAL INSURED UNDER THE OTHER PARTY’S INSURANCE POLICIES, OR THE POLICIES OTHERWISE PERMIT IF SUCH PARTY OR
ITS AFFILIATES ARE NOT SO NAMED, SUCH PARTY HEREBY RELEASES THE OTHER PARTY, AND ITS AFFILIATES, AND ITS AND THEIR TRUSTEES, BENEFICIARIES, DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS, AND THE 

  
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SUCCESSORS AND ASSIGNS OF EACH OF THE FOREGOING, FROM ANY AND ALL LIABILITY FOR MONETARY RELIEF, DAMAGE, LOSS, COST OR EXPENSE INCURRED BY THE RELEASING PARTY, WHETHER OR NOT DUE TO THE NEGLIGENT
OR OTHER ACTS OR OMISSIONS OF THE PERSONS SO RELEASED TO THE EXTENT SUCH LIABILITY, DAMAGE, LOSS, COST OR EXPENSE IS COVERED BY THE INSURANCE POLICIES OF THE RELEASING PARTY, BUT (OTHER THAN AS PROVIDED IN ARTICLE XIV) ONLY TO THE EXTENT OF
INSURANCE PROCEEDS RECEIVED. 
 12.3 Indemnification. 

12.3.1 Indemnification by Owner. Subject to Sections 12.3.3, 12.3.4 and 17.5.5, Owner shall defend, indemnify
and hold harmless Manager and its Affiliates, and each of their respective shareholders, members, partners, trustees, beneficiaries, directors, officers, employees and agents, and the successors and assigns of each of the foregoing (collectively,
the “Manager Indemnified Parties”) for, from and against any and all Claims that are not within the scope of Manager’s indemnification pursuant to Section 12.3.2. Nothing in this Section 12.3 shall be
deemed to limit Owner’s right to pursue its contractual damage remedies against Manager with respect to amounts paid by Owner to one (1) or more other Persons in connection with any Claim caused by an Event of Default by Manager (it being
further understood that the provisions of this Section 12.3 shall not be deemed to modify the provisions of Section 16.1 regarding the establishment of an Event of Default by Manager, including any provisions of
Section 16.1 regarding notice of cure of any default that would, with the giving of notice or the passage of time, become an Event of Default). Manager shall promptly provide Owner with written notice of any Claim that is reasonably
likely to result in any indemnification by Owner. 
 12.3.2 Indemnification by Manager. Subject to Sections
12.3.3, 12.3.4 and 17.5.5, Manager shall defend, indemnify and hold harmless Owner and its Affiliates, and each of their respective shareholders, members, partners, trustees, beneficiaries, directors officers, employees and agents,
and the successors and assigns of each of the foregoing (collectively, the “Owner Indemnified Parties”) for, from and against any and all (a) Claims that any Owner Indemnified Party or Parties may incur, become responsible for
or pay out to the extent caused by Manager’s Gross Negligence or Willful Misconduct or as a result of an Event of Default by Manager or the use of any intellectual property rights owned or licensed by Manager or its Affiliates (including the
Brands, the Service Mark Rights and the Proprietary Information and Systems) that infringes or is alleged to infringe the intellectual property rights of any third party, and (b) any uninsured loss incurred by Owner due to the commission by any
Senior Executive Personnel or Corporate Personnel of any act of fraud, embezzlement, misappropriation or similar act of malfeasance with respect to the Managed Facilities. 
 12.3.3 Insurance Coverage. Notwithstanding anything to the contrary in this Section 12.3, the Parties shall look first to the appropriate insurance coverages in effect pursuant to this
Agreement prior to seeking indemnification under this Section 12.3 in the event any claim or liability occurs as a result of injury to persons or damage to property, regardless of the cause of such claim or liability; provided,
that if the insurance Owner denies coverage or “reserves rights” as to coverage, then the Indemnified Parties shall have the right to seek indemnification, without first looking to such insurance coverage. In addition, nothing contained in
this Section 12.3 shall in any way affect the releases set forth in Section 12.2. 

  
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 12.3.4 Indemnification Procedures. The Indemnifying Party shall have the right to
assume the defense of any Claim with respect to which the Indemnified Party is entitled to indemnification hereunder. If the Indemnifying Party assumes such defense, (a) such defense shall be conducted by counsel selected by the Indemnifying
Party and approved by the Indemnified Party, such approval not to be unreasonably withheld or delayed (provided, that the Indemnified Party’s approval shall not be required with respect to counsel designated by the Indemnifying
Party’s insurer); (b) so long as the Indemnifying Party is conducting such defense with reasonable diligence, the Indemnifying Party shall have the right to control said defense and shall not be required to pay the fees or disbursements of
any counsel engaged by the Indemnified Party except if a material conflict of interest exists between the Indemnified Party and the Indemnifying Party with respect to such Claim or defense; and (iii) the Indemnifying Party shall have the right,
without the consent of the Indemnified Party, to settle such Claim, but only if such settlement involves only the payment of money, the Indemnifying Party pays all amounts due in connection with or by reason of such settlement and, as part thereof,
the Indemnified Party is unconditionally released from all liability in respect of such Claim. The Indemnified Party shall have the right to participate in the defense of such Claim being defended by the Indemnifying Party at the expense of the
Indemnified Party, but the Indemnifying Party shall have the right to control such defense (other than in the event of a material conflict of interest between the parties with respect to such Claim or defense). In no event shall (A) the
Indemnified Party settle any Claim without the consent of the Indemnifying Party so long as the Indemnifying Party is conducting the defense thereof in accordance with this Agreement or (B) if a Claim is covered by the Indemnifying Party’s
insurance, knowingly take or omit to take any action that would cause the insurer not to defend such Claim or to disclaim liability in respect thereof. 
 12.3.5 Survival. This Section 12.3 shall survive any expiration or termination of this Agreement. 
 ARTICLE XIII. 
 FINANCING; GROUND LEASE 

13.1 Mortgages; Collateral Assignments; Non-Disturbance. 

Subject to Article XI, Owner shall have the right to grant a Mortgage or Security Interest to a Lender in connection with any
Financing, and to assign to any Lender as collateral security for any Financing, all of Owner’s right, title and interest in and to this Agreement. Promptly following execution of any such Financing Documents, Owner shall provide Manager a true
and complete copy of all such Financing Documents. Owner shall cause any Lender under a Financing Document and any lessor under the Ground Lease to enter into a Non-Disturbance Agreement in a form acceptable to Manager, in its reasonable discretion,
which explicitly provides that such Lender or lessor may not terminate Manager under this Agreement, under any circumstance except to the extent Manager may be terminated in accordance with the terms of this Agreement, irrespective of whether the
Financing or Ground Lease is in default or has been foreclosed upon or the Lender has acquired all or a portion of the Managed Facilities or Premises by deed-in-lieu of foreclosure. 

Any foreclosure or realization on a Financing Document or the Ground Lease or that results in a transfer of all or a substantial portion
of the Managed Facilities, the Premises, the Ground Lease, this Agreement or Manager’s rights hereunder other than for security purposes shall be subject to the transfer provisions set forth under Article XI of this Agreement.

  
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 13.2 Lender’s Right of Access. 

Upon reasonable advance notice from a Lender (which notice may be given orally in connection with an emergency or upon the occurrence of
an event of default under any Financing Documents), Manager shall permit and cooperate with such Lender and its agents and representatives to enter any part of the Managed Facilities, except for those parts of the Managed Facilities as to which
access is restricted by Applicable Law, at any reasonable time for the purposes of examining or inspecting the Managed Facilities, or examining or copying the books and records of the Managed Facilities; provided, that: (a) any expenses
incurred in connection with such activities shall be Operating Expenses of the Managed Facilities; and (b) Owner shall use commercially reasonable efforts (including the inclusion of an appropriate confidentiality provision in the Financing
Documents) to cause such Lender to agree to treat as confidential any information such Lender obtains from examining the books and records of the Managed Facilities provided by Owner to Manager, including the Annual Budget. Manager acknowledges that
a Lender may disclose such information to the same extent and subject to the same restrictions as are applicable to the Owner with respect to Manager Confidential Information under Article VIII of this Agreement (including to any actual or
potential purchasers of the relevant Mortgage or any interest therein). 
 13.3 Disclosure of Mortgages.

 Owner represents and warrants that as of the date of this Agreement, except as disclosed to Manager in writing prior to the
date hereof, there is no Mortgage encumbering the Managed Facilities, Premises or Ground Lease or any portion thereof or interest therein. Owner shall provide to Manager a true and complete copy of any new proposed Mortgage documents for
Manager’s review no less than thirty (30) days before the execution of such new Mortgage documents. Promptly following execution of such new Mortgage documents, Owner shall provide Manager a true and complete copy of all such new Mortgage
documents. 
 13.4 Estoppel Certificates. 

Upon written request at any time during the Term, Manager shall issue to Owner or any Lender, within no less than thirty (30) days
after Manager’s receipt of such request from Owner, an estoppel certificate, comfort letter or other documents as may be reasonably requested by a Lender: (a) certifying that this Agreement has not been modified and is in full force and
effect (or, if there have been modifications, specifying the modifications and that the same is in full force and effect as modified); and (b) stating whether, to the knowledge of the signatory of such certificate, any default by Owner exists,
and if so, specifying each default of which the signatory has knowledge. Similarly, Manager shall be entitled to (and Owner shall provide upon written request) an estoppel certificate from Owner, any Lender, or any ground lessor (with respect to any
ground lease), upon the same notice and terms for an estoppel certificate issued by Manager. 
 13.5 Amendments to
Agreement. 
 In the event any Lender or proposed Lender, directly or indirectly as a condition of closing the proposed
Financing, requires any commercially reasonable modification of any terms 

  
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or provisions of this Agreement, the Parties shall comply with such request; provided, that in no event shall Manager be required to agree to any requested modification or amendment to this
Agreement that would increase Manager’s obligations under this Agreement or diminish the fees or reimbursements becoming due to Manager. 
 13.6 Owner’s Ground Lease and Land Purchase Obligations. 

Without limiting Manager’s rights set forth in this Agreement: 

(a) Owner shall use commercially reasonable efforts to enter into the Ground Lease as soon as practicable and shall (i) timely
exercise any and all renewal or other term extension rights granted to Owner under the Ground Lease and not terminate the Ground Lease, (ii) comply in all respects with its base rent payments, participation rent payments and all other payment
obligations set forth in the Ground Lease, (iii) otherwise comply in all material respects with the terms and conditions of the Ground Lease and (iv) not suffer an Assignment of Owner’s interest in the Ground Lease except pursuant to
a Managed Facilities Transfer permitted by this Agreement and which includes the Managed Facilities; and 
 (b) Owner shall
use commercially reasonable efforts to enter into the Land Disposition Agreement as soon as practicable and shall (i) not terminate the Land Disposition Agreement, (ii) comply in all respects with its purchase price payments and all other
payment obligations related to the Owned Property set forth in the Land Disposition Agreement, (iii) otherwise comply in all material respects with the terms and conditions of the Land Disposition Agreement related to the Owned Property and
(iv) not suffer an Assignment of Owner’s interest in the Land Disposition Agreement that relates to the Owned Property or the Owned Property except pursuant to a Managed Facilities Transfer permitted by this Agreement and which includes
the Managed Facilities. 
 ARTICLE XIV. 
 BUSINESS INTERRUPTION 
 14.1 Business Interruption.

 14.1.1 Owner Business Interruption Insurance. At all times during the Term, Owner shall maintain Business Interruption
Insurance for the Managed Facilities in accordance with the requirements set forth in Exhibit G attached hereto. If any event, including a Force Majeure Event, occurs that results in an interruption in the Operation of the Managed Facilities
(a “Business Interruption Event”), Manager shall use commercially reasonable efforts to reduce Operating Expenses, Centralized Services Charges and Reimbursable Expenses to levels commensurate with the levels of reduced revenues and
business activity. All Centralized Service Charges and Reimbursable Expenses actually incurred during the period of the Business Interruption Event shall continue to be payable in accordance with the provisions this Agreement, regardless of whether
there are sufficient Business Interruption Insurance proceeds to cover such amounts. Owner shall also be obligated to pay to Manager in accordance with this Agreement Management Fees based on actual Net Operating Revenues and EBITDA during the
period of the Business Interruption Event. 
 14.1.2 Diminution of Management Fees. At all times during the Term, Owner
shall maintain separate Business Interruption Insurance for the Manager in accordance 

  
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with the requirements set forth in Exhibit G attached hereto. In the event of a Business Interruption Event, Manager shall look solely to the proceeds of such policy or policies in respect
of any reduction, loss or diminution in the Management Fee caused by such Business Interruption Event, and Owner shall not be required to provide any additional funds in respect of such Business Interruption Event on account of any such reduction,
loss or diminution of the Management Fees (and, for the avoidance of doubt, if such Business Interruption Event is not insurable under such Business Interruption Insurance, Owner shall have no obligation to pay Manager for any such reduction, loss
or diminution of the Management Fees). 
 14.2 Proceeds of Business Interruption Insurance. 

The net proceeds of the Business Interruption Insurance maintained in accordance with Section 14.1.1 (after the application
of any deductible) shall be deposited in the Operating Account and used by Manager in the same manner as funds generated from the Operation of the Managed Facilities are used by Manager in accordance with this Agreement, including the payment of
Operating Expenses (other than the Management Fee), the Centralized Services Charges and Managed Facilities Personnel Costs and all other Operating Expenses as provided in Section 14.1.1. 

ARTICLE XV. 

CASUALTY OR CONDEMNATION 
 15.1 Casualty. 
 15.1.1 Notices. If the Managed Facilities or
any portion thereof is damaged by a Casualty, Manager shall immediately notify Owner thereof. 
 15.1.2 Casualty. If the
Managed Facilities are damaged or destroyed by a Casualty and, thereafter, the business operations at the Managed Facilities substantially cease, then a Force Majeure Event shall be deemed to exist and the Term of this Agreement shall be extended
for each day that such Force Majeure Event continues. If Owner elects to commence and complete the Restoration of the Managed Facilities following such Casualty, the Term of this Agreement shall recommence upon the completion of such Restoration. If
Owner chooses not to complete such Restoration and sells the Managed Facilities (or any material portion of the Casino or the parking structure) following such Casualty, then Manager, upon written notice to Owner, may elect to terminate this
Agreement in accordance with Section 16.2.4 and Owner, upon written notice to Manager, may elect to terminate this Agreement in accordance with Section 16.3.3. 

15.2 Condemnation. 
 15.2.1 Notices. If either Party receives notice of any actual, pending or contemplated Condemnation (or other action in lieu thereof) of all or a portion of the Managed Facilities, such party shall
promptly notify the other Party thereof. 
 15.2.2 Total Condemnation. If all or substantially all of the Managed
Facilities is taken in a Condemnation, or if a portion of the Managed Facilities shall be so taken such that Owner determines that the cost of Restoration is not justified in comparison to the anticipated profitability of the Managed Facilities
during the remaining Term or the remaining 

  
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portion cannot be Operated as a casino, either Party, upon written notice to the other Party, may terminate this Agreement. The proceeds of any condemnation award for the condemnation of all, or
substantially all, of the Managed Facilities shall be equitably allocated between Manager and Owner based on their respective interests in the Managed Facilities; provided, however, that in no event shall Manager receive from the
Condemnation award an amount in excess of the fee that would be payable to Manager in accordance with Section 16.3.7 (assuming a fee would be payable thereunder) based on the date of termination of this Agreement. The provisions of this
Section 15.2.2 shall survive the termination or expiration of this Agreement. 
 15.2.3 Partial Condemnation.
If all or a portion of the Managed Facilities shall be taken by Condemnation and this Agreement is not terminated by either Party in accordance with Section 15.2.2, or the Condemnation is only on a temporary basis, this Agreement shall
not terminate and Owner shall promptly commence and complete the Restoration, but only to a viable architectural unit and provided, that Owner shall not be obligated to expend any funds in excess of the amount of Condemnation proceeds
actually received by Owner. In the event of a partial condemnation, the proceeds of any condemnation award shall be payable solely to Owner. 
 15.2.4 Exception. Notwithstanding anything in this Agreement to the contrary, Owner shall not be liable for any inconvenience or annoyance to Manager or injury to Manager’s business relating
in any way from such Condemnation or repair or restoration. 
 15.3 Coordination with Ground Lease and Financing
Documents. To the extent this Agreement is in effect and the provisions of Section 15.1 or 15.2 are in conflict with any of the provisions of the Ground Lease or the Financing Documents with respect to any casualty or
condemnation affecting the Managed Facilities, the Ground Lease or the Financing Documents, as applicable, shall control. 

ARTICLE XVI. 
 DEFAULTS AND TERMINATIONS 
 16.1 Events of Default.

 16.1.1 Owner Events of Default. Each of the following actions and events may be deemed an “Owner Event of
Default”: 
 16.1.1.1 A failure by Owner within the time periods specified in this Agreement to pay the amount due and
payable under this Agreement to Manager or its Affiliates for the Management Fees, Reimbursable Expenses or Centralized Services Charges and that is not cured within sixty (60) days after notice to Owner specifying such failure;
provided, that in the event sufficient funds are available in the Operating Account to pay such amounts then due and Manager has the right to withdraw, transfer or apply such funds to the payment of such amounts then due, then such failure of
Owner to pay such amount shall not be an Event of Default; 
 16.1.1.2 Except as set forth in Section 16.1.1.1, a
failure by Owner to pay any amount of money to Manager when due and payable under this Agreement that is not cured within sixty (60) days after notice to Owner; 

  
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 16.1.1.3 A failure by Owner to materially perform or comply with any of the covenants,
duties or obligations set forth in this Agreement to be performed by Owner that is not cured within thirty (30) days following notice of such default from Manager to Owner; provided, that if: (a) the default is not susceptible of
cure within a thirty (30) day period; (b) the default cannot be cured solely by the payment of a sum of money; and (c) the default would not expose Manager to an imminent and material risk of criminal liability or of material damage
to its business reputation, the thirty (30) day cure period shall be extended for such time as is necessary (but in no event longer than ninety (90) days) to cure the default so long as Owner commences to cure the default within such
thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; provided further, that for purposes of this Section 16.1.1.3, Owner shall not be deemed to be in breach of its obligations set
forth in clauses (ii) and (iii) of Section 13.6(a) or of its obligations in clauses (ii) and (iii) of Section 13.6(b) until such time as an event of default shall exist under
and pursuant to the terms of the Ground Lease or the Land Disposition Agreement, as applicable (including by way of the expiration of any applicable notice or cure periods thereunder); and 

16.1.1.4 (i) Owner’s failure generally to pay its debts as such debts become due; (ii) a general assignment by Owner for
the benefit of its creditors, or any similar arrangement with its creditors by Owner; (iii) the entry of a judgment of insolvency against Owner; (iv) the filing by the Owner of a petition for relief under applicable bankruptcy, insolvency,
or similar debtor relief laws; (v) the filing of a petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Owner which is consented to by Owner; (vi) the appointment (or petition or
application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Owner’s assets or the conduct of its business; (vii) any action by Owner for dissolution of its
operations; or (viii) any other similar proceedings in any relevant jurisdiction affecting Owner; provided, that any of the events set forth in Section 16.1.1.1, 16.1.1.2 or 16.1.1.3 shall not be an Owner Event
of Default to the extent such event occurs at a time when Manager or its Affiliates Controls Owner. 
 Notwithstanding the
foregoing, there shall be no Owner Event of Default if the basis for any asserted Owner Event of Default is in the process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or Article XVII. 

16.1.2 Manager Events of Default. Each of the following actions and events may be deemed a “Manager Event of
Default”: 
 16.1.2.1 A failure by Manager to pay any amount of money to Owner when due and payable under this
Agreement that is not cured within sixty (60) days after notice to Manager; 
 16.1.2.2 A failure by Manager to materially
perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Manager that is not cured within thirty (30) days following notice of such default from Owner to Manager; provided, that if:
(a) the default is not susceptible of cure within a thirty (30) day period; (b) the default cannot be cured solely by the payment of a sum of money; and (c) the default would not expose Owner to an imminent and material risk of
criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for such time as is 

  
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necessary (but in no event longer than ninety (90) days) to cure the default so long as Manager commences to cure the default within such thirty (30) day period and thereafter proceeds
with reasonable diligence to complete such cure; and 
 16.1.2.3 (i) Manager’s failure generally to pay its debts as
such debts become due; (ii) a general assignment by Manager for the benefit of its creditors, or any similar arrangement with its creditors by Manager; (iii) the entry of a judgment of insolvency against Manager; (iv) the filing by
the Manager of a petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (v) the filing of a petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against
Manager which is consented to by Manager; (vi) the appointment (or petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Manager’s assets or the
conduct of its business; (vii) any action by Manager for dissolution of its operations; or (viii) any other similar proceedings in any relevant jurisdiction affecting Manager. 

Notwithstanding the foregoing, there shall be no Manager Event of Default if the basis for any asserted Manager Event of Default is in
the process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or Article XVII. 
 16.1.3 Remedies
for Event of Default. Subject to the terms of this Agreement, if any Event of Default shall have occurred, the non-defaulting Party shall have the right to terminate this Agreement in accordance with this Section 16.1 and to exercise
against the defaulting Party any other rights and remedies available to the non-defaulting Party under this Agreement or any other Related Agreement (subject to the provisions hereof or thereof) at law or in equity; provided, however,
Owner shall not have the right to terminate this Agreement by reason of the occurrence of any Event of Default and Manager shall not have the right to terminate this Agreement by reason of the occurrence of an Event of Default under this Section
16.1, unless: (a) the Event of Default is material in amount or in its adverse effect on the Operation, ownership or possession of the Managed Facilities; (b) the Event of Default constitutes intentional misconduct, reckless behavior
or repeated Events of Default of a similar nature by the defaulting Party; or (c) the remedies under this Agreement are inadequate to redress such Event of Default; provided, that the foregoing limitations and the cure period set forth
in Section 16.1.2.1 shall not be applicable in the event of any breach by the Manager under Section 5.4 of this Agreement involving at least One Million Dollars ($1,000,000) and a ten (10) day cure period shall instead
be applicable after written notice is received by Manager from Owner. For the avoidance of doubt, in the event of any payment by Manager that is the subject of a breach notice as contemplated by the foregoing sentence, Manager may cure the breach by
placing the amount of the payment into a mutually agreeable escrow to be held for its benefit pending the outcome of dispute resolution in accordance with this Agreement (which shall include, in the case of Management Fees, Expert Resolution
pursuant to Article XVII). Notwithstanding the foregoing, Manager may not terminate this Agreement by reason of the occurrence of an Event of Default under Section 16.1.1.1 or Section 16.1.1.2 unless the nonpayment
giving rise to the Event of Default is greater than One Million Dollars ($1,000,000) or if Manager had entered into an agreement to subordinate such payment to Manager of the amounts in question and the nonpayment giving rise to the Event of Default
did not permit the Manager to then terminate this Agreement (in which event Owner shall have an additional five (5) days to cure such nonpayment following the time such payment is permitted) nor shall Manager have the right to terminate this
Agreement pursuant to Section 16.1.1.1, 16.1.1.2 or 16.1.1.3 if an Affiliate of Manager Controls Owner. 

  
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 16.1.4 Notice of Termination. If termination of this Agreement is a remedy elected by
a non-defaulting Party pursuant to this Section 16.1, such remedy shall be exercised by the non-defaulting Party only by irrevocable and unconditional written notice of termination to the defaulting Party, in which case this Agreement
shall terminate on the date specified by the non-defaulting Party in the termination notice, which date shall be no less than ninety (90) days nor later than twelve (12) months after the delivery of such notice. The right of termination
shall be in addition to, and not in lieu of, any other rights or remedies at law or in equity by reason of the occurrence of any such Event of Default, it being understood and agreed that the exercise of the remedy of termination shall not
constitute an election of remedies and shall be without prejudice to any such other rights or remedies otherwise available to the non-defaulting Party. Unless Manager or an Affiliate of Manager Controls Owner, a Termination Fee shall be payable by
Owner upon a termination by Manager pursuant to Section 16.1.1; provided, that if such termination occurs prior to the first day of the fifth (5th) Operating Year, the maximum amount Owner shall be obligated to pay to Manager
pursuant to this Section 16.1.4 shall be an amount equal to the Termination Fee for “Operating Year 5” as set forth in the definition thereof. 
 16.2 Manager Termination Rights. 
 16.2.1 In Connection
with Certain Assignments. At any time at which Manager or an Affiliate of Manager does not Control Owner, Manager shall have the right to terminate this Agreement if there shall be (a) any Assignment in violation of Article XI,
(b) any Transfer of Ownership Interests (other than a Transfer of Ownership Interests by Manager or any of its Affiliates) to a Manager Prohibited Person or (c) any Change of Control, such termination to be effective (i) twelve
(12) months after delivery of such notice (unless Owner shall agree to an earlier termination date) or (ii) if such Assignment or Transfer of Ownership Interests involves a Manager Prohibited Person, such earlier date as is required by any
Gaming Authority. Such right of termination shall be exercisable until the date which is of ninety (90) days after Manager receives written notice of such an Assignment, Transfer of Ownership Interests or Change of Control from Owner. A
Termination Fee shall be payable by Owner upon a termination by Manager pursuant to this Section 16.2.1 only if the Assignment, Transfer of Ownership Interests or Change of Control is to a Manager Prohibited Person. 

16.2.2 In Connection with a Managed Facilities Transfer. Manager shall have the right to terminate this Agreement if there shall
be a Managed Facilities Transfer, such termination to be effective twelve (12) months after delivery of such notice (unless Owner shall agree to an earlier termination date). Such right of termination shall be exercisable until the date which
is of ninety (90) days after Manager receives written notice of such Managed Facilities Transfer from Owner. No termination fee or penalty shall be payable by Owner upon a termination by Manager of this Agreement pursuant to this
Section 16.2.2. 
 16.2.3 Upon an Operating Deficiency. If, at any time during the Term, Manager determines
in the exercise of its good faith judgment that it cannot Operate the Managed Facilities in all material respects in accordance with the Operating Standard and Operating Limitations as provided herein and that the proximate cause thereof is an
Operating Deficiency Cause, Manager shall be entitled to provide notice of such determination to Owner 

  
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(an “Operating Deficiency Notice”), which Operating Deficiency Notice shall allege with reasonable specificity the details of the non-compliance with the Operating Standard or
Operating Limitations. For purposes of the preceding sentence, an “Operating Deficiency Cause” shall mean any one or more of the following: (a) any failure by Owner (other than any such failure caused by any Affiliate of
Manager) to fund a Funds Request issued pursuant to Section 5.5.2; or (b) any interference by Owner or its agents or representatives (other than any Affiliate of Manager) in any material respect with the Operation of the Managed
Facilities. Within fifteen (15) days after receipt of any Operating Deficiency Notice, Owner shall respond in detail to such allegation and, if the matter is not resolved by the Parties within forty five (45) days after Owner’s
response, the matter shall be referred to the Expert for Expert Resolution in accordance with Article XVII. If the Expert determines that the Managed Facilities are not being Operated in accordance with the Operating Standard or Operating
Limitations in one or more material respects as provided herein and that the proximate cause of such non-compliance is an Operating Deficiency Cause, then an Operating Limitations Deficiency shall be deemed to exist, and, unless Owner shall within
fifteen (15) days of the Expert’s determination fund the subject Funds Request or cease the actions that interfere with the Operation of the Managed Facilities by Manager, then Manager shall have the right, in its discretion, exercisable
within thirty (30) days of the Expert’s determination by written notice to Owner, to terminate this Agreement, such termination to be effective twelve (12) months following delivery of Manager’s notice of termination unless Owner
shall agree to an earlier termination date. A Termination Fee shall be payable by Owner upon a termination by Manager pursuant to this Section 16.2.3. 
 16.2.4 Upon a Casualty or Condemnation. Manager shall have the right to terminate this Agreement as provided in Section 15.1.2 due to a Casualty only if Owner elects not to undertake
Restoration and sells the remaining Managed Facilities and interest in the Premises and/or Ground Lease (the “Remainder”), in which event (a) if the Remainder is sold to a third party and the purchaser contractually agrees with
Manager not to build a casino on the Premises following such Casualty, Manager shall not be entitled to any termination fee or penalty and (b) if the Remainder is sold to a third party and such third party does not contractually agree with
Manager that it will not build a casino on the Premises, then Owner shall pay to Manager a Termination Fee. Manager shall have the right to terminate this Agreement as provided in Section 15.2.2 due to a Condemnation and Manager shall
share in the condemnation proceeds as set forth in Section 15.2.2; provided, that if the Remainder remaining after the Condemnation is subsequently sold to a third party and such third party does not contractually agree with
Manager that it will not build a casino on the Premises, then Owner shall pay to Manager a Termination Fee less the amount of the condemnation award received by Manager in accordance with Section 15.2.2. Such termination shall be
effective as of the date set forth in the notice of termination. 
 16.2.5 Upon a Failure to Amend. Manager shall have
the right to terminate this Agreement as provided in Section 19.2.10 of this Agreement by written notice to Owner to terminate this Agreement, such termination to be effective thirty (30) days following delivery of Manager’s
notice of termination. No termination fee or penalty shall be payable by Owner upon a termination of this Agreement pursuant to this Section 16.2.5. 
 16.2.6 Termination Upon a Licensing Event. At any time at which Manager or an Affiliate of Manager does not Control Owner, Manager shall have the right to terminate this Agreement upon no less than
ninety (90) days nor more than twelve (12) months’ written 

  
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notice of termination to Owner following a Licensing Event which is not cured within the period required by the applicable Gaming Authorities. Upon a termination of this Agreement pursuant to
this Section 16.2.6 resulting from a Maryland Licensing Event, (a) prior to the first day of the sixth
(6th) Operating Year, no termination fee or penalty shall
be payable by Owner and (b) from and after the first day of the sixth (6th) Operating Year, a Termination Fee shall be payable by Owner upon a termination of this Agreement pursuant to this Section 16.2.6. Upon a termination of this Agreement pursuant to this
Section 16.2.6 resulting from a Non-Maryland Licensing Event, no termination fee or penalty shall be payable by Owner. 
 16.2.7 Notice of Termination. If termination of this Agreement is elected by Manager pursuant to this Section 16.2, such remedy shall be exercised by Manager only by irrevocable and
unconditional written notice of termination to Owner. 
 16.3 Owner Termination Rights. 

16.3.1 Termination Based On EBITDA Margin. At any time at which Manager and its Affiliates do not hold, directly or indirectly, in
the aggregate, twenty-five percent (25%) or more of the Ownership Interests of Owner, Owner, in its discretion, may terminate this Agreement without payment of any termination fee or penalty on at least thirty days’ notice, in the event
that on any Specified Test Date, the EBITDA Margin for the four (4) consecutive Operating Years prior to such Specified Test Date (with notice of such expected deficiency being given by Owner to Manager after such third (3rd) Operating
Year) is less than ninety percent (90%) of the Benchmark Margin as may be adjusted pursuant to Section 3.1.4. As used herein, “Specified Test Date” means for the first Specified Test Date, April 1 of the
calendar year that is immediately following the last day of the sixth (6th) Operating Year and, thereafter, April 1 of each calendar year of the Term. If Owner elects to terminate this Agreement pursuant to this Section 16.3.1,
Owner must give notice of such election within sixty (60) days after the later of the applicable Specified Test Date or the date on which the EBITDA Margin and Benchmark Margin are finally determined for the applicable period such termination
to be effective within sixty (60) days following notice. Any dispute regarding the EBITDA Margin, the Benchmark Margin or Owner’s right to terminate this Agreement in accordance with this Section 16.3.1 shall be resolved by
Expert Resolution in accordance with Article XVII. No termination fee or penalty shall be payable by Owner upon a termination by Owner pursuant to this Section 16.3.1. 

16.3.2 Termination Upon a Managed Facilities Transfer. Owner shall have the right, in its discretion, to terminate this Agreement
upon no less than ninety (90) days’ nor more than twelve (12) months’ written notice of termination to Manager following a Managed Facilities Transfer. Such right of termination shall be exercisable until the date which is ninety
(90) days after such Managed Facilities Transfer. Upon and as a condition to such termination by Owner, Owner shall pay to Manager a Termination Fee if Manager or an Affiliate of Manager does not Control Owner at the time of termination.

 16.3.3 Upon a Licensing Event. Owner shall have the right, in its discretion, to terminate this Agreement upon no less
than ninety (90) days’ nor more than twelve (12) months’ written notice of termination to Manager, without payment of any termination fee or penalty, if, as a result of a final, non-appealable determination by any Maryland Gaming
Authority, Manager shall have failed to obtain or maintain any license, qualification or approval 

  
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from any Maryland Gaming Authority necessary for Manager to manage the Managed Facilities unless such failure was attributable, in whole or in part, to Owner or one or more direct or indirect
members or other equity holders of Owner (other than any such Person who is an Affiliate of Manager). No termination fee or penalty shall be payable by Owner upon a termination pursuant to this Section 16.3.3. 

16.3.4 Upon a Cessation of Ownership by Manager’s Affiliates. During the Continuing Term, Owner shall have the right to
terminate this Agreement if Manager or any of its Affiliates no longer directly or indirectly owns any equity interest in Owner, such termination to be effective twelve (12) months following delivery of Owner’s notice of termination unless
Owner and Manager agree to an earlier termination date. No termination fee or penalty shall be payable by Owner upon a termination by Owner pursuant to this Section 16.3.4. 

16.3.5 Upon Default of Certain Related Agreement. Owner shall have the right, in its discretion, to terminate this Agreement upon
no less than ninety (90) days’ nor more than twelve (12) months’ written notice of termination to Manager, for a period of ninety (90) days following a failure by any Affiliate of Manager to fund when due (subject to any
cure period applicable to such failure) any capital contribution required pursuant to Section 2.2(b) or 2.2(d) of the CRBH Operating Agreement. No termination fee or penalty shall be payable by Owner upon a termination pursuant to this
Section 16.3.4. 
 16.3.6 Upon a Failure to Amend. Owner shall have the right to terminate this Agreement,
without payment of any termination fee or penalty, as provided in Section 19.2.10 of this Agreement, upon written notice of termination to Manager, such termination to be effective thirty (30) days following delivery of Owner’s
notice of termination. 
 16.3.7 Upon a Casualty or Condemnation. Owner shall have the right to terminate this Agreement
as provided in Section 15.2 due to a Casualty only if Owner elects not to undertake Restoration and sells the Remainder, in which event (a) if the Remainder is sold to a third party and the purchaser agrees with Manager not to build
a casino on the Premises following such Casualty, Owner shall not be obligated to pay to Manager any termination fee or penalty and (b) if the Remainder is sold to a third party and such third party does not agree with Manager that it will not
build a casino on the Premises, then Owner shall pay to Manager the Termination Fee. Owner shall have the right to terminate this Agreement as provided in Section 15.2.2 due to a Condemnation and Manager shall share in the condemnation
proceeds as set forth in Section 15.2.2; provided, that if the Remainder remaining after the Condemnation is subsequently sold to a third party and such third party does not agree (in favor of Manager) that it will not build a
casino on the Premises, then Owner shall pay to Manager the Termination Fee less the amount of the condemnation award received by Manager in accordance with Section 15.2.2. Such termination shall be effective as of the date set forth in
the notice of termination. 
 16.3.8 In Connection with Certain Assignments. If there shall be any Assignment by Manager
in violation of Section 11.2 or to an Owner Prohibited Person, Owner shall have the right to terminate this Agreement, such termination to be effective (i) twelve (12) months after delivery of such notice (unless Manager shall
agree to an earlier termination date) or (ii) if such Assignment, involves an Owner Prohibited Person, such earlier date as is required by any Gaming Authority. Such right of termination shall be exercisable until the date which is ninety
(90) days after Owner receives written notice of such an Assignment, transfer of Ownership Interest or Change of Control from Manager. No termination fee or penalty shall be payable by Owner upon a termination pursuant to this
Section 16.3.8. 

  
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 16.3.9 Notice of Certain Assignments, Change of Control, Managed Facilities Transfer and
Ground Lease and Land Purchase Matters. Owner shall provide prompt written notice to Manager of (a) any Assignment, Transfer of Ownership Interests, Change of Control or Managed Facilities Transfer, in each case both at the time of
execution of any definitive agreement with respect thereto and at the time of the consummation of such transaction, or (b) receipt of notice of any breach under the Ground Lease or the Land Disposition Agreement or any termination notice
delivered under the Ground Lease or Land Disposition Agreement, in each case including a copy of the relevant notice. 
 16.3.10
Notice of Termination. If termination of this Agreement is elected by Owner pursuant to this Section 16.3, such remedy shall be exercised by Owner only by irrevocable and unconditional written notice of termination to Manager.

 16.4 Actions To Be Taken on Termination. 

The Parties shall take the following actions upon the expiration or termination of this Agreement pursuant to this Section 16
or otherwise pursuant to this Agreement (in addition to the rights of the non-defaulting Party to pursue all other remedies available to it under this Agreement if such termination is due to an Event of Default): 

16.4.1 Payment of Expenses for Termination. In the event of termination of this Agreement due to an Event of Default of the Owner,
all commercially reasonable direct expenses arising as a result of the cessation of Managed Facilities operations by Manager (including expenses arising under this Section 16.4) shall be for the sole account of Owner, and Owner shall
reimburse Manager within fifteen (15) days following receipt of any invoice from Manager for any such expenses, including those arising from or in connection with severing the employment of Managed Facilities Personnel not engaged by Owner in
accordance with Section 16.6.9 (with severance benefits calculated in accordance with policies applicable generally to employees of Operated Brand Properties or any applicable employment agreement or union agreement that had been
reflected in the Annual Budget or otherwise approved by Owner) incurred by Manager in the course of effecting the termination of this Agreement. 
 16.4.2 Payment of Amounts Due to Manager. Upon the expiration or termination of this Agreement, Owner shall pay to Manager (a) the Base Management Fee through the effective date of such
expiration or termination, (b) Managed Facilities Personnel Costs, (c) other Reimbursable Expenses, (d) the Centralized Services Charges, (e) any Incentive Management Fees which were due but not yet paid, (f) any other
amounts due Manager under this Agreement through the effective date of expiration or termination and (g) if applicable, any termination fee that may be due in accordance with (and for the avoidance of doubt, no termination fee or penalty shall
be due in the event of any other termination), Section 16.1.3 (Owner Event of Default) Section 16.2.1 (Certain Assignments), Section 16.2.2 (Managed Facilities Transfer), Section 16.2.3 (Operating
Deficiency), Section 16.2.4 (Casualty/Condemnation) Section 16.2.6 (Licensing Event), Section 16.3.2 (Managed Facilities Transfer) or Section 16.3.7 (Casualty/Condemnation), (subject, in the case of
termination pursuant to Section 16.2.4 and Section 16.3.7, to the terms thereof). This obligation is unconditional and shall survive the expiration or termination of this Agreement (including all

  
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amounts owed to Manager that are not fully ascertainable as of the expiration or termination date), and Owner shall not have or exercise any rights of setoff, except to the extent of any
outstanding and undisputed payments owed to Owner by Manager under this Agreement. Manager acknowledges that the payment of any termination fee under this Section 16.4.2 and the payment of all other amounts under this
Section 16.4, as and when paid, shall be the sole and exclusive remedy of Manager in the case of any Owner Event of Default or termination by Owner or Manager under circumstances in which any such termination fee is to be paid. The
Parties further acknowledge that any such termination fee does not represent a penalty or punitive clause but represents an agreed measure of damages, the amount of which is impossible to determine on the date this Agreement is signed. Any disputes
regarding amounts owed to Manager under this Section 16.4.2 shall be referred to the Expert for Expert Resolution pursuant to Article XVII. In addition, all provisions in this Agreement that specifically survive the expiration or
termination of this Agreement shall continue to survive as provided herein and, notwithstanding the limitations contained in this Section 16.4.2, Manager shall continue to have a right to receive any and all payments which would be due
and payable in connection with such surviving provisions. 
 16.4.3 Surrender of Managed Facilities; Cooperation. Manager
shall peacefully vacate and surrender the Managed Facilities to Owner on the effective date of such expiration or termination, and the Parties shall execute and deliver any expiration or termination or other necessary agreements either Party shall
request for the purpose of evidencing the expiration or termination of this Agreement, and Manager shall deliver to Owner all keys, passwords, combinations, and take all such additional actions as Owner may reasonably request to ensure the orderly
transition of Operation of the Managed Facilities to Owner or such Person as Owner may designate. 
 16.4.4 Proprietary
Information and Systems. 
 16.4.4.1 Upon the expiration or termination of this Agreement, Owner, at its expense, shall
immediately commence and diligently pursue to completion during a transition period of twelve (12) months following termination or expiration of this Agreement (the “Transition Period”) the following actions: 

(a) the discontinuation of all direct or indirect use in any manner of any Proprietary Information and Systems, the Brand or any
colorable imitation or other indicia of the Brand, and any marketing, advertising or other media, including the internet, that uses the Brand or represents that the Managed Facilities are Operated as a Brand casino or otherwise associated with the
Proprietary Information and Systems; 
 (b) the cancellation of all fictitious or assumed name registrations relating to
Owner’s use of any Proprietary Information and Systems; 
 (c) notification to Owner and all telephone directory
publishers of the termination or expiration of Owner’s right to use any telephone number and any regular, classified or other telephone directory listings associated with any Proprietary Information and Systems and authorization to transfer
such number to Manager or at Manager’s direction; provided, that nothing herein shall be deemed to require Owner to change or surrender any telephone number used exclusively by the Managed Facilities; 

  
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 (d) removal from the Managed Facilities, and discontinuation for any purpose, of all
FF&E, Operating Supplies, signage and other materials that display any aspect of the Brand or any distinctive images or designs that are a feature of the Brand; and 
 (e) the cessation of use and return to Manager of any Brand related operations manuals, policy statements and the like. 
 16.4.4.2 From and after the conclusion of the Transition Period: 
 (a) Owner
shall not, under any circumstance, copy, reproduce, use or retain any of the Proprietary Information and Systems; 

(b) if Owner shall have failed during the Transition Period to use commercially reasonable efforts to remove signage from the
Managed Facilities bearing the Brand, Manager shall have the right, at Owner’s expense, to remove and retain all such interior and exterior signage without any liability to Owner for the cost to restore or repair the Managed Facilities premises
or equipment for damage resulting therefrom, subject to Manager acting with reasonable care and using reasonable efforts to minimize damage to the Managed Facilities; 
 (c) Owner shall not directly or indirectly hold itself or the Managed Facilities out to the public as being or remaining (or otherwise associated with) any other Operated Brand Properties, or any
project or resort managed by Manager or its Affiliates; and 
 (d) Owner shall provide to Manager evidence reasonably
satisfactory to Manager of Owner’s compliance with its obligations under this Section 16.4.4. 
 16.4.5
Assignment and Transfers to Owner. Upon the expiration or termination of this Agreement, Manager shall assign and transfer to Owner: 
 16.4.5.1 all leases and contracts to which Manager is a party, if any, (including collective bargaining agreements and pension plans, equipment leases, leases, licenses and concession agreements and
maintenance and service contracts) in effect with respect to the Managed Facilities as of the date of expiration or termination of this Agreement which are assignable without third party consent or as to which consent to assignment may be and has
been obtained without cost to Manager, and Owner shall, effective as of the date of such termination, assume all liabilities and obligations thereunder, and Owner shall confirm its assumption of such liabilities and obligations in writing;
provided, that Manager shall provide to Owner a list of all contracts and agreements with Affiliates of Manager, and Manager shall assign, and Owner shall assume only such contracts and agreements with Manager’s Affiliates as Owner shall
elect (and Manager shall terminate all Affiliate contracts and agreements not so assumed by Owner); 
 16.4.5.2 all of
Manager’s right, title and interest in and to all Approvals, including liquor licenses, if any, held by Manager in connection with the Operation of the Managed Facilities, but only to the extent such assignment or transfer is permitted under
Applicable Law; provided, that Owner shall reimburse Manager for any funds Manager has expended in obtaining any such Approvals (if not otherwise paid or reimbursed by Owner). In addition, if Manager or any Affiliate of Manager is the holder
of any liquor license for the Managed Facilities which is not assignable to Owner or its designee upon termination of this 

  
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Agreement, then, upon the request of Owner, Manager (or such Affiliate) shall enter into a temporary lease, license or such other agreement as may be permitted under Applicable Law to permit the
continuous and uninterrupted sale of alcohol beverages at the Managed Facilities consistent with prior operations. In such event, Manager (or its Affiliate, if applicable) shall not be entitled to compensation in connection with such arrangement,
but shall not incur any cost or liability in connection therewith and shall be named as an additional insured on any “dramshop” or other liability insurance pertaining to the sale of alcoholic beverages at the Managed Facilities. Any such
temporary lease, license or other arrangement shall include an indemnification of Manager and its Affiliates from Owner and shall provide for the termination of all obligations of Manager and its Affiliates thereunder within one hundred twenty
(120) days following the date of termination of this Agreement. In addition, to the extent permitted under Applicable Law, any other permits or licenses that may not be assigned to Owner shall be maintained by Manager for Owner’s benefit
at Owner’s cost and expense until such time (but no later than one hundred twenty (120) days following the termination of this Agreement) as Owner may secure permits and licenses in its own name, subject to Owner’s provision of an
indemnification of Manager and its Affiliates from Owner; and 
 16.4.5.3 all books and records of the Managed Facilities (but
excluding any Manager Confidential Information); provided, that Manager may retain one or more archival copies of such books and records for Manager’s independent use. 

16.4.6 Bookings and Reservations. Owner shall honor, and shall cause any successor manager to honor, all business confirmed for
the Managed Facilities with reservations (including reservations made by Manager pursuant to Manager’s other promotional programs) dated after the effective date of the expiration or termination in accordance with such bookings as accepted by
Manager. Manager shall transfer to Owner and will assume responsibility for all advance deposits received by Manager for the Managed Facilities. 
 16.4.7 Bank Accounts; Receivables. On the expiration or termination of this Agreement, Manager shall either, at Owner’s election, (a) terminate all Bank Accounts and disburse all funds
therein to Owner or (b) terminate the authority of Manager’s authorized signatories to draw funds from the Bank Accounts and cause the Persons designated by Owner to become authorized signatories. All receivables of the Managed Facilities
outstanding as of the effective date of termination or expiration, shall continue to be the property of Owner. Manager will turn over to Owner any receivables collected directly by Manager after the effective date of termination. 

16.4.8 Final Accounting. Within thirty (30) days following the expiration or termination of this Agreement, Manager shall
render a full accounting to Owner (including all statements and reports in the forms required herein) for the final month ending on the date of expiration or termination. At the request of Owner, Manager shall cause to be prepared and delivered to
Owner within ninety (90) days following the expiration or termination of this Agreement, Certified Financial Statements for the final Operating Year, containing the reports and other items and prepared on the same basis as under
Section 10.4. The cost of preparing the Certified Financial Statements pursuant to this Section 16.4.8 shall be an Operating Expense attributable to the final Operating Year. The final Certified Financial Statements delivered
pursuant to this Section 16.4.8, and all information contained therein, shall be binding and conclusive on the Parties unless, within sixty (60) days following the delivery thereof, either

  
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Party shall deliver to the other Party written notice of its objection thereto setting forth in reasonable detail the nature of such objection. If the Parties are unable thereafter to resolve any
disputes between them with respect to the matters set forth in the final Certified Financial Statements within sixty (60) days after delivery by either Party of the aforesaid written notice, either Party shall have the right to cause such
dispute to be resolved by Expert Resolution in accordance with the provisions of Article XVII. 
 16.4.9 Managed
Facilities Personnel. From and after expiration or termination of this Agreement, (a) Owner shall have the right to solicit or employ any of the Managed Facilities Personnel, (b) the Managed Facilities Personnel shall not be restrained
by this Agreement in making their own decision as to whether to be employed by Owner, Manager or their respective Affiliates and (c) Manager and its Affiliates may employ any of the Senior Executive Personnel or any other Managed Facilities
Personnel who desire employment with Manager or its Affiliates and who Owner does not employ. Manager shall make reasonably available to Owner from time to time during the Transition Period any Managed Facilities Personnel employed by Manager or its
Affiliates to answer questions that Owner may have regarding the Managed Facilities. 
 16.4.10 Home Casino Data. Upon
the expiration or termination of this Agreement, Manager shall provide to Owner a copy of the Home Casino Data in comma separate value (CSV) format, unless another format is agreed upon by Manager and Owner. 

16.4.11 Centralized Services, ESS Services and Purchasing Program. In consideration of the continued payment of the Centralized
Services Charges (as set forth in Section 4.1.1), the charges for ESS Services, the charges for Reimbursable Expenses (as set forth in Section 3.3) and for participation in Purchasing Programs (as contemplated by
Section 5.6), Manager shall, during the Transition Period (or such shorter period as requested by Owner), continue to provide Property Specific Centralized Services, ESS Services and allow the Owner to purchase through the Purchase
Program, in each case to the extent Manager and its Affiliates are permitted to do so pursuant to the terms of any applicable third party arrangements. 
 16.4.12 Survival. This Section 16.4 shall survive the expiration or termination of this Agreement. 
 16.5 Notice of Termination to Employees. 
 Owner acknowledges that
Manager or its Affiliates may have an obligation under Applicable Law to give advance notice to Managed Facilities Personnel of any termination of employment, and that failure to comply with such notification obligation might give rise to certain
liabilities under Applicable Law. Manager shall give prior notice to Owner of any notice of termination of employment to be given to Managed Facilities Personnel. Accordingly, notwithstanding anything to the contrary in this Agreement, the effective
date of termination shall be extended to permit Manager to comply with all time periods under Applicable Law if any, unless Owner agrees in writing to defend, indemnify and hold harmless Manager and its Affiliates in accordance with
Section 12.3.1 from and against all Claims (including lost compensation, fines, penalties and attorneys fees and expenses) incurred by Manager or its Affiliates, arising thereunder as a result of such termination. Manager shall use all
commercially reasonable efforts to provide such notices in an expeditious manner. 

  
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 ARTICLE XVII. 
 DISPUTE RESOLUTION 
 17.1 Generally. 

17.1.1 Except for disputes specifically provided in this Agreement to be referred to Expert Resolution, all claims, demands,
controversies, disputes, actions or causes of action of any nature or character arising out of or in connection with this Agreement, whether legal or equitable, known or unknown, contingent or otherwise shall be resolved in the United States
District Court for Maryland and any appellate courts thereto, or if federal jurisdiction is lacking, then in the State Courts of Maryland. The Parties agree that service of process for purposes of any such litigation or legal proceeding need not be
personally served or served within the State of Maryland, but may be served with the same effect as if the Party in question were served within the State of Maryland, by giving notice containing such service to the intended recipient (with copies to
counsel) in the manner provided in Section 19.5. This provision shall survive and be binding upon the Parties after this Agreement is no longer in effect. 
 17.1.2 If any dispute between any of the Parties or any of their respective Affiliates is pending in any state or federal court located in the State of Maryland with respect to this Agreement (or this
Agreement and any other Related Agreement), and any subsequent dispute arises between one or more Parties or any of their respective Affiliates which is not required by this Agreement or any Related Agreement to be referred to Expert Resolution and
is pending in any other state or federal court, the Parties shall (to the extent permissible under applicable rules) jointly move to consolidate such subsequent dispute in the same court with the pending dispute, and in the event that the court
declines to consolidate the disputes (or consolidation is not permissible under applicable rules), the Parties shall request that the court refer the subsequent dispute to the judge presiding over the pending dispute as a related case, it being the
intent of the Parties to keep any litigation relating to this Agreement within the same court to the fullest extent possible under the law. 
 17.2 Expert Resolution. 
 With respect to any dispute to be
submitted to an Expert pursuant to this Agreement, any Party that is party to such dispute may require that the dispute be submitted to final and binding arbitration (without appeal or review) in Baltimore, Maryland (“Expert
Resolution”), administered by an independent arbitration tribunal consisting of three (3) arbitrators, one of which is appointed by each Party and the third arbitrator shall be selected by the other two arbitrators (collectively, the
“Expert”). Such Expert Resolution shall be conducted by the American Arbitration Association in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The Expert shall be a person having not less
than ten (10) years’ experience in the area of expertise on which the dispute is based and having no conflict of interest with either Party. With respect to any dispute to be submitted to an Expert pursuant to this Agreement, the use of
the Expert shall be the exclusive remedy of the Parties and neither Party shall attempt to adjudicate such dispute in any other forum. The decision of the Expert shall be final and binding on the Parties and shall not be capable of challenge,
whether by Expert Resolution, arbitration, in court or otherwise. 

  
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 17.2.1 Related Disputes. 

17.2.1.1 Any two (2) or more disputes which are required to be submitted to an Expert under this Agreement or any other Related
Agreement shall be considered related for purposes of this section if they involve the same or substantially similar issues of law or fact. In the event any Party to a dispute (the “Subsequent Related Dispute”) designates it as
being related to a prior or pending dispute (the “Prior Related Dispute”), the Subsequent Related Dispute shall be referred for resolution to the Expert to whom the Prior Related Dispute was referred (the “Initial
Expert”). If a Party objects to the designation of a Subsequent Related Dispute as being related to a Prior Related Dispute, the objection shall be resolved by the Initial Expert. If the Initial Expert concludes that the disputes are
related, the Subsequent Related Dispute shall be resolved by the Initial Expert in accordance with this Section 17.2, and to the extent practical issues in the Subsequent Related Dispute that are the same or substantially similar as in
the Prior Related Dispute shall be resolved in a manner consistent with the resolution of such issues in the Prior Related Dispute. If the Initial Expert concludes that the Subsequent Related Dispute is not related to the Prior Related Dispute, the
Subsequent Related Dispute shall be referred to an Expert selected in accordance with the introductory paragraph of this Section 17.2. 
 17.2.1.2 Notwithstanding anything to the contrary contained in this Agreement, if a claim is asserted involving an alleged Event of Default under this Agreement (or under this Agreement and any Related
Agreement) (a “Default Claim”), any and all issues, whether legal, factual or otherwise, relating to such Default Claim shall be resolved exclusively by a state or federal court located in the State of Maryland in accordance with
the provisions hereof regardless of whether any of such issues would otherwise be required to be referred to an Expert for resolution under a provision of this Agreement or any Related Agreement; provided, that any decision by an Expert made
in accordance with this Agreement or any Related Agreement which was rendered prior to the assertion of a Default Claim and which relates to such Default Claim shall be considered final and binding in any court proceeding involving such Default
Claim, it being the intent and understanding of the Parties that, except for specific issues that were determined by an Expert before a Default Claim is asserted, all issues relating to such Default Claim shall be resolved exclusively by the court
in the action or proceeding involving the Default Claim. 
 17.2.2 Restrictions on Expert. THE EXPERT SHALL HAVE NO
AUTHORITY TO VARY OR IGNORE THE TERMS OF THIS AGREEMENT, INCLUDING SECTION 17.7.5, AND SHALL BE BOUND BY APPLICABLE LAW. ALL PROCEEDINGS, AWARDS AND DECISIONS UNDER ANY EXPERT RESOLUTION PROCEEDING SHALL BE STRICTLY PRIVATE AND CONFIDENTIAL,
EXCEPT AS MAY BE NECESSARY TO ENFORCE THE SAME. 
 17.3 Time Limit. 

Any Expert Resolution of a dispute must be commenced within twelve (12) months from the date on which either Party first gave
written notice to the other of the existence of the dispute, and any Party who fails to commence litigation or Expert Resolution within such twelve (12) month period shall be deemed to have waived any of its affirmative rights and claims in
connection with the dispute and shall be barred from asserting such rights and claims at any time thereafter except as a defense to any related or similar claims subsequently raised by the other party. An Expert Resolution shall be deemed commenced
by a Party when the Party sends a 

  
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notice to the other Party and to the American Arbitration Association, identifying the dispute and requesting Expert Resolution. Litigation shall be deemed commenced by a Party when the Party
serves a complaint (or, as the case may be, a counterclaim) on the other Party with respect to the dispute. 
 17.4
Prevailing Party’s Expenses. 
 The prevailing Party in any Expert Resolution, litigation or other legal
action or proceeding arising out of or related to this Agreement shall be entitled to recover from the losing Party all reasonable fees, costs and expenses incurred by the prevailing Party in connection with such Expert Resolution, litigation or
other legal action or proceeding (including any appeals and actions to enforce any Expert Resolution awards and court judgments), including reasonable fees, expenses and disbursements for attorneys, experts and other third parties engaged in
connection therewith and its share of the fees and costs of the Expert. If a Party prevails on some, but not all, of its claims, such Party shall be entitled to recover an equitable amount of such fees, expenses and disbursements, as determined by
the applicable Expert(s) or court. All amounts recovered by the prevailing Party under this Section 17.4 shall be separate from, and in addition to, any other amount included in any Expert Resolution award or judgment rendered in favor
of such Party. 
 17.5 WAIVERS. 
 17.5.1 JURISDICTION AND VENUE. OWNER AND MANAGER WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL DEFENSES BASED ON LACK OF JURISDICTION OR INCONVENIENT VENUE OR FORUM FOR ANY LITIGATION OR OTHER
LEGAL ACTION OR PROCEEDING PURSUED BY MANAGER OR OWNER IN THE JURISDICTION AND VENUE SPECIFIED IN SECTION 17.1. 
 17.5.2
TRIAL BY JURY. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY OF ALL CLAIMS ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 17.5.3 CLASS ACTIONS. OWNER AGREES THAT, FOR MANAGER’S AND ITS AFFILIATES’ CHAIN OF BRANDED HOTELS AND CASINOS TO FUNCTION PROPERLY, MANAGER SHOULD NOT BE BURDENED WITH THE COSTS OF
ARBITRATING OR LITIGATING SYSTEM WIDE CLAIMS. ACCORDINGLY, OWNER AGREES THAT ANY DISAGREEMENT BETWEEN OWNER AND MANAGER SHALL BE CONSIDERED UNIQUE AS TO ITS FACTS AND SHALL NOT BE BROUGHT AS A CLASS ACTION, AND OWNER WAIVES, TO THE FULLEST EXTENT
PERMITTED BY LAW, ALL RIGHTS TO BRING A CLASS ACTION OR MULTI-PLAINTIFF, CONSOLIDATED OR COLLECTIVE ACTION AGAINST MANAGER OR ANY OF ITS AFFILIATES. FOR AVOIDANCE OF DOUBT, THE FOREGOING RESTRICTION AGAINST MULTI-PLAINTIFF ACTIONS SHALL NOT BE
CONSTRUED TO PROHIBIT EITHER PARTY OR ITS AFFILIATES FROM JOINING WITH OTHER PARTIES TO THE RELATED AGREEMENTS TO BRING ACTIONS RELATING SOLELY TO ONE OR MORE OF SUCH AGREEMENTS. 

17.5.4 DECISIONS IN PRIOR CLAIMS. SUBJECT TO SECTION 17.2.1.2, OWNER AND MANAGER AGREE THAT IN ANY EXPERT RESOLUTION OR

  
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LITIGATION BETWEEN THE PARTIES, THE EXPERT(S) OR COURT SHALL NOT BE PRECLUDED FROM MAKING ITS OWN INDEPENDENT DETERMINATION OF THE ISSUES IN QUESTION, NOTWITHSTANDING THE SIMILARITY OF ISSUES IN
ANY OTHER EXPERT RESOLUTION OR LITIGATION INVOLVING MANAGER AND ANY OTHER OWNER OR ANY OF THEIR AFFILIATES, AND EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL RIGHTS TO CLAIM THAT A PRIOR DISPOSITION OF THE SAME OR SIMILAR ISSUES
PRECLUDES SUCH INDEPENDENT DETERMINATION. 
 17.5.5 PUNITIVE, CONSEQUENTIAL AND CERTAIN OTHER DAMAGES. NOTWITHSTANDING
ANYTHING TO THE CONTRARY IN THIS AGREEMENT OR UNDER APPLICABLE LAW, IN ANY EXPERT RESOLUTION, LAWSUIT, LEGAL ACTION OR PROCEEDING BETWEEN THE PARTIES ARISING FROM OR RELATING TO THIS AGREEMENT OR THE MANAGED FACILITIES, THE PARTIES UNCONDITIONALLY
AND IRREVOCABLY WAIVE AND DISCLAIM TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW ALL RIGHTS TO ANY CONSEQUENTIAL, LOST PROFITS, PUNITIVE, EXEMPLARY, STATUTORY OR TREBLE DAMAGES (OTHER THAN STATUTORY RIGHTS AND MANAGER’S RIGHT TO RECEIVE
ANY TERMINATION FEE IN ACCORDANCE WITH THIS AGREEMENT, AND EXCEPT FOR A CLAIM FOR RECOVERY OF ANY SUCH DAMAGES THAT THE CLAIMING PARTY IS REQUIRED BY A COURT OF COMPETENT JURISDICTION OR THE EXPERT TO PAY TO A THIRD PARTY), AND ACKNOWLEDGE AND AGREE
THAT THE RIGHTS AND REMEDIES IN THIS AGREEMENT, AND ALL OTHER RIGHTS AND REMEDIES AT LAW AND IN EQUITY, WILL BE ADEQUATE IN ALL CIRCUMSTANCES FOR ANY CLAIMS THE PARTIES MIGHT HAVE WITH RESPECT TO DAMAGES. 

17.6 Survival and Severance. 
 This Article XVII shall survive the expiration or termination of this Agreement. The provisions of this Article XVII are severable from the other provisions of this Agreement and shall
survive and not be merged into any termination or expiration of this Agreement or any judgment or award entered in connection with any dispute, regardless of whether such dispute arises before or after termination or expiration of this Agreement,
and regardless of whether the related Expert Resolution or litigation proceedings occur before or after termination or expiration of this Agreement. If any part of this Article XVII is held to be unenforceable, it shall be severed and shall
not affect either the duties to submit any dispute to Expert Resolution or any other part of this Article XVII. 
 17.7
ACKNOWLEDGEMENTS. 
 OWNER AND MANAGER EACH ACKNOWLEDGE AND CONFIRM TO THE OTHER THAT: 

17.7.1 INFORMED INVESTOR. THE ACKNOWLEDGING PARTY HAS HAD THE BENEFIT OF LEGAL COUNSEL AND ALL OTHER ADVISORS DEEMED NECESSARY OR
ADVISABLE TO ASSIST IT IN THE NEGOTIATION AND PREPARATION OF THIS AGREEMENT, AND THE OTHER PARTY’S ATTORNEYS HAVE NOT REPRESENTED THE ACKNOWLEDGING PARTY, OR PROVIDED ANY LEGAL COUNSEL OR OTHER ADVICE TO THE ACKNOWLEDGING PARTY, WITH RESPECT TO
THIS AGREEMENT. 

  
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 17.7.2 BUSINESS RISKS. THE ACKNOWLEDGING PARTY (A) IS A SOPHISTICATED PERSON,
WITH SUBSTANTIAL EXPERIENCE IN THE OWNERSHIP AND OPERATION OF COMMERCIAL DEVELOPMENT PROJECTS; (B) RECOGNIZES THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT INVOLVE SUBSTANTIAL BUSINESS RISKS; AND (C) HAS MADE AN INDEPENDENT INVESTIGATION
OF ALL ASPECTS OF THIS AGREEMENT SUCH PARTY DEEMS NECESSARY OR ADVISABLE. 
 17.7.3 NO ADDITIONAL REPRESENTATIONS OR
WARRANTIES. NEITHER PARTY HAS MADE ANY PROMISES, REPRESENTATIONS, WARRANTIES OR GUARANTIES OF ANY KIND WHATSOEVER TO THE OTHER PARTY, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT, AND NO PERSON IS AUTHORIZED TO MAKE ANY PROMISES,
REPRESENTATIONS, WARRANTIES OR GUARANTIES ON BEHALF OF EITHER PARTY, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT. 

17.7.4 NO RELIANCE. NEITHER PARTY HAS RELIED UPON ANY STATEMENTS OR PROJECTIONS OF REVENUE, SALES, EXPENSES, INCOME, GAMING WIN,
RATES, AVERAGE DAILY RATE, CONTRIBUTION, PROFITABILITY, VALUE OF THE MANAGED FACILITIES OR SIMILAR INFORMATION PROVIDED BY THE OTHER PARTY BUT HAS INDEPENDENTLY CONFIRMED THE ACCURACY AND RELIABILITY OF ANY SUCH INFORMATION AND IS SATISFIED WITH THE
RESULTS OF SUCH INDEPENDENT CONFIRMATION. 
 17.7.5 LIMITATION ON FIDUCIARY DUTIES. TO THE EXTENT ANY FIDUCIARY DUTIES
THAT MAY EXIST AS A RESULT OF THE RELATIONSHIP OF THE PARTIES ARE INCONSISTENT WITH, OR WOULD HAVE THE EFFECT OF EXPANDING, MODIFYING, LIMITING OR RESTRICTING ANY OF THE EXPRESS TERMS OF THIS AGREEMENT, (A) THE EXPRESS TERMS OF THIS AGREEMENT
SHALL CONTROL AND (B) ANY LIABILITY OF THE PARTIES FOR MONETARY DAMAGES OR MONETARY RELIEF SHALL BE BASED SOLELY ON PRINCIPLES OF CONTRACT LAW AND THE EXPRESS TERMS OF THIS AGREEMENT. ACCORDINGLY, NOTWITHSTANDING ANYTHING TO THE CONTRARY IN
THIS AGREEMENT, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE AND DISCLAIM ANY POWER OR RIGHT SUCH PARTY MAY HAVE TO CLAIM ANY PUNITIVE, EXEMPLARY, STATUTORY OR TREBLE DAMAGES OR
CONSEQUENTIAL OR INCIDENTAL DAMAGES FOR ANY BREACH OF FIDUCIARY DUTIES. 
 17.7.6 IRREVOCABILITY OF CONTRACT. IN ORDER TO
REALIZE THE FULL BENEFITS CONTEMPLATED BY THE PARTIES, THE PARTIES INTEND THAT THIS AGREEMENT SHALL BE NON-TERMINABLE, EXCEPT FOR THE SPECIFIC TERMINATION RIGHTS IN FAVOR OF A PARTY SET FORTH IN THIS AGREEMENT. ACCORDINGLY, NOTWITHSTANDING ANYTHING
TO THE CONTRARY IN THIS AGREEMENT, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, 

  
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THE PARTIES HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE AND DISCLAIM ALL RIGHTS TO TERMINATE THIS AGREEMENT AT LAW OR IN EQUITY, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT. 

17.8 Survival. 
 The provisions of this Article XVII shall survive the expiration or termination of this Agreement. 
 ARTICLE XVIII. 
 GAMING LAW PROVISIONS 

18.1 Regulatory Matters; Initial Suitability Review. 

18.1.1 Manager’s Regulatory Environment. Owner acknowledges that Manager, CEOC and their respective Affiliates
(a) conduct business in an industry that is subject to and exists because of privileged licenses issued by Governmental Authorities in multiple jurisdictions, (b) are subject to extensive gaming regulation and oversight, and are required
to adhere to strict laws and regulations regarding vendor and other business relationships, and (c) have adopted strict internal controls and compliance policies governing their own activities and those of certain parties with whom they do
business. 
 18.1.2 Suitability Investigations. As an initial matter, Owner acknowledges and agrees that Manager, CEOC
and their respective Affiliates must perform a background, suitability review and such other due diligence with respect to Owner and its Subject Group, but excluding Manager and its Affiliates and those individuals associated with Rock previously
subject to CEOC’s suitability review, as required under applicable gaming regulations and/or the corporate policies of Manager, CEOC and their respective Affiliates. Accordingly, Owner hereby (a) acknowledges and understands that Manager,
CEOC and their respective Affiliates must perform such investigations and inquiries with respect to the Subject Group regarding the financial and credit condition, the existence and status of any litigation, criminal proceedings and convictions,
character and personal qualifications of any such Person, (b) agrees to promptly provide the information regarding the Subject Group required by the CEC Business Information Form (Revised 6/22/05) and such other information as is reasonably
requested by Manager, CEOC or their respective Affiliates for such purposes (collectively, the “Requested Information”), and (c) agrees to cooperate with Manager, CEOC and their respective Affiliates in the completion of its
due diligence and gaming suitability and background checks of the Subject Group. Manager acknowledges receipt and completion of such investigation and inquiries on the persons or entities within the Subject Group as of the date of this Agreement.

 18.2 Licensing Event. 
 If there shall occur a Licensing Event and any aspect of such Licensing Event is attributable to a member of the Subject Group, then Manager shall notify Owner as promptly as practicable after becoming
aware of such Licensing Event (but in no event later than twenty (20) days after becoming aware of such Licensing Event). In such event, at any time at which Manager or an Affiliate of Manager does not Control Owner, Owner shall and shall cause
the other members of the Subject Group to use commercially reasonable efforts to assist Manager and its Affiliates in resolving such Licensing Event within the time period required by the 

  
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applicable Gaming Authorities by submitting to investigation by the relevant Gaming Authorities and cooperating with any reasonable requests made by such Gaming Authorities (including filing
requested forms and delivering information, to the Gaming Authorities). If, despite these efforts, such Licensing Event cannot be resolved to the satisfaction of the applicable Gaming Authorities within the time period required by such Gaming
Authorities, Manager shall have the right to terminate this Agreement to the extent provided in Section 16.2.6 or, if applicable, Owner shall have the right to terminate this Agreement to the extent provided in
Section 16.3.3. 
 18.3 Unlawful Payments. 

Neither Party nor any Person for or on behalf of such Party, shall make, and each Party acknowledges that the other Party will not make,
any expenditure for any unlawful purposes in the performance of its obligations under this Agreement and in connection with its activities in relation thereto. Neither Party nor any Person for or on behalf of such Party, shall, and each Party
acknowledges that the other Party will not, make any illegal offer, payment or promise to pay, authorize the payment of any money, or offer, promise or authorize the giving or anything of value, to (a) any government official, any political
party or official thereof, or any candidate for political office; or (b) any other Person while knowing or having reason to know that all or a portion of such money or thing of value will be offered, given, or promised, directly or indirectly,
to any such official, to any such political party or official thereof, or to any candidate for political office for the purpose of (i) influencing any action or decision of such official party or official thereof, or candidate in his or its
capacity, including a decision to fail to perform his or its official functions; or (ii) inducing such official party or official thereof, or candidate to use his or its influence with any Governmental Authority to effect or influence any act
or decision of such Governmental Authority. Each Party represents and warrants to the other Party that no government official nor any candidate for political office has any direct or indirect ownership or investment interest in the revenues or
profit of such Party or the Managed Facilities. 
 ARTICLE XIX. 

GENERAL PROVISIONS 
 19.1 Governing Law. 
 This Agreement shall be construed under the
laws of the State of Maryland, without regard to any conflict of law principles. 
 19.2 Construction of this
Agreement. 
 The Parties intend that the following principles (and no others not consistent with them) be applied in
construing and interpreting this Agreement: 
 19.2.1 Presumption Against a Party. The terms and provisions of this
Agreement shall not be construed against or in favor of a Party hereto merely because such Party is the Manager hereunder or such Party or its counsel is the drafter of this Agreement. 

19.2.2 Severability. If any term or provision of this Agreement is held invalid, illegal or unenforceable by a court of competent
jurisdiction or the Expert for any reason, the remainder of this Agreement shall in no way be affected and shall remain valid and enforceable for all purposes, each Party hereby declaring that it (i) would have executed this 

  
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Agreement without inclusion of such term or provision; and (ii) execute and deliver to the other Party any additional documents that may be reasonably requested by a Party to fully
effectuate this Section 19.2.2. 
 19.2.3 Certain Words and Phrases. All words in this Agreement shall be
deemed to include any number or gender as the context or sense of this Agreement requires. The words “will,” “shall,” and “must” in this Agreement indicate a mandatory obligation. The use of the words
“include,” “includes,” and “including” followed by one (1) or more examples is intended to be illustrative and is not a limitation on the scope of the description or term for which the examples are provided. All
dollar amounts set forth in this Agreement are stated in U.S. dollars, unless otherwise specified. The words “day” and “days” refer to calendar days unless otherwise stated. The words “month” and “months”
refer to calendar months unless otherwise stated. The words “hereof”, “hereto” and “herein” refer to this Agreement, and are not limited to the article, section, paragraph or clause in which such words are used. If any
decision, approval or other determination is required or permitted to be made hereunder in a Party’s “discretion”, the word “discretion” shall be interpreted to mean such Party’s sole discretion. If the Operating Year
is a fiscal year other than a calendar year, all references in this Agreement to January 1 shall mean the first day of such fiscal year. 
 19.2.4 Headings. The table of contents, headings and captions contained herein are for the purposes of convenience and reference only and are not to be construed as a part of this Agreement. All
references to any article, section or exhibits in this Agreement are to articles, sections or exhibits of this Agreement, unless otherwise noted. 
 19.2.5 Approvals. Unless expressly stated otherwise in this Agreement, whenever a matter is submitted to a Party for approval or consent in accordance with the terms of this Agreement, that Party
has a duty to act reasonably and timely in rendering a decision on the matter. 
 19.2.6 Entire Agreement. This Agreement
(including the attached Exhibits), together with the Related Agreements, constitutes the entire agreement between the Parties with respect to the subject matter contemplated herein and supersedes all prior agreements and understandings, written or
oral. No undertaking, promise, duty, obligation, covenant, term, condition, representation, warranty, certification or guaranty shall be deemed to have been given or be implied from anything said or written in negotiations between the Parties prior
to the execution of this Agreement, except as expressly set forth in this Agreement. Neither Party shall have any remedy in respect of any untrue statement made by the other Party on which that Party relied in entering into this Agreement (unless
such untrue statement was made fraudulently), except to the extent that such statement is expressly set forth in this Agreement. 
 19.2.7 Third-Party Beneficiary. Except as set forth in Section 12.3, no third-party shall be a beneficiary of Owner’s or Manager’s rights or benefits under this Agreement.

 19.2.8 Time of the Essence. Time is of the essence for all purposes of this Agreement. 

19.2.9 Remedies Cumulative. Except as otherwise expressly provided in this Agreement, the remedies provided in this Agreement are
cumulative and not exclusive of the remedies provided by Applicable Law, and a Party’s exercise of any one or more remedies for any default shall not preclude the Party from exercising any other remedies at any other time for the same default.

  
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 19.2.10 Amendments. Neither this Agreement nor any of its terms or provisions may be
amended, modified, changed, waived or discharged, except: (a) for Manager’s right to make changes to the Operating Limitations, Total Rewards System, and Centralized Services as permitted under this Agreement; (b) by an instrument in
writing signed by the Party against whom the enforcement of the amendment, modification, change, waiver or discharge is sought; and (c) if any Governmental Authority requires, as a condition of its approval of the initial effectiveness of this
Agreement, directly or indirectly, the modification of any terms or provisions of this Agreement, the Parties shall use their commercially reasonable efforts to comply with such request; provided, that if such requested modification would
materially and adversely affect either Party’s rights or obligations under this Agreement, then either Party shall have the right to terminate this Agreement by giving written notice to the other Party within thirty (30) days after receipt
of such request for modification, with no liability whatsoever to the terminating Party for such termination. 
 19.2.11
Survival. The expiration or termination of this Agreement does not terminate or affect Owner’s or Manager’s covenants and obligations that either expressly or by their nature survive the expiration or termination of this Agreement.
This Section 19 shall survive the expiration or termination of this Agreement. 
 19.3 Limitation on
Liabilities. 
 19.3.1 Projections in Annual Budget. Owner acknowledges that: (a) all budgets and financial
projections prepared by Manager or its Affiliates prior to the date of this Agreement or under this Agreement, including the Annual Budget, are intended to assist in Operating the Managed Facilities, but are not to be relied on by Owner or any
third-party as to the accuracy of the information or the results predicted therein; and (b) Manager does not guarantee the accuracy of the information nor the results in such budgets and projections. Accordingly, Owner agrees that
(i) neither Manager nor its Affiliates shall be liable to Owner or any third-party for divergence between such budgets and projections and actual operating results achieved except as otherwise provided in this Agreement, including limits on
incurring expenses; (ii) the failure of the Managed Facilities to achieve any Annual Budget for any Operating Year shall not constitute a default by Manager or give Owner the right to terminate this Agreement; and (iii) if Owner provides
any such budgets or projections to a third-party, Owner shall advise such third-party in writing of the substance of the disclaimer of liability set forth in this Section 19.3.1. Manager represents that it shall prepare all budgets and
financial projections and operating plans prepared by Manager under this Agreement in good faith based upon Manager’s experience and knowledge. 
 19.3.2 Approvals and Recommendations. Each party acknowledges that in granting any consents, approvals or authorizations under this Agreement, and in providing any advice, assistance,
recommendation or direction under this Agreement, neither party nor any Affiliates guarantee success or a satisfactory result from the subject of such consent, approval, authorization, advice, assistance, recommendation or direction. Accordingly,
each agrees that neither party shall have any liability whatsoever to the other or any third person by reason of: (a) any consent, approval or authorization, or advice, assistance, recommendation or direction, given 

  
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or withheld; or (b) any delay or failure to provide any consent, approval or authorization, or advice, assistance, recommendation or direction (except in the event of a breach of a covenant
herein not to unreasonably withhold or delay any consent or approval); provided, however, each agrees to act in good faith when dealing with or providing any advice, consent, assistance, recommendation or direction. 

19.3.3 Technical Advice. Owner acknowledges that any review, advice, assistance, recommendation or direction provided by Manager
with respect to the design, construction, equipping, furnishing, decoration, alteration, improvement, renovation or refurbishing of the Managed Facilities (a) is intended solely to assist Owner in the development, construction, maintenance,
repair and upgrading of the Managed Facilities and Owner’s compliance with its obligations under this Agreement; and (b) does not constitute any representation, warranty or guaranty of any kind whatsoever that (i) there are no errors
in the plans and specification, (ii) there are no defects in the design of construction of the Managed Facilities or installation of any building systems or FF&E therein or (iii) the plans, specifications, construction and installation
work will comply with all Applicable Laws (including laws or regulations governing public accommodations for Individuals with disabilities). Accordingly, Owner agrees that neither Manager nor its Affiliates shall have any liability whatsoever to
Owner or any third-party for any (A) errors in the plans and specifications; (B) defects in the design of construction of the Managed Facilities or installation of any building systems or FF&E therein; or (C) noncompliance with
any engineering and structural design standards or Applicable Laws. 
 19.3.4 Owner Limitation. Manager agrees that in no
event shall Owner’s liability to Manager with respect to lost or future Management Fees upon any Owner Event of Default exceed the amount of the termination fee that would be payable to Manager under Section 16.4.2 upon a
termination of this Agreement as of the date of such Owner Event of Default. 
 19.4 Waivers. 

Except as set forth in Section 17.3 of this Agreement, no failure or delay by a Party to insist upon the strict performance
of any term of this Agreement, or to exercise any right or remedy consequent on a breach thereof, shall constitute a waiver of any breach or any subsequent breach of such term. No waiver of any default shall alter this Agreement, but each and every
term of this Agreement shall continue in full force and effect with respect to any other then existing or subsequent breach. 

19.5 Notices. 
 All notices, consents, determinations, requests, approvals, demands, reports, objections, directions and other communications required or permitted to be given under this Agreement shall be in writing and
delivered by: (a) personal delivery; (b) overnight DHL, FedEx, UPS or other similar courier service; or (c) facsimile transmission (provided, that a copy of such facsimile transmission together with confirmation of such
facsimile transmission is delivered to the addressee in the manner provided in clause (a) or (b) above by no later than the second (2nd) business day following such transmission, addressed to the Parties at the addresses
specified below, or at such other address as the Party to whom the notice is sent has designated in accordance with this Section 19.5, and shall be deemed to have been received by the Party to 

  
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whom such notice or other communication is sent upon (i) delivery to the address (or facsimile number) of the recipient Party; provided, that such delivery is made prior to 5:00 p.m.
(local time for the recipient Party) on a business day, otherwise the following business day; or (ii) the attempted delivery of such Notice if such recipient Party refuses delivery, or such recipient Party is no longer at such address number,
and failed to provide the sending Party with its current address pursuant to this Section 19.5 (unless the sending Party had actual knowledge of such current address)). Notwithstanding the foregoing, any notice or other communication
delivered to a Party by email that is actually received by such Party (and for which such Party has sent an acknowledgement of receipt by return email) shall be deemed to have been sufficiently given for purposes of this Agreement and shall be
deemed to have been received at the time described in clause (i) above, as if such notice had been delivered by one of the methods described in clauses (a) through (c) above. Notwithstanding anything to the
contrary contained in this Agreement, if any documents or materials delivered under this Agreement are delivered by email (with confirmation of receipt from the intended recipient), no additional copies of such documents or materials shall be
required to be delivered. 
 OWNER: 
 CBAC Gaming, LLC 
 One Caesars Palace Drive 

Las Vegas, Nevada 89109 
 Attention: General Counsel 
 Facsimile: (702) 407-6418 

with copies to: 

CR Baltimore Holdings LLC 
 One Caesars Palace Drive 
 Las Vegas, Nevada 89109 

Attention: General Counsel 
 Facsimile: (702) 407-6418 
 and 

Rock Gaming Mothership LLC 
 1086 Woodward Avenue 
 Detroit, Michigan 48226 

Facsimile: (313) 382-9425 
 Attention: Matthew Cullen 
 MANAGER: 

Caesars Baltimore Management Company, LLC 
 One Caesars Palace Drive 
 Las Vegas, Nevada 89109 

Attention: General Counsel 
 Facsimile: (702) 407-6418 

  
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 with a copy to: 
 Mayer Brown LLP 
 71 South Wacker Drive 

Chicago, IL 60606 

Attention: Jodi A. Simala, Esq. 
 Fax: (312) 706-8436 
 19.6 Party Representatives. 

Owner has designated Matt Cullen to act as representative for Owner (“Owner’s Representative”), and Manager shall
have the right to rely on all actions by, and communications with, Owner’s Representative as binding on Owner. Owner shall provide to Manager the name, address, telephone and fax numbers, email address and other relevant contact information for
the Owner’s Representative within ten (10) days of any change thereto. Manager has designated John Payne to act as representative for Manager (“Manager’s Representative”), and Owner shall have the right to rely on all
actions by, and communications with, Manager’s Representative as binding on Manager. Manager shall provide to Owner the name, address, telephone and fax numbers, email address and other relevant contact information for the Manager’s
Representative within ten (10) days of any change thereto. Subject to compliance with Maryland Gaming Laws, Owner’s Representative shall have access at all reasonable times to all books and records maintained by Manager with respect to the
Managed Facilities, copies of all leases, contracts, agreements, permits and approvals related to the Managed Facilities and all associated files, and all physical areas of the Managed Facilities, other than private offices. 

19.7 No Recordation. 
 Neither this Agreement nor any memorandum hereof shall be recorded against the Project, the Managed Facilities or the Premises and any recordation or attempted recordation of this Agreement or any
memorandum of this Agreement by Manager shall constitute an Event of Default, and in addition to any other remedies therefor, Owner is hereby granted a power of attorney (which power is coupled with an interest and shall be irrevocable) to execute
and record on behalf of Manager a notice or memorandum removing this Agreement or such memorandum of this Agreement from the public records or evidencing the termination hereof (as the case may be). 

19.8 Further Assurances. 
 The Parties shall do and cause to be done all such acts, matters and things and shall execute and deliver all such documents and instruments as shall be required to enable the Parties to perform their
respective obligations under, and to give effect to the transactions contemplated by, this Agreement. 
 19.9 Relationship
of the Parties. 
 The Parties acknowledge and agree that (a) the relationship between them shall be that of
principal (in the case of Owner) and agent (in the case of Manager), which relationship may not 

  
 71 

 
be terminated by Owner except in strict accord with the termination provisions of this Agreement; (b) Manager shall have the authority to bind the Owner with respect to third Persons to the
extent Manager is performing its obligations under and consistent with this Agreement; (c) Manager’s agency established with the Owner is, and is intended to be, an agency coupled with an interest; (d) this Agreement does not create
joint venturers, partners or joint owners with respect to the Managed Facilities; and (e) nothing in this Agreement shall be construed as creating a partnership, joint venture or similar relationship between the Parties. The Parties further
acknowledge and agree that in Operating the Managed Facilities, including entering into leases and contracts, accepting reservations, and conducting financial transactions for the Managed Facilities, (i) Manager assumes no independent
contractual liability; and (ii) Manager shall have no obligation to extend its own credit with respect to any obligation incurred in Operating the Managed Facilities or performing its obligation under this Agreement. 

19.10 Force Majeure. 
 In the event of a Force Majeure Event, the obligations of the Parties and the time period for the performance of such obligations (other than an obligation to pay any amount hereunder) shall be extended
for each day that such Party is prevented, hindered or delayed in such performance during the period of such Force Majeure Event, except as expressly provided otherwise in this Agreement. Upon the occurrence of a Force Majeure Event, the affected
Party shall give prompt notice of such Force Majeure Event to the other Party. If Manager is unable to perform its obligations under this Agreement due to a Force Majeure Event, or Manager reasonably deems it necessary to close and cease the
Operation of all or any portion of the Managed Facilities due to a Force Majeure Event in order to protect the Managed Facilities or the health, safety or welfare of the its guests or Managed Facilities Personnel, then Manager may close or cease
Operation of all or a portion of the Managed Facilities for such time and in such manner as Manager reasonably deems necessary as a result of such Force Majeure Event, and reopen or recommence the Operation of the Managed Facilities when Manager
again is able to perform its obligations under this Agreement, and determines that there is no unreasonable risk to the Managed Facilities or health, safety or welfare or its guests or Managed Facilities Personnel. Notwithstanding anything contained
herein to the contrary, Owner and Manager each acknowledge and agree that the Term of this Agreement shall be extended for each day that a Force Majeure Event continues. 
 19.11 Terms of Other Management Agreements. 
 Manager makes no
representation or warranty that any past or future forms of its management agreement do or will contain terms substantially similar to those contained in this Agreement. In addition, Owner acknowledges and agrees that Manager may, due to local
business conditions or otherwise, waive or modify any comparable terms of other management agreements heretofore or hereafter entered into by Manager or its Affiliates. 
 19.12 Execution of Agreement. 
 This Agreement may be executed in
counterparts, each of which when executed and delivered shall be deemed an original, and such counterparts together shall constitute one and the same instrument. 
 [SIGNATURE PAGE FOLLOWS] 

  
 72 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date and year
first above written. 
  

							
	CAESARS BALTIMORE MANAGEMENT COMPANY, LLC,
	a Delaware limited liability company
		
	By:	 	Caesars Baltimore Acquisition Company, LLC,
		 	a Delaware limited liability company and its sole member
			
		 	By:	 	Caesars Entertainment Operating Company, Inc.,
		 		 	a Delaware corporation and its sole member
				
		 		 	By:	 	/s/ Gregory J. Miller
		 		 	Name:	 	Gregory J. Miller
		 		 	Title:	 	Senior Vice President

 [Signature Page to the Management Agreement] 

 
											
	CBAC GAMING, LLC,
	a Delaware limited liability company
		
	By:	 	CR Baltimore Holdings, LLC,
		 	a Delaware limited liability company and its managing member
			
		 	By:	 	Caesars Baltimore Investment Company, LLC,
		 		 	a Delaware limited liability company and its member
				
		 		 	By:	 	Caesars Baltimore Acquisition Company, LLC,
		 		 		 	a Delaware limited liability company and its sole member
					
		 		 		 	By:	 	Caesars Entertainment Operating Company, Inc.,
		 		 		 		 	a Delaware corporation and its sole member
						
		 		 		 		 	By:	 	/s/ Gregory J. Miller
		 		 		 		 	Name:	 	Gregory J. Miller
		 		 		 		 	Title:	 	Senior Vice President
			
		 	By:	 	Rock Gaming Mothership LLC,
		 		 	a Delaware limited liability company and its member
				
		 		 	By:	 	 /s/ Daniel Gilbert

		 		 	Name:	 	Daniel Gilbert
		 		 	Title:	 	Manager

 [Signature Page to the Management Agreement] 

 Caesars Baltimore Investment Company, LLC (“Caesars Investment”) hereby irrevocably and
unconditionally guarantees to Owner the prompt and complete payment and performance when due of all the covenants, agreement, promises, liabilities and obligations of Manager to Owner under this Management Agreement, whether now existing or
hereafter arising, including, without limitation, Manager’s indemnification obligations under Section 12.3.2 and the obligation to pay all other amounts due and owing or to become due and owing by Manager to Owner under the
Management Agreement; provided, however, that Caesars Investment’s obligations pursuant to this paragraph shall be void and of no further force or effect on the earliest to occur of (a) that date on which neither Caesars
Investment nor an Affiliate of Caesars Investment owns, directly or indirectly, any Ownership Interest in CBAC Gaming, LLC, (b) the date on which CBAC Gaming, LLC no longer owns the Managed Facilities, and (c) CBABC Gaming, LLC otherwise
no longer being the “Owner” party to this Agreement. In the event Caesars Investment transfers its Ownership Interest in CRBH to an Affiliate as permitted under the CRBH Operating Agreement, Caesars Investment agrees to cause such
Affiliate to assume the obligations of Caesars Investment under this guaranty. 
  

							
	CAESARS BALTIMORE INVESTMENT COMPANY, LLC,
	a Delaware limited liability company
		
	By:	 	Caesars Baltimore Acquisition Company, LLC,
		 	a Delaware limited liability company and its sole member
			
		 	By:	 	Caesars Entertainment Operating Company, Inc., a Delaware corporation and its sole member
				
		 		 	By:	 	/s/ Gregory J. Miller
		 		 	Name:	 	Gregory J. Miller
		 		 	Title:	 	Senior Vice President

 [Signature Page to the Management Agreement] 

 EXHIBIT A 

TO MANAGEMENT AGREEMENT 
 REAL PROPERTY INTERESTS 
 Owner expects to (i) lease from the Mayor and City
Council of Baltimore, a body politic and corporate and a political subdivision of the State of Maryland (the “City”), Lots C, D, and E (collectively, the “Leased Property”) and (ii) purchase from the City Lots F, G,
H, I, J, K, L, and M (collectively, the “Owned Property”), in each case as depicted in this Exhibit A. 
  

 

  
 A-1

  
 

 

  
 A-2

  
 

 

  
 A-3

 EXHIBIT B 

TO MANAGEMENT AGREEMENT 
 DEFINITIONS 
 “Affiliate” means, with respect to a
Person, any other Person that, directly or indirectly, Controls, is Controlled by or is under common Control with the first Person; provided that, (i) with respect to Manager, CEC and CEOC, “Affiliate” shall
include CEC and its direct and indirect Controlled subsidiaries and Sisterco and its direct and indirect controlled subsidiaries but shall not include any shareholder or director of CEC or Sisterco or any Affiliate of any such shareholder or
director of CEC or Sisterco (other than CEC and its direct or indirect Controlled subsidiaries or Sisterco and its direct or indirect Controlled subsidiaries); and (ii) with respect to Owner at any time at which Rock Gaming Mothership LLC or
one of its Affiliates Controls the Ownership Interests in Owner, “Affiliate” means only Rock Gaming Mothership LLC, Rock Gaming, Rock Ohio Ventures I, LLC, Rock Ohio Ventures II, LLC, their direct and indirect Controlled
subsidiaries and Daniel Gilbert and shall not include any other shareholder, director, member, manager, or officer of any of them or any Affiliate of any such shareholder, director, member, manager, or officer of any of them (other than an Affiliate
that is Rock Gaming Mothership LLC, Rock Gaming, Rock Ohio Ventures I, LLC, Rock Ohio Ventures II, LLC their direct and indirect Controlled subsidiaries or Daniel Gilbert). For purposes of this Agreement, Owner and its Subsidiaries shall not be
considered Affiliates of Manager, CEC or CEOC. 
 “Agreement” means this Management Agreement between Owner and
Manager, including all Exhibits thereto, and all amendments and modifications thereto entered into between Owner and Manager. 

“Alternate Brand Property” shall have the meaning set forth in Section 2.1.4. 

“Amenities Manager” shall have the meaning set forth in Section 5.11. 

“Annual Budget” shall have the meaning set forth in Section 5.1.2. 

“Applicable Law” means all (a) statutes, laws, rules, regulations, ordinances, codes or other legal requirements of
any federal, state or local Governmental Authority, board of fire underwriters and similar quasi-Governmental Authority, including any legal requirements under any Approvals, including Gaming Laws, and (b) judgments, injunctions, orders or
other similar requirements of any court, administrative agency or other legal adjudicatory authority, in effect at the time in question and in each case to the extent the Managed Facilities or Person in question is subject to the same. Without
limiting the generality of the foregoing, references to Applicable Law shall include any of the matters described in clause (a) or (b) above relating to employees, protection of personal information, zoning, building, health,
safety and environmental matters and accessibility of public facilities. 
 “Applicable Percentage” shall have
the meaning set forth in the definition of Incentive Management Fee. 

  
 B-1

 “Approvals” means all licenses, permits, approvals, certificates and other
authorizations granted or issued by any Governmental Authority for the matter or item in question. 
 “Approved
Counsel” means (a) any counsel either mutually agreed upon by Owner and Manager or (b) counsel set forth on a list of “Approved Counsel” containing counsel by practice specialty that are mutually agreeable to Owner and
Manager, as such list may be updated by the Parties from time to time. 
 “Assignment” means any assignment,
conveyance, delegation, pledge or other transfer, in whole or in part, of this Agreement, the Ground Lease or the Owned Property (as applicable) or any rights, remedies, duties or obligations under this Agreement, the Ground Lease or the Land
Disposition Agreement (as applicable) whether voluntary, involuntary, by operation of Applicable Law or otherwise (including as a result of any divorce, Change of Control, bankruptcy, insolvency or dissolution proceedings , by declaration of or
transfer in trust, or under a will or the laws of intestate succession). 
 “Bank Accounts” shall have the
meaning set forth in Section 5.4.1. 
 “Base Management Fee” means two percent (2%) of Net
Operating Revenues with respect to each month of each Operating Year during the Term (including any partial month at the commencement and expiration or termination of the Term). 

“Benchmark Margin” means the arithmetic mean of the ratios (expressed as a percentage) of earnings before interest,
taxes, depreciation and amortization to net revenues (revenues net of promotional allowances), all calculated on a calendar year basis, for the Competitive Set. 
 “Brand” shall have the meaning set forth in Section 2.1.1. 
 “Building Capital Improvements” means all repairs, alterations, improvements, renewals, replacements or additions of or to the structure or exterior façade of the Managed
Facilities, or to the mechanical, electrical, plumbing, HVAC (heating, ventilation and air conditioning), vertical transport and similar components of the Managed Facilities that are performed after the completion of Construction and capitalized
under GAAP and depreciated as real property, but expressly excluding ROI Capital Improvements. 
 “Business Interruption
Event” shall have the meaning set forth in Section 14.1.1. 
 “Business Interruption
Insurance” means insurance coverage against “Business Interruption and Extra Expense” (as that phrase is used within the United States insurance industry for application to transient lodging facilities). 

“Capital Budget” shall have the meaning set forth in Section 5.1.1.2. 

“Casino” shall have the meaning set forth in the Recitals hereto. 

“Casualty” means any fire, flood or other act of God or casualty that results in damage or destruction to all or a
portion of the Managed Facilities. 
 “CEC” means Caesars Entertainment Corporation, a Delaware corporation.

  
 B-2

 “Centralized Services” shall have the meaning set forth in
Section 4.1. 
 “Centralized Services Charges” shall have the meaning set forth in
Section 4.1.1. 
 “CEOC” means Caesars Entertainment Operating Company, Inc., a Delaware
corporation. 
 “Certified Financial Statements” shall have the meaning set forth in Section 10.4.

 “Change of Control” means (a) with respect to Owner, any sale, lease, exchange, transfer or other
transaction, event or circumstance (in one transaction or a series of related transactions) which results in (i) the Ownership Interests in Owner not being under the Control of Manager or its Affiliates or (ii) one or more Affiliates of
Manager no longer holding in the aggregate, directly or indirectly, at least twenty-five percent (25%) of the Ownership Interests in Owner or (b) with respect to Owner or Manager, any sale, lease, exchange, transfer or other transaction,
event or circumstance (in one transaction or a series of related transactions) which results in any Person or group of related Persons as determined under Section 13(d) of the U.S. Securities Exchange Act of 1934, as amended (the
“Exchange Act”), becoming the beneficial owner (as determined under Section 13(d) under the Exchange Act), directly or indirectly, of fifty percent (50%) or more of the aggregate voting power or economic interest
represented by the issued and outstanding Ownership Interests in Owner or Manager, as applicable, in the case of this clause (b) other than any such Person or group that is the beneficial owner of at least thirty percent (30%) or more of
such aggregate voting power or economic interest as of the date of this Agreement. 
 “City” shall have the
meaning set forth in Exhibit A. 
 “Claims” means claims, demands, suits, criminal or civil actions or
similar proceedings that might be alleged by a third-party (including enforcement proceedings by any Governmental Authority) against any Indemnified Party, and all liabilities, damages, fines, penalties, costs or expenses (including reasonable
attorneys’ fees and expenses and other reasonable costs for defense, settlement and appeal) that any Indemnified Party might incur, become responsible for, or pay out for any reason, related to this Agreement, the development, construction,
ownership or Operation of the Managed Facilities. 
 “Commencement Date” means the date hereof. 

“Competitive Set” shall have the meaning set forth in Section 3.1.4. 

“Competitor” means, as of the date of a proposed Assignment permitted pursuant to the terms of this Agreement or other
date of determination, any Person (other than the Manager and its Affiliates) that is engaged, or is an Affiliate of a Person that is engaged, in the business ownership or operation of a Gaming business; provided, that (i) Rock Gaming
and its Affiliates, as constituted and operating as of the date of this Agreement, shall not be Competitors, (ii) Owner and its Affiliates, as constituted and operating as of the date of this Agreement, shall not be Competitors, and
(iii) any private equity fund with an investment representing an equity ownership of fifty percent (50%) or less in a Competitor and no Control over such Competitor shall not be a Competitor. 

  
 B-3

 “Condemnation” means a taking of all or any portion of the Managed
Facilities by any Governmental Authority by condemnation or power of eminent domain for any purpose whatsoever, and a conveyance by Owner in lieu or under threat of such taking. 

“Construction” means the process of constructing the Managed Facilities in substantial accordance with the Plans and
Specifications. 
 “Content” shall have the meaning set forth in Section 9.1.3. 

“Continuing Term” shall have the meaning set forth in Section 2.4.1. 

“Control” means the ability, whether by the direct or indirect ownership of an equity interest, by contract or
otherwise, to: 
 (i) in the case of a corporation, elect a majority of the directors of a corporation;

 (ii) in the case of a partnership, select the managing partner of a partnership, or direct the votes of the
partner or partners with authority to make decisions on behalf of the partnership; 
 (iii) in the case of a
limited partnership, select or direct the votes of the sole general partner, all of the general partners to the extent that each has management control and authority, or the managing general partner or managing general partners thereof; 

(iv) in the case of a limited liability company, select or direct the votes of a majority of the managing member(s) or a
majority of manager(s) thereof; and 
 (v) otherwise, to select, or to remove and select, a majority of those
Persons exercising governing authority over an entity. 
 Notwithstanding the foregoing, Manager or an Affiliate of Manager shall
only be in “Control” of CRBH and Owner if Manager or an Affiliate of Manager (x) directly or indirectly owns a majority of the Ownership Interests in CRBH and Owner or (y) has the ability to appoint a majority of the Management
Board (as defined in the CRBH Operating Agreement) and any similar governing body of Owner. 
 A Person shall be in
“Control” of another Person if it meets the foregoing criteria, notwithstanding that it may need the consent or approval of one or more Persons to cause the Controlled Person to undertake certain actions. 

“Controls” and “Controlled” shall have correlative meanings to “Control.” 

“Corporate Personnel” means any personnel from the corporate or divisional offices of Manager or its Affiliates who
perform activities at or on behalf of the Managed Facilities in connection with the services provided by Manager under this Agreement. 
 “CRBH” means CR Baltimore Holdings, LLC, a Delaware limited liability company. 

  
 B-4

 “CRBH Development Agreement” means that certain Development Agreement by
and between Owner and CRBH with respect to the Construction of the Managed Facilities. 
 “CRBH Operating
Agreement” means the Amended and Restated Limited Liability Company Agreement of CRBH, dated as of the date hereof, by and between Caesars Baltimore Investment Company, LLC, and Rock. 

“CVP Consulting Agreement” means the Development and Consulting Agreement, dated as of the date hereof, by and between
Owner and CVPR Consulting, LLC. 
 “Debt” means, in relation to any Person: (a) all indebtedness of such
Person for borrowed money, including obligations with respect to bankers’ acceptances; (b) all indebtedness of such Person for the deferred purchase price of property or services represented by a note or other security; (c) all
indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person; (d) all obligations under leases which shall have been or should be, in accordance with GAAP,
recorded as capital leases in respect of which such Person is liable as lessee; (e) all reimbursement obligations in respect of letters of credit issued at the request of such Person; and (f) all Debt Guaranteed by such Person. 

“Debt Guaranteed” means, with respect to any Person, all Debt of the kinds referred to in clauses (a) through
(e) of the definition of “Debt” which is directly or indirectly guaranteed by such Person, or which such Person has agreed (contingently or otherwise) to purchase or otherwise acquire, or in respect of which such Person has
otherwise assured or agreed to indemnify a creditor against loss. 
 “Default Claim” shall have the meaning set
forth in Section 17.2.1.2. 
 “Design Guidance” means the design guidance applicable to the Brand,
regarding requirements for the design, architecture and construction of Operated Brand Properties. 
 “Designated
Accountant” means an independent accounting firm designated by Manager and approved by Owner; provided, that Owner shall not withhold its approval of one of the “Big Four” accounting firms. 

“EBITDA” means, for any period, Net Income for such period plus, without duplication and only to the extent deducted in
determining such Net Income, the sum of (a) Interest Expense for such period, (b) income tax expense for such period, (c) all amounts attributable to depreciation and amortization for such period, (d) expenses attributable to the
Pre-Opening Period, and (e) the Incentive Management Fee for such period, all determined in accordance with GAAP. 

“EBITDA Margin” shall mean EBITDA of the Managed Facilities for any Operating Year divided by Net Operating Revenues for
such Operating Year, expressed as a percentage. 
 “Enterprise Shared Services” shall have the meaning set
forth in Section 4.1. 
 “Entity” means a partnership, a corporation, a limited liability company,
a Governmental Authority, a trust, an unincorporated organization or any other legal entity of any kind. 

  
 B-5

 “Event of Default” means an Owner Event of Default or
Manager Event of Default. 
 “Expert” shall have the meaning set forth in
Section 17.2. 
 “Expert Resolution” shall have the meaning set forth in
Section 17.2. 
 “Expiration Date” means 11:59 p.m. (U.S. Central Time) on the date
that is end of the Term. 
 “Facilities” means the food, beverage, entertainment and retail
facilities and parking structure ancillary to the Casino constructed by Owner on the Premises. 

“FF&E” means furniture, furnishings, fixtures, equipment (including video lottery terminal machines
and other gaming and gaming related equipment), interior and exterior signs, as well as other improvements and personal property used in the Operation of the Managed Facilities that are not Supplies. 

“Financing” means any debt financing or refinancing obtained by Owner in connection with the Managed
Facilities, Premises or Ground Lease, including debt financing secured (in whole or in part) by a Mortgage or Security Interest, unsecured financing, revolving debt financing and mezzanine debt financing. 

“Financing Documents” means all loan agreements, bond indentures, promissory notes, mortgages, deeds of
trust, security agreements, guarantees and other documents and instruments (including all amendments, modifications, side letter and similar ancillary agreements) relating to any Financing. 

“Force Majeure Event” means any of the following events or circumstances to the extent they are not
caused or fomented by the Manager or its Affiliates and materially and adversely affect the operations or financial performance of the Managed Facilities beyond the reasonable control of the Manager: (a) Casualty or Condemnation;
(b) storm, earthquake, hurricane, tornado, flood or other act of God; (c) war, act of terrorism, insurrection, rebellion, riots or other civil unrest; (d) epidemics, quarantine restrictions or other public health restrictions or
advisories; (e) strikes or lockouts or other labor interruptions; (f) disruption to local, national or international transport services; (g) embargoes, lack of materials or services such as water, power or telephone transmissions
necessary for the Operation of the Managed Facilities in accordance with this Agreement; (h) failure of any applicable Governmental Authority to issue any Approvals, or the suspension, termination or revocation of any material Approvals,
required for the Operation of the Managed Facilities (provided that the same was not caused by an Event of Default on or part of the Party claiming the occurrence of a Force Majeure Event); (i) a change in Maryland Gaming Laws or other action
by any Governmental Authority which results in the disruption, suspension or cessation of gaming activities in the gaming industry generally (on a local, regional, state or federal basis); and (j) any other event that is beyond the reasonable
control of a Party. 
 “Funds Request” shall have the meaning set forth in
Section 5.5.2. 
 “GAAP” means those conventions, rules, procedures and practices,
consistently applied, affecting all aspects of recording and reporting financial transactions which are generally 

  
 B-6

 
accepted by major independent accounting firms in the United States at the time in question. Any financial or accounting terms not otherwise defined herein shall be construed and applied
according to GAAP. 
 “Gaming” means casino, racetrack, racino, video lottery terminal or other gaming
activities. 
 “Gaming Approvals” means any and all approvals, licenses, permits, suitability determinations,
and other actions by the Gaming Authorities necessary for the development, use, construction, financing and operation of Gaming or related activities. 
 “Gaming Authorities” means any Governmental Authority regulating Gaming or related activities. 
 “Gaming Laws” means any Applicable Law regulating or otherwise pertaining to Gaming or related activities. 
 “GOR Exclusion Items” means the following items or amounts to be excluded from GOR for the applicable period if such items were otherwise included in GOR: 

(i) applicable excise, sales, occupancy and use Taxes and similar Taxes, assessments, duties, levies or charges imposed by
a Governmental Authority and collected directly from patrons or guests, or as a part of the sales price of any goods, services, or displays, including gross receipts, admission, cabaret and similar Taxes; 

(ii) receipts from the financing, re-financing, sale or other disposition of capital assets and other items not in the
ordinary course of the Managed Facilities’ operations and income derived from securities and other property acquired and held for investment; 
 (iii) receipts from awards or sales in connection with any Condemnation, from other transfers in lieu of and under the threat of any Condemnation, and other receipts in connection with any Condemnation;

 (iv) proceeds of any insurance, including the proceeds of any Business Interruption Insurance; 

(v) tips, gratuities and other service charges paid to Managed Facilities Personnel; 

(vi) interest or other investment income on amounts held in any Bank Account; 

(vii) security deposits refundable to Managed Facilities tenants, subtenants, licensees or concessionaires and any
payments by such tenants, subtenants, licensees or concessionaires for Taxes, repairs, maintenance and utilities; 
 (viii) investment tax credits or other income tax credits or benefits; 

  
 B-7

 (ix) amounts recovered in legal proceedings other than proceedings for the
collection of accounts receivable or damages for lost income, profits or revenues; 
 (x) proceeds of collection
of accounts receivable to the extent the amount of any receivable was previously included in GOR; 
 (xi) amounts
received under warranties and guaranties from providers of goods or services to the Managed Facilities; 
 (xii)
revenue derived from capital transactions; 
 (xiii) amounts representing the value or cost of room occupancy,
meals or other services provided to employees of Manager, Owner or their Affiliates; 
 (xiv) amounts deposited
by Manager in the Operating Account pursuant to Section 3.1.3 as a result of the overpayment of Management Fees; 
 (xv) advance deposits or payments collected by the Managed Facilities for hotel accommodations, goods or services to be provided at other facilities; 

(xvi) revenues of tenants, licensees and concessionaires of the Managed Facilities (it being acknowledged that all fees,
rents, commissions, percentages or other payments received from any tenant, licensee or concessionaire of the Managed Facilities shall be included in GOR); 
 (xvii) credits and refunds received from vendors, suppliers or service providers to the Managed Facilities; 
 (xviii) amounts received by the Managed Facilities in connection with any redemptions under the Total Rewards System; 

(xix) revenues that would be classified as non-operating for purposes of GAAP; 

(xx) credit card and travel agent commissions. 
 “Governmental Authority” means any foreign, federal, state or local governmental entity or authority, or any department, commission, board, bureau, agency, court or instrumentality
thereof. 
 “Gross Operating Revenue” or “GOR” means, with respect to any period of time, all
revenue of any kind derived from the Operation of the Managed Facilities and properly attributable to such period (including revenue generated from VLTs and, if authorized by Applicable Law, table games, rentals or other payments from licensees,
lessees, or concessionaires of retail space in the Managed Facilities, but not gross receipts of such licensees, lessees or concessionaires), determined in accordance with GAAP; provided, however, that with respect to gaming activities
at the Managed Facilities, GOR shall only include the net difference between Gaming wins and Gaming losses among guests, occupants or users of the Casino and shall exclude deposits made in respect of progressive or other similar games. GOR includes
all gross revenues generated from (a) the operation of all banquet and catering functions at the 

  
 B-8

 
Managed Facilities; (b) the operation of any parking facilities at the Managed Facilities or the Premises; and (c) the rental or use of any retail space or other areas of the Managed
Facilities or the Premises by any third-parties pursuant to any lease, license, concession or similar agreement, but expressly excluding the following: (i) applicable excise, sales, occupancy and use Taxes and similar Taxes, assessments,
duties, levies or charges imposed by a Governmental Authority and collected directly from patrons or guests, or as a part of the sales price of any goods, services, or displays, including gross receipts, admission, cabaret and similar Taxes;
(ii) receipts from the financing, sale or other disposition of capital assets and other items not in the ordinary course of the Managed Facilities’ operations and income derived from securities and other property acquired and held for
investment; (iii) receipts from awards or sales in connection with any Condemnation, from other transfers in lieu of and under the threat of any Condemnation, and other receipts in connection with any Condemnation, but only to the extent that
such amounts are specifically identified as compensation for alterations or physical damage to the Managed Facilities; (iv) proceeds of any insurance, including the proceeds of any Business Interruption Insurance; (v) rebates, discounts or
credits for any goods or services provided by Manager (not including charge or credit card discounts), which shall not constitute a deduction from revenues in determining Gross Operating Revenue; (vi) tips, gratuities and other service charges
paid to Managed Facilities Personnel; (vii) interest or other investment income on amounts held in the Reserve Fund or any other Bank Account; (viii) any security deposits refundable to Managed Facilities tenants, subtenants, licensees or
concessionaires and any payments by such tenants, subtenants, licensees or concessionaires for Taxes, repairs, maintenance and utilities, except to the extent paid in reimbursement of costs included in Operating Expenses; (ix) funds furnished
by Owner in accordance with Section 5.5 or otherwise (except as a Person contracting within the Managed Facilities); (x) investment tax credits or other income tax benefits; and (xi) amounts collected or received in connection
with any signage placed on the Managed Facilities by Owner, or pursuant to any lease or other contract, pursuant to the exercise of Owner’s rights under Section 2.2(b). GOR expressly excludes all GOR Exclusion Items. 

“Ground Lease” means the ground lease agreement entered into by and between Owner and the City with respect to the
Leased Property, and any successor lease or other agreement thereto. 
 “Guest Data” means information and data
identifying, describing, concerning or generated by prospective, actual or past guests, family members, website visitors and customers of casinos, hotels, retail locations, restaurants, bars, spas, entertainment venues or other Facilities or
services including without limitation, names addresses, phone numbers, facsimile numbers, email addresses, histories, preferences game play and patronage patterns, experiences, results, demographic information, whether or not any of the foregoing
constitutes personally identifiable information, together with all other guest or customer information in any database of CEOC or its Affiliates, regardless of the source thereof (and including without limitation, such information obtained or
derived by Manager or its Affiliates from: (a) guests or customers of the Managed Facilities; (b) guests or customers of any other hotel or lodging property and casino (including any condominium or interval ownership properties) owned,
leased, operated, licensed or franchised by Manager or its Affiliates, or any facility associated with such hotels or other properties and casinos (including restaurants, golf courses and spas); or (c) any other sources and databases, including
Brand websites, Brand central reservations database, operational data base (ODS) and the Total Rewards System or any other Managed Facilities player loyalty program). 

  
 B-9

 “Home Casino Data” means the following information for guests of the
Managed Facilities (to the extent contained in a database maintained by Manager or its Affiliates during the Term): (a) name, contact information (e.g. name, address(es), email address, phone number(s), etc.) and birth date for each guest;
(b) each guest’s Total Rewards number and tier status across the Total Rewards System (on a consolidated basis); and (c) detailed play and trip gaming data for each guest at the Managed Facilities. 

“Identifier” means any domain name, universal resource locator, link, metatag, keyword, pop-up or pop-under ad or other
means of identifying Manager or its Affiliates or the Managed Facilities on the internet. 
 “Incentive Management
Fee” means the “Applicable Percentage” of EBITDA. “Applicable Percentage” shall mean five percent (5%); provided, that, for the fourth Operating Year and each successive Operating Year during the
Term (but only if Manager and its Affiliates of Manager do not hold, directly or indirectly, in the aggregate, twenty-five percent (25%) or more of the Ownership Interests of Owner as of the end of such Operating Year), the Applicable
Percentage shall mean (a) four percent (4%) for calculation of the Incentive Management Fee with respect to each Operating Year in which the EBITDA Margin is less than ninety percent (90%) of the Benchmark Margin for such Operating
Year, (b) three percent (3%) for calculation of the Incentive Management Fee with respect to each Operating Year in which the EBITDA Margin is less than eighty percent (80%) of the Benchmark Margin for such Operating Year, and
(c) two percent (2%) for calculation of the Incentive Management Fee with respect to each Operating Year in which the EBITDA Margin is less than seventy percent (70%) of the Benchmark Margin for such Operating Year. 

“Indemnified Party” means any Owner Indemnified Parties or Manager Indemnified Parties who are entitled to receive
indemnification pursuant to this Agreement. 
 “Indemnifying Party” means any Party obligated to indemnify an
Indemnified Party pursuant to this Agreement. 
 “Index” means the Consumer Price Index for the
Washington-Baltimore Urban Region, as published by the Department of Statistics of the US Bureau of Labor, using the period October/November 1995 as a base of one hundred (100), or if such index is discontinued, the most comparable index published
by any United States governmental agency, as acceptable to Owner and Manager. 
 “Individual” means a natural
person, whether acting for himself or herself, or in a representative capacity. 
 “Initial Expert” shall have
the meaning set forth in Section 17.2.1.1. 
 “Initial Term” shall have the meaning set forth in
Section 2.4.1. 
 “Initial Working Capital” means the amount set forth in the Pre-Opening Budget as
the initial working capital required for commencement of Operations at the Managed Facilities, including the working capital required to fund initial food and beverage inventories, initial games offering, initial retail inventories and initial house
bank balances and operating working capital requirements. 

  
 B-10

 “Insurance Costs” means all insurance premiums or other costs paid for any
insurance policies maintained by Owner with respect to the Managed Facilities. 
 “Insurance Program” shall
have the meaning set forth in Section 12.1.2. 
 “Insurance Requirements” means the minimum
coverage, limits, deductibles and other requirements required by Manager as set forth on Exhibit G attached hereto. 

“Interest Expense” means, for any period, the aggregate amount (without duplication) of consolidated interest expense in
accordance with GAAP during such period in respect of all Debt of the Owner and its subsidiaries, including amortization of the costs incurred in connection with debt issuance, debt premium or discount and any other Financing costs, fees and
expenses incurred for such period, including costs associated with letters of credit. 
 “Land Disposition
Agreement” means the land disposition agreement entered into by and between Owner and the City with respect to the Owned Property, and in either case any successor agreement thereto. 

“Leased Property” shall have the meaning set forth in Exhibit A. 

“Lender” means a Person providing any Financing or any designated agent or underwriter on behalf of Persons providing
any Financing, as applicable. 
 “Licensing Event” means: (a) a communication (whether oral or in writing)
by or from any Gaming Authority to Manager or any of its Affiliates or Owner or other action by any Gaming Authority that indicates that such Gaming Authority may find that the association of any member of the Subject Group with Manager or any of
its Affiliates is likely to (i) result in a disciplinary action relating to, or the loss of, inability to reinstate or failure to obtain, any registration, application or license or any other rights or entitlements held or required to be held
by Manager or any of its Affiliates under any Gaming Law or (ii) violate any Gaming Law to which Manager or any of its Affiliates is subject; or (b) any member of the Subject Group is required to be licensed, registered, qualified or found
suitable under any Gaming Law, and such Person is not or does not remain so licensed, registered, qualified or found suitable or, after becoming so licensed, registered, qualified or found suitable, fails to remain so. For the avoidance of doubt, a
Maryland Licensing Event is a Licensing Event. 
 “Managed Facilities” shall have the meaning set forth in
Recitals hereto. 
 “Managed Facilities Guest Data” means all Guest Data, to the extent in Manager’s or
its Affiliates possession or control, regarding prospective, actual or past guests, website visitors and customers of the Managed Facilities, including retail locations, restaurants, bars, spas and entertainment venues therein, but excluding
in all cases, (i) all information originating from facilities owned or operated by CEOC and its Affiliates other than the Managed Facilities, (ii) all information, generated or extrapolated as part of or derived in connection with the
Total Rewards System or any other customer loyalty program of CEOC and its Affiliates (it being understood that this exception shall not apply to information merely captured by the Total Rewards System or such other customer loyalty program that
would otherwise qualify as Managed Facilities Guest Data hereunder), (iii) any information originating at the Managed Facilities, but relating to activities of such customers at such other facilities owned or operated by CEOC and its

  
 B-11

 
Affiliates, (iv) any information concerning any histories or use of such other facilities which are owned or operated by CEOC or its Affiliates, and (v) any information concerning the
Proprietary Information and Systems. 
 “Managed Facilities Personnel” means all Individuals employed by
Manager and performing services on a part-time or full-time basis at the Managed Facilities during the Term (or in connection with the Pre-Opening Services prior to the Term), including the Senior Executive Personnel. 

“Managed Facilities Personnel Costs” means all cash costs and expenses associated with the employment or termination of
Managed Facilities Personnel (including the Senior Executive Personnel), including recruitment expenses, the costs of moving executive level Managed Facilities Personnel, their families and their belongings to the area in which the Managed
Facilities is located at the commencement of their employment at the Managed Facilities, compensation and benefits (including the costs of any equity based benefits at the time the economic cost is realized by Manager or its Affiliates (e.g.,
exercise rather than grant, repurchase, cash-out, etc.); provided that if a portion of such benefits were awarded in connection with services performed at another facility owned or operated by Manager or its Affiliates, the Managed Facilities
Personnel Costs shall only include the portion of such costs which are related to such Managed Facilities Personnel’s employment on behalf of the Managed Facilities and such proportional amount shall be included in Managed Facilities Personnel
Costs regardless of whether the cost of such equity based benefits are realized while the applicable Managed Facilities Personnel is employed on behalf of the Managed Facility or is employed at another facility owned or operated by Manager or its
Affiliates), employment Taxes, training and severance payments, all in accordance with Applicable Laws, Manager’s policies for Operated Brand Properties and such other policies as may be established pursuant to this Agreement. 

“Managed Facilities Transfer” means any sale, disposition, conveyance, gift, foreclosure of a mortgage or security
interest or similar transaction, deed in lieu of foreclosure, appointment of a receiver or other transfer of all right, title or interest of Owner in the Managed Facilities or in the Managed Facilities, the Owned Property and the Ground Lease,
including the expiration or termination of the Ground Lease, in each case whether voluntary, involuntary, by operation or law or otherwise (including as a result of any divorce, bankruptcy, insolvency or dissolution proceedings, by declaration of or
transfer in trust, or under a will or the laws of intestate succession) or pursuant to a Change of Control of Owner. 

“Management Account” shall have the meaning set forth in Section 5.4.1.4. 

“Management Fees” means collectively, the Base Management Fee and Incentive Management Fee. 

“Manager” shall mean Caesars Baltimore Management Company, LLC, a Delaware limited liability company, or its successors
or permitted assigns (including any trustee appointed over its assets). 
 “Manager Confidential Information”
means confidential or proprietary information relating to Manager’s or any of its Affiliates’ businesses that derives value, actual or potential, from not being generally known to others, including all Proprietary Information and Systems,

  
 B-12

 
Manuals, Guest Data, confidential fees and terms of all Centralized Services and any documents and information (a) specifically designated by Manager in writing as confidential or
proprietary or (b) would by its nature reasonably be understood to be confidential or proprietary to Manager, CEOC or any of their respective Affiliates, in each case to which the Owner obtains access by virtue of the relationship between the
Parties. 
 “Manager Event of Default” has the meaning set forth in Section 16.1.2. 

“Manager Indemnified Parties” shall have the meaning set forth in Section 12.3.1. 

“Manager Prohibited Person,” shall mean any Person that: (a) is a Competitor; (b) is generally recognized in
the community as being a Person of ill repute or who has or is reasonably believed to have an adverse reputation or character, in either case which is more likely than not to (i) have a material adverse effect on Manager or any of its
Affiliates or (ii) make such person unsuitable under Maryland law to hold a Gaming license or to be associated with a Gaming licensee or otherwise jeopardizes any of the Manager’s Gaming licenses; or (c) is more likely than not to
jeopardize Owner’s or any of its member’s, CRBH’s or any of its member’s (to the extent CRBH is a member of Owner), Manager’s or any of their respective Affiliate’s ability to hold a Gaming license or to be associated
with a Gaming licensee under any Maryland Gaming Laws or laws of any other Gaming Authorities (other than any Gaming Authority established by any Native American tribe). 
 “Manager’s Designated Financial Officer” shall mean the highest level financial officer among the Senior Executive Personnel. 

“Manager’s Gross Negligence or Willful Misconduct” means any gross negligence in the performance of Manager’s
duties under this Agreement or willful misconduct or fraud committed by Manager or its Affiliates or any Corporate Personnel with respect to the Managed Facilities; provided, that (a) the acts or omissions of Managed Facilities Personnel other
than Senior Executive Personnel shall not be imputed to Manager or its Affiliates, or any Corporate Personnel, or otherwise deemed to constitute Manager’s Gross Negligence or Willful Misconduct, unless such acts or omissions resulted from the
gross negligence, willful misconduct or fraudulent acts of the Corporate Personnel in supervising such Managed Facilities Personnel, and (b) no settlement by either Party in good faith of any Claims (including Claims by Managed Facilities
Personnel) shall be deemed to create any presumption that the acts or omissions giving rise to such Claims constitute Manager’s Gross Negligence or Willful Misconduct. 
 “Manager’s Representative” shall have the meaning set forth in Section 19.6. 
 “Manager’s Standard of Care” shall have the meaning set forth in Section 2.1.2. 
 “Manager’s System Policies” shall have the meaning set forth in Section 2.1.3. 
 “Manuals” means all written, digitized, computerized or electronically formatted manuals and other documents and materials prepared and used by Manager for Brand casinos and hotels, as
instructions, requirements, guidance or policy statements with respect to Manager’s chain of Brand casino and hotels, which are loaned or otherwise made available to Owner, including Design Guidance for the Brand. 

  
 B-13

 “Maryland Gaming Approvals” means any and all approvals, licenses, permits,
qualification determinations, and other actions by the Maryland Gaming Authorities necessary for the development, use, construction, financing and operation of Gaming or related activities in the State of Maryland. 

“Maryland Gaming Authorities” means the Maryland State Lottery Commission, the State of Maryland Video Lottery Facility
Location Commission and any other agency or authority of the State of Maryland (or any local jurisdiction thereof) regulating Gaming or related activities and having jurisdiction over the Managed Facilities, Owner or Manager as manager of the
Managed Facilities. 
 “Maryland Gaming Laws” means Article XIX of the Maryland Constitution, as it may be
amended from time to time, State Government Article, Title 9, Subtitle A (Video Lottery Terminals) of the Annotated Code of Maryland Regulations, Title 14, Subtitles 01-20, and any other Applicable Law of the State of Maryland (or any local
jurisdiction thereof) regulating or otherwise pertaining to Gaming or related activities. 
 “Maryland Licensing
Event” means: (a) a communication (whether oral or in writing) by or from any Maryland Gaming Authority to Manager or any of its Affiliates or Owner or other action by any Maryland Gaming Authority that indicates that such Maryland
Gaming Authority may find that the association of any member of the Subject Group with Manager or any of its Affiliates is likely to (i) result in a disciplinary action relating to, or the loss of, inability to reinstate or failure to obtain,
any registration, application or license or any other rights or entitlements held or required to be held by Manager or any of its Affiliates or Owner or any of its Subsidiaries under any Maryland Gaming Law or (ii) violate any Maryland Gaming
Law to which Manager or any of its Affiliates or Owner or any of it Subsidiaries is subject; or (b) any member of the Subject Group is required to be licensed, registered, qualified or found suitable under any Maryland Gaming Law, and such
Person is not or does not remain so licensed, registered, qualified or found suitable or, after becoming so licensed, registered, qualified or found suitable, fails to remain so. 

“Maryland Restricted Persons” shall have the meaning set forth in Section 2.3.4. 

“Monthly Debt Service Schedule” shall have the meaning set forth in Section 5.4.6. 

“Monthly Report” shall have the meaning set forth in Section 10.2. 

“Mortgage” means any real estate, leasehold, chattel mortgage, pledge, security agreement, deed of trust, security deed
or similar document or instrument encumbering the Managed Facilities, the Premises, the Ground Lease or any part thereof, together with all promissory notes, loan agreements or other documents relating thereto. 

“Net Income” means, for any period, the net income (or loss) from operations of the Managed Facilities determined in
accordance with GAAP for such period and adjusted to exclude (only to the extent included in computing such net income (or loss) and without duplication): (a) all amounts which are extraordinary (as determined in accordance with GAAP) or gains
or losses for the sale of assets (other than the sale of inventory or goods held for sale), gains or losses from write ups or write downs of gains or losses on assets or other nonrecurring 

  
 B-14

 
income, gains, losses or expenses; (b) income attributable to GOR Exclusion Items; (c) dividends to preferred equity; (d) minority interest amounts; and (e) any charges from
deferred finance fees. 
 “Net Operating Revenues” means Gross Operating Revenues net of Promotional
Allowances. 
 “Non-Disturbance Agreement” shall mean non-disturbance agreement(s) granted in favor of Manager
and its Affiliates by (i) the lender(s) in connection with any Financing of the Managed Facilities, the Premises or the Ground Lease and (ii) the ground lessor(s) under the Ground Lease. 

“Non-Maryland Licensing Event” means any Licensing Event other than a Maryland Licensing Event. 

“Opening Date” means the date the Managed Facilities open for business to the public under the Brand (but excluding any
“soft opening” during which less than substantially all of the Managed Facilities are open to the public for business), as determined in accordance with Exhibit C, and confirmed by execution of the Opening Date Confirmation.

 “Opening Date Confirmation” means the confirmation of the Opening Date and Expiration Date attached as
Exhibit H. 
 “Operate”, “Operating” or “Operation” means to manage,
operate, use, maintain, market, promote, and provide other management or operations services to the Managed Facilities, all as more particularly described in this Agreement. 
 “Operated Brand Properties” means all casinos that are operated by Manager or its Affiliates under the Brand worldwide, including all such casinos that are owned and self-operated by
Manager or its Affiliates, other than the Managed Facilities. 
 “Operating Account” shall have the meaning set
forth in Section 5.4.1.1. 
 “Operating Deficiency Cause” shall have the meaning set forth in
Section 16.2.3. 
 “Operating Deficiency Notice” shall have the meaning set forth in
Section 16.2.3. 
 “Operating Expenses” means, with respect to any period of time, all ordinary and
necessary expenses incurred in the Operation of the Managed Facilities, including all: (a) Managed Facilities Personnel Costs and all other Reimbursable Expenses; (b) all expenses for maintenance and repair; (c) costs for utilities;
(d) administrative expenses, including all costs and expenses relating to the Bank Accounts and Certified Financial Statements; (e) costs and expenses for marketing, advertising and promotion of the Managed Facilities; (f) amounts
payable to Manager as set forth in this Agreement; (g) costs for the lease, rental or license of real or personal property (including payments by Owner under the Ground Lease or with respect to intellectual property); (h) Insurance Costs;
(i) Taxes (other than income Taxes); (j) costs for the lease, rental or license of real or personal (including intellectual) property; (k) an allocation (based upon relative net revenues of all of Owner’s operating subsidiaries)
of the operating expenses of Owner; (l) all amounts to be paid to Manager or its Affiliates in connection with any 

  
 B-15

 
redemptions under the Total Rewards System; and (m) Centralized Services Charges, all as determined in accordance with GAAP, but expressly excluding the following: (i) the Incentive
Management Fee; (ii) costs of Building Capital Improvements and ROI Capital Improvements; and (iii) fees and costs for professional services, including the fees and expenses of attorneys, accountants and appraisers, incurred directly or
indirectly in connection with any category of expense that is not itself an Operating Expense and required to be capitalized in accordance with GAAP. 
 “Operating Limitations” means: (a) the requirements and limitations on Manager set forth in this Agreement and the approved Annual Budget in effect from time to time; (b) any
provisions of the Financing Documents, Ground Lease or Land Disposition Agreement limiting or otherwise imposing conditions on Manager with respect to the Operation of the Managed Facilities; (c) limitation or conditions arising under
Applicable Laws; and (d) any other limitations, restrictions or conditions imposed upon Manager by Owner pursuant to or as set forth in this Agreement. 
 “Operating Limitations Deficiency” shall have the meaning set forth in Section 16.2.3. 
 “Operating Reports” means, collectively, the Monthly Reports and Quarterly Reports. 
 “Operating Standard” shall have the meaning set forth in Section 2.1.4. 
 “Operating Year” means each calendar year during the Term, except the initial Operating Year shall be a partial year beginning on the Commencement Date and ending on the following
December 31, and if this Agreement is terminated effective on a date other than the last day of an Operating Year in any year, then the last Operating Year shall also be a partial year ending on the effective date of expiration or termination
and provided that in the event the Opening Date occurs between January 1 and June 30, then the “First Operating Year” shall be calendar year in which the Opening Date occurs, and in the event the Opening Date occurs between
July 1 and December 31, then the “First Operating Year” shall be the period commencing on the Opening Date and ending on the last day of the calendar year following the year in which the Opening Date occurs. 

“Other Brands” means the brands, other than the Brand, of lodging or gaming facilities owned, operated or licensed by
CEC or any one (1) or more of its Affiliates from time to time. 
 “Out-of-Pocket Expenses” means the
reasonable out-of-pocket travel costs (without mark-up) incurred by Manager or its Affiliates to third parties in performing its services under this Agreement, including air and ground transportation, meals, lodging and gratuities. 

“Owned Property” shall have the meaning set forth in Exhibit A. 

“Owner” shall have the meaning set forth in the Preamble hereto. 

“Owner Event of Default” shall have the meaning set forth in Section 16.1.1. 

“Owner Indemnified Parties” shall have the meaning set forth in Section 12.3.2. 

  
 B-16

 “Owner Marks” shall mean logos, trademarks, trade names, service marks,
domain names and registrations new held or hereafter held or applied for in connection therewith or any variation or extension thereof, developed by Owner or developed by Manager of its Affiliates or a third party for use exclusively at the Managed
Facilities. 
 “Owner Prohibited Person,” shall mean any Person that: (a) is generally recognized in the
community as being a Person of ill repute or who has or is reasonably believed to have an adverse reputation or character, in either case which is more likely than not to make such person unsuitable under Maryland law to hold a Gaming license or to
be associated with a Gaming licensee; or (b) is more likely than not to jeopardize Owner’s or any of its Member’s or CRBH’s or any of its Member’s (to the extent CRBH is a Member of Owner) ability to hold a Gaming license or
to be associated with a Gaming licensee under any Maryland Gaming Laws or laws of any other Gaming Authorities (other than any Gaming Authority established by any Native American tribe). 

“Owner’s Representative” shall have the meaning set forth in Section 19.6. 

“Ownership Interests” means all forms of ownership, whether legal or beneficial, voting or non-voting, including stock,
partnership interests, limited liability company membership or ownership interests, joint tenancy interests, proprietorship interests, trust beneficiary interests, proxy interests, power-of-attorney interests, and all options, warrants and
instruments convertible into such other interests, and any other right, title or interest not included in this definition that constitutes a form of direct or indirect ownership in a Person. 

“Parent Company” means, with respect to any Person, any Entity that holds any form of ownership interest in such Person,
whether directly or indirectly through an ownership interest in one (1) or more other Entities holding an ownership interest in such Person. 
 “Party” or “Parties” shall have the meaning set forth in the Preamble hereto. 
 “Pennsylvania Restricted Persons” shall have the meaning set forth in Section 2.3.5. 
 “Person” means an Individual or Entity, as the case may be. 

“Plans and Specifications” means the final plans and specifications for construction and equipping of the Managed
Facilities prepared in accordance with the CRBH Development Agreement. 
 “Pre-Opening Budget” shall have the
meaning set forth in Section 1.1.2 of Exhibit C. 
 “Pre-Opening Inventories Budget” shall
have the meaning set forth in Section 1.1.1(c) of Exhibit C. 
 “Pre-Opening IT Budget”
shall have the meaning set forth in Section 1.1.1(b) of Exhibit C. 
 “Pre-Opening Marketing
Plan” shall have the meaning set forth in Section 1.3 of Exhibit C. 

  
 B-17

 “Pre-Opening Period” means the period from the date hereof to the Opening
Date. 
 “Pre-Opening Personnel” means all Managed Facilities Personnel and other Persons employed, engaged or
assigned by Manager to provide any Pre-Opening Services to Owner under Exhibit C. 
 “Pre-Opening Personnel
Costs” means all costs and expenses associated with the employment or termination of all Pre-Opening Personnel during the Pre-Opening Period, including recruitment expenses, the costs of relocating Managed Facilities Personnel, their
families and their belongings to the area in which the Managed Facilities is located at the commencement of their employment at the Managed Facilities, compensation and benefits, employment Taxes, training and severance payments, all in accordance
with Applicable Laws, Manager’s policies for other Operated Brand Properties and such other policies as may be established pursuant to this Agreement. 
 “Pre-Opening Reimbursable Expenses” means all (a) Pre-Opening Personnel Costs, (b) Out-of-Pocket Expenses incurred by Manager in connection with the Pre-Opening Services, all to
the extent provided for in the Pre-Opening Budget or as otherwise authorized under this Agreement, (c) the per diem travel allowance as agreed upon by Manager and Owner from time to time for personnel of Manager or its Affiliates assigned to
special projects for the Managed Facilities; (d) payments made or incurred by Manager or its Affiliates, or its or their employees to third parties for goods and services (i) in the ordinary course of business in the Pre-Opening Services
(at prices and on terms and at a level of quality at least as favorable to Owner as generally available in the relevant market and consistent with terms made available to other Operated Brand Properties receiving such goods and services),
(ii) in accordance with the Pre-Opening Budgets, (iii) as permitted under Exhibit C attached hereto, or (iv) as otherwise approved by Owner; and (e) all sales Taxes, assessments, duties, levies or similar charges (other
than Manager’s income taxes) imposed by any Governmental Authority against any pre-opening reimbursements payable to Manager under this Agreement for expenses incurred for Owner’s account, including the other Pre-Opening Reimbursable
Expenses listed herein. 
 “Pre-Opening Services” shall have the meaning set forth in Exhibit C.

 “Premises” shall have the meaning set forth in the Recitals hereto. 

“Prior Related Dispute” shall have the meaning set forth in Section 17.2.1.1. 

“Promotional Allowances” means the value included in GOR of goods and services given to customers of the Managed
Facilities on a complimentary basis, such as complimentary food, beverages, accommodations, entertainment and parking, promotions, credits or discounts provided to any customer, any permitted or awarded “free play” and credits, coupons and
vouchers issued for redemption by a customer as well as the value of cash and cash-back complimentaries given to customers of the Managed Facilities. 
 “Property Specific Centralized Services” shall have the meaning set forth in Section 4.1. 
 “Proprietary Information and Systems” shall have the meaning set forth in Section 7.4.1. 

  
 B-18

 “Proprietary Rights” means those trademarks, Identifiers, Guest Data (other
than Managed Facilities Guest Data), Proprietary Information and Systems and other Confidential Information, and other property rights and interests that are part of the system for operating the Operated Brand Properties or other hotels and casinos
owned or operated by Manager and its Affiliates, or by their nature would reasonably be understood to be proprietary to Manager, CEOC or any of their respective Affiliates. 
 “PRT TWO Consulting Agreement” means the Consulting Agreement, dated as of the date hereof, by and between Owner and PRT TWO LLC. 

“Purchasing Program” shall have the meaning set forth in Section 5.6. 

“Quarterly Reports” shall have the meaning set forth in Section 10.3. 

“Reimbursable Expenses” means the following expenses to the extent incurred by Manager or any of its Affiliates in
accordance with this Agreement or the Annual Budget: (a) all Managed Facilities Personnel Costs; (b) all amounts paid by Manager to third parties relating to Third-Party Centralized Services; (c) all Out-of-Pocket Expenses incurred by
Manager directly in connection with its Operation of the Managed Facilities; (d) payments made or incurred by Manager in accordance with the Annual Budget to third parties for goods and services in the ordinary course of business in the
Operation of the Managed Facilities; (e) payments made or incurred by Manager as permitted under this Agreement or as otherwise approved by Owner; (f) all amounts owed in connection with any redemption under the Total Rewards System;
(g) all amounts incurred by Manager in maintaining the Managed Facilities Guest Data (including the creation of back-up tapes related thereto); and (h) all Taxes to be paid by Owner to Manager in accordance with Section 3.7;
provided, that Reimbursable Expenses shall not include any amounts payable to Manager or its Affiliates for Centralized Services or other payments to Manager and its Affiliates. 

“Related Agreements” means the Owner Operating Agreement, the Caesars Development Agreement, the CVP Consulting
Agreement and the PRT TWO Consulting Agreement. 
 “Remainder” shall have the meaning set forth in
Section 16.2.4. 
 “Renewal Term” shall have the meaning set forth in Section 2.4.1.

 “Requested Information” shall have the meaning set forth in Section 18.1.2. 

“Reservations System” means any reservations system operated by CEOC or any of its Affiliates. 

“Reserve Fund” shall have the meaning set forth in Section 5.4.1.3. 

“Reserve Fund Contribution” means the amount set forth in the Capital Budget then in effect to be transferred by Manager
at the end of such month from the Operating Account to the Reserve Fund in order to fund Routine Capital Improvements and Building Capital Improvements set forth in the Capital Budget, or as otherwise may be required by a Lender. 

  
 B-19

 “Restoration” means the repair, restoration, replacement or rebuilding of
the Managed Facilities or any damaged portion thereof, or remaining portion after another portion of the Managed Facilities has been taken in a Condemnation, after a Casualty or Condemnation, in accordance with the Operating Standard and Operating
Limitations in order to restore the Managed Facilities to an operational condition. 
 “Restricted Casino”
shall have the meaning set forth in Section 2.3.4. 
 “ROI Capital Improvements” means all
alterations, improvements, replacements, renewals and additions to the Managed Facilities that are capitalized under GAAP and involve a material change in the primary use of, or a material physical expansion or alteration of, the Managed Facilities
(including adding or removing meeting rooms, or changing the configuration of the Managed Facilities). 

“Rock” means Rock Gaming Mothership LLC. 
 “Rock Gaming” means Rock Gaming LLC. 
 “Routine Capital
Improvements” means all maintenance, repairs, alterations, improvements, replacements, renewals and additions to the Managed Facilities (including replacements and renewals of FF&E, exterior and interior painting, resurfacing of walls
and floors, resurfacing parking areas and replacing folding walls) that are capitalized under GAAP and not depreciated as real property. For avoidance of doubt, Routine Capital Improvements expressly exclude Building Capital Improvements and ROI
Capital Improvements. 
 “Security Interest” means any security interest, collateral assignment, pledge or
similar document or instrument that encumbers any assets relating to the Managed Facilities (or any portion thereof or interest therein) that constitutes a personal property interest (including all Supplies located at or used in the Operation of the
Managed Facilities, the Bank Accounts and Owner’s rights under this Agreement). 
 “Senior Executive
Personnel” means the Individuals employed from time to time as the general manager and the general manager’s direct reports and other executive staff serving such functions, regardless of the specific titles given to such Individuals.

 “Service Mark Rights” means (i) the Brand; (ii) those trademarks, trademark applications and
registrations, together with such other words, phrases, slogans, logos, designs and images, included in Exhibit I attached hereto; (iii) the trade dress associated with the marks identified in clauses (i) and
(ii) above; (iii) any design elements specific to other Gaming facilities owned, operated or licensed by CEC, Manager or their Affiliates and incorporated into the Managed Facilities and identified as a part of the Brand by Owner
and Manager (acting reasonably) prior to the opening of the Managed Facilities to the public; and (iv) any new trademarks, trade dress, slogans, logos and designs which should reasonably be regarded as part of the brand identity of other Gaming
facilities owned, operated or licensed by CEC, Manager or their Affiliates and developed by Manager or an Affiliate of Manager, in each case as modified by Manager or its Affiliates from time to time. 

“Sisterco” means a Person (other than CEC or any of its Controlled subsidiaries) which (i) is directly or
indirectly Controlled by one or more Persons that directly or indirectly Control 

  
 B-20

 
CEC or any Affiliate or Affiliates of such Person or Persons, (ii) engages or intends to engage primarily in the business of owning interests in Gaming businesses (including on-line) and/or
Gaming facilities operated or to be operated by CEC or one of its Controlled subsidiaries, or under a brand owned by CEC or one of its Controlled subsidiaries (or a derivative thereof), and (iii) directly or indirectly owns an equity interest
in Owner (or will own such an equity interest after giving effect to a proposed transfer of such equity interest). 

“Specified Brand Properties” means (a) the “Harrah’s”-branded Gaming facilities located in Chester,
PA and the “Harrah’s”-branded Gaming facilities located in North Kansas City, MO, in each case to the extent such facility continues to be branded “Harrah’s” and managed by CEOC or one of its Affiliates or, if
applicable, an Alternate Brand Property or (b) if the Managed Facilities are re-branded Horseshoe®, the “Horseshoe”-branded Gaming facilities located in Cincinnati, OH and Hammond, IN, in each case to the extent such facility
continues to be branded “Horseshoe” and managed by CEOC or one of its Affiliates or, if applicable, an Alternate Brand Property. 
 “Specified Test Date” shall have the meaning set forth in Section 16.3.1. 
 “Subject Group” means Owner, Owner’s Affiliates and its and their principals, direct or indirect shareholders, officers, directors, agents, employees and other related Persons
(including in the case of any trusts or similar Persons, the direct or indirect beneficiaries of such trust or similar Persons), excluding Manager and its Affiliates. 
 “Subsequent Related Dispute” shall have the meaning set forth in Section 17.2.1.1. 
 “Substantial Sale” means (a) if the Managed Facilities are branded “Harrah’s”, the sale or other disposition by CEOC and its Affiliates of all or substantially all the
assets and operations associated with the “Harrah’s” brand, (b) if the Managed Facilities are branded “Horseshoe,” the sale or other disposition by CEOC and its Affiliates of all or substantially all their assets and
operations associated with the “Horseshoe” brand, or (c) the sale or other disposition by CEOC and its Affiliates of substantially all of CEOC’s Eastern Region (as defined in CEC’s most current applicable filing with the
U.S. Securities and Exchange Commission (or any successor thereof)) in a single transaction or series of related transactions 

“Supplies” means all operating supplies and equipment used in the Operation of the Managed Facilities. 

“System Improvements” shall have the meaning set forth in Section 7.4.4. 

“Taxes” means all taxes, assessments, duties, levies and charges, including ad valorem taxes on real property,
commercial activity taxes, personal property taxes, gaming taxes, fees and charges and business and occupation taxes, imposed by any Governmental Authority against Owner in connection with the ownership or Operation of the Managed Facilities, but
expressly excluding income, franchise or similar taxes imposed on Owner. 
 “Technology Systems” means certain
technology systems, including the Reservations System, Proprietary Information and Systems, third-party software, hardware and telecommunications equipment and any system upgrades and/or replacements therefor. 

  
 B-21

 “Term” shall have the meaning set forth in Section 2.4.1.

 “Termination Fee” means a termination fee equal to a multiple of the Management Fees paid or payable for the
Operating Year immediately preceding the termination date in accordance with the following schedule: 
  

			
	 Termination During Operating Year(s)
	  	Multiple of Management Fee
	 Operating Year 1
	  	8 times
	 Operating Year 2
	  	7 times
	 Operating Year 3
	  	6 times
	 Operating Year 4
	  	5 times
	 Operating Year 5
	  	4 times
	 Operating Years 6 through 8
	  	3 times
	 Operating Years 9 and 10
	  	2 times
	 Operating Years 11 through the final Operating Year
	  	1 times

 In the event the termination occurs prior to the conclusion of the third (3rd) Operating Year, then
the Termination Fee shall equal the applicable multiple in accordance with the schedule above times the projected Management Fees for the third (3rd) Operating Year based upon the financial projections submitted to the Lender. 

“Third-Party Centralized Services” shall have the meaning set forth in Section 4.1. 

“Third-Party Manager” shall have the meaning set forth in Section 5.10. 

“Third-Party Operated Areas” shall have the meaning set forth in Section 5.10. 

“Total Rewards System” means the Total Rewards® customer loyalty program as implemented from time to time by Manager
in connection with the Managed Facilities or such other replacement loyalty rewards program as may be implemented by Manager at the Operated Brand Properties from time to time in its sole discretion, as more particularly described on Exhibit
D. 
 “Transfer” means any Assignment or Transfer of Ownership Interests. 

“Transfer of Ownership Interests” means any: (a) direct or indirect sale, assignment, disposition, conveyance,
gift, pledge or other transfer, in whole or in part, of any Ownership Interests in Owner or any Parent Companies of Owner, if any; (b) merger, consolidation, reorganization or other restructuring of Owner or any Parent Companies of Owner, if
any; or (c) issuance of additional Ownership Interests in Owner or any Parent Companies of Owner, if any, that would have the effect of diluting voting rights or beneficial ownership of the Ownership Interests in Owner or any Parent Companies
of Owner, in each case whether voluntary, involuntary, by operation or law or otherwise (including as a result of any divorce, bankruptcy or dissolution proceedings, by declaration of or transfer in trust, or under a will or the laws of intestate
succession. 
 “Transition Period” shall have the meaning set forth in Section 16.4.4.1.

  
 B-22

 “Turnover Schedule” shall have the meaning set forth in
Section 3 of Exhibit C. 

  
 B-23

 EXHIBIT C 

TO MANAGEMENT AGREEMENT 
 PRE-OPENING SERVICES 
 1. PRE-OPENING SERVICES. Subject to Owner’s
satisfaction of its funding obligations pursuant to Section 5.5 of this Agreement, Manager shall perform the following services during the Pre-Opening Period in order to facilitate a proper and orderly opening of the Managed Facilities
(collectively, the “Pre-Opening Services”): 
 1.1 Pre-Opening Budgets. 

1.1.1. Pre-Opening Budgets. No later than twelve (12) months prior to the Opening Date, with updates each three
(3) months thereafter or as requested by Owner, including a report on expenditures to date, Manager shall propose and Owner shall approve the following pre-opening budgets for pre-opening activities: 

(a) A plan and budget for all Pre-Opening Services provided by Manager (including the compensation of Pre-Opening Personnel), other than
those items covered by the Pre-Opening IT Budget and the Pre-Opening Inventories Budget; 
 (b) A budget for the purchase and
installation of all Proprietary Information and Systems and other information technology systems required for the Operation of the Managed Facilities in accordance with this Agreement (the “Pre-Opening IT Budget”); 

(c) A budget for the purchase of all initial inventories of Supplies required for the Operation of the Managed Facilities in accordance
with the Agreement (the “Pre-Opening Inventories Budget”); 
 (d) A budget for the purchase of FF&E for the
Managed Facilities and public areas; and 
 (e) A budget for the Pre-Opening Marketing Plan. 

1.1.2. Approval of Pre-Opening Budgets. Owner shall review each proposed pre-opening budget and shall provide Manager with any
objections to any such proposed pre-opening budget in writing, in reasonable detail, within thirty (30) days after receipt of such proposed pre-opening budget from Manager; provided, that any such proposed pre-opening budget shall not be
adopted or implemented by Manager until Owner shall have approved the same or any items therein in dispute have been determined pursuant to Section 1.1.3 of this Exhibit C. If Owner objects to any portion of such proposed
pre-opening budget in accordance with this Section 1.1.2 of this Exhibit C, Owner and Manager shall meet within fourteen (14) days after Manager’s receipt of Owner’s objections and discuss such objections, and then
Manager shall submit written revisions to such proposed pre-opening budget after such discussion. Each of Owner and Manager shall use good faith efforts to reach an agreement on such proposed pre-opening budget within fourteen (14) days of
Owner’s receipt of such written revisions. Such proposed pre-opening budget, as modified to reflect the revisions, if any, either agreed to by the Parties or determined by resolution pursuant to Section 1.1.3 of this Exhibit
C 

  
 C-1

 
shall become the applicable approved pre-opening budget described in Section 1.1.1 of this Exhibit C (a “Pre-Opening Budget” and, together with the other
approved pre-opening budgets described in Section 1.1.1 of this Exhibit C, collectively, the “Pre-Opening Budgets”). Owner shall act reasonably and exercise prudent business judgment in approving of, or objecting
to, all or any portion of any proposed pre-opening budget. 
 1.1.3. Resolution of Disputes for Pre-Opening Budget. If
the Parties, despite their good faith efforts, are unable to reach final agreement on any proposed pre-opening budget within the time periods specified in Section 1.1.2 of this Exhibit C, those portions of such proposed
pre-opening budget that are not in dispute shall become effective and the matter(s) in dispute may be submitted by either Party to the Expert for Expert Resolution in accordance with Article XVII of this Agreement. Upon the resolution of any
such dispute (whether by agreement of the Parties or through the procedures described in Article XVII), such resolution shall control as to such item(s). 
 1.1.4. Modification of Pre-Opening Budgets. From time to time during the Pre-Opening Period, a Party may request a modification of any Pre-Opening Budget if one (1) or more aspects of a
Pre-Opening Budget are affected by any: (a) material change in the scope or design of the Managed Facilities required or approved by Owner; (b) material delay in the anticipated Opening Date (it being acknowledged that the Pre-Opening
Budget shall be prepared based on the anticipated Opening Date); (c) failure or reasonably anticipated failure to meet in all material respects the Turnover Schedule; (d) change in the Operating Standard, Operating Limitations or the
Manager’s System Policies after the date of this Agreement and prior to the Opening Date; or (e) other material information that is not known to the Parties in preparation of any Pre-Opening Budget. Any request for modification of a
Pre-Opening Budget shall be determined in accordance with the following procedure: the Parties shall endeavor in good faith to reach agreement on any request for modification to any Pre-Opening Budget proposed in accordance with this
Section 1.1.4 of this Exhibit C within thirty (30) days after the delivery of any proposed modification. If the Parties do not reach agreement within such thirty (30) day period, then such matter shall be resolved by the
Expert in accordance with the procedures set forth in Article XVII of the Agreement. 
 1.1.5. Variance from
Pre-Opening Budgets. Manager shall use its commercially reasonable efforts to perform the Pre-Opening Services in accordance with the Pre-Opening Budget. Other than as required for compliance with the Operating Standard and Operating Limitations
or as permitted pursuant to this Section 1.1.5 of this Exhibit C, Manager shall not, without Owner’s prior approval, incur costs or expenses, including Pre-Opening Reimbursable Expenses, or make expenditures that would cause
(a) the total expenditures related to the Pre-Opening Services to exceed the aggregate amount of expenditures provided in the Pre-Opening Budget by more than five percent (5%) or (b) the expenditures for any line item in any
Pre-Opening Budget to exceed the aggregate amount of expenditures provided for such line item in such budget; provided, Manager may, without Owner’s prior approval, reallocate all or any portion of any line item the Pre-Opening Budget to
another line item in an amount not to exceed ten percent (10%) of such line item. Manager shall inform Owner promptly of such reallocation. 
 1.1.6. Pre-Opening Only for Planning Purposes. Manager shall use its commercially reasonable efforts to perform the Pre-Opening Services in accordance with the Pre-Opening Budgets. However, Owner
acknowledges that all Pre-Opening Budgets prepared 

  
 C-2

 
by Manager under this Exhibit C are intended to assist in completing the Construction and opening of the Managed Facilities, but Manager does not guarantee the accuracy of the amounts
therein. Accordingly, Owner agrees that: (a) neither Manager nor its Affiliates shall have any liability whatsoever to Owner or to any third-party for any divergence between the Pre-Opening Budgets and actual costs incurred by Owner for the
Pre-Opening Services, Technology Systems, FF&E and Supplies and other amounts set forth therein; and (b) any divergence between the Pre-Opening Budgets and such actual costs shall not constitute a default by Manager or give Owner the right
to terminate the Agreement so long as Manager has used commercially reasonable efforts to perform Pre-Opening Services in conformance with the Pre-Opening Budget. 
 1.2 Managed Facilities Personnel. Subject to Owner’s approval rights with respect to the selection of Senior Executive Personnel in Section 2.2.6 of this Agreement, Manager shall:
(a) identify, appoint, assign, instruct and supervise a general manager and such other Managed Facilities Personnel as Manager deems necessary or advisable for the proper staffing of the Managed Facilities and as are contemplated by the
Pre-Opening Budget; (b) train all Managed Facilities Personnel so as to perform their duties at the Managed Facilities from and after the Opening Date in accordance with the Agreement; and (c) arrange for Corporate Personnel or other
Persons to assist with the opening of the Managed Facilities, as Manager deems necessary or advisable and as contemplated by the Pre-Opening Budget. 
 1.3 Marketing. Manager shall develop, for Owner’s approval, and implement a promotion, sales and marketing plan for the Managed Facilities during the Pre-Opening Period (the
“Pre-Opening Marketing Plan”). For the avoidance of doubt, from and after the Opening Date, the marketing of the Managed Facilities shall be governed by Article IX of this Agreement. The Pre-Opening Marketing Plan shall
include the following: (a) promotional plan for the marketing to Casino customers, and food and beverage services; (b) public relations and communications activities; (c) implementation of a sales, marketing, advertising and
reservations program; and (d) representation of the Managed Facilities by regional sales and corporate marketing personnel of Manager and its Affiliates. The Pre-Opening Marketing Plan shall comply with all reasonable sales, marketing,
advertising, public relations and Brand identity standards and policies requirements established by Manager, as modified from time to time with the approval of Owner. Owner shall fund all amounts required under the Pre-Opening Marketing Plan. Owner
expressly acknowledges that Owner’s failure to fund a Pre-Opening Marketing Plan, for any reason, may affect Manager’s ability to achieve optimal operating results, including the estimates set forth in the Annual Budget for the initial
Operating Year (and potentially subsequent Operating Years). 
 1.4 Retail Space. Manager shall prepare a plan for the use of retail
space in the Managed Facilities. Subject to the limitations set forth Section 2.2.2 of the Agreement, after such plan is completed, Manager shall negotiate for Owner during the Pre-Opening Period the terms of any leases, licenses and
concession agreements for retail space at the Managed Facilities, in accordance with such retail plan and the Agreement. 
 1.5
Approvals. Manager shall cooperate with Owner in the application for and issuance (in Manager’s name or Owner’s name or both as may be required by the applicable Governmental Authority) of all Approvals required for the commencement
of Operations of the Managed Facilities; provided, that Owner shall be obligated to obtain and pay for all such Approvals other than Approvals relating to Manager and Manager’s Affiliates. Owner acknowledges that the cost of obtaining
such Approvals shall not be included in any of the Pre-Opening Budgets. 

  
 C-3

 1.6 Initial Supplies. 
 1.6.1. Estimates of Supplies. Manager shall provide Owner with a list of all back-of-the-house Supplies (including initial food and beverage and retail inventories) as Manager deems necessary or
advisable for the Operation of the Managed Facilities during the initial Operating Year based on the Plans and Specifications, and the estimated operational requirements of the Managed Facilities. Manager shall revise such list of initial Supplies
from time to time as Manager deems necessary or advisable to reflect changes in such estimated operational requirements. 

1.6.2. Purchase of Supplies. Manager shall, subject to the Pre-Opening Inventories Budget, purchase all Supplies necessary for
Owner and shall approve the proposed Supplies inventory. Manager shall propose means and methods to acquire such Supplies for Owner’s review and approval. In addition, if requested by Owner, Manager shall provide samples to Owner of any such
initial Supplies prior to such purchase. Upon Owner’s approval of such samples, Manager shall purchase such approved Supplies. 
 1.7
Centralized Services. Manager shall provide Centralized Services to the Managed Facilities prior to the Opening Date to the extent Manager deems necessary or appropriate for the opening of the Managed Facilities in accordance with the
Agreement. All Centralized Services Charges resulting from the Centralized Services contemplated by this Section 1.7 of this Exhibit C shall be due and payable to Manager monthly in arrears for the immediately preceding month
within fifteen (15) days of delivery to Owner of an invoice therefor. Any disputes regarding the Centralized Services Charges shall be referred to the Expert for Expert Resolution pursuant to Article XVII of the Agreement. 

1.8 Technology Systems. Manager shall: (a) assist Owner in incorporating any other Technology Systems to be provided pursuant to the Plans
and Specifications and Pre-Opening IT Budget; and (b) provide to Owner any other information, to the extent Manager deems it necessary or appropriate for the opening of the Managed Facilities in accordance with the Agreement, including the
training of Managed Facilities Personnel. 
 1.9 Limitations on Pre-Opening Services. Notwithstanding anything to the contrary in this
Exhibit C, Owner expressly acknowledges and agrees that: (a) the Pre-Opening Services shall apply only during the Pre-Opening Period, and Manager shall not be required to provide any Pre-Opening Services from and after the Opening Date;
and (b) Manager shall have no obligation to undertake any Pre-Opening Services, or to advance any funds necessary or advisable to perform any of the Pre-Opening Services, unless and until Owner has secured funding sources for such Pre-Opening
Services as contemplated in the Pre-Opening Budget. 
 2. FEES AND EXPENSES. 
 2.1 Pre-Opening Reimbursable Expenses. Owner shall reimburse Manager upon demand from time to time for all Pre-Opening Reimbursable Expenses. All Pre-Opening Reimbursable Expenses shall be set
forth in the Pre-Opening Budget. 

  
 C-4

 2.2 Payment of Fees and Expenses. 

2.2.1. Advance Deposits. Upon request from Manager, Owner shall deposit with Manager at least ten (10) days prior to the
first (1st) day of each calendar month all amounts set forth in the Pre-Opening Budgets for such next calendar month; provided, that the Parties agree that the disbursement provisions of the Financing Documents shall control and be binding upon
them with respect to the funding of Pre-Opening Budgets. 
 2.2.2. Other Terms Regarding Payment. All amounts to be paid
by Owner under this Exhibit C shall be paid in accordance with Sections 3.4, 3.5, and 3.6 of the Agreement. 
 2.2.3. Payments Due on Termination. If the Agreement is terminated prior to the Opening Date, Owner shall pay to Manager all Pre-Opening Reimbursable Expenses and any other amounts to be paid by
Owner pursuant to this Exhibit C through the termination date, without limiting any other rights and remedies of the Parties under Article XVI of the Agreement. 
 2.3 Accrual after Opening Date. Owner acknowledges that Pre-Opening Reimbursable Expenses and other amounts to be paid by Owner pursuant to this Exhibit C may be submitted by Manager to
Owner for payment after the Opening Date, and Owner agrees to pay any such Pre-Opening Reimbursable Expenses and other amounts in accordance with this Section 2 of this Exhibit C and the other applicable provisions of this
Exhibit C, whether submitted prior to, on or after the Opening Date. 
 3. TURNOVER OF MANAGED FACILITIES. OWNER ACKNOWLEDGES
THAT: (A) PROVIDING ACCESS TO THE MANAGED FACILITIES TO MANAGER AND THE PRE-OPENING PERSONNEL DURING VARIOUS STAGES OF ITS CONSTRUCTION IN ACCORDANCE WITH THE TURNOVER SCHEDULE TO BE SUBMITTED TO OWNER BY MANAGER (THE “TURNOVER
SCHEDULE”) IS ESSENTIAL TO OPEN THE MANAGED FACILITIES PRIOR TO THE OPENING DATE; (B) THE PRE-OPENING BUDGETS PREPARED BY MANAGER ARE BASED ON THE ASSUMPTION THAT OWNER PROVIDES REASONABLE ACCESS TO THE MANAGED FACILITIES TO MANAGER
AND THE PRE-OPENING PERSONNEL IN ACCORDANCE WITH THE TURNOVER SCHEDULE; AND (C) MANAGER’S PERFORMANCE OF THE PRE-OPENING SERVICES IN ACCORDANCE WITH THE PRE-OPENING BUDGETS IS CONDITIONED UPON OWNER PROVIDING REASONABLE ACCESS TO THE
MANAGED FACILITIES TO MANAGER AND THE PRE-OPENING PERSONNEL IN ACCORDANCE WITH THE TURNOVER SCHEDULE. 
 4. MANAGED FACILITIES OPENING.

 4.1 Request to Open. Owner shall provide written request to Manager to open the Casino for business at least fifteen (15) days in
advance of the date Owner desires to open the Managed Facilities for business as a Brand casino and related Facilities. 
 4.2 Conditions to
Opening. Owner may not open the Managed Facilities for business as a Brand casino until each of the following conditions has been satisfied or, if a condition is not satisfied, Manager determines in writing that such unsatisfied condition will
not interfere with the occupancy and use of the Managed Facilities in accordance with the Operating Standard and Operating Limitations: 
 4.2.1. Owner’s architects have issued a certificate to Manager to the effect that the Managed Facilities have been completed substantially in accordance with the Plans and Specifications; 

  
 C-5

 4.2.2. Owner and Manager have conducted a joint inspection of the Managed Facilities to
mutually determine any remaining Construction items to be completed or corrected after the Opening Date; 
 4.2.3. Governmental
Authorities have issued a VLT Operation License and all Approvals for the legal use, occupancy, and Operation of the Managed Facilities, including a temporary or permanent certificate of occupancy and liquor licenses; 

4.2.4. Manager has received all certificates of insurance and copies of insurance policies required under the Agreement; 

4.2.5. All Managed Facilities building systems and communications and other technology systems are fully functional and ready for use in
accordance with the Plans and Specifications, the Operating Standard, Operating Limitations, Manager’s System Policies and the Centralized Services (as the case may be); 
 4.2.6. All FF&E (including signage) for the Managed Facilities has been appropriately installed; 
 4.2.7. Manager has obtained all Supplies for the Managed Facilities necessary for the Operation of the Managed Facilities on the Opening Date as required by Section 1.6.2 of this Exhibit
C; 
 4.2.8. Manager has provided sufficient training to the Managed Facilities Personnel to permit Operation of the Managed
Facilities in accordance with the Operating Standard and Operating Limitations, including (i) training in the use and operation of all Managed Facilities equipment and systems (including the Centralized Services), (ii) training in
operational procedures and policies and (iii) training in guest relations for the Managed Facilities Personnel who will have direct contact with Managed Facilities guests (including front desk personnel); and 

4.2.9. The service and administrative areas of the Managed Facilities have been adequately prepared for the Operation in accordance with
the Operating Standard and Operating Limitations. 
 4.3 Work to Be Completed After the Opening Date. Notwithstanding the foregoing, and
provided that all Approvals from Governmental Authorities for the legal use, occupancy and operation of the Managed Facilities have obtained, if any, one (1) or more of the conditions for opening the Managed Facilities under
Section 4.2 of this Exhibit C have not been completed and such incomplete items will not significantly adversely affect the operation of the Managed Facilities, Owner shall have the right (but not the obligation) to authorize the
opening of the Managed Facilities, subject to the condition that all such items that have not been completed shall be completed as expeditiously as possible after the Opening Date. 

  
 C-6

 4.4 Confirmation of Opening Date. Upon opening the Managed Facilities for business under the Brand,
Manager and Owner shall execute the Opening Date Confirmation in Exhibit H to confirm the Opening Date under the Agreement 

  
 C-7

 EXHIBIT D 

TO MANAGEMENT AGREEMENT 
 EXAMPLES OF CENTRALIZED SERVICES AND PROVIDED ENTERPRISE SHARED SERVICES 
 The
following services below will be provided from CEOC corporate without incremental charge to the Owner to support the Managed Facilities. The services below are in no way a substitute or replacement for on-site staffing and activity 

Marketing 
  

	•	 	 Access to the Total Rewards program including system operations, revenue optimization tools, training, and general Total Rewards support

  

	•	 	 Research and market analysis 

  

	•	 	 TR creative 

  

	•	 	 Brand content 

  

	•	 	 Standard promotional campaigns 

  

	•	 	 Marketing analysis 

  

	•	 	 Customer communication management 

  

	•	 	 VIP system to manage hosted guests 

  

	•	 	 Media planning assistance 

  

	•	 	 Multi-cultural marketing concepts 

  

	•	 	 VIP event guidance 

  

	•	 	 National casino marketing 

  

	•	 	 On-line marketing 

General Management 
  

	•	 	 Access to Central Division President and staff 

  

	•	 	 Access to CET corporate staff 

 Purchasing 
  

	•	 	 Access to centralized purchasing program 

  

	•	 	 Media purchasing 

 Human
Resource 
  

	•	 	 Access to corporate staff and programs 

 Government & Public Relations 
  

	•	 	 State and federal government relations 

  

	•	 	 Internal and external communications advice and guidance 

  
 D-1

 Finance 
  

	•	 	 Accounting, tax, and treasury guidance 

  

	•	 	 Internal audit planning and supervision 

  

	•	 	 Financing support and guidance 

 Risk Management 
  

	•	 	 Insurance and workers compensation guidance 

 Customer Service 
  

	•	 	 Total Rewards program management (employee incentive program) 

 

	•	 	 Analysis of surveys and reports 

  

	•	 	 Training and communication 

Legal, Regulatory Compliance and Training 
  

	•	 	 Support from in-house lawyers 

  

	•	 	 Compliance, training and licensing guidance 

 Corporate Gaming 
  

	•	 	 Product mix 

  

	•	 	 Floor analysis 

  

	•	 	 Revenue analysis 

Information Technology 
 Senior executive
IT guidance and oversight 

  
 D-2

 The Enterprise Shared Services set forth below will be provided to support the Managed Facilities (but are
in no way a substitute or 
 replacement for on-site staffing and activity). 

 

							
	Enterprise Shared Services Description	  	Costs To Be Allocated; Co/Dept. No 1	  	Allocation Methodology 2
	1.	  	Non-Gaming Accounting. Perform property specific accounting services from a central location.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5291	  	Net revenue of Managed Facilities divided by aggregate net revenue of all participating properties.
				
	2.	  	Payroll I. Manage all property specific payroll fulfillment functions from a central location.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5294	  	Number of transactions processed for Managed Facilities divided by aggregate number of transactions processed for all participating properties.
				
	3.	  	Accounts Payable. Perform property specific accounts payable services from a central location.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5292	  	Number of invoices processed for Managed Facilities divided by aggregate number of invoices processed for all participating properties.
				
	4.	  	Financial Reporting. Perform all property specific auditing for non-gaming revenue from a central location.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5293	  	Net revenue of Managed Facilities divided by aggregate net revenue of all participating properties.
				
	5.	  	Marketing Shared Services. Design and execute on all marketing reinvestment decisions, including offers and promotion and events for each property, execute direct mail and email
communications (including creative and fulfillment).	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5121	  	Net revenue of Managed Facilities divided by aggregate net revenue of all participating properties.
				
	6.	  	Marketing Logistics and Execution Fulfillment Center. Direct mail center that supports a subset of properties marketing mail pieces.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5124	  	Net revenue of Managed Facilities divided by aggregate net revenue of all participating properties.
				
	7.	  	Marketing Logistics and Execution Program Design. Logistics & Execution of Programs and Events.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5129	  	Net revenue of Managed Facilities divided by aggregate net revenue of all participating properties.
				
	8.	  	VIP Inside Sales. Inside Sales (Casino Hosts/VIP Call Center).	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5211.	  	Gaming revenue of Managed Facilities divided by aggregate gaming revenue of all participating properties.

  

	1 	 The Company/Account No. codes listed are for current reference only. CEOC may modify its account code system from time to time in the ordinary course
of business. 

	2 	 The cost factors used for the allocation methodology (net revenue, transactions, group revenue, marketing expenses, etc.) shall be determined
consistently among the Managed Facilities and all participating properties. 

  
 D-3

							
	9.	  	Credit & Collections 1. Administration of Credit & Collections function.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5160.	  	50% allocated based on number of returns for Managed Facilities divided by aggregate number of returns for all participating properties and 50% allocated based on number of credit
line transactions (including new and refreshes) for Managed Facilities divided by aggregate number of credit line transactions for all participating properties.
				
	10.	  	Credit. Provide central credit research and analytics to process customer credit applications; provide recommendation to property for ultimate credit decision.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5161.	  	Number of credit line transactions (including new and refreshes) for Managed Facilities divided by aggregate number of credit line transactions (including new and refreshes) for all
participating properties.
				
	11.	  	Collections. Provide central collections services for outstanding customer credit at all properties (utilizing a combination of internal and 3rd party resources).	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5162.	  	Number of returns for Managed Facilities divided by aggregate number of returns for all participating properties.
				
	12.	  	Teleservices Centers. Function receives PBX calls for properties including reservations, questions, etc.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 949.	  	Total handle minutes for Managed Facilities divided by aggregate total handle minutes for all participating properties.
				
	13.	  	LV Call Center Billing. Handle web chat and billing disputes for all properties. Billing disputes include guests calling in after the check out to dispute a portion of their hotel
bill.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. A55.	  	Total billing/Ecomm booking questions for Managed Facilities divided by aggregate total billing/Ecomm booking questions for all participating properties.
				
	14.	  	Convention & Meeting Sales. Sell convention business for all properties with convention space, via a combination of national and property-located resources; manage banquet
operations in selected markets.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5151.	  	Group revenue (room and banquet revenue) for Managed Facilities divided by aggregate group revenue for all participating properties.
				
	15.	  	HR Shared Services. Handles leave of absence administration and other lower level HR inquiries for each property through a call center. Enters all employee transactions into the
HRIS system.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 575.	  	Total FTEs for the Managed Facilities divided by total FTEs for all participating properties (including for this purpose CEOC).
				
	16.	  	On-Property Analytics. Resources providing on- property analytical support. Serves as a liaison to the centralized analytics team.	  	Actual cost incurred in providing service to be allocated to participating properties. Company/Account No. 785-5245.	  	Direct bill based on payroll costs for personnel dedicated to providing service to Managed Facilities.

  
 D-4

							
	17.	  	Revenue Management. Hotel and room pricing optimization based on demand.	  	Actual cost incurred in providing service to be allocated to participating properties. Company/Account No. 785-5243.	  	Direct bill based on payroll costs for personnel dedicated to providing service to Managed Facilities.
				
	18.	  	NCM. Operates branch offices in strategic US cities that move business to CET casinos.	  	All NCM office costs from all locations to be allocated among participating properties. Company/Account No. C88.	  	Total theoretical GGR generated by NCM activities for Managed Facilities divided by aggregate total theoretical GGR generated by NCM activities for all participating
properties.
				
	19.	  	Gaming Analytics. Analysis of the gaming floor (tables, slots, etc.). Group provide property specific performance and recommendations to maximize floor performance.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5244.	  	Number of gaming positions of Managed Facilities divided by aggregate number of gaming positions for all participating properties.
				
	20.	  	Marketing Analytics. Provides analysis and recommendations for all national and property specific marketing campaigns.	  	Actual cost incurred in providing service to be allocated among participating properties. Company/Account No. 785-5241.	  	Marketing expense of Managed Facilities divided by aggregate marketing expense for all participating properties.
				
	21.	  	Hospitality – 50%. Gather and provide best practices in F&B and Lodging and ensure implementation throughout the enterprise.	  	Actual cost incurred in providing service to be allocated among participating properties, with Managed Facilities allocation reduced by 50%. Company/Account No.
785-5190.	  	50% of F&B and lodging revenue of Managed Facilities divided by aggregate F&B and lodging revenue of all participating properties.
				
	22.	  	VIP Innovation & Operations – 50%. Provide strategic guidance to on-property VIP hosts; provide outbound inside sales for all properties; oversee the branch and independent
rep offices which drive customers to book at Caesars properties.	  	Actual cost incurred in providing service to be allocated among participating properties, with Managed Facilities allocation reduced by 50%. Company/Account No.
785-5212.	  	50% of gaming revenue of Managed Facilities divided by aggregate gaming revenue of all participating properties.
				
	23.	  	Retail I – 50%. Retail support for store product, layout, merchandising.	  	Actual cost incurred in providing service to be allocated among participating properties, with Managed Facilities allocation reduced by 50%. Company/Account No. M34.	  	50% of retail sales of Managed Facilities supported by ESS Retail Admin. divided by aggregate retail sales of all participating properties.
				
	24.	  	Retail II – 50%. Retail Distribution Center for product to all properties with a retail outlet.	  	Actual cost incurred in providing service to be allocated among participating properties, with Managed Facilities allocation reduced by 50%. Company/Account No. M35.	  	50% of retail sales of Managed Facilities supported by ESS Retail divided by aggregate retail sales of all participating properties.

  
 D-5

 EXHIBIT F 

TO MANAGEMENT AGREEMENT 
 MANAGER’S PROPRIETARY INFORMATION AND SYSTEMS 
 1. Casino Management
System 
 Enterprise Data Warehouse (including slot analysis capabilities) 

CRM systems (Includes Total Rewards II technology and Business practices, Total Rewards II Kiosks, Offer system, Email, Direct Mail,
other custom functionality deployed by CEC for the purposes of direct contact, communication and relationship management with customer(s)) 
 2.
Patron Data Base (CEC’s Comprehensive Customer Data Base) 
 CEC proprietary Business Processes and methodologies
related to customer predictive modeling, Offers systems and processes, CRM and Customer marking techniques 
 3. Events Management System
(For booking shows and restaurants) 
 4. Interfaces between non-proprietary systems and Manager’s proprietary systems 

Customized elements of Lodging Management System (LMS) and integrations to other systems, including the Revenue Management Systems (for
hotels) 
 Customized elements of Infinium Software and integrations to other systems 

Customized elements of Stratton-Warren Software and integrations to other systems 

Customized elements of Resumix Resume/Applicant Tracking System, including front-end applications, data feeds, and integrations to other
systems 
 Customized elements of TimeWorks Time and Attendance and integrations to other systems 

Marketing Workbench (including all direct marketing campaigns/capabilities) 
 5. Caesars.com and Caesars.com website and various linked and supporting applications and online/offline products and relationships – All Internet functionality, data, metrics and business
processes 
 6. Teleservices Work Station and Guest Services Workstation – for use in Teleservices and other on or off property
environments 
 7. Other Systems. Total Rewards II player loyalty program, 1-800-Harrah’s telephone reservation system, Gaming
Panel, Guest Service Rating System, purchasing and inventory control systems and accounting systems. 

  
 F-1

 EXHIBIT G 

TO MANAGEMENT AGREEMENT 
 INSURANCE REQUIREMENTS 
 1.01 Coverage. 

1.01.1 Required Insurance. The following minimum insurance will be obtained and maintained by Manager, at Owner’s expense
with respect to the Managed Facilities at all times during the term of this Agreement: All self-insured retentions and deductibles to be procured under the required insurance coverages, as well as the allocation of losses within chosen retentions
and deductibles, are the responsibility of the Owner, and Manager, at Owner’s expense will be responsible for posting of collateral behind self insured deductibles and retentions under the required programs specified in this
Section 1.01.1. The following coverages are subject to the right of the Lottery Commission to require higher limits of liability if in its judgment economic or insurance market conditions warrant. 

(a) So called All-risk or Special Form property insurance, including terrorism, flood, earthquake insurance and boiler and machinery
insurance, on the Managed Facilities and all equipment (including Gaming equipment) owned by the State, if any, in an amount equal to the full replacement value thereof (with no coinsurance clause). Coverage must include business interruption to
cover actual loss sustained on a gross earning basis directly resulting from physical loss or damage to the Managed Facilities. Such insurance shall include coverage for management fees as a continuing expense. 

(b) Statutory workers’ compensation and employers’ liability insurance for all Managed Facilities Employees. The employers
liability limits shall not be less than $2,000,000 each accident for bodily injury by accident or $2,000,000 each employee for bodily injury by disease. 
 (c) Commercial general liability insurance naming the Owner and Manager as named insured, covering bodily injury, personal injury, property damage, products and completed operations, innkeeper’s
liability, liquor liability, and contractual liability in an amount equal to not less than $100,000,000 each occurrence and in the aggregate; 
 (d) Automobile Liability Insurance, including all owned, non-owned and hired vehicles with limits not less than $100,000,000 each accident and in the aggregate from the use, operation or maintenance
of any automobiles; 
 (e) Comprehensive crime insurance in an amount equal to not less than $10,000,000, including
employee dishonesty, forgery or alteration, loss inside and outside the Managed Facilities, computer fraud, money orders and counterfeit paper currency, funds transfer fraud and credit card fraud; 

(f) Employment practices liability insurance at limits not less than $10,000,000 each claim and in the aggregate; 

  
 G-1

 (g) The amount of the minimum coverage in the above clauses (c) and
(d) may be lowered if an umbrella policy is furnished covering any excess of the liabilities described in clauses (c) and (d) with a combined limit of liability of not less than $100,000,000 per occurrence and in
the aggregate; 
 (h) During the period of construction of any additional improvements at the Managed Facilities, Manager shall
further maintain or cause the general contractor responsible for such work, or, if no general contractor is employed, each subcontractor to maintain Commercial General Liability, Auto Liability, Workers Compensation and Employers Liability in
amounts deemed reasonable and prudent for the work being performed; and 
 1.01.2 Manager Required Insurance. The
following minimum insurance will be obtained and maintained by Manager with respect to Manager’s own employees working at the Managed Facilities at all times during the term of this Agreement. 

(a) Manager shall maintain statutory workers’ compensation and employers liability insurance for Managed Facilities Employees. The
employer’s liability limits shall not be less than $2,000,000 each accident for bodily injury by accident or $2,000,000 each employee for bodily injury by disease; 
 (b) Employment practices liability insurance at limits not less than $10,000,000 each claim and in the aggregate. 
 1.01.3 Responsibility to Maintain. The obligation to maintain the insurance policies required by the Agreement shall lie solely with Manager (the cost of which shall be an Operating Expense and
subject to the budget process) and the cost of such insurance policies (other than the insurance described in Section 1.01.2 above shall be an Operating Expense and subject to the budget process of the Agreement. 

1.01.4 Requirements. All policies of insurance shall, to the extent such coverage is commercially available, be written on an
“occurrence” basis. To the extent that any insurance required hereby is or becomes available only on a “claims made” basis, the Manager shall, as an Operating Expense, purchase satisfactory extended reporting period endorsements
to policies placed during the term of the Agreement or, in the alternative, continue to insure Manager and Owner as named insured parties under policies of insurance placed after termination of this Agreement until the expiration, without claim, of
all applicable statutes of limitation as may be necessary to assure that Manager has the benefit of the required insurance for causes of action arising out of events occurring with respect to the Managed Facilities during the term of the Agreement,
whether or not any such claim is actually asserted prior to the expiration or earlier termination thereof. 
 1.02 Policies
and Endorsements. 
 1.02.1 Policies. Except for those policies procured through Surplus Lines insurers and captive
insurance subsidiaries, all insurance coverage provided for under the Agreement, and all policies required by the Lottery Commission to be issued by insurance companies licensed or authorized to do business in the State of Maryland, shall be
effected by policies issued by insurance companies authorized to do business in the State of Maryland that 

  
 G-2

 
are of good reputation and of sound and adequate financial responsibility, having an A.M. Best’s (“Best”) Rating of, A- or better, or a comparable rating if Best ceases to publish
its ratings or materially changes its rating standards or procedures. Upon request, Manager shall deliver to Owner certificates of insurance with respect to all of the policies of insurance so procured, and shall deliver certificates of insurance
with respect to the renewal policies to Owner not less than ten (10) business days prior to the respective dates of expiration. Certificates of insurance shall be sent to Owner at the following address, or at such future address as Owner may
specify by means of written notice to the Manager: 
 VP Risk & Insurance 

Caesars Entertainment Inc. 
 Corporate Headquarters 
 One Caesars Palace Drive 

Las Vegas, NV 89109 
 Upon request, Manager shall deliver to Owner certificates of insurance with respect to any policies of insurance so procured by Manager not less than ten (10) business days prior to the respective
dates of expiration. Certificates of insurance shall be sent to Owner at the following address, or at such future address as Owner may specify by means of written notice to the Manager: 

Owner: 
 VP
Risk & Insurance 
 Caesars Entertainment Inc. 
 Corporate Headquarters 
 One Caesars Palace Drive 

Las Vegas, NV 89109 
 1.02.2 Endorsements. All insurance policies required under clauses of Subsections 1.01.1 and 1.02.2, shall contain an endorsement to the effect that such insurance shall be primary,
not excess, and not contributory to any similar insurance carried by Manager and Owner. Owner and Manager shall comply with all insurance policies with respect to reporting and handling of claim matters. 

1.02.3 Additional Insureds. All policies of insurance required under Section 1.01.1, shall be carried in the name of the
Owner and shall name Manager, and where required by Applicable Law, the Lottery Commission (and shall require the insurer to provide the Lottery Commission sixty (60) days written notice of non-renewal, cancellation or material modification),
as additional insured with exception to workers compensation and employers liability coverage. 
 1.03 Waiver of
Subrogation. 
 To the extent any loss is covered by insurance required to be carried under this Agreement, Manager and the
Owner each waive, release and discharge the other from all claims or demands which each may have or acquire against the other, or against each other’s directors, officers, agents, employees, or partners, with respect to any claims for any
losses, damages, 

  
 G-3

 
liability or expenses (including attorneys’ fees) incurred or sustained by either of them, arising out of the ownership, management, operation and maintenance of the Managed Facilities,
regardless whether any such claim or demand may arise because of the fault or negligence of the other party or its officers, partners, agents, and employees. To the extent commercially reasonable, Owner and Manager will secure waiver of subrogation
endorsements in favor of the other on their respective property and liability insurance policies. 

  
 G-4

 EXHIBIT H 

TO MANAGEMENT AGREEMENT 
 OPENING DATE CONFIRMATION 
 Reference is made to that certain Management Agreement,
dated October 23, 2012 (the “Management Agreement”), between Caesars Baltimore Management Company, LLC, a Delaware limited liability company, and CBAC Gaming, LLC, a Delaware limited liability company. Capitalized terms used herein
have the meanings given to such terms in the Management Agreement. 
 Owner and Manager confirm, pursuant to the Management Agreement, that the
Opening Date is                     . 
  

			
	OWNER:
	
	CBAC Gaming, LLC
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	MANAGER:
	
	Caesars Baltimore Management Company, LLC
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 H-1

 EXHIBIT I 

TO MANAGEMENT AGREEMENT 
 SERVICE MARKS 
  

			
	 Mark
	  	U.S. Registration No.
	

	  	4,063,415
		
	

	  	2,843,123
		
	

	  	1,937,292
		
	

	  	1,957,088
		
	

	  	1,946,083
		
	

	  	1,634,559
		
	

	  	3,293,192
		
	

	  	3,430,973
		
	

	  	3,651,057
		
	

	  	3,448,365

  
 I-1

			
	 

	  	4,177,001
		
	 

	  	4,177,002
		
	 

	  	Pending,

App. No. 85/374085

		
	 

	  	Pending,
 App. No.
85/374120

		
	 

	  	3,386,529
		
	Mark	  	U.S. Registration No.
		
	 1-800-HARRAHS
	  	2,118,116
		
	 Come Out and Play (Block)
	  	2,982,818
		
	 Come Out and Play (Block)
	  	4,043,454
		
	 Earning is half the fun.
	  	3,554,091
		
	 Express Play (Block)
	  	3,323,794
		
	 Harrah’s (Block)
	  	1,237,716
		
	 Harrah’s (Block)
	  	1,067,887
		
	 Harrah’s (Block)
	  	3,268,351
		
	 Harrah’s (Block)
	  	3,285,300
	 Harrah’s Casino (Block)
	  	2,176,952
		
	 Harrah’s
	  	1,295,055
		
	 Harrah’s
	  	1,297,101
		
	 Harrahs.com
	  	2,268,340
	 It’s Not Just A Game, It’s The Law
	  	1,958,131
		
	 Know When to Stop Before You Start
	  	1,915,702
		
	 Operation Bet Smart
	  	1,855,402
		
	 Play $100 on Us!
	  	3,154,110

  
 I-2

			
	 Project 21
	  	2,087,604
		
	 Reel Rewards (Block)
	  	2,776,841
		
	 Reel Rewards (Block)
	  	2,708,798
		
	 Responsible Gaming is our Business
	  	3,126,815
		
	 Reward Credits
	  	2,847,337
		
	 Seven Stars
	  	3,293,190
	 Seven Stars
	  	3,293,192
	 Seven Stars
	  	2,951,635
	 Seven Stars Signature Event
	  	3,632,834
	 Shop. Earn. Redeem.
	  	3,621,214
	 Slot Finder
	  	3,263,858
	 Tier Score (Block)
	  	3,984,726
	 Total Rewards
	  	2,830,063
	 Total Rewards
	  	3,413,390
	 Total Rewards
	  	3,459,699
	 Total Rewards
	  	3,213,494
	 Total Rewards
	  	2,209,160
	 Total Rewards
	  	2,476,727
	 Total Rewards
	  	3,784,830
	 Total Rewards (Block)
	  	3,390,160
	 Total Rewards Access
	  	3,432,308
	 Total Rewards Alliance (Block)
	  	3,858,245
	 Total Rewards Marketplace (Block)
	  	4,052,944
	 Total Touch
	  	3,323,748
	 TR Insider (Block)
	  	4,184,301
	 Where Will You Earn?
	  	3,615,971
	 Where Will You Play?
	  	3,213,421

  
 I-3

 EXHIBIT J 

TO MANAGEMENT AGREEMENT 
 TOTAL REWARDS SYSTEM 
 Total Rewards is the Caesars’
proprietary casino customer loyalty program (TR Program). The TR Program offers incentives, including Reward Credits, to customers who gamble at our casinos in the Total Rewards network. Reward Credits are awarded based upon property, length of
play, average bet, and type of game played. Total Rewards customers can also earn Reward Credits for non-gaming purchases at our facilities. 
 Customers are able to accumulate, or bank, Reward Credits over time that they may redeem at their discretion under the terms of the program. Total Rewards customers are able to redeem those credits
towards hotel rooms, meals, merchandise and other items at substantially all of our casinos located in the U.S. and Canada. The reward credit balance will be forfeited if the customer does not earn a new reward credit over the prior six
(6) month period. 
 The TR Program utilizes a database containing information on the customers and aspects of their casino
gaming play. This information is analyzed and used for marketing promotions including direct mail campaigns, electronic mail, and our website. 
 The TR Program is structured in tiers, providing customers an incentive to consolidate their play at our casinos. Customers are encouraged to consolidate their play through targeted promotional offers and
rewards. Depending on their level of play with us in a calendar year, customers may be designated as either Gold, Platinum, Diamond, or Seven Stars. 

  
 J-1

 EXHIBIT K 

TO MANAGEMENT AGREEMENT 
 CONFIDENTIALITY AND NON-USE 
 1. Definition. For purposes of
this Agreement, “Owner Confidential Information” shall mean all confidential or proprietary information or material of Owner, whether revealed orally, visually, or in tangible or electronic form, in connection with the Managed Facilities,
that is not generally known to the public, including confidential or proprietary business strategies and procedures, political strategies and discussions, sales and marketing data, specifications, drawings, site plans, development plans, surveys,
engineering and traffic reports, and information regarding future business, development, sales and marketing plans and financial data. 
 2. Exclusions. “Owner Confidential Information” shall not include information which: (i) was already rightfully known by Manager or any of its Affiliates prior to the time that it is
disclosed to Manager hereunder; (ii) is in or has entered the public domain through no breach of this Agreement or other wrongful act of Manager; (iii) has been rightfully received from a third party not under obligation of confidentiality
to Owner and without breach of this Agreement; (iv) has been approved for release by written authorization of Owner (provided that a copy of the released information is promptly provided to Owner); (v) is independently developed by Manager
or any of its Affiliates without using Owner Confidential Information; or (vi) is required to be disclosed pursuant to Applicable Law or an order of a Governmental Authority, provided that Owner has been given reasonable notice under the
circumstances of such requirement or order and the opportunity to contest it. 
 3. Obligations of Confidentiality.
Manager understands and agrees that it will be deemed in a relationship of confidence with respect to the Owner Confidential Information disclosed to it by Owner hereunder. Manager agrees to hold the Owner Confidential Information in strict
confidence and not to disclose such Owner Confidential Information to any third party or to use it for any purpose other than to pursue the discussions with Owner and its own employees, members, managers, attorneys, accountants, agents,
representatives and consultants for the Operation of the Managed Facilities, except with the permission of Owner. Manager agrees that it will employ all reasonable steps to protect the Owner Confidential Information from unauthorized or inadvertent
disclosure, including all steps that it takes to protect its own information that it considers proprietary or confidential. Manager may disclose Owner Confidential Information to its employees, members, managers, attorneys, accountants, agents,
representatives and consultants, but only to the extent reasonably necessary for the Operation of the Managed Facilities, and Manager agrees to instruct all such employees, members, managers, attorneys, accountants, agents, representatives and
consultants of the confidential nature of such information and the requirements of this Exhibit K. Manager shall be responsible for any acts or omissions of such employees, members, managers, attorneys, accountants, agents,
representatives and consultants in violation of this Exhibit K. 
 4. Return of Materials. Upon termination
of this Agreement, and in any event upon the written request of Owner at any time, whether before or after the termination of this Agreement, Manager shall immediately return to Owner all documents, plans, drawings,

  
 K-1

 
specifications or other tangible items representing or embodying Owner Confidential Information, and all copies thereof, except as otherwise required by Applicable Law or Manager’s or its
Affiliates’ document retention policies and except for copies, including electronic copies, that would be impractical or unreasonably expensive or time consuming to delete. Any materials retained pursuant to the above provisions shall remain
subject to the confidentiality provisions of this Exhibit K. 
 5. Ownership of Confidential Information.
Owner shall be deemed the owner of all Owner Confidential Information disclosed by it hereunder, including all patent, copyright, trademark, trade secret and other proprietary rights and interests therein, and Manager recognizes and agrees that
nothing contained in this Agreement shall be construed as granting any rights, by license or otherwise, in or to any Owner Confidential Information disclosed pursuant to this Exhibit K or in or to any such intellectual property rights
therein. 
 6. Injunctive Relief and Attorneys’ Fees. Manager hereby acknowledges that the unauthorized disclosure,
use or disposition of Owner Confidential Information would cause irreparable harm and significant injury which would be difficult to ascertain. Accordingly, Manager agrees that Owner shall have the right to seek an immediate injunction in the event
of any breach of the obligations set forth in this Exhibit K, in addition to any other remedies that may be available to Owner at law or in equity. In the event of an action to enforce the provisions of this Exhibit K, Owner,
if it prevails, shall be entitled, in addition to any other relief granted, to recover from Manager the reasonable costs and expenses of such enforcement, including reasonable attorneys’ fees. 

7. Survival. Notwithstanding anything to the contrary herein, the provisions of this Exhibit K shall survive and inure
to the benefit of and be binding upon the Parties after termination of this Agreement. 

  
 K-2EX-10.11

 EXHIBIT 10.11 

 
  
 AMENDED AND RESTATED LOAN AGREEMENT 
 Dated as of February 19, 2010

 Between 
 PHW LAS VEGAS, LLC, 
 as Borrower 

and 
 WELLS FARGO
BANK, N.A., AS TRUSTEE FOR THE CREDIT SUISSE FIRST BOSTON 
 MORTGAGE SECURITIES CORP. COMMERCIAL MORTGAGE PASS-THROUGH

 CERTIFICATES, SERIES 2007-TFL2, 
 as Lender 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	 	3	  
	 Section 1.1.
	  	Definitions	  	 	3	  
	 Section 1.2.
	  	Principles of Construction	  	 	44	  
		
	 ARTICLE II. GENERAL TERMS
	  	 	44	  
	 Section 2.1.
	  	Loan Commitment; Disbursement to Borrower	  	 	44	  
	 Section 2.2.
	  	Interest Rate	  	 	44	  
	 Section 2.3.
	  	Loan Payment	  	 	50	  
	 Section 2.4.
	  	Prepayments	  	 	51	  
	 Section 2.5.
	  	Release of Property	  	 	52	  
	 Section 2.6.
	  	Cash Management	  	 	52	  
		
	 ARTICLE III. [INTENTIONALLY OMITTED]
	  	 	60	  
		
	 ARTICLE IV. REPRESENTATIONS AND WARRANTIES
	  	 	60	  
	 Section 4.1.
	  	Borrower Party and Property Representations	  	 	60	  
		
	 ARTICLE V. BORROWER COVENANTS
	  	 	73	  
	 Section 5.1.
	  	Affirmative Covenants	  	 	73	  
	 Section 5.2.
	  	Negative Covenants	  	 	90	  
		
	 ARTICLE VI. INSURANCE; CASUALTY; CONDEMNATION; RESTORATION
	  	 	102	  
	 Section 6.1.
	  	Insurance	  	 	102	  
		
	 ARTICLE VII. RESERVE FUNDS
	  	 	111	  
	 Section 7.1.
	  	Intentionally Omitted	  	 	111	  
	 Section 7.2.
	  	Tax and Insurance Escrow Account	  	 	111	  
	 Section 7.3.
	  	FF&E Reserve Account	  	 	111	  
	 Section 7.4.
	  	Interest Reserve Account	  	 	113	  
	 Section 7.5.
	  	Permitted Tax Distributions Account	  	 	115	  
	 Section 7.6.
	  	Seasonality Cash Reserve Account	  	 	115	  
	 Section 7.7.
	  	Major Capital Improvement Reserve Account	  	 	116	  
	 Section 7.8.
	  	Existing Lien Reserve	  	 	118	  
	 Section 7.9.
	  	Intentionally Omitted	  	 	119	  
	 Section 7.10.
	  	Intentionally Omitted	  	 	119	  
	 Section 7.11.
	  	Letter of Credit	  	 	119	  
	 Section 7.12.
	  	Reserve Funds Generally	  	 	120	  
		
	 ARTICLE VIII. DEFAULTS
	  	 	120	  
	 Section 8.1.
	  	Event of Default	  	 	120	  
	 Section 8.2.
	  	Remedies	  	 	124	  
		
	 ARTICLE IX. SPECIAL PROVISIONS
	  	 	125	  
	 Section 9.1.
	  	Sale of Note and Securitization	  	 	125	  
	 Section 9.2.
	  	Intentionally Omitted	  	 	125	  
	 Section 9.3.
	  	Real Property Indemnifications	  	 	125	  
	 Section 9.4.
	  	Exculpation	  	 	127	  
	 Section 9.5.
	  	Servicer	  	 	129	  

  
 i 

							
		
	 ARTICLE X. MISCELLANEOUS
	  	 	130	  
	 Section 10.1.
	  	Survival	  	 	130	  
	 Section 10.2.
	  	Lender’s Discretion	  	 	130	  
	 Section 10.3.
	  	GOVERNING LAW	  	 	130	  
	 Section 10.4.
	  	Modification, Waiver in Writing	  	 	132	  
	 Section 10.5.
	  	Delay Not a Waiver	  	 	132	  
	 Section 10.6.
	  	Notices	  	 	132	  
	 Section 10.7.
	  	TRIAL BY JURY	  	 	133	  
	 Section 10.8.
	  	Headings	  	 	133	  
	 Section 10.9.
	  	Severability	  	 	133	  
	 Section 10.10.
	  	Preferences	  	 	133	  
	 Section 10.11.
	  	Waiver of Notice	  	 	134	  
	 Section 10.12.
	  	Remedies of Borrower	  	 	134	  
	 Section 10.13.
	  	Expenses and Indemnity	  	 	134	  
	 Section 10.14.
	  	Schedules Incorporated	  	 	135	  
	 Section 10.15.
	  	Offsets, Counterclaims and Defenses	  	 	135	  
	 Section 10.16.
	  	No Joint Venture or Partnership	  	 	135	  
	 Section 10.17.
	  	No Third Party Beneficiaries	  	 	136	  
	 Section 10.19.
	  	Waiver of Marshalling of Assets	  	 	136	  
	 Section 10.20.
	  	Waiver of Counterclaim	  	 	136	  
	 Section 10.21.
	  	Conflict; Construction of Documents; Reliance	  	 	136	  
	 Section 10.22.
	  	Brokers and Financial Advisors	  	 	137	  
	 Section 10.23.
	  	Prior Agreements	  	 	137	  
	 Section 10.24.
	  	Intentionally Omitted	  	 	137	  
	 Section 10.25.
	  	Quarterly Borrower Meetings	  	 	137	  
	 Section 10.26.
	  	Counterparts	  	 	138	  
	 Section 10.27.
	  	Amendment and Restatement	  	 	138	  

  
 ii 

 AMENDED AND RESTATED LOAN AGREEMENT 

AMENDED AND RESTATED LOAN AGREEMENT, dated as of February 19, 2010 (as amended, restated, replaced, supplemented or otherwise
modified from time to time, this “Agreement”), between PHW LAS VEGAS, LLC, a Nevada limited liability company (“Borrower”), having its principal place of business at 3667 Las Vegas Boulevard South, Las Vegas, Nevada
89109, and WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-TFL2, (together with its successors and assigns, “Lender”), having
an address at 9062 Old Annapolis Road, Columbia, Maryland 21045. 
 RECITALS: 

WHEREAS, on November 30, 2006 (the “Original Closing Date”), Column Financial, Inc., a Delaware corporation
(“Original Lender”), made a loan (the “Original Loan”) to PH Fee Owner LLC, a Delaware limited liability company (“Original Fee Owner”), and OpBiz, L.L.C., a Nevada limited liability company
(“OpBiz” and together with Original Fee Owner, “Original Borrower”), in the maximum principal sum of up to Eight Hundred and Twenty Million and No/100 Dollars ($820,000,000.00), pursuant to that certain Loan
Agreement, dated as of the Original Closing Date, between Original Borrower and Original Lender (the “Original Loan Agreement”), which Original Loan was evidenced by that certain Promissory Note, dated as of the Original Closing
Date, made by Original Borrower in favor of Original Lender (the “Original Note”), and was secured by, among other things, (i) that certain Deed of Trust, Security Agreement, Assignment of Leases and Rents, Financing Statement
and Fixture Filing, dated as of the Original Closing Date, made by Original Borrower to First American Title Insurance Company, a New York corporation, as trustee, for the benefit of Original Lender, as beneficiary and recorded in Book 20061211 as
Instrument Number 0002556 of the Official Records of Clark County, Nevada (the “Original Security Instrument”) and (ii) that certain Assignment of Leases and Rents, dated as of the Original Closing Date, made by Original
Borrower in favor of Original Lender and recorded in Book 20061211 as Instrument Number 0002558 of the Official Records of Clark County, Nevada (the “Original Assignment of Leases”; the Original Assignment of Leases, the Original
Loan Agreement, the Original Note, the Original Security Instrument, and all other documents and instruments evidencing and/or securing the Original Loan which were executed on or about the Original Closing Date by Original Borrower, or others, in
connection with or related to the Original Loan, are sometimes herein collectively referred to as the “Original Loan Documents”); 
 WHEREAS, on or about July 17, 2007 (the “Amendment Date”), Original Borrower and Original Lender agreed to amend certain terms of the Original Loan Documents in order to, among other
things, increase the maximum principal sum of the Original Loan to Eight Hundred and Sixty Million and No/100 Dollars ($860,000,000.00), and in connection therewith, Original Borrower and Original Lender entered into certain amendments to, and
amendments and restatements of, the Original Loan Documents, including, without limitation, (i) that certain Amended and Restated Promissory Note, dated as of the Amendment Date, made by Original Borrower in favor of Original Lender (the
“Amended Note”), (ii) that certain Modification of 

  
 1 

 
Deed of Trust, Security Agreement, Assignment of Leases and Rents, Financing Statement and Fixture Filing, dated as of the Amendment Date, between Original Borrower and Original Lender and
recorded in Book 20070718 as Instrument Number 04033 of the Official Records of Clark County, Nevada (the “Modification of Security Instrument”), (iii) that certain Modification of Assignment of Leases and Rents, dated as of
the Amendment Date, made by Original Borrower in favor of Original Lender and recorded in Book 20070718 as Instrument Number 04035 of the Official Records of Clark County, Nevada (the “Modification of Assignment of Leases”), and
(iv) that certain Omnibus Amendment of Loan Documents, dated as of the Amendment Date, among Original Borrower, Original Lender and certain other parties (the “Omnibus Modification”; the Omnibus Modification, the Amended Note,
the Modification of Security Instrument, the Modification of Assignment of Leases, and all other documents and instruments modifying, evidencing and/or securing the Original Loan which were executed on or about the Amendment Date by Original
Borrower or others in connection with or related to the Original Loan, are sometimes herein collectively referred to as the “Modification Documents”). The Original Loan Agreement, as modified by the Omnibus Modification, is referred
to herein as the “Amended Loan Agreement” and the Original Loan Documents, as modified by the Modification Documents are sometimes herein collectively referred to as the “Amended Loan Documents”; 

WHEREAS, on or about August 3, 2007, Original Lender assigned the Original Loan and the Amended Loan Documents to Lender, and as of
the date hereof, Lender is the owner and holder of the Original Loan; 
 WHEREAS, pursuant to that certain Modification
Agreement, dated as of August 11, 2008, by and among Lender, Original Borrower and certain other parties (the “2008 Modification Agreement”), the Amended Loan Agreement and the other Amended Loan Documents were modified as set
forth therein; 
 WHEREAS, the Amended Loan Agreement and the other Amended Loan Documents were further modified pursuant to
that certain Third Modification Agreement, dated as of May 7, 2009, by and among Lender, Original Borrower and certain other parties (the “Third Modification Agreement”). The Amended Loan Agreement, as modified by the 2008
Modification Agreement and the Third Modification Agreement, is referred to herein as the “Existing Loan Agreement”; 
 WHEREAS, the Original Loan went into default on September 9, 2009; 
 WHEREAS,
on the Business Day immediately prior to the effectiveness of this Agreement (i) the Amended Note was split into that certain Senior Note from Original Borrower to Lender in the principal amount of $554,340,000 (the “Senior
Note”) and that certain Subordinate Note from Original Borrower to Lender in the principal amount of $287,391,718 (the “Subordinate Note”) and (ii) Borrower assumed the portion of the Original Loan evidenced by the
Senior Note and the Senior Note from Original Borrower pursuant to that certain Assignment and Assumption Agreement dated as of the Business Day prior to the date hereof; 

  
 2 

 WHEREAS, immediately prior to the effectiveness of this Agreement, (i) Borrower assumed
the portion of the Original Loan evidenced by the Senior Note and the Senior Note from OpBiz pursuant to that certain Assignment and Assumption Agreement dated as of the date hereof, (ii) Lender cancelled the Subordinate Note, (iii) PHW
Investments, LLC (“PHW Investments”) cancelled, and Harrah’s Operating Company, Inc. (“HOC”) caused PHW Investments to cancel, the B-2A, B-2B, B-3, B-4 and B-5 participation interests owned by it in the
Original Loan and (iv) immediately following the actions in clause (i), and simultaneously with the actions in clauses (ii) – (iii) in this Recital and in consideration for such actions and other good and valuable consideration,
the equity interests in Borrower were transferred to HOC; 
 WHEREAS, Lender and Borrower have agreed to restructure the
Original Loan by entering into, among other things, this Agreement. 
 NOW, THEREFORE, in consideration of the sum the of Ten
($10) Dollars and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Lender and Borrower hereby covenant, agree, represent and warrant as follows: 

ARTICLE I. 

DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
 Section 1.1. Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary intent: 

“Acceptable Counterparty” shall mean any counterparty to the Interest Rate Cap Agreement that has and shall maintain,
until the expiration of the applicable Interest Rate Cap Agreement a long-term unsecured debt rating of at least “A+” by S&P or “A1” from Moody’s. 
 “Additional Insolvency Opinion” shall have the meaning set forth in Section 4.1.29(b). 
 “Adjusted Net Cash Flow” shall mean, for any period, the amount obtained by subtracting (a) the sum of (i) Operating Expenses plus (ii) 3% multiplied by Gross Income from
Operations for such period from (b) Gross Income from Operations for such period. 
 “Affiliate” shall
mean, with respect to any Person, any other Person which, directly or indirectly, Controls, is Controlled by or is under common Control with, the specified Person, including, without limitation, any Person (a) which beneficially owns or holds,
directly or indirectly, ten percent (10%) or more of (i) any class of voting stock of the specified Person, or (ii) the Equity Interests (with voting capacity) of a Person, or (b) who (i) is a director or executive officer
(or individual with similar responsibilities) of the specified Person or (ii) if the Person does not have directors or executive officers, has similar responsibilities to a director or executive officer. 

“Affiliated Manager” shall mean any Manager that is an Affiliate of Borrower or Guarantor. 

“ALTA” shall mean American Land Title Association, or any successor thereto. 

“Alteration” shall mean any alteration, improvement, demolition, construction or removal of all or any portion of the
Improvements at the Property. 

  
 3 

 “Annual Budget” shall mean the operating budget, including all planned
Capital Expenditures relating to the Property prepared by, or on behalf of, Borrower for the applicable Fiscal Year or other period. 
 “Applicable Interest Rate” shall mean the rate or rates at which the outstanding principal amount of the Loan bears interest from time to time in accordance with the provisions of
Section 2.2.3. 
 “Applicable Taxes” shall have the meaning set forth in
Section 2.2.3(e). 
 “Approved Annual Budget” shall have the meaning set forth in
Section 5.1.11(d). 
 “Approved Bank” shall mean a bank or other financial institution which has a
minimum long term unsecured debt rating of at least “A+” by S&P and Fitch and “A1” by Moody’s. 

“Approved Capital Expenditures” shall mean, individually or collectively as the context indicates, Capital Expenditures
and any other amounts expended from time to time with respect to Alterations, repairs, replacements and/or improvements with respect to all or any portion of the Property, in each case that are set forth (a) in the Approved Annual Budget or
(b) on Schedule XVII attached hereto. 
 “Assignment of Contracts” shall mean that certain first
priority Amended and Restated Assignment of Contracts and Operating Permits from Borrower, as assignor, to Lender, as assignee, assigning to Lender all of Borrower’s right, title and interest in and to the Contracts and the Operating Permits as
security for the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Assignment of Leases” shall mean that certain first priority Amended and Restated Assignment of Leases and Rents from
Borrower, as assignor, to Lender, as assignee, assigning to Lender all of Borrower’s right, title and interest in and to the Leases and Rents as security for the Loan, as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time. 
 “Assignment of Management Agreement” shall mean (a) on the date hereof,
that certain Manager Subordination and Cooperation Agreement, dated as of the date hereof, made by Manager in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time and (b) after
the date hereof, any replacement assignment, subordination and cooperation agreement entered into pursuant to the terms hereof with any replacement Manager, which agreement shall be in form and substance substantially the same as the Manager
Subordination and Cooperation Agreement, dated as of the date hereof, made by Manager in favor of Lender, or otherwise reasonably satisfactory to Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time. 
 “Assumed Note Rate” shall have the meaning set forth in Section 2.4.4. 

“Award” shall mean any compensation paid by any Governmental Authority in connection with a Condemnation. 

  
 4 

 “Bankrupt” or “Bankruptcy” shall have the meaning to the
effect of the term “bankrupt” as defined in the Nevada Act. 
 “Bankruptcy Action” shall mean with
respect to any Person (a) such Person filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under the Bankruptcy Code
or any other Federal or state bankruptcy or insolvency law in which such Person colludes with, or otherwise assists such Person, or soliciting or causing to be solicited petitioning creditors for any involuntary petition against such Person;
(c) such Person filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law;
(d) such Person consenting to or acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for such Person or any portion of the Property; or (e) such Person making an assignment for the
benefit of creditors, or admitting, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due. 
 “Bankruptcy Code” shall mean, 11 U.S.C. § 101 et. Seq., as the same may be amended from time to time. 
 “Borrower” shall have the meaning set forth in the introductory paragraph hereto. 
 “Borrower Accounts” shall mean, collectively, any and all bank and other deposit accounts owned, established, held or maintained by or on behalf of Borrower and relating to the operation
or management of the Property or any portion thereof, including (without limitation) the Collection Accounts, the Borrower Disbursement Account and any bank and other deposit accounts of any Manager or any other Person, held on behalf of or for the
benefit of Borrower, each of the foregoing existing on the date hereof being identified on Schedule V, as such accounts may be transferred, replaced, supplemented or modified from time to time in accordance with the terms hereof. 

“Borrower Disbursement Account” shall mean an account maintained by Borrower for its own account and with such account
number as may be designated in writing by Borrower to Lender from time to time, and into which amounts are to be disbursed from time to time in accordance with, and subject to, the terms hereof. 

“Borrower Party” shall mean, individually or collectively as the context indicates, Borrower, Guarantor and
Harrah’s Manager. 
 “Business Day” shall mean any day other than a Saturday, Sunday or any other day on
which national banks in New York, New York are not open for business. 
 “Capital Expenditures” shall mean, for
any period, the amount expended at, or with respect to the Property, for items capitalized under GAAP (including expenditures for building improvements or major repairs, leasing commissions, tenant improvements, FF&E and Fixtures, IT System
Work). 

  
 5 

 “Cash Expenses” shall mean, for any period, the Operating Expenses for the
operation of the Property for such period or accrued and payable in such period, as set forth in an Approved Annual Budget to the extent that such expenses are actually incurred or accrued for such period by Borrower, less any payments into the Tax
and Insurance Escrow Fund. 
 “Cash Management Account” shall mean that certain segregated Eligible Account
established on or prior to the date hereof with Cash Management Bank entitled “PHW Las Vegas, LLC, Cash Management Account f/b/o Wells Fargo Bank, N.A., as Trustee for the Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage
Pass-Through Certificates, Series 2007-TFL2 and its successors and assigns, as secured party” with account number ########### or, subject to the terms hereof, such replacement cash management account established by Borrower at any successor
Cash Management Bank designated from time to time in accordance with the terms hereof. 
 “Cash Management Account
Agreement” shall mean that certain acknowledgment and agreement, dated the date hereof, among Lender, Borrower and Cash Management Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 “Cash Management Bank” shall mean (i) on the date hereof, Key Bank N.A., so long as the same remains an
Eligible Institution, (ii) after the date hereof, any successor Eligible Institution designated as Cash Management Bank from time to time in accordance with the terms hereof, or (iii) any other financial institution otherwise reasonably
approved by Lender and, if a Securitization has occurred, with respect to which a Rating Agency Confirmation has been obtained. 

“Casino Accounts” shall mean, collectively, (i) ‘cage’ account ############ maintained by Manager at
Property Bank, (ii) account ############ maintained by Manager at Property Bank, and (iii) such other account established and maintained from time to time by Manager or Borrower and reasonably approved by Lender; provided, however, that,
in each case of the foregoing, any such Casino Account shall be established and maintained pursuant to, and in accordance with, all applicable Gaming Laws and shall be subject to a security interest in favor of Lender pursuant to the Loan Documents.

 “Casino Component” shall mean that portion of the Property devoted to the operation of a casino gaming
operation, including (without limitation) those areas devoted to the conduct of games of chance, facilities associated directly with gaming operations including, without limitation, casino support areas such as surveillance and security areas, cash
cages, counting and accounting areas and gaming back-of-the-house areas in each case, to the extent the operation thereof
requires a Gaming License under applicable Gaming Laws, all of the foregoing comprising the Casino Component Premises. 

“Casino Component Premises” shall mean that portion of the Property described on Schedule
II-C attached hereto, as the same may be adjusted from time to time after the date hereof solely to the extent required in order comply with applicable Gaming Laws. 

  
 6 

 “Casino Expansion Leases” shall mean, collectively, each lease of space
comprising a portion of the Retail Mall deemed to be entered into by Retail Mall Owner, as lessor, and Borrower (as assignee thereunder), as lessee, pursuant to the terms of Section 8 of the REA Amendment Agreement, such space being referred to
therein as “space G-21”, ‘space G-1A” and “space F-27”, including (without limitation) the specific
terms of each such lease set forth in the REA Amendment Agreement and the general terms and provisions of the “standard lease form” referred to therein, as the same may be amended, restated, replaced, supplemented or otherwise modified
from time to time. 
 “Casualty” shall mean any damage or destruction, in whole or in part, by fire or other
casualty of all or any portion of the Property. 
 “Casualty Consultant” shall have the meaning set forth in
Section 6.4(b)(iii). 
 “Casualty Retainage” shall have the meaning set forth in
Section 6.4(b)(iv). 
 “Change of Control” shall mean any of the following: 

(i) Borrower is no longer Controlled by either HOC or Guarantor; or 

(ii) any Transfer, in one or a series of transactions, of more then 49% of the interests in Borrower held by HOC on the
Closing Date; provided, however, that no Transfer of direct or indirect interests in HOC or Guarantor shall be considered in the determination of the foregoing. 
 “Closing Date” shall mean the date hereof. 

“Code” shall mean the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any
successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
 “Collateral Assignment of Interest Rate Cap Agreement” shall mean that certain Collateral Assignment of Interest Rate Cap Agreement executed by Borrower in connection with the Loan for
the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Collateral Assignment of Timeshare Project Proceeds” shall mean that certain Amended and Restated Collateral Assignment
of Timeshare Project Proceeds executed by Borrower and TSP Owner in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Collection Account” shall mean, individually or collectively as the context indicates, (i) that certain segregated
Eligible Account established by Borrower with Property Bank entitled “PHW Las Vegas, LLC, Merchant Account f/b/o Wells Fargo Bank, N.A., as Trustee for the Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through
Certificates, Series 2007-TFL2 and its successors and assigns, as secured party” with account number ############ and into which Borrower shall cause all credit card receipts to be deposited pursuant to the terms hereof, (ii) that certain
segregated Eligible Account established by 

  
 7 

 
Borrower with Property Bank entitled “PHW Las Vegas, LLC, Collection Account f/b/o Wells Fargo Bank, N.A., as Trustee for the Credit Suisse First Boston Mortgage Securities Corp. Commercial
Mortgage Pass-Through Certificates, Series 2007-TFL2 and its successors and assigns, as secured party” and its successors and assigns, as secured party” with account number ############ and into which Borrower shall cause all Revenue
(other than credit card receipts) to be deposited pursuant to the terms hereof, excluding any amounts properly retained by Borrower and/or Manager as the Gaming Operating Reserve in one or more Casino Accounts in accordance with the terms hereof,
and (iii) subject to the terms hereof, such replacement collection account or accounts established by Manager at any successor Property Bank designated from time to time in accordance with the terms hereof. 

“Collection Account Agreement” shall mean that certain Restricted Account Agreement (Access Restricted Immediately) and
that certain Restricted Account Agreement (Access Restricted After Instructions), each dated the date hereof, among Lender, Borrower and Property Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time. 
 “Comparable Standards” means (a) with respect to the Hotel Component, the standards of
management, operation and maintenance of a first-class hotel of a like quality to the Paris Las Vegas Hotel and Casino located at 3655 Las Vegas Boulevard South, Las Vegas, Nevada or in the event that Lender reasonably determines that the foregoing
is closed or no longer maintains substantially the same standards as it did on the date hereof, a such other hotel located in a major city of the United States that is a vacation destination center at a prime location as reasonably determined by
Lender which is comparable to the Hotel Component in location, size, facilities, quality and nature, (b) with respect to the Casino Component, the standards of management, operation and maintenance of a first-class casino of a like quality to
the Paris Las Vegas Hotel and Casino located at 3655 Las Vegas Boulevard South, Las Vegas, Nevada or in the event that Lender reasonably determines that the foregoing is closed or no longer maintains substantially the same standards as it did on the
date hereof, a such other casino located in Las Vegas, Nevada, as reasonably determined by Lender which is comparable to the Casino Component in location, size, facilities, quality and nature, and (c) with respect to the TPA Component, the
standards of maintenance and repair of the Improvements maintained with respect to the TPA Component as of the Closing Date. 

“Condemnation” shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in
anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the Property
or any part thereof. 
 “Condemnation Proceeds” shall have the meaning set forth in Section 6.4(b).

 “Contracts” shall mean, with respect to the Property, all agreements, contracts, certificates, instruments,
franchises, permits, licenses, plans, specifications and other documents, now or hereafter entered into by Borrower, and all rights therein and thereto, respecting or pertaining to the use, occupation, construction, management or operation of the
Property and any part thereof or any Improvements or any business or activity conducted in, at or on the Property and any part thereof or any Improvements and all right, title and interest of Borrower therein and thereunder. 

  
 8 

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

 “Copyrights” shall mean, collectively, all copyrights, copyright registrations and applications for
copyright registration under the laws of the United States or any other country or jurisdiction, including all recordings, supplemental registrations and derivative or collective work registrations, and all renewals and extensions thereof, in each
case whether published or unpublished, now owned or existing or created or of which ownership is hereafter acquired. 

“Counterparty” shall mean, with respect to each Interest Rate Cap Agreement each Acceptable Counterparty that is a party
thereto, and with respect to any Replacement Interest Rate Cap Agreement, any substitute Acceptable Counterparty. 

“Critical Capital Expenditure” shall mean any Capital Expenditure or Operating Expense used to address any:
(i) actual or potential life/safety issues at the Property or (ii) actual or potential violations of any applicable Legal Requirement that (a) are not included in the Approved Annual Budget and (b) are of a nature such that a
prudent owner/operator of a hotel and casino resort similar to the Property would not delay incurring such Capital Expenditure in order to obtain Lender’s approval. 
 “Debt” shall mean the outstanding principal amount set forth in, and evidenced by, this Agreement and the Note together with all interest accrued and unpaid thereon and all other sums due
to Lender in respect of the Loan under the Note, this Agreement, the Security Instrument and the other Loan Documents. 

“Debt Service” shall mean, with respect to any particular period of time, scheduled interest payments due under this
Agreement and the Note. 
 “Debt Service Coverage Ratio” shall mean, on any date of determination, the ratio in
which (a) the numerator is Adjusted Net Cash Flow for the trailing twelve calendar month period, and (b) the denominator is the regularly scheduled interest anticipated to be due on the outstanding principal balance of the Loan
on such date for a twelve (12) month period (calculated assuming, during such period, the Spread will be 2.859% (less the spread (or portion thereof) on any participation in the Loan with respect to which the holder thereof has agreed to
subordinate and defer payments of interest through the Maturity Date then in effect or, in the case a determination of Debt Service Coverage Ratio under Section 2.7.2, through the Extended Maturity Date at the end of the Extension Term
then commencing) and LIBOR will be equal to the greater of (i) the strike rate under the applicable Interest Rate Cap Agreement for such period and (ii) 3%). 
 “Debt Yield” shall mean, on any date of determination, a ratio (expressed as a percentage) (a) the numerator of which is the Adjusted Net Cash Flow for the trailing twelve calendar
month period and (b) the denominator of which is the outstanding principal balance of the Loan. 

  
 9 

 “Default” shall mean the occurrence of any event hereunder or under any
other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. 

“Default Rate” shall mean a rate per annum equal to the lesser of (a) the Maximum Legal Rate and (b) four
percent (4%) above the Applicable Interest Rate. 
 “Determination Date” shall mean, with respect to any
Interest Period, the date that is two (2) London Business Days prior to the fifteenth (15th) day of the calendar month in which such Interest Period commences. 
 “Disqualified Transferee” shall mean any Person that is Controlled by or is under common Control with, or that Controls, a Person that, (a) would not be found suitable to hold a
Gaming License, (b) is an Embargoed Person, or is directly or indirectly owned or Controlled by an Embargoed Person or (c) is a Person with respect to which a PATRIOT Act Certification has not been delivered to Lender. 

“Domain Name” shall mean any combination of words and abbreviations that represents a uniquely identifiable internet
protocol address of a World Wide Web internet location. 
 “DSCR Requirement” shall have the meaning set forth
in Section 2.7.1(c). 
 “EBITDAM” shall mean, with respect to any period, without duplication,
(a) the sum of (i) Net Operating Income, (ii) Debt Service, (iii) federal, state and local income taxes deducted in determining Net Operating Income, (iv) depreciation and amortization and other non-cash items properly
deducted in determining Net Operating Income, in each case calculated in accordance with GAAP and (v) fees payable to Manager under the Management Agreement, minus (b) non-cash items properly added in determining Net Operating Income for
such period calculated in accordance with GAAP. 
 “Eligible Account” shall mean a separate and identifiable
account from all other funds held by the holding institution that is either (a) an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible
Institution or (b) a segregated trust account or accounts maintained with a federal or state chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a state chartered depository institution or
trust company, is subject to regulations substantially similar to 12 C.F.R. § 9.10(b), having in either case a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal and state authority. An
Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. 
 “Eligible
Institution” shall mean a depository institution or trust company, the short term unsecured debt obligations or commercial paper of which are rated at least “A-2” by S&P, “P-1” by Moody’s and “F-1” by
Fitch in the case of accounts in which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated at least
“A-” by Fitch and S&P and “A2” by Moody’s). 

  
 10 

 “Eligible Seasonality Cash Reserve Applications” shall have the meaning set
forth in Section 7.6.1. 
 “Eligible Taxes” shall mean U.S. federal, state, local and foreign
income taxes actually payable by Borrower’s direct and indirect equity owners (or, in the case of any such owner that owns any assets other than direct or indirect equity on Borrower, at any applicable time after the date hereof, the U.S.
federal, state and local income taxes that would have been actually payable had such holder owned no other assets after the date hereof) by virtue of the fact that Borrower is a pass-through entity for U.S. federal, state or local income tax
purposes (as applicable), for any such taxable year (or portion thereof) ending after the date hereof, including any amounts of such income taxes resulting from audit adjustments after the date hereof for any such taxable year (or portion thereof).

 “Embargoed Person” shall have the meaning set forth in Section 4.1.34. 

“Environmental Indemnity” shall mean that certain Amended and Restated Environmental Indemnity Agreement, dated as of
the date hereof, executed by Borrower in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Environmental Law” means any present and future laws, statutes, ordinances, rules, regulations and the like, as well as
common law, of any applicable jurisdiction relating to protection of human health and safety or the environment, relating to Hazardous Substances, relating to liability for or costs of other actual or threatened danger to human health and safety,
the environment or similar issues, including (without limitation) any present and future laws, statutes ordinances, rules, regulations, permits or authorizations and the like, as well as common law, that (a) condition transfer of property upon
a negative declaration or other approval of a Governmental Authority of the environmental condition of the Property; (b) require notification or disclosure of Releases of Hazardous Substances or other environmental condition of the Property to
any Governmental Authority or other Person, whether or not in connection with transfer of title to or interest in property; (c) impose conditions or requirements in connection with permits or other authorization for lawful activity;
(d) relate to nuisance, trespass or other causes of action related to the Property, in each case to the extent related to Hazardous Substances; or (e) relate to wrongful death, personal injury, or property or other damage in connection
with any physical condition or use of the Property, in each case to the extent related to Hazardous Substances, and including (without limitation) the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq., as amended; the
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq., as amended; the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq., as amended; the Oil Pollution Act, 33 U.S.C. § 2701 et seq., as
amended; the Clean Air Act, 42 U.S.C. § 7401 et seq., as amended; the Hazardous Materials Transportation Act, 49 U.S.C. § 5101 et seq. (formerly 49 U.S.C. § 1801); the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.
(as amended); the Occupational Safety and Health Act, 29 U.S.C. § 651 et seq.; the Nevada Hazardous Materials law (NRS Chapter 459); the Nevada Solid Waste/Disposal of Garbage or Sewage law (NRS

  
 11 

 
444.440 to 444.650, inclusive); the Nevada Water Controls/Pollution law (NRS Chapter 445A); the Nevada Air Pollution law (NRS Chapter 445B); the Nevada Cleanup of Discharged Petroleum law (NRS
590.700 to 590.920, inclusive); the Nevada Control of Asbestos law (NRS 618.750 to 618.850, inclusive); the Nevada Appropriation of Public Waters law (NRS 533.324 to 533.4385, inclusive); and the Nevada Artificial Water Body Development Permit law
(NRS 502.390). 
 “Equipment” shall mean, with respect to the Property, any equipment now owned or hereafter
acquired by Borrower, which is used at or in connection with the Improvements or the Property or is located thereon or therein, including (without limitation) all Gaming Equipment, all machinery, equipment, furnishings, and electronic
data-processing and other office equipment now owned or hereafter acquired by Borrower and any and all additions, substitutions and replacements of any of the foregoing), together with all attachments, components, parts, equipment and accessories
installed thereon or affixed thereto. 
 “Equity Interests” shall mean shares of capital stock, partnership
interests, member’s or membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any such equity interest. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended, and the rules and regulations promulgated thereunder, as in effect from time to time. 
 “ERISA
Affiliate” shall mean the Borrower, Harrah’s Manager and their respective subsidiaries. 
 “Event of
Default” shall have the meaning set forth in Section 8.1(a). 
 “Excess Cash Flow” shall
have the meaning set forth in Section 2.6.4(a). 
 “Exchange Act” shall have the meaning set forth
in Section 9.2(a). 
 “Exchange Act Filing” shall have the meaning set forth in
Section 5.1.11(f). 
 “Excusable Delay” shall mean with respect to any relevant obligation or
covenant of Borrower hereunder, any event which causes a delay or failure to perform such obligation or covenant; provided that: 
 (i) such event is outside the reasonable control of Borrower or its Affiliates; 
 (ii) such event does not arise out of (A) the negligence or willful misconduct of Borrower or any of its Affiliates, or (B) any cause or circumstance resulting from the insolvency, bankruptcy or
any lack of funds of Borrower, Guarantor or any of their respective Affiliates; 

  
 12 

 (iii) to the extent such event arises out of the acts, omissions, late
performance and/or failure to perform by one or more trade contractors, such delay shall not exceed thirty (30) days in the aggregate and Borrower has promptly commenced and diligently and continuously pursed all reasonable action to mitigate
the impact of the delay; and 
 (iv) to the extent such event consists of an act of God (such as tornado, flood,
hurricane and other similar events or occurrences), fires and other casualties, labor strikes, lockouts or other labor disturbances (except to the extent arising due to any acts or omissions of Borrower or its Affiliates), war, riots, insurrections
or civil commotions; embargos, shortages or unavailability of materials, supplies, labor, equipment and systems that first arise after the date hereof, but only to the extent caused by another act, event or condition covered by this clause (iii),
sabotage, vandalism, theft, changes in applicable laws enacted after the date hereof, orders or judgments, or any similar types of events; provided, however, that in each case (A) Borrower has promptly commenced and diligently and continuously
pursed all reasonable action to mitigate the impact of the delay, (B) delays resulting from the foregoing shall not exceed one hundred and seventy- five (175) days in the aggregate, and (C) the period during which an Excusable Delay
exists shall commence on the date that Borrower has given Lender written notice describing in reasonable detail the event which constitutes an Excusable Delay and shall end on the date that such Excusable Delay no longer exists as reasonably
determined by Lender. 
 “Existing Lien” shall have the meaning specified in Section 7.8.2.

 “Existing Lien Reserve Account” shall have the meaning specified in Section 7.8.1. 

“Existing Lien Reserve Funds” shall have the meaning specified in Section 7.8.1. 

“Extended Maturity Date” shall mean, upon each valid exercise of an Extension Option pursuant to
Section 2.7, the then applicable maturity date of the Loan taking into account such exercise of such Extension Option. 
 “Extension Option” shall have the meaning set forth in Section 2.7. 
 “Extension Term” shall have the meaning set forth in Section 2.7. 
 “Extraordinary Expense” shall mean (a) any Operating Expense not set forth in the applicable Approved Annual Budget and (b) any Capital Expenditure not set forth in the Approved
Annual Budget, provided, with respect to this clause (b) only, there are no amounts on deposit in the Major Capital Improvement Reserve Account, and Borrower has no right to have additional amounts deposited in the Major Capital Improvement
Reserve Account pursuant to Section 7.7.1, that have not already been allocated to a Major Capital Expenditure. 

“FF&E” shall mean, with respect to the Property, collectively, furnishings, Fixtures and Equipment located in the
guest rooms, hallways, lobbies, restaurants, lounges, meeting and banquet rooms, parking facilities, public areas or otherwise in any portion of the Property, including (without limitation) all beds, chairs, bookcases, tables, carpeting, drapes,
couches, luggage carts, luggage racks, bars, bar fixtures, radios, television sets, intercom and paging equipment, electric and electronic equipment, heating, lighting and plumbing fixtures, fire prevention and extinguishing apparatus, cooling and
air-conditioning systems, elevators, 

  
 13 

 
escalators, stoves, ranges, refrigerators, laundry machines, tools, machinery, boilers, incinerators, switchboards, conduits, compressors, vacuum cleaning systems, floor cleaning, waxing and
polishing equipment, cabinets, lockers, shelving, dishwashers, garbage disposals, washer and dryers, gaming equipment and other casino equipment and all other customary hotel and casino resort equipment and other tangible property owned by Borrower,
or in which Borrower has or shall have an interest, now or hereafter located at the Property and useable in connection with the present or future operation and occupancy of the Property; provided, however, that FF&E shall not include
(i) fixed asset supplies, including, but not limited to, linen, china, glassware, tableware, uniforms, other hotel inventory and similar items, whether used in connection with public space or guest rooms, (ii) items owned by tenants or by
third party operators, or (iii) items owned by any PH Entity and leased or licensed to Borrower pursuant to the PH License. 
 “FF&E Expenditures” shall mean, individually or collectively as the context indicates, amounts expended from time to time with respect to FF&E at the Property. 

“FF&E Reserve Account” shall have the meaning set forth in Section 7.3.1. 

“FF&E Reserve Fund” shall have the meaning set forth in Section 7.3.1. 

“Fiscal Year” shall mean each twelve (12) month period commencing on January 1 and ending on December 31
during each year of the term of the Loan. 
 “Fitch” shall mean Fitch, Inc. 

“Fixtures” shall mean, with respect to the Property, all Equipment now owned, or the ownership of which is hereafter
acquired, by Borrower which is so related to the Land and the Improvements forming part of the Property that it is deemed fixtures or real property under applicable Legal Requirements, including, without limitation, all building or construction
materials intended for construction, reconstruction, alteration, decoration or repair of or installation on the Property, construction equipment, appliances, machinery, plant equipment, fittings, apparatuses, fixtures and other items now or
hereafter attached to, installed in or used in connection with (temporarily or permanently) any of the Improvements or the Land, including, but not limited to, engines, devices for the operation of pumps, pipes, plumbing, call and sprinkler systems,
fire extinguishing apparatuses and equipment, heating, ventilating, incinerating, electrical, air conditioning and air cooling equipment and systems, gas and electric machinery, appurtenances and equipment, pollution control equipment, security
systems, disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and water, gas, electrical, storm and sanitary sewer facilities, utility lines and equipment (whether owned individually or jointly with
others, and, if owned jointly, to the extent of Borrower’s interest therein) and all other utilities whether or not situated in easements, all water tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and all other
structures, together with all accessions, appurtenances, additions, replacements, betterments and substitutions or any of the foregoing and the proceeds thereof. 
 “GAAP” shall mean generally accepted accounting principles in the United States of America as of the date of the applicable financial report or, when applied to computation of financial
tests for purposes of this Agreement, as in effect on the date hereof. 

  
 14 

 “Gaming Authority” shall mean any of the Nevada Gaming Commission, the
Nevada State Gaming Control Board, the Clark County Liquor and Gaming Licensing Board and any other gaming regulatory body or any agency which has, or may at any time have, jurisdiction over the ownership of entities engaged in, or the operation of,
gaming activities at the Property or any successor to such authority. 
 “Gaming Equipment” shall mean any and
all gaming devices (as defined in NRS 463.0155), gaming device parts inventory and other related gaming equipment and supplies used in connection with the operation of a casino, including (without limitation), slot machines, gaming tables, cards,
dice, chips, tokens, player tracking systems, cashless wagering systems (as defined in NRS 463.014), and mobile gaming systems (as defined in Regulation 14.010(11) under the Gaming Laws) and associated equipment (as defined in NRS 463.0136), which
are located at the Casino Component, owned or leased by Borrower or Manager and used or useable exclusively in the present or future operation of gaming activities at the Casino Component, together with all improvements and/or additions thereto.

 “Gaming Laws” shall mean the provisions of the Nevada Gaming Control Act, as amended from time to time, all
regulations of the Nevada Gaming Commission promulgated thereunder, as amended from time to time, the provisions of the Clark County Code, as amended from time to time, and all other laws, statutes, rules, rulings, orders, ordinances, regulations
and other Legal Requirements of any Gaming Authority. 
 “Gaming License” shall mean any license,
qualification, franchise, accreditation, approval, registration, permit, finding of suitability or other authorization, exemption or waiver relating to gaming, the gaming business or the operation of a casino under the Gaming Laws or required by the
Gaming Authorities or otherwise necessary for the ownership or operation of gaming, a gaming business or a resort casino. 

“Gaming Liquidity Requirement” shall mean the minimum bankroll requirements for cash and cash equivalents required to be
maintained by Borrower and/or Manager pursuant to Gaming Laws in an amount no greater than is mandated by Nevada Gaming Commission Regulation 6.150. 
 “Gaming Operating Reserve” shall mean, with respect to the Casino Component, such cash funds and reserves that are held and maintained by Borrower and/or Manager, in its capacity as the
duly licensed operator of the Casino Component under applicable Gaming Laws, either on-site at the Property or in the Casino Accounts, including (without limitation) casino chips, tokens, checks and markers; provided that all such Gaming Operating
Reserves (i) are established and maintained solely for use in the day to day operation and management of the Casino Component in the ordinary course of business, and (ii) are funded and maintained in accordance with the requirements of all
applicable Gaming Laws and in amounts that are reasonable and customary for casino operations of a Comparable Standard (it being agreed that 110% of statutory or regulatory minimums shall be deemed a reasonable and customary minimum amount for these
purposes). At Borrower’s election, any funds in the Gaming Operating Reserve in excess of the reasonable and customary amount described in the preceding sentence shall be deposited in the Seasonality Cash Reserve Account. 

  
 15 

 “Governmental Approvals” shall mean all approvals, consents, waivers,
orders, acknowledgments, authorizations, certificates, registrations, permits, environmental permits, and licenses required under applicable Legal Requirements to be obtained from any Governmental Authority for the ownership, use, occupancy and
operation of, or otherwise relating to, the Property or any portion thereof. 
 “Governmental Authority” shall
mean any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental or judicial, authority, body, agency, bureau or entity (including the Gaming Authorities, any zoning authority,
the Federal Deposit Insurance Corporation, any central bank or any comparable authority) or any arbitrator with authority to bind the party at law. 
 “Gross Income from Operations” shall mean all sustainable income and proceeds (whether in cash or on credit, and computed on an accrual basis) received by Borrower or Manager for the use,
occupancy or enjoyment of the Property, or any part thereof, or received by Borrower or Manager for the sale of any goods, services or other items sold on or provided from the Property in the ordinary course of the Property operation, including
without limitation: (a) all income and proceeds received from rental of rooms, Leases and commercial space, meeting, conference and/or banquet space within the Property including net parking revenue; (b) all income and proceeds received
from food and beverage operations and from catering services conducted from the Property even though rendered outside of the Property; (c) all income and proceeds from business interruption, rental interruption and use and occupancy insurance
with respect to the operation of the Property (after deducting therefrom all necessary costs and expenses incurred in the adjustment or collection thereof); (d) all Awards for temporary use (after deducting therefrom all costs incurred in the
adjustment or collection thereof and in Restoration of the Property); (e) all income and proceeds from judgments, settlements and other resolutions of disputes with respect to matters which would be includable in this definition of “Gross
Income from Operations” if received in the ordinary course of the Property operation (after deducting therefrom all necessary costs and expenses incurred in the adjustment or collection thereof); and (f) interest on credit accounts, rent
concessions or credits, and other required pass-throughs and interest on Reserve Funds; but excluding, (1) gross receipts received by lessees, licensees or concessionaires of the Property; (2) consideration received at the Property
for hotel accommodations, goods and services to be provided at other hotels, although arranged by, for or on behalf of Borrower or Manager; (3) income and proceeds from the sale or other disposition of goods, capital assets and other items not
in the ordinary course of the Property operation; (4) federal, state and municipal excise, sales and use taxes collected directly from patrons or guests of the Property as a part of or based on the sales price of any goods, services or other
items, such as gross receipts, room, admission, cabaret or equivalent taxes; (5) Awards (except to the extent provided in clause (d) above); (6) refunds of amounts not included in Operating Expenses at any time and uncollectible
accounts; (7) gratuities collected by the Property employees; (8) the proceeds of any financing; (9) other income or proceeds resulting other than from the use or occupancy of the Property, or any part thereof, or other than from the
sale of goods, services or other items sold on or provided from the Property in the ordinary course of business; and (10) any credits or refunds made to customers, guests or patrons in the form of allowances or adjustments to previously
recorded revenues. 

  
 16 

 “Guarantor” shall mean Harrah’s Entertainment, Inc., and its permitted
successors and assigns. 
 “Guaranty” shall mean that certain Guaranty Agreement, dated as of the date hereof,
made by Guarantor in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms hereof. 
 “Harrah’s Manager” shall mean PHW Manager, LLC, a Nevada limited liability company. 
 “Hazardous Substances” shall mean any and all substances (whether solid, liquid or gas) defined, listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances,
hazardous materials, extremely hazardous wastes, or words of similar meaning or regulatory effect under any present or future Environmental Laws or that is reasonably likely to have a negative impact on human health or the environment, including,
but not limited to, petroleum and petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls, lead, radon, mold, mycotoxins, microbial matter, airborne pathogens (naturally occurring or otherwise), radioactive
materials, flammables and explosives, but excluding substances of kinds and in amounts ordinarily and customarily used or stored in properties similar to the Property for the purposes of cleaning or other maintenance or operations by Borrower and/or
any tenants or licensees at the Property and otherwise in compliance with all applicable Environmental Laws. 

“HOC” shall have the meaning set forth in the recitals hereto. 

“Hotel Component” shall mean that portion of the Property devoted to the operation of a hotel and related facilities,
excluding the Casino Component, but including (without limitation) (i) all guest rooms and suites, hotel amenities, restaurants, conference centers, meeting, banquet and other public rooms, spa, parking spaces and other facilities of the hotel
portion of the Property, (ii) the TPA Component, and (iii) the Utility Component, all of the foregoing being located on the Hotel Component Premises; provided, however, the “Hotel Component” shall not include anything related to
the Timeshare Project. 
 “Hotel Component Premises” shall mean that portion of the Property described on
Schedule II-B attached hereto, as the same may be adjusted from time to time after the date hereof solely to the extent required in order comply with applicable Gaming Laws. 
 “Improvements” shall have the meaning set forth in the granting clause of the Security Instrument. 
 “Indebtedness” of a Person, at a particular date, means the sum (without duplication) at such date of (a) all indebtedness or liability of such Person (including, without limitation,
amounts for borrowed money and indebtedness in the form of mezzanine debt and preferred equity); (b) obligations evidenced by bonds, debentures, notes, or other similar instruments; (c) obligations for the deferred purchase price of
property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations under acceptance facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course of
business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person or entity, or otherwise to assure a creditor against loss; and (g) obligations secured by any Liens, whether or not
the obligations have been assumed. 

  
 17 

 “Indemnified Liabilities” shall have the meaning set forth in
Section 10.13(b). 
 “Independent Person” shall mean a Person who is not at the time of initial
appointment, or at any time while serving as a director or manager, as applicable, and has not been at any time during the preceding five (5) years: (a) a stockholder, director (with the exception of serving as the Independent Person),
officer, employee, partner, member, attorney or counsel of Borrower or any of its Affiliates; (b) a customer, supplier or other person who derives any of its purchases or revenues from its activities with Borrower or any of its Affiliates;
(c) a Person Controlling or under common Control with any such stockholder, director, officer, partner, member, customer, supplier or other Person; or (d) a member of the immediate family of any such stockholder, director, officer,
employee, partner, member, customer, supplier or other person. A Person who satisfies the foregoing definition other than clause (b) of this definition shall not be disqualified from serving as an Independent Person of Borrower if such
individual is an Independent Person provided by a nationally recognized company that provides professional independent directors and other corporate services in the ordinary course of its business. A Person who otherwise satisfies the foregoing
definition other than clause (a) of this definition by reason of being the independent director of a “Special Purpose Entity” affiliated with Borrower shall not be disqualified from serving as an Independent Person of Borrower if such
Person is either (i) an Independent Person provided by a nationally recognized company that provides professional independent directors and other corporate services in the ordinary course of its business, or (ii) the fees that such Person
earns from serving as independent director of Affiliates of Borrower constitute in the aggregate less than five percent (5%) of such individual’s annual income. Notwithstanding the immediately preceding sentence (except as permitted in
clause (a) of this definition) an Independent Person may not simultaneously serve as Independent Person of Borrower and independent director of a Special Purpose Entity that owns a direct or indirect equity interest in Borrower. 

“Initial Maturity Date” shall mean December 9, 2011. 

“Insolvency Opinion” shall mean that certain non-consolidation opinion letter dated the date hereof delivered by Dechert
LLP in connection with the Loan. 
 “Insurance Premiums” shall have the meaning set forth in
Section 6.1(b). 
 “Insurance Proceeds” shall have the meaning set forth in
Section 6.4(b). 
 “Interest Period” shall mean, with respect to any Payment Date, the period
commencing on the ninth (9th) day of the preceding calendar month and terminating on the eighth (8th) day of the calendar month in which such Payment Date occurs; provided, that no Interest Period shall end later than the Maturity
Date (other than for purposes of calculating interest at the Default Rate). 
 “Interest Rate Cap Agreement”
shall mean, as applicable, an Interest Rate Cap Agreement (together with the confirmation and schedules relating thereto) in form and substance reasonably satisfactory to Lender between Borrower and an Acceptable Counterparty or a Replacement
Interest Rate Cap Agreement. 

  
 18 

 “Interest Reserve Account” shall have the meaning set forth in
Section 7.4.1. 
 “Interest Reserve Fund” shall have the meaning set forth in
Section 7.4.1. 
 “Intermediate Interests” shall have the meaning set forth in
Section 5.2.10(b). 
 “IT Systems Work” shall mean acquiring, maintaining, modifying and repairing
information technology systems, computer systems, reservation systems or similar or related items, and related hardware and software, including upgrading and converting existing systems, owned or leased by Borrower and used in the operation of the
Property. 
 “Lease” shall mean any lease, sublease or subsublease, letting, license, concession or other
agreement (whether written or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in the Property (other than short term
arrangements with transient hotel guests entered into in the usual course of business), and (a) every modification, amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with
such lease, sublease, subsublease, or other agreement and (b) every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto. 

“Legal Requirements” shall mean all federal, state, county, municipal and other governmental statutes, laws, rules,
orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Property or any part thereof, or the construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter
enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any time in
force affecting the Property or any part thereof, including, without limitation, any which may (a) require repairs, modifications or alterations in or to the Property or any part thereof, or (b) in any way limit the use and enjoyment
thereof. 
 “Lender” shall have the meaning set forth in the introductory paragraph hereto, together with its
successors and assigns. 
 “Lender Representatives” shall have the meaning set forth in
Section 10.25(a). 
 “Letter of Credit” shall mean an irrevocable, unconditional, transferable,
clean sight draft letter of credit, as the same may be replaced, split, substituted, modified, amended, supplemented, assigned or otherwise restated from time to time, (either an evergreen letter of credit or a letter of credit which does not expire
until at least two (2) Business Days after the Maturity Date or such earlier date as such Letter of Credit is no longer required pursuant to the terms of this Agreement) in favor of Lender and entitling Lender to draw thereon based solely on a
statement purportedly executed by an officer of Lender stating that it has the right to draw thereon, and issued by a domestic Approved Bank or the U.S. agency or branch of a foreign 

  
 19 

 
Approved Bank, or if there are no domestic Approved Banks or U.S. agencies or branches of a foreign Approved Bank then issuing letters of credit, then such letter of credit may be issued by a
domestic bank, the long term unsecured debt rating of which is the highest such rating then given by the Rating Agency or Rating Agencies, as applicable, to a domestic commercial bank. 

“Liabilities” shall have the meaning set forth in Section 9.2(b). 

“LIBOR” shall mean, with respect to each Interest Period, the rate (expressed as a percentage per annum and rounded
upward, if necessary, to the next nearest 1/1000 of 1%) for deposits in U.S. dollars, for a 30 day period, that appears on Telerate Page 3750 (or the successor thereto) as of 11:00 a.m., London time, on the related Determination Date. If such rate
does not appear on Telerate Page 3750 as of 11:00 a.m., London time, on such Determination Date, LIBOR shall be the arithmetic mean of the offered rates (expressed as a percentage per annum) for deposits in U.S. dollars for a one-month period that
appear on the Reuters Screen Libor Page as of 11:00 a.m., London time, on such Determination Date, if at least two such offered rates so appear. If fewer than two such offered rates appear on the Reuters Screen Libor Page as of 11:00 a.m., London
time, on such Determination Date, Lender shall request the principal London office of any four major reference banks in the London interbank market selected by Lender to provide such bank’s offered quotation (expressed as a percentage per
annum) to prime banks in the London interbank market for deposits in U.S. dollars for a one-month period as of 11:00 a.m., London time, on such Determination Date for the amounts of not less than U.S. $1,000,000. If at least two such offered
quotations are so provided, LIBOR shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, Lender shall request any three major banks in New York City selected by Lender to provide such bank’s rate
(expressed as a percentage per annum) for loans in U.S. dollars to leading European banks for a one-month period as of approximately 11:00 a.m., New York City time on the applicable Determination Date for amounts of not less than U.S. $1,000,000. If
at least two such rates are so provided, LIBOR shall be the arithmetic mean of such rates. LIBOR shall be determined conclusively by Lender or its agent (absent manifest error). 

“LIBOR Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon LIBOR.

 “License Subordination Agreement” shall mean that certain Licensor Subordination and Cooperation Agreement,
dated as of the date hereof, by PHI, PHMemo and PHIV in favor of Lender and consented to by Borrower, as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with the provisions hereof. 

“Lien” shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other
encumbrance, charge or transfer of, on or affecting Borrower, the Property, any portion thereof or any interest therein, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially
the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances. 
 “Loan” shall mean the loan made by Lender to Borrower pursuant to this Agreement in the principal amount of $554,340,000.00. 

  
 20 

 “Loan Documents” shall mean, collectively, all documents, agreements,
certificates and instruments set forth on Exhibit A attached hereto, including (without limitation) this Loan Agreement, the Note, each Security Instrument, the Assignment of Leases, the Assignment of Contracts, the Assignment of Management
Agreement, the Environmental Indemnity, the Guaranty, the Collection Account Agreement, the Cash Management Account Agreement, the Collateral Assignment of Timeshare Project Proceeds, the Collateral Assignment of Interest Rate Cap Agreement, the
License Subordination Agreement, the O&M Agreement, the Pledge and Security Agreement, the Security Agreement (Copyrights), the Security Agreement (Trademarks) and the Post Closing Agreement, together with any other documents, agreements,
certificates and instruments executed and/or delivered by or on behalf of any Borrower Party for the benefit of Lender which evidences, secures or otherwise relates to the Loan, in each case as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time in accordance with the terms hereof. 
 “London Business
Day” shall mean any day other than a Saturday, Sunday or any other day on which commercial banks in London, England are not open for business. 
 “Losses” shall have the meaning set forth in Section 9.3(a). 
 “Major Capital Expenditure” shall mean, individually or collectively as the context indicates, Capital Expenditures and any other amounts expended from time to time with respect to
Alterations, repairs, replacements and/or improvements with respect to all or any portion of the Property, in each case that are not Approved Capital Expenditures set forth in the Approved Annual Budget but are otherwise approved by Lender, such
approval not to be unreasonably withheld, conditioned or delayed. 
 “Major Capital Improvement Reserve
Account” shall have the meaning set forth in Section 7.7.1. 
 “Major Capital Improvement Reserve
Fund” shall have the meaning set forth in Section 7.7.1. 
 “Major Lease” shall mean any
of the following: (i) any Lease of space at the Property for retail, restaurant or any other use in excess of 25,000 square feet to a single tenant or by the aggregate of one or more affiliated tenants, (ii) any Lease of space at the
Property for retail, restaurant or any other use providing for net rental payments (including, without limitation, percentage rent) in excess of $750,000 per annum to a single tenant or by the aggregate of one or more affiliated tenants,
(iii) any Lease of space at the Property with an Affiliate of Borrower, or (iv) any Lease that is not the result of arm’s length negotiations; provided, however, that neither the TPA Component Lease nor the Utility Component
Lease shall constitute Major Leases for the purposes hereof. 
 “Management Agreement” shall mean (i) that
certain Hotel and Casino Management Agreement, dated as of the Closing Date, between Borrower and Harrah’s Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the
terms hereof, and (ii) if the context requires, any Replacement Management Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms hereof. 

  
 21 

 “Manager” shall mean (i) on the date hereof, Harrah’s Manager, or
(ii) after the date hereof, any other Qualified Manager who is managing the Property (or any portion thereof) in accordance with the terms and provisions of this Agreement. 

“Material Adverse Effect” shall mean any event or condition, whether affecting Borrower, Guarantor, HOC or the Property,
that has a material adverse effect on (i) the Property taken as a whole, (ii) the business, profits, operations or financial condition of Borrower, taken as a whole, (iii) the ability of Borrower to repay the principal and interest of
the Loan as it becomes due or to perform and satisfy when due or required any of Borrower’s other material obligations under any of the Loan Documents (taking into consideration any applicable grace, notice and cure periods), (iv) the
ability of Borrower and Harrah’s Manager to own the Property and to operate the gaming business conducted in the Casino Component under applicable Gaming Laws and other Legal Requirements, (v) the enforceability or validity of any Loan
Document or the perfection or priority of any Lien created under any Loan Document, or (vi) the rights, interests and remedies of Lender under the Loan Documents. 
 “Material Alteration” shall mean any Alteration with respect to all or a portion of the Property that, when aggregated with all other related Alterations at the Property and/or other
Alterations at the Property that would reasonably be considered to constitute a single project then being conducted or contemplated involve an estimated total cost in excess of $7,000,000.00; provided that, Material Alterations shall not include
(A) merely decorative work such as painting, wall papering, carpeting and replacement of FF&E to the extent being of a routine and recurring nature, performed in the ordinary course of business and are funded from the FF&E Reserve Fund
pursuant to Section 7.3.2; (B) tenant improvement work performed pursuant to the terms of any Lease entered into in accordance with the terms hereof, so long as such work does not adversely affect any structural component of any
Improvements, adversely affect any utility or HVAC system contained in any Improvements or the exterior of any building constituting a part of any Improvements, (C) any Alterations which are performed in connection with the Restoration of any
portion of the Property after the occurrence of a Casualty in accordance with the terms and provisions of this Agreement or (D) Approved Capital Expenditures or Critical Capital Expenditures. 

“Material Operating Agreements” shall mean, individually or collectively as the context indicates, the following
(a) the Management Agreement, (b) the Utility Component Lease and the Utility Services Agreement (c) each Timeshare Project Document, (d) the Parking Agreement, (e) the REA, (f) the PH License, (g) each Casino
Expansion Lease, (h) the Settlement Agreement, and (i) any other Operating Agreement entered into after the Closing Date by, or on behalf of Borrower or Manager or any other Person on their behalf with respect to the Property or any
portion thereof, which (i) requires in excess of an aggregate of $5,000,000 in payments by or on behalf of Borrower or Manager to be paid in connection with any termination thereof, or (ii) requires in excess of $5,000,000 in annual
payments by or on behalf of Borrower or Manager regardless of the term of such Operating Agreement, in each case including all warranties and guarantees of each of the foregoing, and as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time in accordance with the terms 

  
 22 

 
hereof; provided, however, that Material Operating Agreements shall not include aircraft hire and other transportation arrangements entered into from time to time with an Affiliate of Borrower in
the ordinary course of business so long as such arrangements are on terms that are fair and commercially reasonable in all material respects and are no less favorable to Borrower than would be obtained in a comparable arms-length transaction with an
unrelated third party. 
 “Maturity Date” shall mean the Initial Maturity Date or, if applicable, the Extended
Maturity Date, or such other date on which the final payment of principal of the Note becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise; provided that in no
event shall the Maturity Date be later than April 9, 2015. 
 “Maximum Legal Rate” shall mean the maximum
nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of
such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 

“Multiemployer Plan” shall mean as to any Person, a “multiemployer plan” as defined in Section 4001(a)(3)
of ERISA and to which such Person is making, or is obligated to make (or made or was obligated to make in the preceding five-year period) contributions. 
 “Net Cash Flow” shall mean, for any period, the amount obtained by subtracting Operating Expenses and Capital Expenditures for such period from Gross Income from Operations for such
period. 
 “Net Cash Flow Schedule” shall have the meaning set forth in Section 5.1.11(b).

 “Net Operating Income” shall mean, for any period, the amount obtained by subtracting Operating Expenses for
such period from Gross Income from Operations for such period. 
 “Net Proceeds” shall have the meaning set
forth in Section 6.4(b). 
 “Net Proceeds Deficiency” shall have the meaning set forth in
Section 6.4(b)(vi). 
 “Nevada Act” means Chapter 86 of the Nevada Revised Statutes, as amended
from time to time. 
 “Note” shall mean that certain Amended and Restated Senior Note of even date herewith in
the principal amount of $554,340,000, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“O&M Agreement” shall mean that certain Amended and Restated Operations and Maintenance Agreement, dated as of the
date hereof, between Borrower and Lender given in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
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 “Officer’s Certificate” shall mean a certificate delivered to Lender
by Borrower which is signed by an authorized officer or a manager of Borrower or by the general partner or managing member of Borrower, as applicable. 
 “OpBiz” shall have the meaning set forth in the recitals hereto. 

“Operating Agreement” shall mean, individually or collectively as the context indicates, any agreement entered into by
Borrower, any Affiliate thereof or by any other Person on behalf of Borrower or any Affiliate thereof or otherwise binding upon Borrower, relating to the ownership, operation or maintenance of the Property or any portion thereof; provided that the
foregoing shall not include (i) usual and customary contracts, agreements and arrangements with respect to guests staying at the Hotel Component entered into with third parties that, when taken as a whole with all other such agreements with
respect to the Hotel Component, are on an arm’s- length basis in the ordinary course of business, (ii) contracts or agreements entered into with any performing artist in the ordinary course of business in respect of events or performances
held at the Property, and (iii) usual and customary arrangements with respect to activities at the Casino Component entered into with third party casino players on an arm’s-length basis in the ordinary course of business. 

“Operating Expenses” shall mean, for any period, the total of all expenditures, computed in accordance with GAAP, of
whatever kind during such period relating to the operation, maintenance and management of the Property that are incurred on a regular monthly or other periodic basis, including without limitation, utilities, ordinary repairs and maintenance (which
ordinary repairs and maintenance for the purposes of this definition shall be no less than an assumed expense of $100,000 per month), insurance, license fees, property taxes and assessments, advertising expenses, management fees, payments required
to be made to Utility Provider pursuant to the Utility Service Agreement, payroll and related taxes, computer processing charges, tenant improvements and leasing commissions, operational equipment or other lease payments as reasonably approved by
Lender (as and to the extent such approval is required hereunder), and other similar costs, but excluding depreciation, Pass-Through Amounts, Debt Service, Capital Expenditures, and contributions to the Tax and Insurance Escrow Fund, the FF&E
Reserve Fund and any other reserves required under the Loan Documents. 
 “Operating Permits” shall have the
meaning set forth in Section 4.1.21. 
 “Other Charges” shall mean all ground rents, maintenance
charges, impositions other than Taxes, and any other charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed
against the Property or any part thereof. 
 “Parking Agreement” shall mean that certain Common Parking Area
Use Agreement, dated as of February 26, 1998, by and between Borrower (as assignee thereunder) and Retail Mall Owner (as assignee thereunder), as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time
in accordance with the terms hereof. 
 “Pass-Through Amounts” shall have the meaning set forth in the
definition of “Rents.” 

  
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 “Patents” shall mean, collectively, all letters patent, whether under the
laws of the United States or any other country or jurisdiction, all recordings and registrations thereof and applications therefor, including, without limitation, the inventions described therein, all reissues, continuations, divisions, renewals,
extensions, continuations-in-part thereof, if any, in each case whether now owned or existing or of which ownership is hereafter acquired. 
 “PATRIOT Act Certification” shall mean, with respect to any Person, a certification in substantially the same form as the form of certification attached hereto as Exhibit B and
otherwise reasonably acceptable to Lender. 
 “Payment Date” shall mean the ninth (9th) day of each
calendar month during the term of the Loan or, if such day is not a Business Day, the immediately preceding Business Day. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation or any successor. 

“Pension Plan” shall mean any Plan which is subject to the provisions of Title IV of ERISA. 

“Permitted Encumbrances” shall mean, collectively, any of the following: (a) the Liens and security interests
created by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Insurance Policy delivered to Lender on or prior to the date hereof, (c) Liens, if any, for Taxes imposed by any Governmental Authority not
yet due or delinquent, (d) Liens in respect to property or assets imposed by law which are incurred in the ordinary course of business and which are bonded or insured over to Lender’s reasonable satisfaction and are being diligently
contested by Borrower (at its own cost and expense) in appropriate legal proceedings in accordance with the terms of this Agreement, (e) any attachment or judgment lien on the Property, provided that the judgment it secures shall have been
discharged or execution thereof stayed pending appeal within the earlier of sixty (60) days after the entry thereof and the date that is ten (10) days prior to the earlier to occur of the Maturity Date or the date on which the Property is
scheduled to be sold for non-payment, and, in the case of a stay pending appeal, shall have been discharged within the earlier of sixty (60) days after the expiration of any such stay and the date that is ten (10) days prior to the earlier
to occur of the Maturity Date or the date on which the Property is scheduled to be sold for non-payment, (f) easements, rights-of-way, restrictions (including zoning restrictions), defects or irregularities in title affecting the Property to
which like properties are commonly subject which have not been granted or created by Borrower in violation of any term of this Agreement prohibiting such grant or creation and which do not materially (i) interfere with the benefits to be
provided by the Security Instrument encumbering the Property, (ii) adversely affect the operation, use, value, enjoyment or marketability of the Property in any material respect, or (iii) adversely affect Borrower’s ability to repay
the Loan in full, and those created by either the REA or the Resort and Amenities Access Easement Agreement, dated as of September 10, 2007, among Westgate, OpBiz, Original Borrower and TSP Owner, (g) Leases and the rights of tenants
thereunder (as tenants only) in existence on the date hereof or otherwise permitted to be entered into in accordance with the terms hereof, (h) the Liens listed on Schedule XV, and (i) such other title and survey exceptions as
Lender has approved or may approve in writing in Lender’s sole discretion. 

  
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 “Permitted Indebtedness” shall mean, collectively, (a) the Debt,
(b) unsecured trade and operational debt (including equipment financing leases) relating to the ownership and operation of the Property and the routine administration of Borrower incurred in the ordinary course of business with trade creditors
and in amounts as are normal and reasonable under the circumstances, are not evidenced by a note, are required to be paid within sixty (60) days after same are incurred and are paid when due; provided, that the aggregate amount of
Indebtedness described in the foregoing clause (b) (including capital leases) shall not exceed $ $30,100,000.00, (c) accrued and unpaid payroll, benefits and payroll taxes with respect to employees of Manager or its Affiliates
engaged with respect to the Property incurred in the ordinary course of business and paid when due, provided that the aggregate amount of Indebtedness described in the foregoing clause (c) (other than to the extent such indebtedness
relates solely to any Project) shall not exceed $25,800,000.00, (d) agreements with providers of Gaming Equipment entered into in the ordinary course of business and paid when due pursuant to which Borrower is required to split profits derived
from the operation thereof, (e) usual and customary gaming deposits accepted in the ordinary course of business with respect to the operation of the Casino Component, including (without limitation) slot club point liability, customer deposits,
unpaid tickets and progressive reserves, (f) payments required to be made by Borrower to Utility Provider pursuant to the Utility Service Agreement (which payments are made by Borrower as an Operating Expense), and (g) such other
Indebtedness specifically permitted pursuant to this Agreement. 
 “Permitted Investments” shall mean any one
or more of the following obligations or securities with maturities of not more than three hundred sixty-five (365) days acquired at a purchase price of not greater than par, including those issued by Lender, the trustee under any Securitization
or any of their respective Affiliates, payable on demand or having a maturity date not later than the Business Day immediately prior to the first Payment Date following the date of acquiring such investment and meeting one of the appropriate
standards set forth below: 
 (i) obligations of, or obligations fully guaranteed as to payment of principal and
interest by, the United States or any agency or instrumentality thereof, provided such obligations are backed by the full faith and credit of the United States of America including, without limitation, obligations of: the U.S. Treasury (all direct
or fully guaranteed obligations), the Farmers Home Administration (certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small
Business Administration (guaranteed participation certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit
bonds); provided, however, that the investments described in this clause (i) must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an
“r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that
index, and (D) such investments must not be subject to liquidation prior to their maturity; 
 (ii) Federal
Housing Administration debentures; 

  
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 (iii) obligations of the following United States government sponsored
agencies: Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt
obligations), the Financing Corp. (debt obligations), and the Resolution Funding Corp. (debt obligations); provided, however, that the investments described in this clause (iii) must (A) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(iv) federal funds, unsecured certificates of deposit, time deposits, bankers’ acceptances and repurchase agreements
with maturities of not more than 365 days of any bank, the short-term obligations of which at all times are rated in the highest short-term rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating
Agency in the highest short-term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or,
if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause (iv) must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change,
(B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if
any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 
 (v) fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company, savings and loan
association or savings bank, the short-term obligations of which at all times are rated in the highest short-term rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest
short-term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current
ratings assigned to the Securities); provided, however, that the investments described in this clause (v) must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by
S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move
proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 
 (vi) debt obligations with maturities of not more than 365 days and at all times rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise
acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, 

  
 27 

 
qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest long-term unsecured rating category; provided, however, that the
investments described in this clause (vi) must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating,
(C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be
subject to liquidation prior to their maturity; 
 (vii) commercial paper (including both non-interest-bearing
discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365 days and that at all times is rated by each Rating Agency
(or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or
withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest short-term unsecured debt rating; provided, however, that the investments described in this clause (vii) must (A) have a
predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such
interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(viii) units of taxable money market funds, which funds are regulated investment companies, seek to maintain a constant
net asset value per share and invest solely in obligations backed by the full faith and credit of the United States, which funds have the highest rating available from each Rating Agency (or, if not rated by all Rating Agencies, rated by at least
one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings
assigned to the Securities) for money market funds; and 
 (ix) any other security, obligation or investment
which has been approved as a Permitted Investment in writing by (A) Lender and (B) each Rating Agency, as evidenced by a written confirmation that the designation of such security, obligation or investment as a Permitted Investment will
not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities by such Rating Agency; 
 provided, however, that in the judgment of the Lender, such instrument continues to qualify as a “cash flow investment” pursuant to Section 860G(a)(6) of the Bankruptcy Code earning
a passive return in the nature of interest and that no obligation or security shall be a Permitted Investment if (A) such obligation or security evidences a right to receive only interest payments, or (B) the right to receive principal and
interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of one hundred twenty percent (120%) of the yield to maturity at par of such underlying investment.

  
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 “Permitted Tax Distributions” shall mean distributions to pay Eligible
Taxes pursuant to Section 7.5. 
 “Permitted Tax Distributions Account” shall have the meaning set
forth in Section 7.5.1. 
 “Permitted Tax Distributions Fund” shall have the meaning set forth in
Section 7.5.1. 
 “Permitted Transfer” shall have the meaning set forth in
Section 5.2.10. 
 “Person” shall mean any individual, corporation, partnership, joint venture,
limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing.

 “Personal Property” shall have the meaning set forth in the granting clause of the Security Instrument.

 “PH Entity” shall mean, individually or collectively as the context indicates, each of PHI, PHIV and PHMemo.

 “PHI” shall mean Planet Hollywood International, Inc., a Delaware corporation, in its capacity as a party to
the PH License, together with its successors and assigns in such capacity. 
 “PHIV” shall mean Planet
Hollywood (Region IV), Inc., a Minnesota corporation, in its capacity as a party to the PH License, together with its successors and assigns in such capacity. 
 “PH License” shall mean that certain Planet Hollywood Resort & Casino Licensing Agreement, dated as of the date hereof, among Borrower, PHI, PHMemo and PHIV, as the same may be
amended, supplemented, replaced or otherwise modified from time to time in accordance with the provisions hereof. 

“PHMemo” shall mean Planet Hollywood Memorabilia, Inc., a Florida corporation, in its capacity as a party to the PH
License, together with its successors and assigns in such capacity. 
 “Plan” shall mean any pension plan, as
defined in Section 3(2) of ERISA (other than a Multiemployer Plan), which is maintained or contributed to by (or to which there is an obligation to contribute of) Borrower or an ERISA Affiliate and each such plan for the five-year period
immediately following the latest date on which Borrower or an ERISA Affiliate maintained, contributed to or had an obligation to contribute to such plan. 
 “Pledge and Security Agreement” shall mean that certain Pledge and Security Agreement, dated as of the date hereof, made by Borrower in favor of Lender, as the same may be amended,
supplemented, replaced or otherwise modified from time to time in accordance with the provisions hereof. 

“Policies” shall have the meaning specified in Section 6.1(b). 

  
 29 

 “Post Closing Agreement” shall mean that certain Post Closing Agreement,
dated as of the date hereof, made by Borrower in favor of Lender, as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with the provisions hereof. 

“Prescribed Laws” shall mean, collectively, (a) the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (The USA PATRIOT Act), (b) Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, and relating to Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, (c) the International Emergency Economic Power Act, 50 U.S.C. § 1701 et seq. and (d) all other Legal Requirements relating to money laundering
or terrorism. 
 “Prime Rate” shall mean the annual rate of interest publicly announced by Citibank, N.A. in
New York, New York, as its base rate, as such rate shall change from time to time. If Citibank, N.A. ceases to announce a base rate, Prime Rate shall mean the rate of interest published in The Wall Street Journal from time to time as the “Prime
Rate.” If more than one “Prime Rate” is published in The Wall Street Journal for a day, the average of such “Prime Rates” shall be used, and such average shall be rounded up to the nearest one-eighth of one percent (0.125%).
If The Wall Street Journal ceases to publish the “Prime Rate,” Lender shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited,
regulated or administered by a governmental or quasi-governmental body, then Lender shall select a comparable interest rate index. 
 “Prime Rate Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate. 

“Prime Rate Spread” shall mean the positive difference (if any), expressed as the number of basis points, obtained by
subtracting (i) the Prime Rate on the date that LIBOR was last applicable to the Loan, from (ii) LIBOR plus the Spread on the date LIBOR was last applicable to the Loan. 

“Property” shall mean, collectively and as applicable to Borrower, the Resort Land, the Improvements on the Resort Land,
and all personal property owned or leased by Borrower and encumbered by the Security Instrument, together with all rights pertaining to such property and Improvements, comprising all right, title and interest of Borrower in and to the Hotel
Component, the Casino Component, the Utility Component and the TPA Component, as more particularly described in the granting clause of the Security Instrument and referred to therein as the “Property”. 

“Property Bank” shall mean (i) on the date hereof, Wells Fargo Bank, N.A., so long as the same remains an Eligible
Institution, (ii) after the date hereof, any successor Eligible Institution designated as Property Bank from time to time in accordance with the terms hereof, or (iii) any other financial institution otherwise reasonably approved by Lender
and, if a Securitization has occurred, with respect to which a rating Agency Confirmation has been obtained. 

  
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 “Provided Information” shall mean any and all financial and other
information provided at any time by, or on behalf of, Borrower, Guarantor and/or any Affiliated Manager. 
 “Qualified
Manager” means (a) with respect to the Hotel Component, a reputable and experienced hotel management company primarily engaged in, and with at least seven (7) years experience in, the management of hotels of at least a Comparable
Standard, (b) with respect to the Hotel Component and/or the Casino Component, Harrah’s Manager or another entity Controlled by Sponsor, so long as the same is Controlled by Sponsor and maintains all required Gaming Licenses in accordance
with all applicable Gaming Laws, (c) with respect to the Casino Component any reputable, experienced professional management company that is duly licensed by the Gaming Authorities and which directly, or through one or more Affiliates, shall
have at least ten (10) years experience in the management of casino and other gaming facilities of at least a Comparable Standard, (d) with respect to any portion of the Property other than the Casino Component (including, without
limitation, the TPA Component), any reputable and experienced professional management company which directly, or through one or more Affiliates, shall have at least ten (10) years experience in the management of facilities of at least a
Comparable Standard, and (e) any other Person approved by Lender in its reasonable discretion in advance of the effective date of the applicable management, operating or other relevant agreement(s); provided that, in the case of clauses (c),
(d) and (e) above, (i) Borrower shall have obtained a Rating Agency Confirmation with respect to management of the Property by such Person, and (ii) if such Person is an Affiliate of Borrower, Borrower shall have obtained an
Additional Insolvency Opinion. 
 “Rate Cap Deposit” shall have the meaning set forth in
Section 2.7.1(c). 
 “Rating Agencies” shall mean each of S&P, Moody’s and Fitch, or any
other nationally recognized statistical rating agency which has been approved by Lender. 
 “Rating Agency
Confirmation” means, collectively, a written affirmation from each of the Rating Agencies that the credit rating of the Securities given by such Rating Agency of such Securities immediately prior to the occurrence of the event with respect
to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion. In
the event that, at any given time, no such Securities shall have been issued and are then outstanding, then the term Rating Agency Confirmation shall be deemed instead to require the written approval of Lender based on its good faith determination
of whether the Rating Agencies would issue a Rating Agency Confirmation if any such Securities were outstanding. 

“REA” shall mean that certain Construction, Operation and Reciprocal Easement Agreement, dated as of February 26,
1998, among Borrower (as successor in interest and assignee thereunder) and Retail Mall Owner (as successor in interest and assignee thereunder), as amended by (i) that certain Amendment and Ratification of Construction, Operation and
Reciprocal Easement Agreement, dated as of November 20, 2000, (ii) that certain Second Amendment of Construction, Operation and Reciprocal Easement Agreement, dated as of February 2003. and (iii) the REA Amendment Agreement, as the
same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms hereof. 

  
 31 

 “REA Amendment Agreement” shall mean that certain Agreement and Amendment
to Construction, Operation and Reciprocal Easement Agreement, dated as of July 2005, between Borrower (as successor in interest and assignee thereunder) and Retail Mall Owner (as successor in interest and assignee thereunder), as the same may be
amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Release” shall mean any
release, deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing, growing or other movement of Hazardous Substances. 

“Relevant IP” shall have the meaning set forth in Section 4.1.39. 

“Rents” shall mean, all rents, rent equivalents, moneys payable as damages or in lieu of rent or rent equivalents,
royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues,
profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or employees from any and all sources arising from or attributable to the
Property, and proceeds, if any, from business interruption or other loss of income or insurance, including, without limitation, all hotel receipts, revenues and credit card receipts collected from guest rooms, restaurants, bars, meeting rooms,
banquet rooms and recreational facilities, all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant
of the right of the use and occupancy of property or rendering of services by Borrower or any operator or manager of the hotel or the commercial space located in the Improvements or acquired from others (including, without limitation, from the
rental of any office space, retail space, guest rooms or other space, halls, stores, and offices, and deposits securing reservations of such space), license, lease, sublease and concession fees and rentals, health club membership fees, food and
beverage wholesale and retail sales, service charges, vending machine sales and proceeds, if any, from business interruption or other loss of income insurance; provided that Rents shall not include amounts, such as restaurant room charges and Nevada
entertainment taxes, paid to Borrower or its Affiliates and in respect of which Borrower or its Affiliates, as applicable, act solely as a collection and payment agent on behalf of any Person (excluding an Affiliate of Borrower, but including
restaurant room charges payable to a Tenant that is an Affiliate of Borrower under a Lease that has been approved by Lender in accordance with the terms hereof), receiving such amounts from the Person obligated to pay, and paying over such amounts
to the Person entitled to receive same, all in the ordinary course of business of Borrower and its Affiliates, as applicable (collectively, “Pass-Through Amounts”). 

“Replacement Interest Rate Cap Agreement” means an interest rate cap agreement from an Acceptable Counterparty with
terms substantially identical (except as provided herein or as may be otherwise reasonably approved by Lender) to the Interest Rate Cap Agreement except that the same shall (i) with respect to any replacement of the Interest Rate Cap Agreement
following a downgrade, withdrawal or qualification of the long-term unsecured debt rating of the 

  
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Counterparty prior to the Initial Maturity Date, have a strike price equal to the Strike Price, (ii) subject to the provisions of Section 2.7, with respect to any new Interest
Rate Cap Agreement obtained with respect to the first Extension Term that ends on December 9, 2013, have a strike price that would result in a Debt Service Coverage Ratio of at least 1.05:1.00 at the time that the Replacement Interest Rate Cap
Agreement becomes effective, (iii) subject to the provisions of Section 2.7, with respect to any new Interest Rate Cap Agreement obtained with respect to the second Extension Term that ends on April 9, 2015, have a strike price
that would result in a Debt Service Coverage Ratio of at least 1.10:1.00 at the time that the Replacement Interest Rate Cap Agreement becomes effective and (iv) in any event, be effective in connection with an extension of the term or the
replacement of the Interest Rate Cap Agreement following a downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty; provided, that to the extent any such interest rate cap agreement does not meet the
foregoing requirements, a “Replacement Interest Rate Cap Agreement” shall be such interest rate cap agreement approved in writing by each of the Rating Agencies. 
 “Replacement Management Agreement” shall mean, collectively, (a) either (i) a management agreement with a Qualified Manager substantially in the same form and substance as the
Management Agreement being replaced, or (ii) a management agreement with a Qualified Manager, which management agreement shall be reasonably acceptable to Lender in form and substance, provided that, with respect to this clause (ii), Lender, at
its option, may require that Borrower obtain a Rating Agency Confirmation; and (b) with respect to the Property or any portion thereof, an assignment of management agreement substantially in the form of the Assignment of Management Agreement
(or of such other form and substance reasonably acceptable to Lender), executed and delivered to Lender by Borrower and such Qualified Manager at Borrower’s expense. 
 “Reportable Event” shall mean an event described in Section 4043(c) of ERISA with respect to a Plan other than those events as to which the 30-day notice period referred to in
Section 4043 is waived. 
 “Reserve Account” shall mean any one of the Tax and Insurance Escrow Account,
the FF&E Reserve Account, the Interest Reserve Account, the Seasonality Cash Reserve Account, the Major Capital Improvement Reserve Account, the Existing Lien Reserve Account; and any other escrow fund or reserve account established pursuant to
the Loan Documents. 
 “Reserve Funds” shall mean, collectively, the Tax and Insurance Escrow Fund, the
FF&E Reserve Fund, the Interest Reserve Fund, the Seasonality Cash Reserve Funds, the Major Capital Improvement Reserve Fund, the Existing Lien Reserve Fund and any other funds held or maintained pursuant to the Loan Documents. 

“Resort Land” shall mean the land and all appurtenant rights thereto as described on Schedule II-A attached
hereto. 
 “Restoration” shall mean the repair and restoration of the Property after a Casualty or Condemnation
as nearly as possible to the condition the Property was in immediately prior to such Casualty or Condemnation, with such alterations permitted in accordance with this Agreement or as may be otherwise reasonably approved by Lender. 

  
 33 

 “Restricted Party” shall mean, collectively (i) Borrower,
(ii) Guarantor, (iii) HOC, (iv) any Affiliated Manager, and (v) any other Borrower Party. 
 “Retail
Mall” shall mean, collectively, the land and improvements comprising the retail mall located adjacent to the Property and more particularly described as the “Bazaar Site” in the REA. 

“Retail Mall Owner” shall mean Boulevard Invest, LLC, a Delaware limited liability company (and the owner of the Retail
Mall), together with its successors and assigns in such capacity. 
 “Revenue” shall mean, collectively,
(i) all Rents arising with respect to the Property, (ii) all other Gross Income from Operations arising with respect to the Property, (iii) any and all Timeshare Project Proceeds received by, paid to, or for the benefit of Borrower,
and (iv) any and all income, proceeds and revenue received by, paid to, or for the benefit of Borrower pursuant to any Material Operating Agreements; provided that Revenue shall not include Pass-Through Amounts. 

“Reversionary Property” shall have the meaning set forth in Section 5.2.11(a). 

“Reversionary Property Release Amount” shall mean an amount equal to (i) one hundred percent (100%) of
(x) the gross sales proceeds for the Reversionary Property, minus (ii) ordinary closing costs, including transfer taxes, marketing and legal costs and brokerage commissions. 

“Reversionary Property Transfer Documents” shall have the meaning set forth in Section 5.2.11(f)(i).

 “S&P” shall mean Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies.

 “Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, assignment, transfer, encumbrance,
pledge, grant of option or other disposal of a legal or beneficial interest, whether direct or indirect. 
 “Seasonality
Cash Reserve Account” shall have the meaning set forth in Section 7.6.1. 
 “Seasonality Cash
Reserve Funds” shall have the meaning set forth in Section 7.6.1. 
 “Securities” shall
have the meaning set forth in Section 9.1. 
 “Securities Act” shall have the meaning set forth in
Section 9.2(a). 
 “Securitization” shall have the meaning set forth in Section 9.1.

 “Security Agreement (Copyrights)” shall mean a security agreement with respect to Copyrights, as the same
may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
 34 

 “Security Agreement (Trademarks)” shall mean a security agreement with
respect to Trademarks, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Security Instrument” shall mean, individually or collectively as the context indicates, each of (a) that certain
first priority Amended and Restated Deed of Trust, Security Agreement, Assignment of Leases and Rents, Financing Statement and Fixture Filing, dated the date hereof, executed and delivered by Borrower as security for the Loan and encumbering the
Hotel Component and the Casino Component, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time and (b) the TSP Owner Security Instrument, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time. 
 “Servicer” shall have the meaning set forth in
Section 9.5. 
 “Servicing Agreement” shall have the meaning set forth in Section 9.5.

 “Settlement Agreement” shall mean individually or collectively as the context indicates, each of
(i) that certain Settlement Agreement and Releases, dated as of November 6, 2002, by and among Aladdin Gaming, LLC, Utility Provider, John Hancock Life Insurance Company, John Hancock Variable Life Insurance Company, John Hancock
Reinsurance Company Limited, State Street Bank and Trust Company and Retail Mall Owner (as assignee and successor-in-interest thereunder), as amended by that certain First Amendment to Settlement Agreement and Releases, dated as of December 23,
2002, and (ii) that certain Confidential Settlement Letter, dated as June 20, 2003, by and between (i) OpBiz, (ii) Aladdin Bazaar, LLC, (iii) The Steering Committee, consisting of Van Kampen Funds, the Bank of Nova Scotia,
Highland Capital and PPM America, for certain lenders pursuant to the Credit Agreement, dated February 26, 1998, between The Bank of Nova Scotia, Merrill Lynch Capital Corporation, CIBC Oppenheimer Corp. and Aladdin Gaming, LLC, as borrower,
(iv) General Electric Capital Corporation, and (v) Aladdin Gaming, LLC. 
 “Severed Loan Documents”
shall have the meaning set forth in Section 8.2(b). 
 “SPE Entity” shall mean each of Borrower and
TSP Owner. 
 “Special Purpose Entity” shall mean a corporation, limited partnership or limited liability
company that since the date of its formation and at all times on and after the date thereof, has complied with and shall at all times comply with the following requirements: 

(a) is formed or organized solely to (i) in the case of Borrower, (A) develop, own, sell, lease, license,
transfer, exchange, manage, or operate the Property, (B) acquire and hold the limited liability company interests in and act as a member and/or manager of TSP Owner, (C) enter into a management agreement or agreements pursuant to which the
Property will be managed by a third party, (D) enter into the PH License, pursuant to which it will obtain certain licenses to use (1) the “Planet Hollywood” trademark and (2) certain items of movie, television and Hollywood
memorabilia, (E) to enter into, execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (F) to conduct all lawful activities reasonably necessary or desirable to accomplish the

  
 35 

 
foregoing purposes, and to do anything necessary or incidental to any of the foregoing, and (ii) in the case of TSP Owner, (A) own, hold, and pledge its interests in the Reversionary
Property, (B) to enter into, execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (C) to conduct all lawful activities reasonably necessary or desirable to accomplish the foregoing purposes, and
to do anything necessary or incidental to any of the foregoing; and 
 (b) is not engaged and will not engage in
any business unrelated to the purposes set forth in the above subsection (a); 
 (c) does not have and will not
have any assets other (i) than those related to the Property or, in the case of TSP Owner, to its interest in the Reversionary Property, including any “possibility of reverter” right, and (ii) in the case of Borrower, any limited
liability company interest in TSP Owner; 
 (d) to the fullest extent permitted by law, has not engaged, sought
or consented to and will not engage in, seek or consent to any dissolution, winding up, liquidation, consolidation, or, except to the extent permitted by the Loan Documents, any merger or sale of all or substantially all of its assets; 

(e) if such entity is a limited partnership, has, as its only general partners, Special Purpose Entities that are
corporations, limited partnerships or limited liability companies; 
 (f) if such entity is a corporation, has at
least two Independent Persons as directors, and has not caused or allowed and will not cause or allow the board of directors of such entity to take any action requiring the unanimous affirmative vote of one hundred percent (100%) of the members
of its board of directors unless two Independent Persons as directors shall have participated in such vote; 

(g) if such entity is a limited liability company with more than one member, has at least one member that is a Special
Purpose Entity that is a corporation or a limited liability company that has at least two Independent Persons as managers or members and that owns at least one percent (1.0%) of the equity of the limited liability company; 

(h) if such entity is a limited liability company with only one member, is a limited liability company formed in the State
of Delaware or Nevada (as applicable) that has (i) at least two Independent Persons and has not caused or allowed and will not cause or allow the board of managers or other governing body of such entity to take any action requiring the
unanimous affirmative vote of one hundred percent (100%) of the managers unless two Independent Persons shall have participated in such vote, and (ii) at least one springing member that, subject to compliance with any applicable Gaming
Laws, will become the non-managing member of such entity upon the dissolution of the existing member; 
 (i) if
such entity is (i) a limited liability company, has articles of organization, a certificate of formation and/or an operating agreement, as applicable, (ii) a limited partnership, has a limited partnership agreement, or (iii) a
corporation, has a certificate of 

  
 36 

 
incorporation or articles that, in each case, provide that such entity will not: (A) to the fullest extent permitted by law, dissolve, merge, liquidate, consolidate; (B) sell all or
substantially all of its assets or the assets of Borrower (as applicable); (C) engage in any other business activity, or amend its organizational documents with respect to the matters set forth in this definition; or (D) to the fullest
extent permitted by law file a bankruptcy or insolvency petition or otherwise institute insolvency proceedings with respect to itself or to any other entity in which it has a direct or indirect legal or beneficial ownership interest without the
affirmative vote of two Independent Persons and of all other directors, members or partners (as applicable) of the company (that is such entity or the general partner or managing or co-managing member of such entity), or in the case of a limited
liability company without the affirmative vote of two Independent Persons as managers of such entity; 
 (j) is
and intends to remain solvent and pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from, and to the extent of, its assets as the same shall become due, and is maintaining and, to the extent of its
assets, will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; 

(k) has not failed and will not fail to correct any known misunderstanding regarding the separate identity of such entity;

 (1) has maintained and will maintain its accounts, records, books, resolutions and agreements separate from
any other Person and will file its own tax returns, except to the extent that it is required to file consolidated tax returns by law or by GAAP; 
 (m) [Intentionally Omitted]; 
 (n) except as permitted by the Loans
Documents, has not commingled and will not commingle its funds or assets with those of any other Person and has not participated and will not participate in any cash management system with any other Person; 

(o) has held and will hold its assets in its own name; 

(p) has conducted and will conduct its business in its name or in a name franchised or licensed to it by an entity other
than an Affiliate of Borrower, except for services rendered under a business management services agreement with an Affiliate that complies with the terms contained in this Agreement; 

(q) has maintained and will maintain its financial statements, accounting records and other entity documents separate from
any other Person and has not permitted and will not permit its assets to be listed as assets on the financial statement of any other entity except as required by GAAP; 

(r) has paid and will pay its own liabilities and expenses, including the salaries of its own employees, out of its own
funds and assets, and has maintained and will maintain a sufficient number of employees in light of its contemplated business operations; 

  
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 (s) has observed and will observe all partnership, corporate or limited
liability company formalities, as applicable; 
 (t) has and will have no Indebtedness other than Permitted
Indebtedness; 
 (u) has not and will not assume or guarantee or become obligated for the debts of any other
Person or hold out its credit as being available to satisfy the obligations of any other Person, except as permitted pursuant to the Loan Documents; 
 (v) except, with respect to Borrower, its limited liability company interests in TSP Owner, its sole subsidiary, has not and will not acquire obligations or securities of its members or any other
Affiliate; 
 (w) to the extent applicable (subject to any management agreement or agreements pursuant to which
the Property is managed by a third party), has allocated and will allocate fairly and reasonably any overhead expenses that are shared with any Affiliate, including, but not limited to, paying for shared office space and services performed by any
employee of an Affiliate; 
 (x) maintains and uses and will maintain and use separate stationery, invoices and
checks bearing its name and not bear the name of any other entity unless such entity is clearly designated as being such Special Purpose Entity’s agent; 
 (y) has not pledged and will not pledge its assets for the benefit of any other Person, except as contemplated by the Loan Documents; 

(z) has held itself out and identified itself and will hold itself out and identify itself as a separate and distinct
entity under its own name or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower and not as a division or part of any other Person, except as permitted by this Agreement; 

(aa) has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate,
ascertain or identify its individual assets from those of any other Person; 
 (bb) has not made and will not
make loans to any Person or hold evidence of indebtedness issued by any other Person or entity (other than cash and investment-grade securities issued by an entity that is not an Affiliate of or subject to common ownership with such entity);

 (cc) has not identified and will not identify its partners, members or shareholders, or any Affiliate of any
of them, as a division or part of it, and has not identified itself and shall not identify itself as a division of any other Person; 

  
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 (dd) has not entered into or been a party to, and will not enter into or be
a party to, any transaction with its partners, members, shareholders or Affiliates except (A) in the ordinary course of its business and on terms which are intrinsically fair, commercially reasonable and are no less favorable to it than would
be obtained in a comparable arm’s-length transaction with an unrelated third party, (B) in connection with this Agreement and the transactions contemplated hereby and (C) the Management Agreement; 

(ee) has not and will not indemnify its partners, officers, directors or members, as the case may be, unless such
indemnity obligations have been and will be subject and subordinate to the Debt, provided, however, that any amounts not derived from the acquisition, development, ownership, sale, leasing, licensing, transfer, exchange, management or operation of
the Property (including, without limitation, payments under any directors and officers (or similar) insurance policy) shall not be subject or subordinate to the Debt; 

(ff) if such entity is a corporation, it shall consider the interests of its creditors in connection with all corporate
actions; 
 (gg) does not and will not have any of its obligations (other than obligations in respect of the
Loan) guaranteed by any Affiliate; 
 (hh) has complied and will comply with all of the terms and provisions
contained in its organizational documents. The statements of facts contained in its organizational documents are true and correct and will remain true and correct; 

(ii) has complied and will comply with all the assumptions made with respect to such entity in the Insolvency Opinion; and

 (jj) has not and will not create, incur, assume or suffer to exist or otherwise become or be liable in respect
of any Indebtedness other than Permitted Indebtedness. 
 Notwithstanding anything contained in this definition to the contrary,
any holder of a direct or indirect Equity Interest in Borrower shall be permitted to enter into any agreement with the provider of any Letter of Credit to be delivered by Borrower to Lender in connection with the Loan, provided that Borrower has no
continuing obligations with respect to such agreement and that such agreement shall not affect Borrower’s status as a Special Purpose Entity, as confirmed in the Insolvency Opinion or an Additional Insolvency Opinion. 

“Sponsor” shall mean Guarantor. 
 “Spread” shall mean 2.859%. 
 “Strike Price”
shall mean 5.00%. 
 “Survey” shall mean a survey of the Property (including, without limitation, the Timeshare
Project Land) delivered to Lender on the Closing Date (as revised thereafter to the extent required pursuant to the terms of the Loan Documents). 

  
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 “Tax and Insurance Escrow Account” shall have the meaning set forth in
Section 7.2. 
 “Tax and Insurance Escrow Fund” shall have the meaning set forth in
Section 7.2. 
 “Taxes” shall mean all real estate and personal property taxes, assessments, water
rates or sewer rents, now or hereafter levied or assessed or imposed against the Property or part thereof. 
 “Threshold
Amount” shall have the meaning set forth in Section 5.1.21. 
 “Timeshare Amounts” shall
have the meaning set forth in the definition of “Timeshare Project Proceeds.” 
 “Timeshare
Deed” shall have the meaning set forth in Section 5.2.11(a). 
 “Timeshare Project” shall
mean, individually or collectively as the context indicates, (i) any Transfer of all or any portion of the Timeshare Project Land to any Person that is not an Affiliate of Borrower, (ii) any construction or development of any Timeshare
Project Improvements by Borrower, its Affiliates or any other Person on all or any portion of the Timeshare Project Land, (iii) any marketing, sale and/or leasing of any condominium or timeshare residential or other units at the Timeshare
Project by Borrower, its Affiliates or any other Person, (iv) the operation, maintenance and management of all or any portion of the Timeshare Project by Borrower, its Affiliates or any other Person, (v) any other transaction with respect
to all or any portion of the Timeshare Project by Borrower, its Affiliates or any other Person, and (vi) all activities in furtherance thereof or otherwise contemplated by the Timeshare Project Documents. 

“Timeshare Project Access Agreement” shall mean that certain Resort and Amenities Access Agreement, dated as of
September 9, 2007, by and among Timeshare Project Developer and TSP Owner, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms hereof. 

“Timeshare Project Contract” shall mean that certain Timeshare Purchase Agreement, dated as of December 10, 2004,
between Borrower (as assignee), as seller, and Westgate, as amended by that certain Modification Agreement Regarding Timeshare Purchase Agreement, dated as of September 10, 2007, by and among Borrower (as assignee), Timeshare Project Developer
and Westgate, as assigned pursuant to that certain Assignment of Timeshare Purchase Agreement, dated as of September 10, 2007, by and between Westgate and Timeshare Project Developer and as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time in accordance with the terms hereof. 
 “Timeshare Project
Developer” shall mean Westgate Planet Hollywood Las Vegas, LLC, a Florida limited liability company, in its capacity as the owner and developer of the Timeshare Project Land and the Timeshare Project pursuant to the existing Timeshare
Project Documents in effect on the date hereof, together with its successors and permitted assigns in such capacity. 

“Timeshare Project Documents” shall mean, individually or collectively as the context indicates, (i) the Timeshare
Project Contract, (ii) the Timeshare Project Marketing Agreement, (iii) the Timeshare Project Access Agreement, (iv) the Timeshare Project Escrow Agreement, (v)

  
 40 

 
the Timeshare Deed, (vi) the Timeshare Project Plan to be submitted to Lender pursuant to the terms hereof, (vii) the Timeshare Project Management Agreement and (viii) any other
material agreement, instrument or other document relating to any Timeshare Project or any part thereof (A) to which Borrower or any of its Affiliate is a party or beneficiary or is otherwise directly or indirectly bound, (B) delivered to
or otherwise in the possession of Borrower or any of its Affiliates, or (C) with respect to which Borrower or any of its Affiliates has the right to review or otherwise approve, in each case as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time in accordance with the terms hereof. 
 “Timeshare Project Escrow
Agreement” shall mean that certain Escrow, Pledge and Security Agreement, dated as of September 10, 2007, among Westgate and Borrower (as assignee) and consented to by Greenspoon Marder, P.A., as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time in accordance with the terms hereof. 
 “Timeshare
Project Improvements” shall mean, collectively, any structures and other improvements to be constructed on the Timeshare Project Land, as described in any Timeshare Project Plan delivered to Lender pursuant to the terms hereof. 

“Timeshare Project Land” shall mean the land and all appurtenant rights thereto as described on Schedule II-F
attached hereto. 
 “Timeshare Project Management Agreement” shall mean that certain Timeshare Property
Maintenance and Management Agreement, dated as of September 10, 2007, by and among Borrower (as assignee), Timeshare Project Developer and CFI Resorts Management, Inc., a Florida corporation. 

“Timeshare Project Marketing Agreement” shall mean that certain Marketing and Leasing Agreement, dated as of
December 30, 2004, among Borrower (as assignee), Timeshare Project Developer and Westgate, relating to the marketing, sale and leasing of the Timeshare Project, as the same may be amended, restated, replaced, supplemented or otherwise modified
from time to time in accordance with the terms hereof. 
 “Timeshare Project Payment Bond” shall have the
meaning set forth in Section 5.2.11(h). 
 “Timeshare Project Plan” shall mean a general
description of the Timeshare Project prepared by (or on behalf of) Borrower and setting forth the general description of the proposed Timeshare Project, the scope of any intended work and other material characteristics of the Timeshare Project, as
delivered to Lender for informational purposes and otherwise in accordance with the requirements hereof, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms hereof.

 “Timeshare Project Proceeds” shall mean, collectively, the following: (a) the “Purchase
Price”, any “Timeshare Advances” and any “Marketing Fees” (as each is defined in the Timeshare Project Contract and collectively, the “Timeshare Amounts”) received by, paid to, paid for the account of, or
payable to Borrower or, with respect to the Timeshare Amounts, any of its Affiliates or to which Borrower or any of its Affiliates are otherwise entitled pursuant to the terms of any of the Timeshare Project Documents as in effect on the date
hereof, and (b) any 

  
 41 

 
other fees, payments, amounts, proceeds, reimbursements, distributions, compensation, cash or other consideration directly or indirectly relating to the Timeshare Project and/or the transactions
contemplated by the Timeshare Project Documents received by, paid to, paid for the account of, or payable to Borrower or any of its Affiliates or to which Borrower or any of its Affiliates are otherwise entitled pursuant to the terms of any of the
Timeshare Project Documents; provided, however, that Timeshare Project Proceeds under this clause (b) shall not include (i) reasonable amounts payable to any PH Entity, Borrower, Manager, or any Affiliate of Borrower or Manager,
with respect to the provision of any goods, services and/or intellectual property rights in connection with the Timeshare Project so long as the same are the result of arm’s-length negotiation and are on terms that are fair and commercially
reasonable in all material respects and are no more favorable to such Person, or more disadvantageous to Borrower or Timeshare Project Developer than would be obtained in a comparable transaction with a third party, (ii) any fees, payments,
amounts or reimbursements payable to Borrower or Manager pursuant to the Timeshare Project Management Agreement or (iii) amounts payable to Borrower for reimbursement of prior losses pursuant to the Timeshare Project Contract and the Timeshare
Project Marketing Agreement. 
 “Timeshare Project Property” shall mean, collectively, the Timeshare Project
Land, the Timeshare Project Improvements to be constructed thereon, any and all rents, leases, easements, rights and property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, in each case comprising a part
of, or otherwise appurtenant to, the foregoing. 
 “Title Company” shall mean, collectively, each title
insurance company providing insurance or reinsurance under a direct access agreement with respect to the Title Insurance Policy delivered to Lender on the date hereof. 
 “Title Insurance Policy” shall mean an ALTA mortgagee title insurance policy issued by Title Company with respect to the Property and insuring the lien of the Security Instrument, in form
and substance (including, without limitation, all endorsements thereto and all coinsurance and reinsurance arrangements) reasonably acceptable to Lender. 
 “TPA Component” shall mean that portion of the Property devoted to the operation of a theater for the performing arts and related facilities and leased by Borrower (as assignee) to TPA
Operator pursuant to the TPA Component Lease, all of the foregoing being located on the TPA Component Premises and more particularly described and set forth in the TPA Component Lease. 

“TPA Component Lease” shall mean that certain Lease Agreement, dated as of April 27, 2006 and as amended on
May 31, 2009, between Borrower, as lessor, and TPA Operator, as lessee, pursuant to which Borrower leases the TPA Component to TPA Operator upon and subject to the terms set forth therein, as the same may be amended, supplemented, replaced or
otherwise modified from time to time in accordance with the provisions thereof. 
 “TPA Component Premises”
shall mean the land and all appurtenant rights thereto as described on Schedule II-D attached hereto. 

  
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 “TPA Operator” shall mean (i) on the date hereof, BZ Clarity
Theatrical - LV, LLC, a Delaware limited liability company, in its capacity as the lessee of the TPA Component pursuant to the TPA Component Lease, together with its successors assigns in such capacity thereunder or (ii) any replacement
operator of the TPA Component that is a Qualified Manager and otherwise reasonably approved by Lender. 

“Trademarks” shall mean, collectively, all trademarks, service marks, trade names, corporate and company names, business
names, fictitious business names, logos, trade dress, trade styles and other source or business identifiers, designs and general intangibles of a similar nature, whether under the laws of the United States or any other country or jurisdiction, all
recordings and registrations thereof and applications therefor (but excluding any application to register any trademark, service mark or other mark prior to the filing under applicable law of a verified statement of use (or the equivalent) for such
trademark, service mark or other mark if the creation of a Lien thereon or security interest therein would void or invalidate such trademark, service mark or other mark), all renewals and extensions thereof, all rights corresponding thereto, and all
goodwill associated therewith or symbolized thereby, in each case whether now owned or existing or of which ownership is hereafter acquired. 
 “Transfer” shall have the meaning set forth in Section 5.2.10(b). 
 “TSP Owner” shall mean TSP Owner LLC, a Delaware limited liability company. 
 “TSP Owner Security Instrument” shall mean that certain first priority Deed of Trust, Security Agreement, Financing Statement and Fixture Filing, dated the date hereof, executed and
delivered by TSP Owner as security for the Loan and encumbering the rights of TSP Owner, including the “possibility of reversion” right, in and to the Reversionary Property, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time. 
 “UCC” or “Uniform Commercial Code” shall mean the
Uniform Commercial Code as in effect in the State of New York. 
 “U.S. Obligations” shall mean non-redeemable
securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged, or
(b) to the extent acceptable to the Rating Agencies, other “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended. 

“Utility Component” shall mean that portion of the Property on which the utility plant owned and operated by Utility
Provider is located and leased by Borrower to Utility Provider pursuant to the Utility Component Lease, including (without limitation) the adjoining optional improvement site, all of the foregoing being located on the Utility Component Premises and
more particularly described and set forth in the Utility Component Lease. 
 “Utility Component Premises” shall
mean the land and all appurtenant rights thereto as described on Schedule II-E attached hereto. 

  
 43 

 “Utility Component Lease” shall mean that certain Lease, dated as of
December 3, 1997, by and between Borrower (as assignee thereunder), as lessor, and Utility Provider, as lessee, pursuant to which Borrower leases the Utility Component to Utility Provider upon and subject to the terms set forth therein, as
amended by the Settlement Agreement and as further amended to date, and as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with the provisions hereof. 

“Utility Provider” shall mean Northwind Aladdin, LLC, a Nevada limited liability company, in its capacity as the lessee
under the Utility Component Lease, together with its successors and assigns in such capacity thereunder. 
 “Utility
Service Agreement” means that certain Energy Service Agreement, dated as of September 24, 1998, by and between Borrower (as assignee thereunder) and Utility Provider, as amended by the Settlement Agreement and as further amended to
date, and as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with the provisions hereof. 
 “Westgate” shall mean Westgate Resorts, Ltd., a Florida limited partnership. 
 Section 1.2. Principles of Construction. All references to sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified. All uses of the word
“including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the
singular and plural forms of the terms so defined. 
 ARTICLE II. 

GENERAL TERMS 

Section 2.1. Loan Commitment; Disbursement to Borrower. 
 2.1.1. Agreement to Lend and Borrow. Lender has made and Borrower has accepted the Loan. 
 2.1.2 No Future Funding. Lender has no obligation to advance any additional funds to Borrower and any portion of the Loan repaid may not be reborrowed. 

Section 2.2. Interest Rate. 
 2.2.1. Interest Generally. Interest on the outstanding principal balance of the Loan shall accrue from the Closing Date to but excluding the Maturity Date at the Applicable Interest Rate.

 2.2.2. Interest Calculation. Interest on the outstanding principal balance of the Loan shall be calculated by
multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year by (c) the outstanding principal balance. 

  
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 2.2.3. Determination of Interest Rate. 

(a) The Applicable Interest Rate with respect to the Loan shall be: (i) LIBOR plus the Spread with respect to the applicable
Interest Period for a LIBOR Loan or (ii) the Prime Rate plus the Prime Rate Spread for a Prime Rate Loan if the Loan is converted to a Prime Rate Loan pursuant to the provisions of Section 2.2.3(c) or Section 2.2.3(f).

 (b) Subject to the terms and conditions of this Section 2.2.3, the Loan shall be a LIBOR Loan and Borrower shall
pay interest on the outstanding principal amount of the Loan at LIBOR plus the Spread for the applicable Interest Period. Any change in the rate of interest hereunder due to a change in the Applicable Interest Rate shall become effective as of the
opening of business on the first day on which such change in the Applicable Interest Rate shall become effective. Each determination by Lender of the Applicable Interest Rate shall be conclusive and binding for all purposes, absent manifest error.

 (c) In the event that Lender shall have determined (which determination shall be conclusive and binding upon Borrower absent
manifest error) that by reason of circumstances affecting the interbank eurodollar market generally, adequate and reasonable means do not exist for ascertaining LIBOR, then Lender shall forthwith give notice by telephone of such determination,
confirmed in writing, to Borrower at least one (1) day prior to the last day of the related Interest Period. If such notice is given, the related outstanding LIBOR Loan shall be converted, on the last day of the then current Interest Period, to
a Prime Rate Loan. 
 (d) If, pursuant to the terms of this Agreement, any portion of the Loan has been converted to a Prime
Rate Loan and Lender shall determine (which determination shall be conclusive and binding upon Borrower absent manifest error) that the event(s) or circumstance(s) which resulted in such conversion shall no longer be applicable, Lender shall give
notice by telephone of such determination, confirmed in writing, to Borrower at least one (1) day prior to the last day of the related Interest Period. If such notice is given, the related outstanding Prime Rate Loan shall be converted to a
LIBOR Loan on the last day of the then current Interest Period. 
 (e) All payments made by Borrower hereunder shall be made
free and clear of, and without reduction for or on account of, income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions, reserves or withholdings imposed, levied, collected, withheld or assessed by any Governmental Authority
which are first imposed, enacted or become effective after the date hereof (such non-excluded taxes being referred to collectively as “Applicable Taxes”), excluding income and franchise taxes of (i) the United States of America
or any political subdivision or taxing authority thereof or therein (including Puerto Rico) or (ii) any foreign state or any political subdivision or taxing authority thereof or therein, in each case that are imposed on a net basis (other than
taxes imposed by any foreign jurisdiction by reason of any connection of Borrower with such jurisdiction). If any Applicable Taxes are required to be withheld from any amounts payable to Lender hereunder, the amounts so payable to Lender shall be
increased to the extent necessary to yield to Lender (after payment of all Applicable Taxes) interest or any such other amounts payable hereunder at the rate or in the amounts specified hereunder. Whenever any Applicable Tax is payable pursuant to
applicable law by Borrower, as promptly as possible thereafter, Borrower shall send to Lender an original official receipt, if available, or certified copy thereof showing payment of such Applicable Tax. Borrower hereby indemnifies Lender for any
incremental taxes, interest or penalties that may become payable by Lender which may result from (A) any failure by Borrower to pay any such Applicable Tax 

  
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when due to the appropriate taxing authority or (B) any failure by Borrower to remit to Lender the required receipts or other required documentary evidence; provided, that in the case
of clause (B), Borrower shall have no liability to Lender if it has in fact properly withheld and paid all such Applicable Taxes and has provided to Lender suitable evidence to that effect and has otherwise cooperated with Lender in all reasonable
respects and, after the exercise of commercially reasonable efforts, it is unable to obtain official receipts of such payment from the applicable taxing authority. Lender agrees (consistent with legal and regulatory restrictions and subject to
overall policy considerations of Lender) to file any certificate or document or to furnish to Borrower any information as reasonably requested by Borrower that may be necessary to establish any available exemption from, or reduction in the amount
of, any Applicable Taxes; provided, however, that nothing in this Section 2.2.3(e) shall require a Lender to disclose any confidential information (including, without limitation, its tax returns or its calculations). Borrower shall not
be required to indemnify Lender for Taxes attributable solely to such Lender’s failure to provide the required documents under this Section 2.2.3(e). 
 (f) If any requirement of law hereafter enacted or any change therein or in the interpretation or application thereof, shall hereafter make it unlawful for Lender to make or maintain a LIBOR Loan as
contemplated hereunder (i) the obligation of Lender hereunder to make a LIBOR Loan or to convert a Prime Rate Loan to a LIBOR Loan shall be canceled forthwith and (ii) any outstanding LIBOR Loan shall be converted automatically to a Prime
Rate Loan on the next succeeding Payment Date or within such earlier period as required by law. Borrower hereby agrees promptly to pay Lender, upon demand, any additional amounts necessary to compensate Lender for any costs incurred by Lender in
making any conversion in accordance with this Agreement, including, without limitation, any interest or fees payable by Lender to lenders of funds obtained by it in order to make or maintain the LIBOR Loan hereunder. Lender’s notice of such
costs, as certified to Borrower, shall be conclusive absent manifest error. 
 (g) In the event that any change in any
requirement of law or in the interpretation or application thereof (other than with respect to taxes), or compliance by Lender with any request or directive (whether or not having the force of law) hereafter issued from any central bank or other
Governmental Authority: 
 (i) shall hereafter impose, modify or hold applicable any reserve, special deposit,
compulsory loan or similar requirement against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of Lender which is not
otherwise included in the determination of LIBOR hereunder; 
 (ii) shall hereafter have the effect of reducing
the rate of return on Lender’s capital as a consequence of its obligations hereunder to a level below that which Lender could have achieved but for such adoption, change or compliance (taking into consideration Lender’s policies with
respect to capital adequacy) by any amount deemed by Lender to be material; or 

  
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 (iii) shall hereafter impose on Lender any other condition and the result of
any of the foregoing is to increase the cost to Lender of making, renewing or maintaining loans or extensions of credit or to reduce any amount receivable hereunder; 
 then, in any such case, Borrower shall promptly pay Lender, upon demand, any additional amounts necessary to compensate Lender for such additional cost or reduced amount receivable which Lender deems to
be material as determined by Lender. If Lender becomes entitled to claim any additional amounts pursuant to this Section 2.2.3(g), Lender shall provide Borrower with not less than ninety (90) days notice specifying in reasonable
detail the event by reason of which it has become so entitled and the additional amount required to fully compensate Lender for such additional cost or reduced amount. A certificate as to any additional costs or amounts payable pursuant to the
foregoing sentence submitted by Lender to Borrower shall be conclusive in the absence of manifest error. This provision shall survive payment of the Note and the satisfaction of all other obligations of Borrower under this Agreement and the Loan
Documents for a period of ninety (90) days. 
 (h) Borrower agrees to indemnify Lender and to hold Lender harmless from any
loss or expense which Lender sustains or incurs as a consequence of (i) any default by Borrower in payment of the principal of or interest on a LIBOR Loan, including, without limitation, any such loss or expense arising from interest or fees
payable by Lender to lenders of funds obtained by it in order to maintain a LIBOR Loan hereunder, (ii) any prepayment (whether voluntary or mandatory) of the LIBOR Loan on a day that (A) is not the Payment Date immediately following the
last day of an Interest Period with respect thereto or (B) is the Payment Date immediately following the last day of an Interest Period with respect thereto if Borrower did not give the prior notice of such prepayment required pursuant to the
terms of this Agreement, including, without limitation, such loss or expense arising from interest or fees payable by Lender to lenders of funds obtained by it in order to maintain the LIBOR Loan hereunder and (iii) the conversion (for any
reason whatsoever, whether voluntary or involuntary) of the Applicable Interest Rate from LIBOR plus the Spread to the Prime Rate plus the Prime Rate Spread with respect to any portion of the outstanding principal amount of the Loan then bearing
interest at LIBOR plus the Spread on a date other than the Payment Date immediately following the last day of an Interest Period, including, without limitation, such loss or expenses arising from interest or fees payable by Lender to lenders of
funds obtained by it in order to maintain a LIBOR Loan hereunder; provided, that Borrower shall not indemnify Lender from (i) any loss or expense arising from Lender’s willful misconduct or gross negligence, including any failure by
Lender to apply available funds in reduction of the outstanding principal balance of the Loan on a Payment Date as required hereunder, or (ii) any consequential damages. This provision shall survive payment of the Note in full and the
satisfaction of all other obligations of Borrower under this Agreement and the other Loan Documents. 
 (i) Lender shall not be
entitled to claim compensation pursuant to this Section 2.2.3 for any Applicable Taxes, increased cost or reduction in amounts received or receivable hereunder, or any reduced rate of return, which was incurred or which accrued more than
ninety (90) days before the date Lender notified Borrower of the change in law or other circumstance on which such claim of compensation is based and delivered to Borrower a written statement setting forth in reasonable detail the basis for
calculating the additional amounts owed to Lender under this Section 2.2.3, which statement shall be conclusive and binding upon all parties hereto absent manifest error. 

  
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 (j) For purposes of this Section 2.2.3, the term “Lender” shall be
deemed to include Lender’s present and future participants in the Loan to the extent of Applicable Taxes imposed by reason of such participant’s interest in the Loan and each such participant’s increased costs or reduction in amount
received or receivable hereunder or any reduced rate of return, in each case payable by Borrower under this Section 2.2.3. 
 2.2.4. Additional Costs. Lender will use reasonable efforts (consistent with legal and regulatory restrictions) to maintain the availability of the LIBOR Loan and to avoid or reduce any increased
or additional costs payable by Borrower under Section 2.2.3, including, if requested by Borrower, a transfer or assignment of the Loan to a branch, office or Affiliate of Lender in another jurisdiction, or a redesignation of its lending
office with respect to the Loan, in order to maintain the availability of the LIBOR Loan or to avoid or reduce such increased or additional costs, provided that the transfer or assignment or redesignation (a) would not result in any additional
costs, expenses or risk to Lender that are not reimbursed by Borrower and (b) would not be disadvantageous in any other respect to Lender as determined by Lender in its sole discretion. 

2.2.5. Default Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the
outstanding principal balance of the Loan and, to the extent permitted by law, all accrued and unpaid interest in respect of the Loan and any other amounts due pursuant to the Loan Documents, shall accrue interest at the Default Rate, calculated
from the date such payment was due without regard to any grace or cure periods contained herein. 
 2.2.6. Usury Savings.
This Agreement, the Note and the other Loan Documents are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either
civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due
hereunder at a rate in excess of the Maximum Legal Rate, the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum
Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall,
to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum
Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 
 2.2.7.
Interest Rate Cap Agreement. 
 (a) Prior to or contemporaneously with the Closing Date, Borrower shall enter into an
Interest Rate Cap Agreement with a LIBOR strike price equal to the Strike Price. The Interest Rate Cap Agreement (i) shall be in a form and substance reasonably acceptable to Lender, (ii)

  
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shall be with an Acceptable Counterparty, (iii) shall direct such Acceptable Counterparty to deposit directly into the Collection Account any amounts due Borrower under such Interest Rate
Cap Agreement so long as any portion of the Debt exists, (iv) shall be for a period equal to the then term of the Loan and (v) shall have an initial notional amount equal to the then principal balance of the Loan. Borrower shall
collaterally assign to Lender, pursuant to the Collateral Assignment of Interest Rate Cap Agreement, all of its right, title and interest to receive any and all payments under the Interest Rate Cap Agreement, and shall deliver to Lender an executed
counterpart of such Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to Lender and require that payments be deposited directly into the Collection Account). 

(b) Borrower shall comply with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement. All amounts paid
by the Counterparty under the Interest Rate Cap Agreement to Borrower or Lender shall be deposited immediately into the Collection Account. Borrower shall take all actions reasonably requested by Lender to enforce Lender’s rights under the
Interest Rate Cap Agreement in the event of a default by the Counterparty and shall not waive, amend or otherwise modify any of its rights thereunder. 
 (c) In the event of any downgrade, withdrawal or qualification of the rating of the Counterparty below those of an Acceptable Counterparty by S&P or Moody’s, if the Counterparty does not replace
itself by causing an Acceptable Counterparty to enter into a Replacement Interest Rate Cap Agreement within ten (10) Business Days following such downgrade withdrawal or qualification pursuant to the terms of the Interest Rate Cap Agreement,
Borrower shall replace the Interest Rate Cap Agreement with a Replacement Interest Rate Cap Agreement not later than ten (10) Business Days following receipt of notice from Lender of such failure by Counterparty. 

(d) In the event that Borrower fails to purchase and deliver to Lender the Interest Rate Cap Agreement or fails to maintain the Interest
Rate Cap Agreement in accordance with the terms and provisions of this Agreement, Lender may purchase the Interest Rate Cap Agreement and the cost incurred by Lender in purchasing such Interest Rate Cap Agreement shall be paid by Borrower to Lender
with interest thereon at the Default Rate from the date such cost was incurred by Lender until such cost is reimbursed by Borrower to Lender. 
 (e) In connection with the Interest Rate Cap Agreement, Borrower shall obtain and deliver to Lender an opinion from counsel (which counsel may be in-house counsel for the Counterparty and which opinion
may contain customary assumptions and qualifications) for the Counterparty (upon which Lender and its successors and assigns may rely) which shall provide, in relevant part, to the effect that: 

(i) the Counterparty is duly organized, validly existing, and in good standing under the laws of its jurisdiction of
incorporation and has the organizational power and authority to execute and deliver, and to perform its obligations under, the Interest Rate Cap Agreement; 

  
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 (ii) the execution and delivery of the Interest Rate Cap Agreement by the
Counterparty, and any other agreement which the Counterparty has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any
provision of its certificate of incorporation or by-laws (or equivalent organizational documents) or any law, regulation or contractual restriction binding on or affecting it or its property; 

(iii) all consents, authorizations and approvals required for the execution and delivery by the Counterparty of the
Interest Rate Cap Agreement, and any other agreement which the Counterparty has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been obtained and remain in full force and effect, all conditions thereof
have been duly complied with, and no other action by, and no notice to or filing with any governmental authority or regulatory body is required for such execution, delivery or performance; and 

(iv) the Interest Rate Cap Agreement, and any other agreement which the Counterparty has executed and delivered pursuant
thereto, has been duly executed and delivered by the Counterparty and constitutes the legal, valid and binding obligation of the Counterparty, enforceable against the Counterparty in accordance with its terms, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

Section 2.3. Loan Payment. 
 2.3.1. Payments Generally. Borrower shall pay to Lender (a) on the date hereof, an amount equal to interest only on the outstanding principal balance of the Loan accruing from the date hereof
up to (but not including ) the first Payment Date, and (b) beginning on the first Payment Date after the Closing Date up to and including the Maturity Date, interest accruing on the outstanding principal balance of the Loan for the related
Interest Period. For purposes of making payments hereunder, but not for purposes of calculating Interest Periods, if the day on which such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately
preceding Business Day and with respect to payments of principal due on the Maturity Date, interest shall be payable at the Applicable Interest Rate or the Default Rate, as the case may be, through and including the day immediately preceding
such Maturity Date. All amounts due pursuant to this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense or any other deduction whatsoever. 

2.3.2. Payment on Maturity Date. Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan,
all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Security Instrument and the other Loan Documents. 
 2.3.3. Late Payment Charge. If any scheduled payment of principal, interest or any other sums due under the Loan Documents (other than the principal balance due at maturity) is not paid by Borrower
by the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of five percent (5%) of such unpaid sum or the maximum amount permitted by applicable law in order to defray the expense incurred by Lender
in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Security Instrument and the other Loan Documents to the extent permitted by
applicable law. 

  
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 2.3.4. Method and Place of Payment. Except as otherwise specifically provided herein,
all payments and prepayments under this Agreement and the Note shall be made to Lender not later than 2:00 P.M., New York City time, on the date when due and shall be made in lawful money of the United States of America in immediately available
funds at Lender’s office or as otherwise directed by Lender, and any funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. 

Section 2.4. Prepayments. 
 2.4.1. Voluntary Prepayments. Subject to the provisions of this Section 2.4.1, Borrower may, at its option and upon twenty (20) days prior notice to Lender (which notice may be
revoked or modified by Borrower upon at least five (5) Business Days prior notice to Lender so long as Borrower shall pay all reasonable costs and expenses incurred by Lender in connection with any such revocation or modification), prepay the
Debt in whole or in part, on any day; provided that Borrower prepays the Loan on a date other than a Payment Date, Borrower shall pay Lender, in addition to the Debt, all interest which would have accrued on the amount so prepaid through and
including the last day of the Interest Period related to the Payment Date next occurring following the date of such prepayment. 

2.4.2. Mandatory Prepayments. 
 (a) On the next occurring Payment Date following the date on which Lender actually receives any Net Proceeds, if Lender is not obligated to make such Net Proceeds available to Borrower for Restoration,
Borrower shall prepay, or authorize Lender to apply Net Proceeds as a prepayment of, the outstanding principal balance of the Note in an amount equal to one hundred percent (100%) of such Net Proceeds. No prepayment premium shall be due in
connection with any prepayment made pursuant to this Section 2.4.2. 
 (b) Notwithstanding anything to contrary
contained herein, any Timeshare Project Proceeds deposited in the Collection Account and any amounts paid to Lender to be applied to the outstanding principal balance of the Loan pursuant to Section 2.6.4(a)(xi) or
Section 7.7.3 shall be applied on the next Payment Date in reduction of the outstanding principal balance of the Loan. 
 (c) If any prepayment pursuant to this Section 2.4.2 occurs on a date other than a Payment Date, Borrower shall in connection with such payment, pay to Lender all interest which would have
accrued on the amount prepaid through and including the last day of the Interest Period related to the Payment Date next occurring following the date of prepayment. 
 2.4.3. Prepayments After Default. If during the continuance of an Event of Default payment of all or any part of the Debt is tendered by Borrower or otherwise recovered by Lender (including through
application of any Reserve Funds), such tender or recovery shall be (a) made on the next occurring Payment Date, and (b) deemed a voluntary prepayment by Borrower. 

  
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 2.4.4. Prepayments Prior to Determination Date. Notwithstanding anything contained
herein to the contrary, in the event that Borrower makes a prepayment of all or any portion of the Loan in accordance with the provisions of this Agreement, if such prepayment occurs during the time period in any month from and including the date
after the Payment Date through and including the next Determination Date, it may be impossible for Borrower and Lender to calculate with certainty the interest that would have accrued at the Applicable Interest Rate on the amount then prepaid
through the Payment Date next occurring. Accordingly, in the event that any portion of the Loan is prepaid during the time period in any month from and including the date after the Payment Date through and including the applicable Determination
Date, the interest that would have accrued on such prepaid amount of the Loan at the Applicable Interest Rate through the Payment Date next occurring shall be calculated based on an interest rate (the “Assumed Note Rate”) equal to
the sum of (i) LIBOR calculated in accordance with the definition of “LIBOR” herein, but assuming that the Determination Date used in such definition is the date on which such prepayment is made, plus the Spread. Thereafter, on the
Determination Date applicable to the Interest Period following the Interest Period in which such prepayment occurs, Lender shall determine the Applicable Interest Rate. If it is determined by Lender that the Applicable Interest Rate for the Interest
Period in which such prepayment occurs is less than the Assumed Note Rate, Lender shall promptly refund to Borrower, without interest, an amount equal to the difference between the interest paid by Borrower on the prepaid amount for such Interest
Period calculated at the Assumed Note Rate and the amount of interest on the prepaid amount for such Interest Period calculated at the actual Applicable Interest Rate for the Loan. Alternatively, in the event that it is determined that the actual
Applicable Interest Rate for applicable Interest Period is greater than the Assumed Note Rate, Borrower shall promptly pay to Lender, without additional interest or other late charges or penalties (and in no event later than the next Payment Date)
an amount equal to the difference between the interest paid by Borrower on the prepaid amount for the Interest Period in which such prepayment occurs calculated at the Assumed Note Rate and the amount of interest on the prepaid amount for such
Interest Period calculated at the actual Applicable Interest Rate. 
 Section 2.5. Release of Property. Except as
set forth in this Section 2.5 or Section 5.2.11, no repayment or prepayment of all or any portion of the Note shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Security
Instrument. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of all principal and interest due on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and
provisions of the Note and this Agreement, release the Lien of the Security Instrument. 
 Section 2.6. Cash
Management. 
 2.6.1. Establishment of Collection Account. 

(a) Borrower has established and shall maintain the Collection Accounts with Property Bank throughout the term of the Loan. In connection
with a transfer of its interest in the Loan, Lender shall have the right to cause the Collection Accounts to be entitled with such other designation as Lender may select to reflect an assignment or transfer of Lender’s rights and/or interests
with respect to the Collection Account. Except with respect to Borrower’s and/or Manager’s right, from time to time, to direct the amount of certain funds in connection with (i)

  
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the maintenance of the Gaming Liquidity Requirement and (ii) the payment of Pass-Through Amounts, each in accordance with Section 2.6.1(g), the Collection Account shall be under
the sole dominion and control of Lender (which may be exercised through Servicer). Lender (and its agents, including Servicer) shall have the sole right to make withdrawals from the Collection Accounts in accordance with the terms and conditions of
this Agreement and the other Loan Documents, except as otherwise expressly provided in this Agreement or the other Loan Documents. All costs and expenses for establishing and maintaining the Collection Accounts shall be at Borrower’s sole cost
and expense. 
 (b) Borrower hereby represents and warrants to Lender that attached hereto as Schedule V is a true,
correct and complete list of any and all Borrower Accounts maintained by, or on behalf of Borrower or its Affiliates in any jurisdiction that include funds arising out of, or are otherwise attributable to, the Property or relate to the operation and
management of the Property on the date hereof, identifying the bank, account name and account number, together with a chart showing the usual and customary flow of funds with respect to such Borrower Accounts in the usual course of business. The
accounts identified on Schedule V are the only Borrower Accounts existing on the date hereof. Borrower shall at all times cause all Borrower Accounts to be subject to the Lien of the Loan Documents as security for Borrower’s obligations
under this Agreement and the other Loan Documents. 
 (c) Borrower and Manager shall execute and deliver such documents,
instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect, maintain and perfect Lender’s security interest in the Borrower Accounts. Borrower may not, without
the prior consent of Lender (not to be unreasonably withheld, conditioned or delayed) open any new accounts or in any way alter the flow of funds and payment into and/or out of such Borrower Accounts in any material respect from that shown on
Schedule V, including without limitation, changing the source, type or currency of any payments currently deposited and maintained in any such account. Notwithstanding the foregoing, Borrower or its Affiliates may, without Lender’s
consent but on prior written notice to Lender, open and maintain one or more Borrower Accounts in which to deposit and maintain Cash Expenses and other amounts disbursed to or contributed by or to Borrower from time to time in accordance with this
Agreement; provided that, in each case, such Borrower Accounts are identified to Lender and shall be subject to a first priority perfected security interest in favor of Lender pursuant to the Loan Documents. From and after the date hereof, Borrower
shall use all commercially reasonable efforts to continuously and diligently pursue any and all Governmental Approvals required with respect to the foregoing and shall execute and deliver such documents, instruments, certificates, assignments and
other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect, maintain and perfect Lender’s security interest in the Borrower Accounts. 

(d) Borrower shall, or shall cause Manager to, deliver irrevocable written instructions to each tenant under any Lease at the Property,
in form and substance reasonably acceptable to Lender, directing each such tenant to deliver all Rents payable thereunder directly to the Collection Account. Borrower shall, or shall cause Manager to, deliver irrevocable written instructions to each
of the credit card companies or credit card clearing banks delivering receipts to any of the Borrower Accounts, in form and substance reasonably acceptable to Lender, directing each such credit card company or credit card clearing bank to deliver
all receipts 

  
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payable with respect to the Property directly to the Collection Accounts. Borrower shall deliver irrevocable written instructions to Timeshare Project Developer, in form and substance reasonably
acceptable to Lender, directing Timeshare Project Developer to deliver all Timeshare Project Proceeds received by, paid or payable to or for the account of Borrower or any of its Affiliates directly to the Cash Management Account, to be applied in
reduction of the outstanding principal balance of the Loan pursuant to Section 2.4.2(b). 
 (e) Borrower and its
Affiliates shall deposit all Revenue received by, paid or payable to or paid for the benefit of Borrower into the Collection Accounts within one (1) Business Day after receipt. Borrower shall diligently and continuously use all commercially
reasonable efforts to cause any other Person to deposit all Revenue received by, paid or payable to or paid for the benefit of Borrower into the Collection Accounts within one (1) Business Day after receipt. 

(f) Notwithstanding the foregoing provisions of this Section 2.6.1, but subject to the terms of the Collection Account
Agreement, Borrower and/or Manager shall be entitled to retain the Gaming Operating Reserve in accordance with applicable Gaming Laws, which shall be maintained on deposit in the Casino Accounts and/or on-site in the cash cages. 

(g) Property Bank shall transfer in immediately available funds by federal wire transfer all amounts on deposit in the Collection
Accounts once every Business Day to the Cash Management Account; provided, however, that Borrower and/or Manager shall have the right from time to time by delivery of written notice simultaneously to Property Bank and Lender to require
Property Bank to transfer all or any portion of such available funds on deposit in any Collection Account to (i) any Casino Account solely in an amount equal to any incremental increase in the amount of the Gaming Liquidity Requirement that is
required to be maintained by Borrower and/or Manager under applicable gaming Laws in the Borrower Accounts as a result of any increase in gaming business at the Casino Component or due to any change in the applicable requirements under Gaming Laws
generally or to (ii) one of the Borrower Accounts solely from credit card receipts in amounts equal to any Pass-Through Amounts. Borrower shall deliver irrevocable written instructions to Property Bank, in form and substance reasonably
acceptable to Lender, directing Property Bank to comply with all instructions originated by Lender (and/or its agents, including Servicer) directing the disposition of funds in the Collection Accounts without further consent by Borrower. 

2.6.2. Establishment of Cash Management Account. 
 (a) Borrower has established and shall maintain the Cash Management Account with Cash Management Bank throughout the term of the Loan. In connection with any transfer of its interest in the Loan, Lender
shall have the right to cause the Cash Management Account to be entitled with such other designation as Lender may select to reflect an assignment or transfer of Lender’s rights and/or interests with respect to the Cash Management Account. The
Cash Management Account shall be under the sole dominion and control of Lender (which may be exercised through Servicer). Lender (and its agents, including Servicer) shall have the sole right to make withdrawals from the Cash Management Account in
accordance with the terms and conditions of this Agreement and the other Loan Documents, except as otherwise expressly provided in this Agreement or the other Loan Documents. All costs and expenses for establishing and maintaining the Cash
Management Account (and any sub account thereof) shall be at Borrower’s sole cost and expense. 

  
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 (b) Lender shall establish the following sub accounts (which may be ledger entry
subaccounts) of the Cash Management Account, each in the name of Lender, into which funds on deposit in, or other financial assets credited to, the Cash Management Account shall be deposited, credited or otherwise allocated in accordance with the
provisions of Section 2.6.3: 
 (i) the Tax and Insurance Escrow Account into which Tax and Insurance Escrow
Funds shall be deposited pursuant to Section 7.2; 
 (ii) the FF&E Reserve Account into which
FF&E Reserve Funds shall be deposited pursuant to Section 7.3; 
 (iii) the Interest Reserve
Account into which Interest Reserve Funds shall be deposited pursuant to Section 7.4; 
 (iv) the
Permitted Tax Distributions Account into which Permitted Tax Distributions Funds shall be deposited pursuant to Section 7.5; 
 (v) the Seasonality Cash Reserve Account into which Seasonality Cash Reserve Funds shall be deposited pursuant to Section 7.6; 

(vi) the Major Capital Improvement Reserve Account into which Major Capital Improvement Reserve Funds shall be deposited
under certain circumstances pursuant to Section 7.7; and 
 (vii) the Existing Lien Reserve Account
into which Existing Lien Reserve Funds have been deposited pursuant to Section 7.8. 
 2.6.3. Accounts
Generally. 
 (a) Borrower shall be responsible for payment of any federal, state or local income or other tax applicable to
the interest or income earned on the Collection Accounts, the Cash Management Account and any sub-account thereof. The Cash Management Account and any sub-account thereof shall be assigned the federal tax identification number of Borrower, which is
27-140-7178. Borrower shall provide Lender, at any time upon request of Lender, with a Form W-8 or W-9 to evidence that Borrower is not subject to any back-up withholding under the Code. 

(b) Without limiting the provisions of the Security Instrument, to further secure the full and timely payment and performance of the
Debt, Borrower hereby expressly grants to Lender a continuing, first priority security interest in, and pledges and collaterally assigns to Lender all of Borrower’s rights, title and interest in, to and under, all of the following, whether now
owned or existing or hereafter acquired, created or arising, whether tangible or intangible, and regardless of where located: (i) in the Collection Accounts, the Cash Management Account, all sub-accounts thereof and all security entitlements,
investment property and other financial assets at any time and from time to time deposited or contained therein or credited thereto (as each such term is defined in Article 8 and Article 9 of the UCC); (ii) any and all monies, checks,

  
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deposits, investment property or other financial assets now or hereafter credited to the Collection Accounts or the Cash Management Account (including any sub-account thereof) or held by or on
behalf of Lender; and (iii) all proceeds (as defined in the UCC) of all or any of the foregoing. Borrower will at its sole cost and expense take all actions necessary to maintain in favor of Lender a first priority perfected security interest
in the Collection Accounts and the Cash Management Account, including, without limitation, entering into the Account Control Agreement and filing (and Borrower hereby irrevocably authorizes Lender to file) UCC-1 financing statements and
continuations thereof. Borrower will not in any way alter or modify the Collection Accounts or the Cash Management Account. Borrower shall not, without obtaining the prior consent of Lender, further pledge, assign or grant any security interest in
the Collection Accounts, the Cash Management Account, any sub-account thereof or any monies deposited therein or other financial assets credited thereto or permit any Lien to attach thereto, or any levy to be made thereon, or any UCC-1 financing
statements, except those naming Lender as the secured party, to be filed with respect thereto. 
 (c) Lender may exercise in
respect of the Collection Accounts, the Cash Management Account or any or all of the sub-accounts thereof all rights and remedies available to Lender hereunder or under the other Loan Documents or otherwise available at law or in equity. Without
limiting the generality of the foregoing, during the continuance of an Event of Default, Borrower shall have no further right to request or otherwise require Lender to disburse any Reserve Funds or have any further rights whatsoever therein, and
Lender may, at Lender’s option (i) continue to hold any or all of the Reserve Funds, (ii) continue from time to time to apply all or any portion of the Reserve Funds to any payment(s) to which such Reserve Funds could have been
applied prior to such Event of Default, to the extent and in such order and manner as Lender in its sole discretion may determine, and/or (iii) apply any sums then present in any or all of the Reserve Funds to the payment of the Debt in any
order in its sole discretion. The remedies provided in this Agreement, the Security Instrument and the other Loan Documents are cumulative and not exclusive of any remedies provided at law or in equity. 

2.6.4. Application of Funds in the Cash Management Account. 

(a) Provided no Event of Default shall have occurred and be continuing, on each Payment Date (or, if such Payment Date is not a Business
Day, on the immediately preceding Business Day) all funds on deposit in the Cash Management Account shall be applied by Lender to the payment of the following items in the order indicated: 

(i) First, payments to the Tax and Insurance Escrow Fund in accordance with the terms and conditions of
Section 7.2; 
 (ii) Second, payment of the monthly Debt Service, applied first to the payment of
interest computed at the Applicable Interest Rate; 
 (iii) Third, payment to Lender of any other amounts then
due and payable under the Loan Documents (except for payments to be made from Excess Cash Flow as set forth in clause (viii) below); 

  
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 (iv) Fourth, payments to the Borrower Disbursement Account for
(A) amounts payable to Harrah’s Manager under the Management Agreement, including amounts expended for Approved Capital Expenditures prior to the Closing Date (provided that Borrower has satisfied the disbursement conditions of
Section 7.3.3 with respect to such Approved Capital Expenditures), which payments for Approved Capital Expenditures shall be disbursed from the FF&E Reserve Account, the Seasonality Cash Reserve Account or the Major Capital Improvement
Reserve Account, as applicable, and (B) monthly Cash Expenses to be paid by Borrower in accordance with the related Approved Annual Budget pursuant to a written request for payment submitted by Borrower to Lender specifying the individual Cash
Expenses in a form reasonably acceptable to Lender; 
 (v) Fifth, payments to the Borrower Disbursement Account
in any amounts requested by Borrower to pay or reimburse for Critical Capital Expenditures; 
 (vi) Sixth,
payments to the Borrower Disbursement Account for any Extraordinary Expenses reasonably approved by Lender, if any, to be paid by Borrower, pursuant to a written request for payment submitted by Borrower to Lender specifying the individual
Extraordinary Expenses in a form reasonably acceptable to Lender, provided that with respect to any Extraordinary Expense that is a Capital Expenditure, Borrower shall be required to comply with the provisions of Section 7.7.2 prior to
receiving any disbursement with respect to such Extraordinary Expenses; 
 (vii) Seventh, payments to the
FF&E Reserve Account in accordance with the terms and conditions of Section 7.3; 
 (viii)
Eighth, to payment, not exceed $2,500,000 in any Fiscal Year, of Approved Capital Expenditures in excess of amounts on deposit in the FF&E Reserve Account available to pay Approved Capital Expenditures; 

(ix) Ninth, payments to the Seasonality Cash Reserve Account in accordance with the terms and conditions of
Section 7.6; 
 (x) Tenth, to payments to the Permitted Tax Distributions Account in accordance with
the terms and conditions of Section 7.5, but only to the extent of any amounts remaining in the Cash Management Account after all payments under the foregoing clauses (i) through (ix) have been made; and 

(xi) Finally, subject to Borrower’s right to direct deposits into the Major Capital Improvements Reserve Account
pursuant to Section 7.7, any excess amounts remaining in the Cash Management Account after all payments under the foregoing clauses (i) through (x) have been made (“Excess Cash Flow”) shall be disbursed to
Lender to be applied in reduction of the outstanding principal balance of the Loan as provided in Section 2.4.2(b). 

(b) Notwithstanding the foregoing, Borrower shall remain obligated to cause sufficient amounts to be deposited in the Cash Management
Account on or before each Payment Date to make the payments set forth in clauses (i), (ii), (iii) and (vii) of Section 2.6.4(a) above, or 

  
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to otherwise timely pay such amounts on each Payment Date. The insufficiency of funds on deposit in the Cash Management Account shall not relieve Borrower from the obligation to make any
payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever. 

(c) All funds on deposit in the Cash Management Account following the occurrence and during the continuance of an Event of Default may be
applied by Lender to the Debt and/or the Reserve Funds in such order and priority as Lender shall determine. 
 2.6.5.
Payments Received in the Cash Management Account. Notwithstanding anything to the contrary contained in this Agreement and the other Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s obligations
with respect to the monthly payment of Debt Service and amounts due for the Tax and Insurance Escrow Fund, FF&E Reserve Fund and any other payment reserves established pursuant to this Agreement or any other Loan Document shall be deemed
satisfied to the extent sufficient amounts are deposited in the Cash Management Account to satisfy such obligations on the dates each such payment is required, regardless of whether any of such amounts are so applied by Lender. 

Section 2.7. Extension of the Initial Maturity Date. 

2.7.1 Extension Options. Borrower shall have the option to extend the term of the Loan (each an “Extension
Option”) beyond the Initial Maturity Date for two (2) successive terms (each, an “Extension Term”), with the first such extension term commencing on the day after the Initial Maturity Date and ending on
December 9, 2013 and the second such extension term commencing on December 10, 2013 and ending on April 9, 2015 (each then applicable Maturity Date, as extended following the exercise of each such Extension Option is hereinafter the
“Extended Maturity Date”) upon satisfaction of the following terms and conditions: 
 (a) no Event of Default
shall have occurred and be continuing on the date Borrower gives notice of the exercise of the applicable Extension Option or on the date that the applicable Extension Term is commenced; 

(b) Borrower shall notify Lender of its revocable election to extend the Maturity Date as aforesaid not earlier than six (6) months,
and no later than ten (10) days, prior to the Maturity Date in effect at the time the notice of such election is given; 

(c) Borrower shall obtain and deliver to Lender prior to the first day of each Extension Term, one or more Replacement Interest Rate Cap
Agreements from an Acceptable Counterparty which Replacement Interest Rate Cap Agreement shall be effective commencing on the first date of such Extension Term and shall have a maturity date no earlier than the Extended Maturity Date applicable to
such Extension Term; provided, however, that in lieu of delivering a Replacement Interest Rate Cap Agreement that would result in a Debt Service Coverage Ratio of at least 1.05:1.00 as of the commencement of first Extension Term or 1.10:1.00 as of
the commencement of the second Extension Term (each, as applicable, the “DSCR Requirement”) when Debt Service Coverage Ratio is calculated using the entire principal balance of the Loan then outstanding, Borrower shall be permitted
to satisfy the 

  
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condition set forth in this Section 2.7.1(c) by (i) (A) posting with Lender a Letter of Credit in a principal amount such that when the Debt Service Coverage Ratio is
calculated using as the outstanding principal balance of the Loan an amount equal to the difference between the actual outstanding principal balance of the Loan and the principal amount of said Letter of Credit, the applicable DSCR Requirement is
satisfied, which Letter of Credit Lender shall hold as additional collateral for the payment and performance of Borrower’s obligations under the Loan Documents, subject to the provisions of Section 2.7.2, and (B) delivering a
Replacement Interest Rate Cap Agreement with a notional amount equal to the difference between the actual outstanding principal balance of the Loan and the principal balance of said Letter of Credit and a strike price calculated as if the Loan were
prepaid in the amount of the Letter of Credit, (ii) (A) paying to Lender for deposit into the Interest Reserve Account funds (the “Rate Cap Deposit”) in an amount determined by Borrower, which Rate Cap Deposit shall
(I) be (x) held in a subaccount of the Interest Reserve Account and (y) disbursed pursuant to the terms of Section 7.4.3, provided that the Rate Cap Deposit shall be disbursed prior to disbursement of any portion of
the Interest Reserve Fund deposited under Sections 7.4.1 or 7.4.2 and (II) not be (x) commingled with other funds deposited into the Interest Reserve Account, (y) released with other amounts then on deposit in the Interest
Reserve Account pursuant to Section 7.4.4, or (z) considered in determining whether Borrower is required to make a deposit to the Interest Reserve Account under Section 7.4.2 and (B) delivering a Replacement
Interest Rate Cap Agreement with a notional amount equal to the actual outstanding principal balance of the Loan and a strike price that would result in the applicable DSCR Requirement being satisfied if the amount of the Rate Cap Deposit were
deducted from the denominator used in calculating the Debt Service Coverage Ratio; (iii) (A) prepaying any portion of the outstanding principal balance of the Loan pursuant to Section 2.4.1 so that when the Debt Service
Coverage Ratio is calculated using the outstanding principal balance of the Loan after application of such prepayment, the applicable DSCR Requirement is satisfied and (B) delivering a Replacement Interest Rate Cap Agreement with a notional
amount equal to the outstanding principal balance of the Loan after application of such prepayment and a strike price calculated on the outstanding principal balance of the Loan after such prepayment; or (iv) providing any combination of the
foregoing Letter of Credit, Interest Reserve Account deposit or principal repayment; 
 (d) solely with respect to the second
Extension Option, the term of which ends on April 19, 2015, the Debt Yield shall equal or exceed 9% (provided that if the foregoing Debt Yield test is not met, Borrower shall be entitled to make payments in reduction of the outstanding
principal balance of the Loan pursuant to Section 2.4.1 in an amount that will cause this condition to be satisfied); and 
 (e) Borrower shall have paid or reimbursed Lender for all out-of-pocket costs and expenses actually incurred by Lender (including, without limitation, reasonable fees and disbursements of outside counsel)
in connection with the foregoing. 
 2.7.2 Release of Letter of Credit and Interest Reserve Deposit. Notwithstanding
anything contained in Section 7.4.4, if Borrower elects to post a Letter of Credit or make a Rate Cap Deposit in accordance with Section 2.7.1(c) above, any portion of such Letter of Credit or Rate Cap Deposit, as applicable,
not previously applied by Lender under the terms of the Loan Documents shall be released by Lender to Borrower within five (5) Business Days after the date on which Borrower shall have given notice to Lender that the Debt Service Coverage Ratio

  
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(calculated on a trailing twelve month basis, using the Applicable Interest Rate and the actual principal amount of the Loan then outstanding, and subject to confirmation by Lender) has equaled
or exceeded (i) with respect to such Letters of Credit or funds deposited in connection with the first Extension Option, 1.05:1.00 and (ii) with respect to such Letters of Credit or funds deposited in connection with the second Extension
Option, 1.10:1.00. 
 ARTICLE III. 
 [INTENTIONALLY OMITTED] 
 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES 
 Section 4.1. Borrower Party and Property Representations. Except as set forth on Schedule XIV, Borrower represents and warrants as of the Closing Date as follows: 

4.1.1. Organization. Each Borrower Party has been duly organized and is validly existing and in good standing with requisite power
and authority to own its properties and to transact the businesses in which it is now engaged. Each of Borrower and Manager is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in
connection with its properties, businesses and operations. Borrower possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own its properties and to transact the businesses in which it is
now engaged. The sole business of Borrower is the direct or indirect ownership, development, holding, selling, leasing, transferring, exchanging, operation and/or management of the Property. Attached hereto as Schedule I is a true, correct
and complete organizational chart of Borrower. 
 4.1.2. Proceedings. Each Borrower Party has taken all necessary action
to authorize the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party. This Agreement and such other Loan Documents have been duly executed and delivered by or on behalf of each Borrower Party
that is a party thereto and constitute legal, valid and binding obligations of each Borrower Party enforceable against each Borrower Party in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws
affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

4.1.3. No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by each Borrower Party
will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents or the Material
Operating Agreements) upon any of the property or assets of each Borrower Party pursuant to the terms of any of such Borrower Party’s organizational documents, the Loan Documents or the Material Operating Agreements or, to Borrower’s
actual knowledge, any indenture, mortgage, deed of trust, loan agreement, partnership agreement, management agreement or other agreement or instrument to which each Borrower Party is a party or by which any of each Borrower Party’s property or
assets is subject, nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of any Governmental Authority having jurisdiction over 

  
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each Borrower Party or any of each Borrower Party’s properties or assets, and any consent, approval, authorization, order, registration or qualification of or with any such Governmental
Authority required for the execution, delivery and performance by each Borrower Party of this Agreement or any other Loan Documents has been obtained and is in full force and effect. 

4.1.4. Litigation. There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other
agency now pending or, to Borrower’s knowledge, threatened against or affecting any Borrower Party or the Property, which actions, suits or proceedings, if determined against such Borrower Party, are reasonably likely to have a Material Adverse
Effect. 
 4.1.5. Agreements. Neither any Borrower Party nor HOC is (a) a party to any agreement or instrument which
is reasonably likely to have a Material Adverse Effect or (b) in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which
it is a party or by which any Borrower Party or, to Borrower’s actual knowledge, any Property is bound which is reasonably likely to have a Material Adverse Effect. To Borrower’s knowledge, neither Borrower nor any subsidiary thereof has a
material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which it is a party or by which it or, to Borrower’s actual knowledge, any Property is otherwise bound, other than
Permitted Indebtedness and the Material Operating Agreements. 
 4.1.6. Title. To Borrower’s actual knowledge,
Borrower has good, marketable and insurable fee simple or leasehold title to the real property comprising part of the Property and good title to the balance of the Property, free and clear of all Liens whatsoever except the Permitted Encumbrances.
To Borrower’s actual knowledge, the Permitted Encumbrances in the aggregate do not materially and adversely affect the value, operation or use of the Property (as currently used) or Borrower’s ability to repay the Loan. The Security
Instrument when properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create (a) a valid, perfected first priority lien on the Property,
subject only to Permitted Encumbrances and the Liens created by the Loan Documents and (b) perfected security interests in and to, and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the terms
thereof, in each case subject only to any applicable Permitted Encumbrances. To Borrower’s actual knowledge, except for those Liens listed on Schedule XV, there are no claims for payment for work, labor or materials affecting the
Property which are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents. 
 4.1.7.
Solvency. Borrower has (a) not entered into the transaction or executed the Note, this Agreement or any other Loan Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent
value in exchange for its obligations under such Loan Documents. The fair saleable value of Borrower’s assets exceeds and will, immediately following the execution and delivery of this Agreement, exceed Borrower’s total liabilities,
including, without limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Borrower’s assets is and will, immediately following the execution and delivery of this Agreement, be greater than
Borrower’s probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become 

  
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absolute and matured. Borrower’s assets do not and, immediately following the execution and delivery of this Agreement will not, constitute unreasonably small capital to carry out its
business as conducted or as proposed to be conducted. Borrower does not intend to, and does not believe that it will, incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and
liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of obligations of Borrower). No petition in bankruptcy has been filed against Borrower nor has
Borrower ever made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors. No petition in bankruptcy is currently filed against Guarantor or HOC and neither Guarantor nor HOC has made any
currently effective assignment for the benefit of creditors or is currently taking advantage of any insolvency act for the benefit of debtors. Neither Borrower, HOC nor Guarantor is contemplating either the filing of a petition by it under any state
or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of it’s assets or properties, and Borrower has no knowledge of any Person contemplating the filing of any such petition against Borrower, HOC or Guarantor.

 4.1.8. Full and Accurate Disclosure. To Borrower’s actual knowledge, no statement of fact made by any Borrower
Party in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no material fact
presently known to any Borrower Party which has not been disclosed to Lender which has, or as far as Borrower can foresee, is reasonably likely to have a Material Adverse Effect. 

4.1.9. ERISA Matters. 
 (a) Except as would not reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other such events or conditions, no Reportable Event or failure to meet the
minimum funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA), in each case, during the past five years, has occurred or is continuing with respect to any Plan. 

(b) Except as would not reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other
such events or conditions, no prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) has occurred with respect to any Plan. 
 (c) Except as set forth on Schedule XI, neither Borrower nor any ERISA Affiliate is now, or has been during the preceding five years, obligated to contribute to a Pension Plan or a Multiemployer
Plan. Except as would not reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other such events or conditions, any contributions required to have been made by Borrower or any ERISA Affiliate to
any Multiemployer Plan have been made on or before the due date thereof. Except as would not reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other such events or conditions, none of Borrower
nor any ERISA Affiliate has, during the preceding five years, (a) ceased operations at a facility so as to become subject to the provisions of Section 4062(e) of ERISA, (b) withdrawn as a substantial employer so as to become subject
to the provisions of Section 4063 of ERISA, (c) ceased making contributions to any Pension Plan subject to the 

  
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provisions of Section 4064(a) of ERISA to which Borrower or any ERISA Affiliate made contributions, (d) incurred or caused to occur a “complete withdrawal” (within the meaning
of Section 4203 of ERISA) or a “partial withdrawal” (within the meaning of Section 4205 of ERISA) from a Multiemployer Plan so as to incur withdrawal liability under Section 4201 of ERISA, (e) contributed to or been
obligated to contribute to a Multiemployer Plan that is “insolvent” or in “reorganization” (as these terms are defined in Title IV of ERISA), or (f) been a party to any transaction or agreement during the preceding five
years under which the provisions of Section 4204 were applicable. 
 (d) Except as would not reasonably be expected to
result in a Material Adverse Effect, either alone on in the aggregate with all other such events or conditions, there are no actions, suits or claims pending (other than routine claims for benefits) against any Plan or the assets of any such Plan.
Except as would not reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other such events or conditions, no civil or criminal action brought pursuant to the provisions of Title I, Subtitle B, Part
5 of ERISA is pending or, to the Borrower’s knowledge, threatened against any Plan or against any fiduciary of any Plan. None of the Plans or any fiduciary thereof (in its capacity as such), has been the direct or indirect subject of any audit,
investigation or examination by any governmental or quasi- governmental agency, except as would not reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other such events or conditions. 

(e) Except as would not reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other
such events or conditions, all of the Plans currently comply both as to form and operation with their terms and with the provisions of ERISA and the Code, and all other applicable laws, rules and regulations (including, without limitation, having
made all required contributions thereto by the due date thereof), all necessary governmental approvals for the Plans have been obtained, and a favorable determination as to the qualification under Section 401(a) of the Code of each of the Plans
has been made by the Internal Revenue Service and nothing has occurred since the date of such determination or recognition letter that would adversely affect such qualification. 

(f) Except as would not reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other
such events or conditions, there is no material unfunded liability under any Plan. 
 (g) Except as would not reasonably be
expected to result in a Material Adverse Effect, either alone or in the aggregate with all other such events or conditions, any group health plan (as defined in Section 5000(b)(l) of the Code) maintained by Borrower or its Affiliates is and has
been in compliance with the continuation coverage requirements of Section 4980B(f) of the Code and Part 6 of Subtitle B of Title I of ERISA. 
 4.1.10. Compliance. To Borrower’s actual knowledge, each of Borrower and Manager (i) and the Property (including the use thereof) comply in all material respects with all applicable Legal
Requirements, including, without limitation, building and zoning ordinances and codes and (ii) is not in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority. Each of the Borrower Parties and HOC
is in compliance with all Prescribed Laws. There has not been committed by any Borrower Party, HOC or, to Borrower’s 

  
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actual knowledge, any other Person in occupancy of or involved with the operation or use of the Property any act or omission affording the federal government or any other Governmental Authority
the right of forfeiture as against the Property or any part thereof or any monies paid in performance of any Borrower Party’s obligations under any of the Loan Documents. 
 4.1.11. Financial Information. All financial data that have been delivered to Lender by or on behalf of any Borrower Party or HOC in connection with the Loan, but excluding (A) any such data
delivered by Original Borrower to such Borrower Party and passed on to Lender and (B) any pro forma data, projections or any similar materials, (i) are true, complete and correct in all material respects, (ii) accurately represent the
financial condition of the applicable Borrower Party or HOC as of the date of such reports in all material respects, and (iii) to the extent prepared or audited by an independent certified public accounting firm, have been prepared in
accordance with GAAP throughout the periods covered, except as disclosed therein. There has been no material adverse change in the information reflected in such data since the date of delivery to Lender. 

4.1.12. Condemnation. To Borrower’s actual knowledge, no Condemnation or other similar proceeding has been commenced or is
threatened or contemplated with respect to all or any portion of the Property or for the relocation of roadways providing access to the Property. 
 4.1.13. Intentionally Deleted. 
 4.1.14. Utilities and Public
Access. To Borrower’s actual knowledge, and except as shown on the Survey, the Property has rights of access to public ways and is served by water, sewer, sanitary sewer and storm drain facilities adequate to service the Property for its
intended uses. To Borrower’s actual knowledge, and except as shown on the Survey, all public utilities necessary or convenient to the full use and enjoyment of the Property are located either on the Property, in the public right-of-way abutting
the Property (which are connected so as to serve the Property without passing over other property) or in recorded easements serving the Property and such easements are set forth in and insured by the Title Insurance Policy. To Borrower’s actual
knowledge, and except as shown on the Survey, all roads necessary for the use of the Property for its current purpose have been completed and dedicated to public use and accepted by all Governmental Authorities. 

4.1.15. Not a Foreign Person. Borrower is not a “foreign person” within the meaning of §1445(0(3) of the Code.

 4.1.16. Separate Lots. The Property is comprised of one (1) or more parcels that constitute a separate tax lot or
lots and does not constitute a portion of any other tax lot not a part of the Property. 
 4.1.17. Assessments. To
Borrower’s actual knowledge, except as listed on Schedule XVI, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the
Property that may result in such special or other assessments. 

  
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 4.1.18. Enforceability. The Loan Documents are not subject to any right of
rescission, set-off, counterclaim or defense by any Borrower Party, including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable
(subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and no Borrower Party has asserted any right of rescission, set-off,
counterclaim or defense with respect thereto. 
 4.1.19. Insurance. Borrower has obtained and has delivered to Lender
certificates of insurance with respect to all Policies reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. No claims have been made under any such Policies with respect to the Property, and no Person,
including Borrower, has done, by act or omission, anything which would impair the coverage of any such Policies. 
 4.1.20.
Use of Property. The Property is used exclusively as a hotel and casino resort and other appurtenant and related uses, including, but not limited to, a power plant and a theater. 

4.1.21. Gaming Licenses and Operating Permits. 
 (a) Schedule VII contains a correct and complete list of all material Gaming Licenses and other material licenses, certifications and permits for the Property (and the holder thereof). Borrower
shall from time to time, promptly after Lender’s request therefore, update Schedule VII so that the same is a current and complete list as of the time in question of all material Gaming Licenses and other material licenses,
certifications and permits then in existence for the Property and deliver copies of the same to Lender. 
 (b) Borrower and
Manager possess all licenses, permits, franchises, authorizations, certificates, approvals and consents, including, without limitation, all certificates of occupancy, all environmental, liquor, health and safety licenses of all Governmental
Authorities which are material to the conduct of their business and the ownership, use, occupation and operation of the Property (collectively, “Operating Permits”), each such Operating Permit is and will be in full force and
effect, Borrower and each of its Affiliates are in compliance in all material respects with all such Operating Permits, and no event (including, without limitation, any material violation of any law, rule or regulation) has occurred which would be
reasonably likely to lead to the revocation or termination of any such Operating Permit or the imposition of any restriction thereon. 
 (c) Borrower and Manager possess all Gaming Licenses which are material to the conduct of their business and the ownership, use, occupation and operation of the Property. Further, Borrower hereby
represents and warrants as follows: 
 (i) (A) each such Gaming License is in full force and effect, and has not
been amended or otherwise modified, rescinded, revoked or assigned, (B) Borrower and Manager, and their respective directors, members, managers, officers and key personnel are in compliance in all material respects with all such Gaming Licenses
and Gaming Laws, and (C) no event (including, without limitation, any material violation of any law, rule or regulation) has occurred which would be reasonably likely to lead to the revocation or termination of any such Gaming Licenses or the
imposition of any restriction thereon; 

  
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 (ii) Borrower has no reason to believe it will not be able to maintain in
effect all Gaming Licenses necessary for the lawful conduct of its business or operations wherever now conducted and as planned to be conducted, including the ownership and operation of the Casino Component, pursuant to all applicable laws and
requirements of Governmental Authorities having jurisdiction over Borrower or over any part of its operations; 

(iii) Intentionally Omitted. 
 (iv) Borrower is not in default in any material respect under, or in violation in any material respect of, any such Gaming License and no event has occurred, and no condition exists, which, with the
giving of notice or passage of time or both, would constitute a default thereunder or violation thereof that has caused or would reasonably be expected to cause the loss of any such Gaming License; 

(v) Borrower has not received any notice of any violation of applicable Gaming Laws which has caused or would reasonably
be expected to cause any such Gaming License to be modified, rescinded or revoked; 
 (vi) no condition exists or
event has occurred which would reasonably be expected to result in the suspension, revocation, impairment, forfeiture or non-renewal of any such Gaming License; and 

(vii) the continuation, validity and effectiveness of all such Gaming Licenses will be not adversely affected by the
transactions contemplated by this Agreement. 
 (d) There is no proceeding, investigation, or disciplinary action (including,
without limitation before any Gaming Authority, under any Gaming Law or under any Gaming License or other Operating Permit) pending or, to Borrower’s or Manager’s knowledge, threatened against Borrower, Manager or their respective
directors, members, managers, officers or key personnel relating, in each case, to the Property. 
 (e) There is no proceeding
(including, without limitation, before any Gaming Authority, under any Gaming Law or under any Gaming License or other Operating Permit) pending or, to Borrower’s knowledge, threatened either (a) in connection with, or that seeks to
restrain, enjoin, prevent the consummation of or otherwise challenge, any of the Loan Documents or any of the transactions contemplated therein, or (b) that, either singly or in the aggregate, could reasonably be expected to have a Material
Adverse Effect. 
 (f) Neither the execution, delivery nor performance of any of the Loan Documents will allow or result in the
imposition of any material penalty under, or the revocation or termination of, any Gaming License or any material impairment of the rights of the holder of any Gaming License. 
 4.1.22. Flood Zone. To Borrower’s actual knowledge and except as shown on the Survey, none of the Improvements on the Property are located in an area as identified by the Federal Emergency
Management Agency as an area having special flood hazards or, if so located, the flood insurance required pursuant to Section 6.1(a)(i) is in full force and effect with respect to the Property. 

  
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 4.1.23. Physical Condition. To Borrower’s actual knowledge and except as shown
on any property condition report delivered to Lender, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems,
electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material
defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the
insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. 

4.1.24. Boundaries. To Borrower’s actual knowledge, and except as shown on the Survey, all of the improvements which were
included in determining the appraised value of the Property lie wholly within the boundaries and building restriction lines of the Property, and no improvements on adjoining properties encroach upon the Property, and no easements or other
encumbrances upon the Property encroach upon any of the improvements, so as to affect the value or marketability of the Property except those which are insured against by the Title Insurance Policy or otherwise set forth as “permitted
exceptions” in the Title Insurance Policy, or those listed in either the REA or the Timeshare Project Access Agreement. 

4.1.25. Leases. To Borrower’s actual knowledge, (a) the Property is not subject to any Leases other than the Leases
described in Schedule III attached hereto and made a part hereof, (b) Borrower is the owner and lessor of landlord’s interest in the Leases, (c) no Person has any possessory interest in the Property or right to occupy the same
except under and pursuant to the provisions of the Leases and (d) the current Leases are in full force and effect. To Borrower’s actual knowledge, no Rent has been paid more than one (1) month in advance of its due date, all work to
be performed by Borrower under each Lease has been performed as required and has been accepted by the applicable tenant, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be
given by Borrower to any tenant has already been received by such tenant. Other than in connection with the Original Loan, to Borrower’s actual knowledge, there has been no prior sale, transfer or assignment, hypothecation or pledge of any
Lease or of the Rents received therein which is still in effect. To Borrower’s actual knowledge, except as set forth on Schedule III, no tenant listed on Schedule III has assigned its Lease or sublet all or any portion of the
premises demised thereby, no such tenant holds its leased premises under assignment or sublease, nor does anyone except such tenant and its employees occupy such leased premises, and no tenant under any Lease has a right or option pursuant to such
Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. To Borrower’s actual knowledge, except as set forth on Schedule III, no tenant under any Lease has any right
or option for additional space in the Improvements. 

  
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 4.1.26. Survey. The Survey for the Property delivered to Lender in connection with
this Agreement, to Borrower’s actual knowledge, does not fail to reflect any material matter affecting the Property or the title thereto. 
 4.1.27. Principal Place of Business; State of Organization. Borrower’s principal place of business as of the date hereof is the address set forth in the introductory paragraph of this
Agreement. Borrower is organized under the laws of the State of Nevada. 
 4.1.28. Filing and Recording Taxes. All
transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the transfer of the Property to Borrower have
been paid. To Borrower’s actual knowledge, all state, county and municipal mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under applicable Legal Requirements currently in effect in
connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the Security Instrument (but excluding costs of recording any notice or other document
required to be filed or recorded after the occurrence of an Event of Default but prior to enforcement of the Lien of the Security Instrument), have been paid or funds sufficient to pay the same have been delivered to the Title Company to make such
payment, and, under current Legal Requirements, each Security Instrument is enforceable in accordance with its respective terms by Lender (or any subsequent holder thereof), subject to principles of equity and bankruptcy, insolvency and other laws
generally applicable to creditors’ rights and the enforcement of debtors’ obligations. 
 4.1.29. Special Purpose
Entity/Separateness. 
 (a) Until the Debt has been paid in full, Borrower hereby represents, warrants and covenants that
each SPE Entity has been since its formation, is, shall be and shall continue to be a Special Purpose Entity, provided that with respect to the status of TSP Owner as a Special Purpose Entity from its formation through the Closing Date, such
representation and warranty is made only to the extent of Borrower’s actual knowledge. 
 (b) All of the facts stated and
the assumptions made in the Insolvency Opinion, including, but not limited to, any exhibits attached thereto, are true and correct in all respects and all facts stated and all assumptions made in any subsequent non-consolidation opinion required to
be delivered in connection with the Loan Documents (an “Additional Insolvency Opinion”), including, but not limited to, any exhibits attached thereto, will have been and shall be true and correct in all respects. Each SPE Entity has
complied and will comply with all of the assumptions made with respect to such SPE Entity in the Insolvency Opinion. Each SPE Entity will have complied and will comply with all of the assumptions made with respect to such SPE Entity in any
Additional Insolvency Opinion. Each entity other than any SPE Entity with respect to which an assumption shall be made in any Additional Insolvency Opinion will have complied and will comply with all of the assumptions made with respect to it in any
Additional Insolvency Opinion. Each of the foregoing statements regarding the truth of facts stated or assumptions made in the Insolvency Opinion or any Additional Insolvency Opinion with respect to TSP Owner during the period from its formation
through the Closing Date, and with respect to TSP Owner’s compliance with any such statements or assumptions during such period, are made only to the extent of Borrower’s actual knowledge. 

  
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 4.1.30. Management Agreement. The Management Agreement is in full force and effect
and there is no default thereunder by Borrower or, to Borrower’s knowledge, any other party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default by Borrower or, to
Borrower’s knowledge, any other party thereunder. 
 4.1.31. Illegal Activity. No portion of the Property has been
or will be purchased with proceeds of any illegal activity. 
 4.1.32. Intentionally Deleted. 

4.1.33. Investment Company Act. Borrower is not (a) an “investment company” or a company “controlled” by
an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of
either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict
or regulate its ability to borrow money. 
 4.1.34. Embargoed Person. At all times throughout the term of the Loan,
including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of any Borrower Party or HOC constitute property of, or are beneficially owned, directly or indirectly, by any
person, entity or government subject to trade restrictions under U.S. law, including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq.,
and any Executive Orders or regulations promulgated thereunder with the result that the investment in any Borrower Party (whether directly or indirectly), is prohibited by law or the Loan made by Lender is in violation of law (“Embargoed
Person”); (b) no Embargoed Person has any interest of any nature whatsoever in any such Borrower Party, with the result that the investment in such Borrower Party (whether directly or indirectly), is prohibited by law or the Loan is in
violation of law; and (c) none of the funds of any Borrower Party have been derived from any unlawful activity with the result that the investment in such Borrower Party (whether directly or indirectly), is prohibited by law or the Loan is in
violation of law. 
 4.1.35. Cash Management Account. 

(a) This Agreement, together with the other Loan Documents, creates a valid and continuing security interest (as defined in the Uniform
Commercial Code) in the Collection Account and Cash Management Account in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from
Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold or otherwise conveyed the Collection Account and Cash Management Account. Each of the Collection Account and Cash Management
Account constitute “deposit accounts” within the meaning of the Uniform Commercial Code. 

  
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 (b) Pursuant and subject to the terms hereof and the other applicable Loan Documents, the
Property Bank has agreed to comply with all instructions originated by Lender, without further consent by Borrower, directing disposition of the Collection Account and all sums at any time held, deposited or invested therein, together with any
interest or other earnings thereon, and all proceeds thereof (including proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments, documents or securities. 

(c) The Collection Account and Cash Management Account are not in the name of any Person other than Borrower, as pledgor, or Lender, as
pledgee. 
 4.1.36. Intentionally Deleted. 
 4.1.37. Taxes including Gaming Taxes and Fees. Each of Borrower, Manager and, except as would not reasonably be expected to have a Material Adverse Effect on the Property, Guarantor and HOC has
filed or caused to be filed all Federal, state, local and foreign tax returns (including, without limitation, all reports relating to gaming taxes and fees to the Gaming Authorities) which are required to be filed by it, on or prior to the date
hereof, other than tax returns in respect of taxes that (a) are not franchise, capital or income taxes, (b) in the aggregate are not material and (c) would not, if unpaid, result in the imposition of any material Lien on any property
or assets of Borrower or Manager. All such filed tax returns were true, correct and complete in all material respects when filed. Borrower Manager and, except as would not reasonably be expected to have a Material Adverse Effect on the Property,
Guarantor and HOC have paid or caused to be paid all taxes shown to be due and payable on such filed returns or on any assessments received by them, other than (i) any taxes or assessments the validity of which Borrower, Manager, Guarantor or
HOC is contesting in good faith by appropriate proceedings, and with respect to which Borrower, Manager, Guarantor or HOC shall have set aside adequate reserves, or (ii) with respect to Guarantor or HOC, taxes and assessments the nonpayment of
which would not reasonably be expected to have a Material Adverse Effect on the Property. Neither Borrower nor Harrah’s Manager has as of the date hereof requested or been granted any extension of time to file any Federal, state, local or
foreign tax return. Borrower is not a party to and does not have any obligation under any tax sharing agreement, except as may be provided under the Material Operating Agreements. 

4.1.38. Labor Relations. 
 (a) On or prior to the date hereof, Borrower has delivered to Lender a true, correct and complete schedule of all employees employed by Borrower with respect to the Property, stating each such employees
job title, hourly wage, whether such employee is employed on a full-time or part-time basis and whether such employee is a union employee. Within the last three years, the hours worked by and payment made to employees of Borrower are not in
violation of the Fair Labor Standards Act or any other applicable Legal Requirements in any material respect. Within the past three years, neither Borrower nor any of its employees, agents or representatives has been the subject of a material unfair
labor practice charge as defined in the National Labor Relations Act, before any Governmental Authority. 

  
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 (b) Except as set forth on Schedule XII-A, Borrower is and, within the past three
years, has been in material compliance with all applicable Legal Requirements respecting employment and employment practices, including without limitation, all laws respecting terms and conditions of employment, health and safety, wages and hours,
child labor, immigration, employment discrimination, disability rights or benefits, equal opportunity, plant closure and layoffs, affirmative action, workers’ compensation, labor relations, employee leave issues and unemployment insurance.
Borrower is not delinquent, in accordance with their respective payment policies, in payments to any employees or former employees for any services or amounts legally or contractually required to be reimbursed or otherwise paid. Borrower is not a
party to, or otherwise bound by, any order solely binding against Borrower and/or its Affiliates relating to employees or employment practices. 
 (c) Schedule XII-B sets forth all collective bargaining agreements related to the Property to which Borrower or Manager is a party and the scheduled expiration dates thereof, and the consummation
of the transactions contemplated by this Agreement will not give rise to any right of termination or renegotiation thereunder. 

(d) No organized work stoppage, labor strike or slowdown is pending or, to Borrower’s knowledge, threatened by employees and other
laborers at the Property. Except as set forth on Schedule XII-C, neither Borrower nor any of its Affiliates (i) is involved in, or to Borrower’s knowledge threatened with any labor dispute, grievance or litigation at the Property
relating to labor matters involving any employees and other laborers at the Property, including violation of any Legal Requirements relating to labor, safety, wages and hours, tax withholding, overtime, written classification or employment and/or
charges of unfair labor practices or discrimination complaints at the Property or (ii) has been charged before any Governmental Authority with any material unfair labor practices prohibited, restricted or otherwise unlawful under the National
Labor Relations Act. Except as set forth on Schedule XII-D, to the knowledge of Borrower, there is no organization activity regarding employees or other laborers of the Property and no question of union representation of such employees or
other laborers currently exists. 
 (e) The execution of this Agreement and the consummation of the transactions contemplated by
this Agreement will not result in any breach or other violation of any collective bargaining agreement, employment agreement, consulting agreement, or any other labor-related agreement to which Borrower is a party and/or is bound by and/or that
pertains to any of Borrower’s employees. 
 4.1.39. Intellectual Property Collateral. Schedule IV correctly
sets forth all registered Copyrights, Patents, Trademarks and Domain Names owned by Borrower as of the date hereof. Borrower owns or possesses the valid right to use all such Copyrights, Patents, Trademarks and Domain Names; all registrations for
such Copyrights, Patents, Trademarks and Domain Names used in or necessary to the operation of Borrower’s business as currently conducted (“Relevant IP”) have been validly issued under applicable law and are in full force and
effect; all applicable material maintenance fees, affidavits and other filings or payments for the Relevant IP are current and shall remain current (or in each case, can be made current without material adverse effect) throughout the duration of
this Agreement (subject to the provisions of Section 5.1.24 hereof regarding maintaining the registration of Relevant IP); no claim has been made in writing 

  
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or, to the knowledge of Borrower, orally, that any of the Relevant IP is invalid or unenforceable or that the use or practice of such Relevant IP violates or infringes the rights of any other
person, and to the actual knowledge of Borrower there is no such violation or infringement in existence, and to the actual knowledge of Borrower, no other person is presently infringing upon the rights of Borrower with regard to any Relevant IP.

 4.1.40. Material Operating Agreements. 
 (a) To Borrower’s actual knowledge, attached hereto as Schedule VI is a true, correct and complete list of all Material Operating Agreements in effect on the date hereof, including any and all
amendments, supplements and other modifications thereto. 
 (b) To Borrower’s actual knowledge, Lender has received a true,
correct and complete copy of each Material Operating Agreement. As of the date hereof, to Borrower’s actual knowledge, no events or circumstances exist which, with or without the giving of notice, the passage of time or both, would be
reasonably likely to constitute a default by Borrower (or its Affiliates) or, to Borrower’s actual knowledge, any other party of any material covenant or obligation on the part of any party under any Material Operating Agreement. 

(c) To Borrower’s actual knowledge, (i) each Material Operating Agreement is in full force and effect and (ii) constitutes
the legal, valid, binding and enforceable obligation against the Borrower Party that is a party thereto and any counterparty thereto, in all material respects, subject in each case to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws and regulations of general applicability relating to or affecting creditors’ rights and to equitable principles of general application. 
 (d) Neither the execution and delivery of the Loan Documents, the performance of any Borrower Party thereunder, the recordation of the Security Instrument or other Loan Documents, nor the exercise of any
rights or remedies by Lender, will adversely affect any Borrower Party’s respective rights or remedies under any Material Operating Agreement. 
 Section 4.2. Survival of Representations. Borrower agrees that all of the representations and warranties of Borrower set forth in Section 4.1 and elsewhere in this Agreement and in
the other Loan Documents shall survive for so long as any amount remains owing to Lender under this Agreement or any of the other Loan Documents by Borrower. All representations, warranties, covenants and agreements made in this Agreement or in the
other Loan Documents by any Borrower Party shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. 

  
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 ARTICLE V. 
 BORROWER COVENANTS 
 Section 5.1. Affirmative Covenants. From the date
hereof and until payment and performance in full of all obligations of Borrower under the Loan Documents or the earlier release of the Lien of the Security Instrument (and all related obligations) in accordance with the terms of this Agreement and
the other Loan Documents, Borrower hereby covenants and agrees with Lender that: 
 5.1.1. Existence; Compliance with Legal
Requirements. 
 (a) Each Borrower Party shall (i) do or cause to be done all things necessary to preserve, renew and
keep in full force and effect its existence and all material rights, licenses, permits and franchises and (ii) comply in all material respects with all Legal Requirements applicable to it and, except as would not reasonably be expected to
result in a Material Adverse Effect, the Property, including, without limitation, Prescribed Laws. There shall never be committed by any Borrower Party or HOC and Borrower shall not permit any other Person in occupancy of or involved with the
operation or use of the Property to commit any act or omission affording the federal government or any state or local government the right of forfeiture against the Property or any part thereof or any monies paid in performance of any Borrower
Party’s obligations under any of the Loan Documents. Borrower hereby covenants and agrees not to commit, permit or suffer to exist any act or omission affording such right of forfeiture. Borrower shall at all times maintain, preserve and
protect all franchises and trade names and preserve all the remainder of its property used or useful in the conduct of its business and shall keep the Property in good working order and repair, and from time to time make, or cause to be made, all
reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, all as more fully provided in the Security Instrument. Borrower shall keep the Property insured at all times by financially sound and reputable insurers, to
such extent and against such risks, and maintain liability and such other insurance, as is more fully provided in this Agreement. Borrower shall operate the Property in accordance with the terms and provisions of the O&M Agreement in all
material respects. 
 (b) After prior notice to Lender, Borrower, at its own expense, may contest by appropriate legal
proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower or the Property or any alleged violation of any Legal Requirement,
provided that (i) no Default or Event of Default has occurred and remains uncured; (ii) Borrower is permitted to do so under the provisions of any mortgage or deed of trust superior in lien to the Security Instrument; (iii) such
proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all
applicable statutes, laws and ordinances; (iv) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (v) Borrower shall promptly upon final determination
thereof comply with any such Legal Requirement determined to be valid or applicable or cure any violation of any Legal Requirement; (vi) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower and the
Property; and (vii) Borrower shall furnish such security as may be required in the proceeding, or as may be reasonably requested by Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable in
connection therewith. Lender may apply any such security, as necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is
finally established or the Property (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost. 

  
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 5.1.2. Taxes and Other Charges. 

(a) Borrower shall pay all Taxes and Other Charges now or hereafter levied or assessed or imposed against the Property or any part
thereof as the same become due and payable; provided, that Borrower’s obligation to directly pay Taxes shall be suspended for so long as Borrower complies with the terms and provisions of Section 7.2. Borrower will deliver to Lender
receipts for payment or other evidence satisfactory to Lender that the Taxes and Other Charges have been so paid or are not then delinquent no later than ten (10) days prior to the date on which the Taxes and/or Other Charges would otherwise be
delinquent if not paid; provided, that Borrower is not required to furnish such receipts for payment of Taxes in the event that such Taxes have been paid by Lender pursuant to Section 7.2. Borrower shall not suffer and shall
promptly cause to be paid and discharged (or shall bond contest in accordance with the terms hereof) any Lien or charge whatsoever which may be or become a Lien or charge against the Property, except for Permitted Encumbrances, and shall promptly
pay for all utility services provided to the Property. 
 (b) After prior notice to Lender, Borrower, at its own expense, may
contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Taxes or Other Charges, provided that (a) no Default or Event of
Default has occurred and remains uncured; (b) Borrower is permitted to do so under the provisions of any mortgage or deed of trust superior in lien to the Security Instrument; (c) such proceeding shall be permitted under and be conducted
in accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances;
(d) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (e) Borrower shall promptly upon final determination thereof pay the amount of any such Taxes or
Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (f) such proceeding shall suspend the collection of such contested Taxes or Other Charges from the Property; and (g) Borrower
shall furnish such security as may be required in the proceeding, or as may be reasonably requested by Lender, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon. Lender may pay over any such
cash deposit or part thereof held by Lender to the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established or the Property (or part thereof or interest therein) shall be in danger of
being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of the Security Instrument being primed by any related Lien. 
 5.1.3. Litigation. Borrower shall give prompt notice to Lender of any litigation or governmental proceedings pending or threatened in writing against any Restricted Party that might have a Material
Adverse Effect. 
 5.1.4. Access to Property. Borrower shall permit agents, representatives and employees of Lender to
inspect the Property or any part thereof at reasonable hours upon reasonable advance notice, subject to the rights of tenants under leases and subject to Gaming Laws. 
 5.1.5. Notice of Default. Borrower shall promptly advise Lender of the occurrence of any Event of Default of which Borrower has knowledge. 

  
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 5.1.6. Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender
with respect to any proceedings before any court, board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith,
permit Lender, at its election, to participate in any such proceedings. 
 5.1.7. Perform Loan Documents. Each Borrower
Party shall observe, perform and satisfy all the terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or applicable to, such
Borrower Party. 
 5.1.8. Award and Insurance Benefits. Borrower shall cooperate with Lender in obtaining for Lender and
Borrower the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including attorneys’ fees and
disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of Casualty or Condemnation affecting the Property or any part thereof) out of such Insurance Proceeds. 

5.1.9. Further Assurances. Each Borrower Party shall, at Borrower’s sole cost and expense: 

(a) furnish to Lender all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and
specifications, appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished by any Borrower Party pursuant to the terms of the Loan Documents to
which such Borrower Party is a party or which are reasonably requested by Lender in connection therewith; 
 (b) execute and
deliver to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve, perfect and/or protect the collateral and any Lien at any time securing or intended to
secure the obligations of Borrower under the Loan Documents, as Lender may reasonably require including, without limitation, the execution and delivery of all such writings necessary to transfer any liquor licenses with respect to the Property into
the name of Lender or its designee during the continuance of an Event of Default; 
 (c) pay any state, county and municipal
mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under applicable Legal Requirements in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of
any of the Loan Documents, including, without limitation, the Security Instrument and not previously paid; and 
 (d) do and
execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from
time to time. 
 5.1.10. Special Purpose Entity. Borrower hereby covenants and agrees that until the Debt has been paid
in full: 
 (a) each SPE Entity is and shall remain and continue to be a Special Purpose Entity; 

  
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 (b) all of the facts stated and the assumptions made in the Insolvency Opinion, including,
but not limited to, any exhibits attached thereto, are and shall remain and continue to be true and correct in all material respects; 
 (c) each SPE Entity complies and shall continue to comply with all of the assumptions made with respect to such SPE Entity in the Insolvency Opinion and any Additional Insolvency Opinion; 

(d) each Person other than any SPE Entity complies and shall continue to comply with all assumptions made with respect to such Person in
the Insolvency Opinion and any Additional Insolvency Opinion; and 
 (e) each SPE Entity shall not create, incur, assume or
suffer to exist or otherwise become or be liable in respect of any Indebtedness other than Permitted Indebtedness. 
 5.1.11.
Financial Reporting. 
 (a) Borrower will keep and maintain or will cause to be kept and maintained on a Fiscal Year
basis, in accordance with GAAP (or such other accounting basis acceptable to Lender), proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower and all items of income and expense in connection with the
operation of the Property. Lender shall have the right from time to time at all times during normal business hours upon reasonable notice to examine such books, records and accounts at the office of Borrower or any other Person maintaining such
books, records and accounts and to make such copies or extracts thereof as Lender shall desire. During the continuance of an Event of Default, Borrower shall pay any costs and expenses incurred by Lender to examine Borrower’s accounting records
with respect to the Property, as Lender shall determine to be necessary or appropriate in the protection of Lender’s interest. 
 (b) Borrower will furnish to Lender annually, within one hundred and twenty (120) days following the end of Borrower’s Fiscal Year in effect on the date hereof, and ninety (90) days
following the end of each Fiscal Year of Borrower thereafter, a complete copy of Borrower’s annual financial statements audited by a “Big Four” accounting firm or other independent certified public accountant acceptable to Lender in
accordance with GAAP (or such other accounting basis acceptable to Lender) covering the Property for such Fiscal Year and containing statements of profit and loss for Borrower and the Property and a balance sheet for Borrower. Such statements shall
set forth the financial condition and the results of operations for the Property for such Fiscal Year, and shall include, but not be limited to, amounts representing annual Net Cash Flow, Net Operating Income, Gross Income from Operations and
Operating Expenses. Borrower’s annual financial statements shall be accompanied by (i) a comparison of the budgeted income and expenses and the actual income and expenses for the prior Fiscal Year, (ii) an unqualified opinion of a
“Big Four” accounting firm or other independent certified public accountant reasonably acceptable to Lender, (iii) a list of tenants, if any, occupying more than twenty percent (20%) of the total floor area of the Improvements,
(iv) ) a breakdown showing the year in which each Lease then in effect expires and the percentage of total floor area of the 

  
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Improvements and the percentage of base rent with respect to which Leases shall expire in each such year, each such percentage to be expressed on both a per year and cumulative basis,
(v) occupancy statistics for the Property, (vi) if not included in the audited financials referred to above, an Officer’s Certificate attaching a schedule reconciling Net Operating Income to Net Cash Flow (the “Net Cash Flow
Schedule”), which shall itemize all adjustments made to Net Operating Income to arrive at Net Cash Flow deemed material by such independent certified public accountant, (vii) room rate reports and Rev PAR calculations, and
(viii) an Officer’s Certificate certifying that each annual financial statement presents fairly the financial condition and the results of operations of Borrower and the Property being reported upon and that such financial statements have
been prepared in accordance with GAAP and as of the date thereof whether there exists an event or circumstance which constitutes a Default or Event of Default under the Loan Documents executed and delivered by, or applicable to, Borrower, and if
such Default or Event of Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy the same, except for those being contested by Borrower in good faith in accordance with the requirements of the
Loan Documents. 
 (c) Borrower will furnish, or cause to be furnished, to Lender on or before forty-five (45) days after
the end of each calendar quarter the following items, accompanied by an Officer’s Certificate stating that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrower
and the Property (subject to normal year-end adjustments): (i) a rent roll for the subject quarter; (ii) quarterly and year-to-date operating statements (including Capital Expenditures) prepared for each calendar quarter, noting Net
Operating Income, Gross Income from Operations, and Operating Expenses, and, upon Lender’s request, other information necessary and sufficient to fairly represent the financial position and results of operation of the Property during such
calendar quarter, and containing a comparison of budgeted income and expenses and the actual income and expenses together with a detailed explanation of any variances of 7.5% or more between budgeted and actual amounts for such periods, all in form
satisfactory to Lender; (iii) a calculation reflecting the annual Debt Service Coverage Ratio for the immediately preceding twelve (12) month period as of the last day of such quarter; and (iv) a Net Cash Flow Schedule. In addition,
such Officer’s Certificate shall also state that the representations and warranties of Borrower set forth in Section 4.1.30 are true and correct in all material respects as of the date of such certificate and that there are no trade
payables outstanding for more than sixty (60) days other than those being contested by Borrower in good faith in accordance with the terms of this Agreement, in each case except as set forth in the Officer’s Certificate. Borrower will
furnish, or cause to be furnished, to Lender on or before ten (10) days after the end of each calendar quarter, an Officer’s Certificate certifying as to the amount of the Gaming Liquidity Requirement (including a calculation of the
determination thereof) and the Gaming Operating Reserve with respect to such quarter, including any changes to the foregoing during such quarter, the foregoing to be in form and, with respect to the Gaming Operating Reserve, in substance reasonably
acceptable to Lender. Throughout the entire term of the Loan, Borrower shall furnish, or cause to be furnished, to Lender on or before forty-five (45) days after the end of each calendar quarter, an operating metrics report for the Property for
such quarter, containing substantially the same information as would be contained in a STAR report covering the Property and the Las Vegas market. 

  
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 (d) Borrower shall submit to Lender an Annual Budget not later than January 31, 2010
(for the 2010 Fiscal Year) and not later than sixty (60) days prior to the commencement of each Fiscal Year beginning with the 2011 Fiscal Year, in form reasonably satisfactory to Lender. The Annual Budget and any amendment or other
modification thereto shall be subject to Lender’s reasonable approval (each such Annual Budget, an “Approved Annual Budget”) in each instance. In the event that Lender objects to a proposed Annual Budget or any amendment or
other modification thereto submitted by Borrower which requires the approval of Lender hereunder, Lender shall advise Borrower of such objections within fifteen (15) days after receipt thereof (and deliver to Borrower a reasonably detailed
description of such objections) and Borrower shall promptly revise such Annual Budget and resubmit the same to Lender. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and
deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise the same in accordance with the process described in this Section 5.1.11(d) until Lender approves the Annual Budget. Until such
time that Lender approves a proposed Annual Budget (including any amendment or other modification thereto) which requires the approval of Lender hereunder, the most recently Approved Annual Budget shall apply; provided, that such Approved
Annual Budget shall be adjusted to reflect actual increases in Taxes, Insurance Premiums, utilities expenses, union wage adjusts and any other non-discretionary cost or expense required to be paid to continue the operation of the Property in the
normal course. Borrower and Lender agree that the Planet Hollywood Operating ProForma delivered by Borrower to Lender on or about the date hereof is the Approved Annual Budget in effect on the date hereof and that such Approved Annual Budget will
continue in effect until Lender approves an Annual Budget for Fiscal Year 2010, subject to adjustment, after the commencement of Fiscal Year 2010, pursuant to the proviso of the preceding sentence. 

(e) Intentionally Deleted. 
 (f) Any reports, statements or other information required to be delivered under this Agreement shall be delivered (i) in paper form, (ii) via email, or, (iii) if requested by Lender and
within the capabilities of Borrower’s data systems without change or modification thereto, in other electronic form and prepared using a Microsoft Word for Windows or WordPerfect for Windows or Excel files (which files may be prepared using a
spreadsheet program and saved as word processing files). Borrower agrees that Lender may disclose information regarding the Property and Borrower that is provided to Lender pursuant to this Section 5.1.11 in connection with the
Securitization to parties requesting such information as potential investors or parties in connection with such Securitization. 

5.1.12. Business and Operations. Borrower will continue to engage in the businesses presently conducted by it as and to the extent
the same are necessary for the ownership, development, maintenance, management and operation of the Property. Borrower will qualify to do business and will remain in good standing under the laws of each jurisdiction as and to the extent the same are
required for the ownership, maintenance, management and operation of the Property. 
 5.1.13. Title to the Property.
Borrower will warrant and defend (a) the title to the Property and every part thereof, subject only to Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and priority of the Lien of the Security Instrument
and the Assignment of Leases, subject only to Liens permitted hereunder (including Permitted Encumbrances), in each case against the claims of all Persons whomsoever. Borrower shall 

  
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reimburse Lender for any losses, costs, damages or expenses (including reasonable attorneys’ fees and court costs) incurred by Lender if an interest in the Property, other than as permitted
hereunder, is claimed by another Person. 
 5.1.14. Costs of Enforcement. In the event (a) that the Security
Instrument is foreclosed in whole or in part or that the Security Instrument is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage prior to or subsequent to the Security
Instrument in which proceeding Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any of its
constituent Persons for the benefit of its creditors, Borrower, its successors or assigns, shall be chargeable with and agrees to pay all costs of collection and defense, including attorneys’ fees and costs, incurred by Lender or Borrower in
connection therewith and in connection with any appellate proceeding or post-judgment action involved therein, together with all required service or use taxes. 
 5.1.15. Estoppel Statement. 
 (a) After request by Lender, Borrower shall
within ten (10) days furnish Lender with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Loan, (ii) the unpaid principal amount of the Loan, (iii) the Applicable Interest Rate
of the Loan, (iv) the date installments of interest and/or principal were last paid, (v) any offsets or defenses to the payment of the Debt, if any, and (vi) that the Note, this Agreement, the Security Instrument and the other Loan
Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such modification. 
 (b) Borrower shall upon Lender’s request, request and use all reasonable efforts to obtain tenant estoppel certificates from each commercial tenant leasing space at the Property in form and substance
reasonably satisfactory to Lender provided that Borrower shall not be required to request such certificates more frequently than two (2) times in any calendar year. 
 5.1.16. Intentionally Omitted. 
 5.1.17. Performance by Borrower
Parties. Each Borrower Party shall in a timely manner observe, perform and fulfill each and every covenant, term and provision of each Loan Document executed and delivered by, or applicable to, such Borrower Party. 

5.1.18. Intentionally Omitted. 
 5.1.19. Employee Benefits. Borrower shall, and shall use its reasonable best efforts to cause each of its ERISA Affiliates to: 

(a) pay and discharge promptly any material liability imposed upon it pursuant to the provisions of Title IV of ERISA; provided,
however, that neither Borrower nor any ERISA Affiliate shall be required to pay any such liability if (1) the amount, applicability or validity thereof shall be diligently contested in good faith by appropriate proceedings, and (2) such
Person shall have set aside on its books reserves which, in the opinion of the independent certified public accountants of such Person, are adequate with respect thereto; 

  
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 (b) deliver to Lender, promptly and in any event within ten (10) Business Days after
the occurrence of any of the following which could reasonably, in each case or in the aggregate with the other events and conditions set forth in this Section 5.1.19(b), be expected to have a Material Adverse Effect, (i) any Reportable
Event, a copy of the materials that are filed with the PBGC, or the materials that would have been required to be filed if the 30-day notice requirement to the PBGC was not waived, (ii) Borrower or any ERISA Affiliate or an administrator of any
Pension Plan files with participants, beneficiaries or the PBGC a notice of intent to terminate any such Pension Plan, a copy of any such notice, (iii) the receipt of notice by Borrower or any ERISA Affiliate or an administrator of any Pension
Plan from the PBGC of the PBGC’s intention to terminate any Pension Plan or to appoint a trustee to administer any such Pension Plan, a copy of such notice, (iv) within thirty (30) days after, the filing thereof with the Internal
Revenue Service, copies of each annual report that is filed on Treasury Form 5500 with respect to any Pension Plan, together with certified financial statements (if any) for the Pension Plan and any actuarial statements on Schedule B to such Form
5500, (v) Borrower or any ERISA Affiliate knows of any event or condition which is likely to constitute grounds under the provisions of Section 4042 of ERISA for the termination of (or the appointment of a trustee to administer) any
Pension Plan, an explanation of such event or condition, (vi) the receipt by Borrower or any ERISA Affiliate of an assessment of withdrawal liability under Section 4201 of ERISA from a Multiemployer Plan, a copy of such assessment,
(vii) Borrower or any ERISA Affiliate knows of any event or condition which is likely to cause any one of them to incur a liability under Section 4062, 4063, 4064 or 4069 of ERISA, an explanation of such event or condition, and
(viii) Borrower or any ERISA Affiliate knows that an application is to be, or has been, made to the Secretary of the Treasury for a waiver of the minimum funding standard under the provisions of Section 412 of the Code, a copy of such
application, and (ix) the establishment of, or the incurrence of the obligation to contribute to, any Pension Plan or Multiemployer Plan by Borrower or any ERISA Affiliate, and in each case described in clauses (i) through (iii) and
(v) through (ix) together with a notification outlining the circumstances of such Reportable Event, notice, event or condition and the action (if any) which Borrower or such ERISA Affiliate proposes to take with respect thereto.

 5.1.20. Leasing Matters. 
 (a) All Leases and all renewals of Leases executed after the date hereof shall (i) be negotiated at arm’s length and shall be on commercially reasonable terms, and (ii) provide that such
Lease is subordinate to the Security Instrument and the other Loan Documents and that the lessee agrees, subject to customary and reasonable provisions for non-disturbance to the extent the lessee is not in default thereunder, to attorn to Lender
and any purchaser at a foreclosure sale. Any Major Lease and any renewal, material waiver, material amendment, material modification or termination thereof executed after the date hereof shall be subject to Lender’s prior approval, which
approval shall not be unreasonably withheld or delayed. If an Event of Default shall exist, all Leases and each renewal, waiver, amendment, modification or termination thereof executed during the existence of such Event of Default shall be subject
to Lender’s prior approval in its sole discretion. Lender’s approval shall not be required for any Lease, or any renewal, waiver, amendment, modification or termination except as expressly provided in this Section 5.1.20. Upon
request of Borrower and at Borrower’s sole cost and expense, so long as no Event of Default shall exist, from time to time Lender shall promptly execute and deliver a subordination, nondisturbance and attornment agreement in connection with any
Major Lease, such agreement to be in Lender’s then usual and customary form and otherwise reasonably acceptable to Lender in all respects. 

  
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 (b) Any request for the approval by Lender of any Lease or any renewal, waiver, amendment,
modification or termination thereof shall be delivered to Lender in writing and shall include a copy of the proposed Lease or renewal, waiver, amendment, modification or termination and Lender shall so advise whether such approval is granted or
denied within ten (10) Business Days after receipt of such written request. Provided that the request is accompanied by a notice, which provides in upper case bold-faced type: “THIS IS A REQUEST FOR AN APPROVAL WITH RESPECT TO A LEASE. IF
LENDER FAILS TO RESPOND WITHIN 10 BUSINESS DAYS OF THE EFFECTIVENESS OF THIS NOTICE, THE REQUESTED ACTION WITH RESPECT TO THE LEASE WILL BE DEEMED APPROVED”, if Lender shall not so advise of its determination within such ten (10) Business
Day period (notice by facsimile on the same day being acceptable for this purpose), such proposed Lease or renewal, waiver, amendment, modification or termination thereof shall be deemed approved by Lender. If Lender shall deny any such request for
approval, Lender shall specify the reasons for its refusal to grant approval. 
 (c) Borrower (i) shall observe and perform
the obligations imposed upon the lessor under the Leases in a commercially reasonable manner; (ii) shall enforce the terms, covenants and conditions contained in the Leases upon the part of the lessee thereunder to be observed or performed in a
commercially reasonable manner; provided, however, Borrower shall not terminate or accept a surrender of a Major Lease without Lender’s prior written approval, except in the event of a default by the tenant thereunder and with prior
written notice to Lender; (iii) shall not collect any of the Rents more than one (1) month in advance (other than security deposits); (iv) shall not execute any assignment of lessor’s interest in the Leases or the Rents (except
as contemplated by the Loan Documents); and (v) shall hold all security deposits under all Leases in accordance with applicable Legal Requirements. Upon request, Borrower shall furnish Lender with executed copies of all Leases. Notwithstanding
the foregoing provisions of this Section 5.1.20(c), Borrower shall have the right to terminate any Lease by the exercise of any specific right set forth in such Lease to terminate the same due to the applicable tenant’s failure to
achieve any required sales thresholds set forth therein; provided that Borrower shall promptly deliver to lender written notice of the exercise of any such right and the termination of any such Lease. 

5.1.21. Alterations. 
 (a) Borrower shall cause all Alterations with respect to any portion of the Property to be conducted and performed with due diligence in a good and workmanlike manner, and all materials used and work done
shall be in accordance with all applicable Legal Requirements. Any Material Alteration shall be subject to Lender’s prior written consent, which consent shall not be unreasonably withheld. Lender’s consent shall not be required for any
Alterations other than Material Alterations. If the total unpaid amounts due and payable with respect to any Alterations at the Property (other than such amounts to be paid or reimbursed by tenants under the Leases) shall at any time exceed
$10,000,000 (the “Threshold Amount”), Borrower shall promptly deliver to Lender as security for the payment of such amounts and as additional security for Borrower’s obligations under the Loan Documents any of the following:
(A) cash, 

  
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(B) U.S. Obligations, (C) other securities having a rating acceptable to Lender and a Rating Agency Confirmation with respect to same, (D) a Letter of Credit, (E) a completion and
performance bond issued by an Approved Bank, or (F) a guaranty of completion of such Alterations from Guarantor or another guarantor reasonably acceptable to Lender, and in a form reasonably acceptable to Lender. Such security shall be in an
amount equal to the excess of the total unpaid amounts with respect to such Alterations (other than such amounts to be paid or reimbursed by tenants under the Leases) over the Threshold Amount and, during the existence of an Event of Default, Lender
may apply such security from time to time at the option of Lender to pay for such Alterations. Notwithstanding the foregoing, Borrower shall not be obligated to deliver any additional security for Alterations to the extent that the Alterations that
would otherwise have given rise to the obligation to deliver additional security for Alterations may (pursuant to the applicable provisions hereof) be paid for with funds from the FF&E Reserve Account or any other escrow or reserve account for
the Loan. 
 (b) Any request for the approval by Lender of any Material Alterations shall be delivered to Lender in writing and
shall include such documents, plans and other information as Lender shall reasonably require. If Lender shall fail to approve, disapprove or otherwise respond to such request for approval within ten (10) days, then Borrower may send to Lender a
notice referencing this Agreement and the applicable Section hereof and stating in upper case bold-faced type “LENDER HAS FAILED TO APPROVE, DISAPPROVE OR OTHERWISE RESPOND TO BORROWER’S REQUEST FOR CONSENT TO ALTERATIONS WITHIN THE TEN
(10) DAY PERIOD SET FORTH IN SECTION 5.1.20 OF THE LOAN AGREEMENT, AND IF LENDER SHALL FAIL TO APPROVE, DISAPPROVE OR OTHERWISE RESPOND TO THE SAME WITHIN TEN (10) DAYS AFTER THE EFFECTIVENESS OF THIS NOTICE, LENDER SHALL BE DEEMED TO HAVE
APPROVED OF THE SAME”, and if Lender shall fail to approve, disapprove or otherwise respond to such notice of Borrower within ten (10) days after the effectiveness of such notice, Lender shall be deemed to have approved of Borrower’s
proposed Alterations. 
 5.1.22. Operation of Property. Borrower shall cause the Property to be operated, in all material
respects, in accordance with any Management Agreement (or Replacement Management Agreement) as applicable. In the event that any Management Agreement expires or is terminated (without limiting any obligation of Borrower to obtain Lender’s
consent to any termination or modification of the Management Agreement in accordance with the terms and provisions of this Agreement), Borrower shall promptly enter into a Replacement Management Agreement with Manager or another Qualified Manager,
as applicable. Except for Excusable Delays, Borrower shall cause the Hotel Component to be at all times open for business as a hotel and the Casino Component to be open for business as a casino. Borrower shall cause the Property to be at all times
operated, managed and maintained, at all times and in the manner and accordance with the standards required pursuant to any Management Agreement, any other Material Operating Agreement (including all marketing, advertising, promotional and
reservation programs) and all applicable Legal Requirements, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, or would not result in a material default under such agreements (if any) but in no
event below the Comparable Standards. Borrower shall at all times manage, operate and maintain the Hotel Component and the Casino Component as a luxury themed hotel and casino resort in accordance with standards at least equivalent to the Comparable
Standards. The brand name of the Hotel Component and the 

  
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Casino Component shall not be materially changed without the prior written reasonable consent of Lender. Subject to the TPA Component Lease, the TPA Component shall be maintained consistent with
the Comparable Standards. 
 5.1.23. Management Agreements. 

(a) Borrower shall, at its sole cost and expense (i) promptly and timely perform and/or observe, in all material respects, all of
the terms, covenants, conditions and agreements required to be performed and observed by Borrower under any Management Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify
Lender of any material default under any Management Agreement of which it is aware; (iii) promptly deliver to Lender a copy of each notice received by it under a Management Agreement; (iv) enforce the performance and observance of all of
the covenants and agreements required to be performed and/or observed by the counterparty under each Management Agreement, in a commercially reasonable manner; (v) not amend, restate, replace, supplement or otherwise modify any Management
Agreement in any material respect, waive any of its material rights and remedies thereunder, or exercise any right to terminate the Management Agreement, without the prior written consent of Lender (such consent not to be unreasonably withheld,
conditioned or delayed) in each instance; and (vi) not tender or accept a surrender or cancellation of any Management Agreement without the prior written consent of Lender (such consent not to be unreasonably withheld, conditioned or delayed)
where such surrender or cancellation would adversely affect the Property or adversely affect Lender’s interest therein or Lender’s security or where such surrender or cancellation would violate the terms of any Loan Document. 

(b) Borrower hereby grants to Lender the right (but not the obligation), upon prior notice to Borrower, if Borrower shall be in default
under any Management Agreement, and subject to the terms of such Management Agreement, to cause the default or defaults under such Management Agreement to be remedied and otherwise exercise any and all rights of Borrower under such Management
Agreement, as may be necessary to prevent or cure any default provided such actions are necessary to protect Lender’s interest under the Loan Documents, and Lender shall have the right to enter all or any portion of the Property at such times
and in such manner as Lender deems necessary, to prevent or to cure any such default, subject to the Gaming Laws. 
 (c) The
actions or payments of Lender to cure any default by Borrower under any Management Agreement shall not remove or waive, as between Borrower and Lender, any default that occurred under this Agreement by virtue of such default by Borrower under such
Management Agreement. All sums expended by Lender to cure any such default shall be paid by Borrower to Lender, upon demand, with interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the
date the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the Security Instrument. 
 (d) Borrower shall notify Lender promptly in writing of (i) the occurrence, to Borrower’s knowledge, of any material default by any party to any Management Agreement, (ii) the occurrence,
to Borrower’s knowledge, of any event that, with the passage of time or service of notice, or both, would constitute a material default by any party under any Management 

  
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Agreement, and (iii) the receipt by Borrower of any notice (written or otherwise) from any party under any Management Agreement noting or claiming the occurrence of any default by Borrower
under any Management Agreement. 
 (e) Borrower shall promptly execute, acknowledge and deliver to Lender such instruments as
may reasonably be required to permit Lender to cure any default under any Management Agreement or permit Lender to take such other action required to enable Lender to cure or remedy the matter in default and preserve the security interest of Lender
under the Loan Documents with respect to the Property. Upon the occurrence and during the continuance of an Event of Default, Borrower irrevocably appoints Lender as its true and lawful attorney-in-fact to do, in its name or otherwise, any and all
acts and to execute any and all documents that are necessary to preserve any rights of Borrower under or with respect to any Management Agreement, including, without limitation, the right to effectuate any extension or renewal of any Management
Agreement, or to preserve any rights of Borrower whatsoever in respect of any part of any Management Agreement (and the above powers granted to Lender are coupled with an interest and shall be irrevocable). 

(f) With respect to any Management Agreement, Borrower shall, from time to time (but not more often than once in any twelve
(12) month period unless a Default or Event of Default then exists, in which case such limit shall not apply), upon ten (10) Business Days’ prior written request from Lender, execute, acknowledge and deliver to Lender, a statement
containing the following: (A) a statement that such Management Agreement is unmodified and in full force and effect or, if there have been modifications, that the Management Agreement is in full force and effect as modified and setting forth
such modifications, (B) a statement that Borrower is not in default thereunder beyond any applicable grace, cure or notice period or, if any such default shall exist thereunder, a description of such default and the steps being taken to cure
such default, (C) a statement that, to Borrower’s knowledge, either the other party thereto is not in default thereunder beyond any applicable grace, cure or notice period or, if any such default shall exist thereunder, a description of
such default and the steps being taken to cure such default and (D) such other information with respect to the Management Agreements as Lender shall reasonably request. 
 (g) With respect to any Management Agreement, Borrower shall use commercially reasonable efforts to deliver to Lender from time to time (provided that Borrower shall not be required to deliver such
certificates more frequently than once in any twelve (12) month period unless a Default or Event of Default then exists, in which case such limit shall not apply) within twenty (20) Business Days of Lender’s request, a certificate
from each party to such Management Agreement other than Borrower containing the following: (A) a statement that such. Management Agreement is unmodified and in full force and effect or, if there have been modifications, that the Management
Agreement is in full force and effect as modified and setting forth such modifications, (B) a statement that either such other party is not in default thereunder beyond any applicable grace, cure or notice period or, if any such default shall
exist thereunder, a description of such default and the steps being taken to cure such default, (C) a statement that, to such party’s knowledge, Borrower is not in default thereunder beyond any applicable grace, cure or notice period or,
if any such default shall exist thereunder, a description of such default and the steps being taken to cure such default and (D) such other information with respect to such other party and/or Management Agreements as Lender shall reasonably
request. 

  
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 5.1.24. Intellectual Property Collateral. 

(a) Borrower has executed and delivered on the date hereof, a fully completed Security Agreement (Copyrights) and Security Agreement
(Trademarks), as applicable, with regard to any Copyrights or Trademarks, as the case may be, of Borrower, described in Schedule IV. In the event that, after the date hereof Borrower shall acquire ownership in any registered Copyright, Domain
Name or Trademark or file any application for registration thereof, whether within the United States or any other country or jurisdiction, Borrower shall promptly furnish written notice thereof to Lender together with information sufficient to
permit Lender, upon its receipt of such notice, to (and Borrower hereby authorizes Lender to) modify in accordance with this Agreement, as appropriate, by amending Schedule IV hereto or to add additional exhibits hereto to include any such
Copyright, Domain Name or Trademark that becomes part of the collateral under the Security Instrument, and Borrower shall additionally, at its own expense, execute and deliver, as promptly as possible (but in any event within twenty (20) days)
after the date of such notice, with regard to United States Copyrights and Trademarks, a fully completed Security Agreement (Copyrights) and Security Agreement (Trademarks) in substantially the same form as delivered on the date hereof, as
applicable, together in all instances with any other agreements, instruments and documents that Lender may reasonably request from time to time to further effect and confirm the security interest created by this Agreement in such Copyrights and
Trademarks, and Borrower hereby appoints Lender its attorney-in-fact, upon the occurrence and during the continuance of an Event of Default, to execute, deliver and record any and all such agreements, instruments and documents for the foregoing
purposes, all acts of such attorney being hereby ratified and confirmed and such power, being coupled with an interest, being irrevocable for so long as this Agreement shall be in effect with respect to Borrower. 

(b) Borrower (either itself or through its licensees or sublicensees) will, for each material Trademark used in the conduct of its
business, use its commercially reasonable efforts to (i) maintain such Trademark in full force and effect, free from any claim of abandonment or invalidity for non-use, (ii) maintain the quality of products and services offered under such
Trademark, (iii) display such Trademark with notice of federal registration to the extent required by applicable law, (iv) take appropriate and commercially reasonable steps to police and defend such Trademark and prevent or arrest
infringement, dilution or other harm to such Trademark and (v) not knowingly use or knowingly permit the use of such Trademark in violation of any third-party rights, unless Borrower determines in its reasonable good-faith discretion that such
Trademark is no longer useful in its business. 
 (c) Borrower (either itself or through it licensees or sublicensees) will
refrain from committing any act, or omitting any act, that would result in any Patent used in the conduct of Borrower’s business becoming invalidated or dedicated to the public, and shall continue to mark any products covered by Patent with the
relevant patent number as required by applicable patent laws, unless Borrower determines in its reasonable good-faith discretion that such Patent is no longer useful in its business. 

(d) Borrower (either itself or through its licensees or sublicensees) will, for each work covered by a material Copyright used in the
conduct of its business, continue to publish, reproduce, display, adopt and distribute the work with appropriate notice as required under applicable copyright laws, unless Borrower determines in its reasonable good-faith discretion that such
Copyright is no longer useful in its business. 

  
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 (e) Borrower shall notify Lender immediately if it knows or has reason to know that any
material Patent, Trademark or Copyright used in the conduct of its business may become abandoned or dedicated to the public, or of any adverse determination or development (including the institution of, or any such determination or development in,
any proceeding in the U.S. Patent and Trademark Office, U.S. Copyright Office or any court) regarding Borrower’s ownership of any Trademark or Copyright, its right to register the same, or to keep and maintain the same, except to the extent
non-final determinations, communications or developments are received by Borrower in the ordinary course of prosecution, maintenance or application for registration. 
 (f) Borrower will take reasonable actions that are consistent with the practice in any proceeding before the U.S. Patent and Trademark Office, U.S. Copyright Office or any office or agency in any
political subdivision of the United States or in any other country or any political subdivision thereof, to maintain and pursue each pending application relating to any Patents, Trademarks or Copyrights (and to obtain the relevant grant or
registration) used in the conduct of Borrower’s business and to maintain each registration of any such Patents, Trademarks and Copyrights, including the filing of applications for renewal, affidavits of use, affidavits of incontestability and
maintenance fees, and, using its reasonable business judgment, initiate opposition, interference or cancellation proceedings against third parties for the purpose of protecting Borrower’s interests in such Patents, Trademarks and Copyrights.

 (g) In the event that any collateral consisting of any material Patent, Trademark or Copyright used in the conduct of any of
Borrower’s business is believed infringed, misappropriated or diluted by a third party, Borrower shall notify Lender promptly after it learns thereof and shall, using its reasonable business judgment, take such reasonable actions as are
appropriate under the circumstances to protect such collateral. 
 (h) Upon the occurrence and during the continuance of any
Event of Default, Borrower shall use its commercially reasonable efforts to obtain all requisite consents or approvals from the licensor of each License included within the Relevant IP to effect the assignment of all of Borrower’s right, title
and interest thereunder to Lender or its designee. 
 5.1.25. Material Operating Agreements and Operating Permits.

 (a) Borrower and its Affiliates shall, at its sole cost and expense: (i) promptly and timely comply with, perform and/or
observe, in all material respects, all of the terms, covenants, obligations, conditions and agreements required to be performed and observed by Borrower or such Affiliate under each Material Operating Agreement and do all things necessary to
preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any material default under any Material Operating Agreement of which it is aware; (iii) promptly deliver to Lender a copy of each demand, notice
of default or other material notice given or received by it or its employees, agents or contractors under, or relating in any way to a material provision of, any Material Operating Agreement; (iv) promptly and diligently enforce or secure, and
not excuse, the performance and observance of all of the covenants, obligations, conditions and agreements required to be performed and/or observed by the counterparty under each Material 

  
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Operating Agreement, in a commercially reasonable manner; (v) not amend, restate, replace, supplement or otherwise modify any Material Operating Agreement in any material respect, or waive
any of its material rights and remedies thereunder, without the prior written consent of Lender (such consent not to be unreasonably withheld, conditioned or delayed) in each instance; and (vi) not tender or accept a surrender or cancellation
of the PH License without the prior written consent of Lender where such surrender or cancellation would adversely affect the Property or adversely affect Lender’s interest therein or Lender’s security or where such surrender or
cancellation would violate the terms of any Loan Document. 
 (b) Any request for the approval by Lender of any Material
Operating Agreement or any renewal, waiver, amendment, modification or termination thereof shall be delivered to Lender in writing and shall include a copy of the proposed Material Operating Agreement or renewal, waiver, amendment, modification or
termination and Lender shall so advise whether such approval is granted or denied within ten (10) Business Days after receipt of such written request. Provided that the request is accompanied by a notice, which provides in upper case bold-faced
type: “THIS IS A REQUEST FOR AN APPROVAL WITH RESPECT TO A MATERIAL OPERATING AGREEMENT. IF LENDER FAILS TO RESPOND WITHIN TEN (10) BUSINESS DAYS OF THE EFFECTIVENESS OF THIS NOTICE, BORROWER SHALL HAVE THE RIGHT TO DELIVER A DEEMED
APPROVAL NOTICE”, if Lender shall not so advise of its determination within such ten (10) Business Day period (notice by facsimile on the same day being acceptable for this purpose), then Borrower shall have the right to deliver a second
written request for such approval and, provided that such second request is accompanied by a notice, which provides in upper case bold-faced type: “THIS IS A SECOND REQUEST FOR AN APPROVAL WITH RESPECT TO A MATERIAL OPERATING AGREEMENT. IF
LENDER FAILS TO RESPOND WITHIN FIVE (5) BUSINESS DAYS OF THE EFFECTIVENESS OF THIS NOTICE THE REQUESTED ACTION WITH RESPECT TO THE MATERIAL OPERATING AGREEMENT WILL BE DEEMED APPROVED”, if Lender shall not so advise of its determination
within such five (5) Business Day period (notice by facsimile on the same day being acceptable for this purpose), such proposed Material Operating Agreement or renewal, waiver, amendment, modification or termination thereof shall be deemed
approved by Lender. If Lender shall deny any such request for approval, Lender shall specify the reasons for its refusal to grant approval. 
 (c) If Borrower or Manager (as applicable) shall be in default under any Material Operating Agreement, then, subject to the terms of such Material Operating Agreement, Borrower shall (subject to any
applicable Legal Requirements and the Gaming Laws) grant Lender the right (but not the obligation), to cause the Borrower’s default or defaults under such Material Operating Agreement to be remedied and otherwise exercise any and all rights of
Borrower under such Material Operating Agreement, as may be necessary to prevent or cure any default provided such actions are necessary to protect Lender’s interest under the Loan Documents, and Lender shall have the right to enter all or any
portion of the Property at such times and in such manner as Lender deems necessary, to prevent or to cure any such default. 

(d) The actions or payments of Lender to cure any default by Borrower or Manager (as applicable) under any Material Operating Agreement
shall not remove or waive, as between Borrower and Lender, any default that occurred under this Agreement by virtue of such default by Borrower or Manager (as applicable) under such Material Operating Agreement. All sums

  
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expended by Lender to cure any such default shall be paid by Borrower to Lender, upon demand, with interest on such sum at the rate set forth in this Agreement from the date such sum is expended
to and including the date the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the Security Instrument. 
 (e) Borrower shall notify Lender promptly in writing of (i) the occurrence, to Borrower’s knowledge, of any material default by any party to any Material Operating Agreement, (ii) the
occurrence, to Borrower’s knowledge, of any event that, with the passage of time or service of notice, or both, would constitute a material default by any party under any Material Operating Agreement, and (iii) the delivery or receipt by
Borrower of any notice (written or otherwise) to or from any party under any Material Operating Agreement or Operating Permit noting or claiming the occurrence of any default by Borrower, Manager or any other party under such Material Operating
Agreement or Operating Permit. 
 (f) Borrower and/or Manager (as applicable) shall (subject to any applicable Legal
Requirements) promptly execute, acknowledge and deliver to Lender such instruments as may reasonably be required to permit Lender to cure any default under any Material Operating Agreement or permit Lender to take such other action required to
enable Lender to cure or remedy the matter in default and preserve the security interest of Lender under the Loan Documents with respect to the Property. Upon the occurrence and during the continuance of an Event of Default, Borrower irrevocably
appoints Lender as its true and lawful attorney-in-fact to do, in its name or otherwise, any and all acts and to execute any and all documents that are necessary to preserve any rights of Borrower and/or Manager (as applicable) under or with respect
to any Material Operating Agreement, including, without limitation, the right to effectuate any extension or renewal of any Material Operating Agreement, or to preserve any rights of Borrower and/or Manager (as applicable) whatsoever in respect of
any part of any Material Operating Agreement (and the above powers granted to Lender are coupled with an interest and shall be irrevocable but shall be subject to any applicable Legal Requirements and the Gaming Laws). 

(g) With respect to any Material Operating Agreement, Borrower shall, from time to time (but not more often than two (2) times in
any twelve (12) month period unless an Event of Default then exists in which case such limit shall not apply), upon ten (10) Business Days’ prior written request from Lender, execute, acknowledge and deliver to Lender, a statement
containing the following: (A) a statement that such Material Operating Agreement is unmodified and in full force and effect or, if there have been modifications, that the Material Operating Agreement is in full force and effect as modified and
setting forth such modifications, (B) a statement that Borrower is not in default thereunder beyond any applicable grace, cure or notice period or, if any such default shall exist thereunder, a description of such default and the steps being
taken to cure such default, (C) a statement that, to Borrower’s knowledge, either the other party thereto is not in default thereunder beyond any applicable grace, cure or notice period or, if any such default shall exist thereunder, a
description of such default and the steps being taken to cure such default and (D) such other information with respect to the Material Operating Agreement as Lender shall reasonably request. 

  
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 (h) With respect to any Material Operating Agreement, Borrower shall use commercially
reasonable efforts to deliver to Lender from time to time (provided that Borrower shall not be required to deliver such certificates more frequently than two (2) times in any calendar year) within twenty (20) Business Days of Lender’s
request, a certificate from each party to such Material Operating Agreement other Borrower containing the following: (A) a statement that such Material Operating Agreement is unmodified and in full force and effect or, if there have been
modifications, that the Material Operating Agreement is in full force and effect as modified and setting forth such modifications, (B) a statement that either such other party is not in default thereunder beyond any applicable grace, cure or
notice period or, if any such default shall exist thereunder, a description of such default and the steps being taken to cure such default, (C) a statement that, to such party’s knowledge, Borrower is not in default thereunder beyond any
applicable grace, cure or notice period or, if any such default shall exist thereunder, a description of such default and the steps being taken to cure such default and (D) such other information with respect to such other party and/or Material
Operating Agreement as Lender shall reasonably request. 
 (i) Borrower, at its expense, shall do or cause to be done all things
necessary to preserve, renew and keep in full force and effect and maintain to the extent commercially reasonable under the circumstances the Operating Permits in the ordinary course of business and to cooperate with Lender in assigning (to the
extent assignable) the Operating Permits (and in obtaining the consent of any Governmental Authority to such assignments) or having new Operating Permits issued to Lender or a third party designated by Lender in the event of a foreclosure, deed in
lieu of foreclosure or other transfer of the Property, in accordance with the terms and provisions of the Loan Documents. Notwithstanding the assignment of the Operating Permits pursuant to the Assignment of Contracts, prior to the issuance of new
Operating Permits to Lender or its designee Lender shall have no obligations or liability of any kind under or with respect to the Operating Permits, either before or after its exercise of any rights granted to it hereunder or under the Assignment
of Contracts or any other Loan Document, and Borrower agrees to save and hold Lender harmless of and from, and to indemnify and defend it against, any and all such obligations and liabilities, contingent or otherwise, now existing or later arising.

 5.1.26. Operation of Casino Component. 
 (a) Subject to Excusable Delay, Borrower shall at all times operate or cause Manager to operate the Casino Component in accordance with applicable Legal Requirements in all material respects and shall
continue to possess and maintain all material Gaming Licenses and other material Governmental Approvals necessary to the lawful operation of the Casino Component as a casino. Borrower shall not take or permit any action that would adversely affect
the status or good standing of Borrower under such Gaming Licenses or other Governmental Approvals. 
 (b) Following an Event of
Default and acceleration of the Loan and to the extent permitted by law, Lender may elect, upon written notice delivered to the applicable Person, to require Borrower, Manager, or both to relinquish one or more or all of the Gaming Licenses held by
such Person(s). 
 (c) Borrower agrees to (i) execute such affidavits and certificates as Lender shall require to further
evidence the agreements herein contained, (ii) on reasonable request from Lender and subject to applicable Gaming Laws, furnish Lender with copies of any information relating to the operation of the Casino Component and (c) reasonably
cooperate with Lender’s representative in any inspection of all or any portion of the Casino Component. 

  
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 Section 5.2. Negative Covenants. From the date hereof until payment and
performance in full of all obligations of Borrower under the Loan Documents or the earlier release of the Lien of the Security Instrument in accordance with the terms of this Agreement and the other Loan Documents, Borrower covenants and agrees with
Lender that it will not do, directly or indirectly, any of the following: 
 5.2.1. Operation of Property. 

(a) Borrower shall not, without Lender’s prior consent (which consent shall not be unreasonably withheld): (i) surrender,
terminate or cancel any Management Agreement; provided, that Borrower may, without Lender’s consent, replace any Manager so long as (A) the replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement, and
(B) Borrower and such replacement Manager shall execute and deliver an Assignment of Management Agreement with respect to such Replacement Management Agreement that satisfies the requirements set forth herein; (ii) reduce or consent to the
reduction of the term of any Management Agreement; (iii) increase or consent to the increase of the amount of any charges under any Management Agreement; or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any
of its rights and remedies under, any Management Agreement in any material respect. 
 (b) Following the occurrence and during
the continuance of an Event of Default, Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under any Management Agreement without the prior consent of Lender, which consent may be withheld in
Lender’s sole discretion. 
 (c) Borrower may, without Lender’s consent, replace the existing operator of the TPA
Component so long as (i) the replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement or a Lease approved by Lender in accordance with the terms hereof, (ii) if such replacement operator is engaged pursuant
to a Replacement Management Agreement, Borrower and such replacement Manager shall execute and deliver an Assignment of Management Agreement with respect to such Replacement Management Agreement that satisfies the requirements set forth herein, and
(iii) if such replacement operator is engaged pursuant to a Lease, Borrower and such replacement Manager shall execute and deliver a subordination, nondisturbance and attornment agreement in connection with such Lease, such agreement to be on
Lender’s then usual and customary form and otherwise reasonably acceptable to Lender in all respects. 
 5.2.2.
Liens. Borrower shall not create, incur, assume or suffer to exist any Lien on any portion of the Property or permit any such action to be taken, except Permitted Encumbrances. 

5.2.3. Dissolution. Borrower shall not (a) consolidate or merge with or into any Person, or sell all or substantially all of
its assets, or institute proceedings to have itself be adjudicated Bankrupt or insolvent, or consent to the institution of Bankruptcy or insolvency proceedings against itself or file a petition seeking, or consent to, reorganization or relief with
respect to itself 

  
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under any applicable federal or state law relating to Bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of Borrower
or a substantial part of its property, or make any assignment for the benefit of creditors of Borrower, or admit in writing Borrower’s inability to pay its debts generally as they become due, or take action in furtherance of any such action,
or, to the fullest extent permitted by law, dissolve or liquidate itself, or (b) unless required by applicable law, modify, amend (except to the extent permitted by Borrower’s Operating Agreement), waive or terminate its organizational
documents or its qualification and good standing in any jurisdiction. Borrower shall not dissolve, wind up or liquidate or take any action, or omit to take an action, as a result of which Borrower would be dissolved, wound up or liquidated in whole
or in part without the unanimous written consent of all managers of Borrower and all Independent Persons. 
 5.2.4. Change in
Business. Borrower shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or
participate in activities other than the continuance of its present business. 
 5.2.5. Debt Cancellation. Borrower shall
not cancel or otherwise forgive or release any claim or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business.

 5.2.6. Zoning. Borrower shall not initiate or consent to any zoning reclassification of any portion of the Property or
seek any variance under any existing zoning ordinance or use or permit the use of any portion of the Property in any manner that could result in such use becoming a non-conforming use under any zoning ordinance or any other applicable land use law,
rule or regulation, without the prior consent of Lender. 
 5.2.7. No Joint Assessment. Borrower shall not suffer, permit
or initiate the joint assessment of the Property (a) with any other real property constituting a tax lot separate from the Property, and (b) which constitutes real property with any portion of the Property which may be deemed to constitute
personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Property. 

5.2.8. Principal Place of Business and Organization. Borrower shall not change its principal place of business set forth in the
introductory paragraph of this Agreement without first giving Lender thirty (30) days prior notice. Borrower shall not change the place of its organization as set forth in Section 4.1.27 without the consent of Lender, which consent
shall not be unreasonably withheld. Upon Lender’s request, Borrower shall execute and deliver additional financing statements, security agreements and other instruments which may be necessary to effectively evidence or perfect Lender’s
security interest in the Property as a result of such change of principal place of business or place of organization. Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records,
including recorded data of any kind or nature, regardless of the medium or recording, including software, writings, plans, specifications and schematics, has been for the preceding four months (or, if less, the entire period of the existence of
Borrower) and will continue to be the address of Borrower set forth at the introductory paragraph of this Agreement (unless Borrower notifies Lender in writing at least thirty (30) days prior to the date of such change). 

  
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 5.2.9. Intentionally Deleted. 

5.2.10. Transfers. 
 (a) Borrower acknowledges that Lender has examined and relied on the experience of Borrower and its stockholders, general partners, members, principals and (if Borrower is a trust) beneficial owners in
owning and operating properties such as the Property in agreeing to amend and restate this Agreement, and will continue to rely on Borrower’s ownership of the Property as a means of maintaining the value of the Property as security for
repayment of the Debt and the performance of the obligations contained in the Loan Documents. Borrower acknowledges that Lender has a valid interest in maintaining the value of the Property so as to ensure that, should Borrower default in the
repayment of the Debt or the performance of the obligations contained in the Loan Documents, Lender can recover the Debt by a sale of the Property. 
 (b) Without the prior consent of Lender and except to the extent otherwise set forth in this Section 5.2.10 and Section 5.2.11, Borrower shall not, and shall not permit any
Restricted Party to, (i) sell, convey, mortgage, grant, bargain, encumber, pledge, assign, grant options with respect to, or otherwise transfer or dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or
otherwise, and whether or not for consideration or of record) the Property or any part thereof or any direct legal or direct beneficial interest therein or (ii) permit a Sale or Pledge of a direct interest in Borrower or Harrah’s Manager
held by HOC on the Closing Date, or any indirect interest (an “Intermediate Interest”) in Borrower or Harrah’s Manager created by conveying direct interests held by HOC on the Closing Date to an intermediate subsidiary of HOC
(collectively, a “Transfer”), other than pursuant to Leases of space in the Improvements to tenants in accordance with the provisions of Section 5.1.20. For the purposes of this Section 5.2.10, any removal
from the Property of memorabilia or other personal property provided to Borrower for use or display at the Property pursuant to the terms of the PH License (other than any replacement of the same in accordance with the terms hereof) shall be deemed
to constitute a Transfer of a part of the Property and shall require the prior written consent of Lender in its reasonable discretion in each instance. Borrower acknowledges that Lender may impose conditions to its approval of a Transfer, including,
with respect to a Transfer of the Property in connection with which the transferee assumes the obligations of Borrower under the Loan and the Loan Documents, payment of an assumption fee of one quarter of one percent (0.25%) of the outstanding
principal balance of the Loan. 
 (c) A Transfer shall include, but not be limited to, (i) an installment sales agreement
wherein Borrower agrees to sell the Property or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower leasing all or a substantial part of the Property for other than actual occupancy by a space tenant
thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents; (iii) if a Restricted Party is a corporation, any merger, consolidation
or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock; (iv) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation or the change, removal, resignation or
addition of a general partner or the Sale or Pledge of the partnership 

  
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interest of any general partner or any profits or proceeds relating to such partnership interest, or the Sale or Pledge of limited partnership interests or any profits or proceeds relating to
such limited partnership interest or the creation or issuance of new limited partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a
managing member or non-member manager (or if no managing member, any member) or the Sale or Pledge of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such membership
interest, or the Sale or Pledge of non-managing membership interests or the creation or issuance of new non-managing membership interests; (vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge
of the legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests; or (vii) the removal or the resignation of the managing agent (including, without limitation, an Affiliated Manager)
other than in accordance with Section 5.1.23. 
 (d) Notwithstanding the foregoing provisions of this
Section 5.2.10 or anything else to the contrary contained in this Agreement or any other Loan Document, but subject to the satisfaction of all conditions set forth or referenced in this Section 5.2.10(d), Lender’s
consent shall not be required in connection with any of the following Transfers (each, a “Permitted Transfer”): 
 (i) the Transfer, in one or a series of transactions, of not more than 49% in the aggregate of the direct or indirect interests in Borrower or Harrah’s Manager; provided that after giving effect to
such Transfer and any other Transfers, no Change of Control shall occur; 
 (ii) the Transfer, in one or a series
of transactions, of any direct or indirect interests in any Restricted Party to any other Restricted Party, any Affiliate of a Restricted Party or to any direct or indirect member or partner of any Restricted Party provided that after giving effect
to such Transfer and any other Transfers, no Change of Control shall occur; 
 (iii) any Transfer by maintenance,
devise or bequest or by operation of law upon the death of a natural person that was the holder of any direct or indirect interest in any Restricted Party to a member of the immediate family of such person or a trust established for the benefit of
such immediate family member, provided that after giving effect to such Transfer and any other Transfers, no Change of Control shall occur; 
 (iv) the Transfer, in one or a series of transactions, of any direct or indirect interests in Guarantor or, subject to the provisions of subsection (e) below, in HOC; 

(v) any arm’s-length sale of Personal Property by Borrower to a third party in the ordinary course of business and
any disposition of Equipment and FF&E which is being replaced in the ordinary course of business or is otherwise no longer necessary or is immaterial; and 
 (vi) Permitted Encumbrances. 

  
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 Notwithstanding the foregoing, each of the Permitted Transfers set forth in this
Section 5.2.10(d) shall be subject to, and Lender’s agreement to permit the same without specific consent, shall be conditioned upon the satisfaction of the following conditions: 

(A) if such Transfer (either individually or in the aggregate with any prior Transfers) would result in a Change in
Control of Borrower or Harrah’s Manager, Lender shall receive not less than ten (10) Business Days prior written notice from Borrower of such Transfer; 

(B) if such Transfer is of a direct interest or Intermediate Interest in Borrower or Harrah’s Manager, Lender shall
receive not less than ten (10) Business Days prior written notice from Borrower of such Transfer; 
 (C) if
such Transfer (either individually or in the aggregate with any prior Transfers) would result in Sponsor or HOC no longer holding any direct or indirect interest in Borrower or Harrah’s Manager, Lender shall receive not less than ten
(10) Business Days prior written notice from Borrower of such Transfer; 
 (D) if neither of the
circumstances set forth in clauses (A), (B) or (C) shall apply with respect to such Transfer, Lender shall receive written notice of such Transfer from Borrower within ten (10) Business Days following the effective date of such
Transfer; provided that, no such notice shall be required with respect to any Transfer of a direct or indirect interest in Guarantor or HOC; 
 (E) if after giving effect to any Permitted Transfer, more than forty-nine percent (49%) in the aggregate of the direct interests or Intermediate Interests in Borrower or Harrah’s Manager are
owned by a Person and its Affiliates that owned less than forty-nine percent (49%) of the direct interests or Intermediate Interests in Borrower or Harrah’s Manager, as applicable, as of the Closing Date, a Rating Agency Confirmation shall
have been obtained and, no less than thirty (30) days prior to the effective date of any such Transfer, Borrower shall deliver to Lender an Additional Insolvency Opinion acceptable to Lender and the Rating Agencies; 

(F) no Permitted Transfer (either individually or in the aggregate with any prior Transfers) shall cause or otherwise
result in the termination, revocation and/or suspension of any Gaming License or otherwise have any material and adverse effect on the ability of Manager or Borrower to operate the Casino Component in accordance with all applicable Gaming Laws;

 (G) no such Permitted Transfer of a direct interest in Borrower or Harrah’s Manager that results in a
Change of Control of Borrower or Harrah’s Manager shall be to any Disqualified Transferee; and 
 (H) no
such Permitted Transfer shall result, directly or indirectly, either individually or in the aggregate, in any Disqualified Transferee being in Control of Borrower or Harrah’s Manager or having a direct interest in Borrower or Harrah’s
Manager. 

  
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 (e) Notwithstanding anything to the contrary contained in this Section 5.2.10 or
elsewhere in the Loan Documents, no transfer or conveyance, directly or indirectly, by Guarantor of interests in HOC that results in Guarantor (i) no longer Controlling HOC or (ii) owning less than 49% of the direct or indirect interests
in HOC shall be permitted without the prior consent of Lender unless (A) the obligations of Guarantor under the Guaranty are simultaneously by a guarantor that satisfies the “Net Worth” and “Liquid Assets” requirements set
forth in Section 4.7 of the Guaranty and (B) the Property shall continue to be managed by a Qualified Manager as required hereunder. 
 5.2.11. Timeshare Project. 
 (a) (i) It is hereby acknowledged and agreed
that the Timeshare Project Property has been deeded by TSP Owner pursuant to the terms of that certain Grant, Bargain and Sale Deed (the “Timeshare Deed”), dated as of September 10, 2007, by TSP Owner to Timeshare Project
Developer. Pursuant to the terms of the Timeshare Deed, TSP Owner has certain rights including a “possibility of reversion” right to certain portions of the Timeshare Project Property (the “Reversionary Property”) upon the
occurrence of certain events set forth in the Timeshare Deed. TSP Owner has granted to Lender a Lien upon all of TSP Owner’s right, title and interest in and to the Reversionary Property under the TSP Owner Security Instrument. 

(ii) If any Reversionary Property reverts to TSP Owner pursuant to the terms of the Timeshare Deed (A) the Lien of
the TSP Owner Security Instrument shall automatically encumber all right, title and interest of TSP Owner in and to the fee estate in the reverted portion of the Reversionary Property, (B) all references in this Agreement and any of the other
Loan Documents to the “Property” shall be deemed to include any part of the Reversionary Property that has reverted to TSP Owner, (C) simultaneously with such reversion, Borrower shall cause TSP Owner, at Borrower’s sole cost and
expense, to (I) execute, deliver and record, or cause to be executed, delivered and recorded, in the appropriate public records such documents as Lender may reasonably require to further vest the fee estate in such Reversionary Property in TSP
Owner and subject such Reversionary Property to the Lien of the TSP Owner Security Instrument, (II) provide an endorsement to the Title Insurance Policy, in form satisfactory to Lender, insuring the Lien of the TSP Owner Security Instrument as a
perfected, first-priority Lien on such Reversionary Property vested in TSP Owner, subject only to the Permitted Encumbrances, and (III) provide such other documentation relating to such reversion, including, opinions of counsel and modifications to
the Loan Documents reflecting the addition of such Reversionary Property to the Property as Lender may reasonably request and (D) Borrower shall not construct any Improvements on such Reversionary Property without the prior written consent of
Lender in its sole discretion, which consent may be conditioned upon, among other things, Borrower executing and delivering such modifications, amendments, replacements or restatements of the Loan Documents with respect to such development on the
Reversionary Property as Lender may require and receipt of a Rating Agency Confirmation. 
 (iii) Notwithstanding
the foregoing, TSP Owner shall have the right, with Lender’s prior written consent (which consent may be conditioned upon, among other things, all such rights in the Reversionary Property remaining subject to the Lien of the TSP Owner Security
Instrument or payment to Lender of a satisfactory release price for releasing its Lien on TSP Owner’s “possibility of reversion” rights in the Reversionary Property), to transfer the right to acquire the Reversionary Property at any
time prior to the reversion of the Reversionary Property to TSP Owner. 

  
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 (b) Intentionally Deleted. 

(c) Lender’s prior approval shall be required in connection with the following: 

(i) any execution, renewal, waiver, amendment, modification or termination of any material Timeshare Project Document
between Borrower or any its Affiliates and one or more Affiliates of Borrower; 
 (ii) the execution, renewal,
waiver, amendment, modification or termination of any terms and provisions of any material Timeshare Project Document between any Person and any Affiliate of Borrower, other than an agreement on terms that are fair and commercially reasonable in all
material respects and are no less favorable to such Person than would be obtained in a comparable arm’s-length transaction with an unrelated third party; 
 (iii) any execution, renewal, waiver, amendment, modification or termination of any Timeshare Project Document that, by its terms or as a result of the consummation of any of the transactions contemplated
thereby, would reduce the Timeshare Amounts or would reasonably be expected to have a Material Adverse Effect; 

(iv) any execution, renewal, waiver, amendment, modification or termination of any Timeshare Project Document that imposes
a material obligation or liability on Borrower, including, without limitation, any Timeshare Project Document that (A) creates an easement that materially burdens the Property or any portion thereof, (B) provides any Person with access to,
through, on, over, across, under or above the Property or any portion thereof, (C) creates a restrictive covenant with respect to the Property or a portion thereof or (D) establishes any arrangement pursuant to which Borrower is intended
to provide material management or operational services; and 
 (v) any execution, renewal, waiver, amendment,
modification or termination of any Timeshare Project Document that by its terms or as a result of the consummation of any of the transactions contemplated thereby would reasonably be expected to have a material adverse effect on (i) the
business, profits, operations or financial condition of either the Casino Component or the Hotel Component, (iv) the enforceability or validity of any security interest or the perfection or priority of any Lien created under any Loan Document
with respect to any Timeshare Project Proceeds or other rights and interests of Borrower or any of its Affiliates relating to the Timeshare Project, or (v) the rights, interests and remedies of Lender under the Loan Documents with respect to
any Timeshare Project Proceeds or other rights and interests of Lender relating to the Timeshare Project taken as a whole. 

Any request for an approval by Lender required pursuant to the terms of this Section 5.2.11(c) shall be delivered to Lender
in writing and shall include a copy of the proposed Timeshare Project Document or renewal, waiver, amendment, modification or termination and Lender shall so advise whether such approval is granted or denied within ten (10) Business Days

  
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after receipt of such written request. Provided that the request is accompanied by a notice, which provides in upper case bold-faced type: “THIS IS A REQUEST FOR AN APPROVAL WITH RESPECT TO
A TIMESHARE PROJECT DOCUMENT. IF LENDER FAILS TO RESPOND WITHIN 10 BUSINESS DAYS OF THE EFFECTIVENESS OF THIS NOTICE, THE REQUESTED ACTION WITH RESPECT TO THE TIMESHARE PROJECT DOCUMENT WILL BE DEEMED APPROVED”, if Lender shall not so advise of
its determination within such ten (10) Business Day period (notice by facsimile on the same day being acceptable for this purpose), the proposed Timeshare Project Document or renewal, waiver, amendment, modification or termination thereof shall
be deemed approved by Lender. If Lender shall deny any such request for approval, Lender shall specify the reasons for its refusal to grant approval. By its execution of this Agreement, Lender hereby acknowledges and agrees that it has approved all
Timeshare Project Documents in effect as of the Closing Date in the form delivered to Lender on or prior to the Closing Date. Borrower shall deliver to Lender promptly after execution thereof copies of any Timeshare Project Documents, or any waiver,
amendment, modification or termination thereof, executed after the date hereof. 
 (d) Borrower hereby represents and warrants
to Lender that Borrower has delivered to Lender true, correct and complete copies of all Timeshare Project Documents in Borrower’s possession and that, to Borrower’s actual knowledge, all such Timeshare Project Documents are in effect on
the date hereof and such Timeshare Project Documents comprise all the Timeshare Project Documents in effect on the date hereof. As of the date hereof, to Borrower’s actual knowledge, no events or circumstances exist which, with or without the
giving of notice, the passage of time or both, would be reasonably likely to constitute a default of any covenant or obligation on the part of any party under any Timeshare Project Documents which could reasonably be expected to have a Material
Adverse Effect. 
 (e) From the date hereof and until payment and performance in full of all obligations of Borrower under the
Loan Documents or the earlier release of the Lien of the Security Instrument (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby covenants and agrees with Lender that:

 (i) From time to time at Lender’s request, Borrower shall consult and keep Lender informed as to the
progress and status of all negotiations with any other Persons as to the terms of the Timeshare Project and any other material matters relating thereto; 
 (ii) Borrower shall not grant approvals or waive any of its approval rights with respect to any request of Timeshare Project Developer under the Timeshare Project Documents, if such approval or waiver of
approval rights would reasonably be expected to have a Material Adverse Effect, without the prior written approval of Lender, which approval shall not be unreasonably withheld; 

(iii) Borrower shall deliver to Lender copies of all reports and other information required to be delivered on a recurrent
basis not more frequently than monthly, and all other material reports and material information delivered, to Borrower by Timeshare Project Developer under the Timeshare Project Documents and shall, upon Lender’s reasonable request and at
Borrower’s sole cost, exercise its audit rights under Section 4(f) of the Timeshare Project Contract 

  
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 (iv) Borrower shall and shall cause any of its Affiliates to, in a
commercially reasonable manner, observe and perform its obligations under the Timeshare Project Documents; 
 (v)
Borrower shall, and shall cause TSP Owner to, enforce, in a commercially reasonable manner, (A) the performance and observance of all covenants and agreements required to be performed or observed by Timeshare Project Developer, and (B) all
of Borrower’s and TSP Owner’s rights and remedies, under the Timeshare Project Documents, including, without limitation, any reverter rights under the Timeshare Deed; 

(vi) Borrower shall, subject to the terms of the Timeshare Project Documents, permit agents, representatives and employees
of Lender to inspect the Timeshare Project or any part thereof at reasonable hours upon reasonable advance notice; 
 (vii) Promptly after learning of same, Borrower shall and shall cause any of its Affiliates to notify Lender of the occurrence of any and all the following: (A) any material default under a Timeshare
Project Document, (B) any litigation or proceeding affecting a Timeshare Project that is not fully covered by insurance, or any proceeding in which injunctive or similar material relief is sought, (C) any material change in a Timeshare
Project, or (D) any major event or occurrence affecting a Timeshare Project including, but not limited to any Casualty, Loss or actual or threatened Condemnation; 

(viii) Borrower, TSP Owner and Manager shall cooperate fully with Lender with respect to any proceedings before any court,
board or other Governmental Authority which may in any way materially and adversely affect the rights of Lender hereunder or any rights obtained by Lender under any of the Loan Documents and, in connection therewith, permit Lender, at its election,
to participate in any such proceedings; 
 (ix) If Borrower or any of its Affiliates shall be in default under
any Timeshare Project Document which if uncured could reasonably be expected to result in a Material Adverse Effect or otherwise contravene the provisions of this Section 5.2.11, then, subject to the terms of such Timeshare Project
Document, Borrower or such Affiliate (as applicable) shall (subject to any applicable Legal Requirements) grant Lender the right (but not the obligation), to cause the default or defaults under such Timeshare Project Document to be remedied and
otherwise exercise any and all rights of Borrower or such Affiliate (as applicable) under such Timeshare Project Document, as may be necessary to prevent or cure any default provided such actions are necessary to protect Lender’s interest under
the Loan Documents, and Lender shall have the right to enter all or any portion of the Property at such times and in such manner as Lender deems necessary, to prevent or to cure any such default. The actions or payments of Lender to cure any default
by Borrower or its Affiliates under any Timeshare Project Document shall not remove or waive, as between Borrower and Lender, any default that occurred under this Agreement by virtue of such default by Borrower or its Affiliate under such Timeshare
Project Document. All sums expended by Lender to cure any such default shall be paid by Borrower to Lender, upon demand, with interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the date
the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the Security Instrument; 

  
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 (x) Borrower shall and shall cause any of its Affiliates to (subject to any
applicable Legal Requirements) promptly execute, acknowledge and deliver to Lender such instruments as may reasonably be required to permit Lender to cure any default under any Timeshare Project Document or permit Lender to take such other action
required to enable Lender to cure or remedy the matter in default and preserve any security interest of Lender under the Loan Documents. Upon the occurrence and during the continuance of an Event of Default, Borrower irrevocably appoints Lender as
its true and lawful attorney-in-fact to do, in its name or otherwise, any and all acts and to execute any and all documents that are necessary to preserve any rights of Borrower or its Affiliates under or with respect to any Timeshare Project
Document, including, without limitation, the right to effectuate any extension or renewal of any Timeshare Project Document, or to preserve any rights of Borrower of its Affiliates whatsoever in respect of any part of any Timeshare Project Document
(and the above powers granted to Lender are coupled with an interest and shall be irrevocable); and 
 (xi) With
respect to any Timeshare Project Document, Borrower shall and shall cause any of its Affiliates to, from time to time (but not more often than one (1) time in any twelve (12) month period unless a Default or an Event of Default then exists
in which case such limit shall not apply), upon ten (10) Business Days’ prior written request from Lender, execute, acknowledge and deliver to Lender, a statement containing the following: (A) a statement that such Timeshare Project
Document is unmodified and in full force and effect or, if there have been modifications, that the Timeshare Project Document is in full force and effect as modified and setting forth such modifications, (B) a statement that it is not in
default thereunder beyond any applicable grace, cure or notice period or, if any such default shall exist thereunder, a description of such default and the steps being taken to cure such default, (C) a statement that, to its knowledge, each
party thereto is not in default thereunder beyond any applicable grace, cure or notice period or, if any such default shall exist thereunder, a description of such default and the steps being taken to cure such default and (D) such other
information with respect to the Timeshare Project Document as Lender shall reasonably request. 
 (f) Subject to the terms of
this Section 5.2.11(f), Borrower shall have the right, with the prior consent of Lender and without violating the Loan Documents, to cause the Transfer of the Reversionary Property to any Person (other than an Affiliate of Borrower)
pursuant to an arms-length transaction in which Borrower receives no consideration other than payment of the purchase price in cash and in accordance with the terms and provisions set forth herein and, in connection therewith, Borrower shall be
entitled to obtain a release of the Reversionary Property from the Lien of the Loan Documents, provided that the following conditions shall be satisfied (or waived by Lender in its sole discretion): 

(i) Borrower shall submit to Lender a written notice requesting the release of the Reversionary Property at least thirty
(30) days prior to the anticipated closing date of such Transfer, together with a copy of the applicable purchase contract and any other documents executed or to be executed in connection with such Transfer (such purchase

  
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contract and any other such other documents, the “Reversionary Property Transfer Documents”); provided, however, that Borrower shall have the right to revoke any such
request or extend the anticipated closing date of such Transfer as stated therein, in each case upon giving at least five (5) Business Days’ prior written notice to Lender of such revocation or extension; 

(ii) Borrower shall provide to Lender a release and reconveyance of Lien with respect to the Reversionary Property for
execution by Lender, in form and substance appropriate in the relevant jurisdiction, together with such other documentation, certificates and instruments reasonably required by Lender in connection therewith, in each case in form and substance
acceptable to Lender in its reasonable discretion; 
 (iii) Borrower shall pay to Lender on the effective date of
such release the Reversionary Property Release Amount; 
 (iv) Lender shall receive evidence reasonably
satisfactory to Lender that all material documentation to be executed and delivered in connection with such Transfer of the Reversionary Property, including (without limitation) all such release and other documentation required to be executed and
delivered by Lender (A) is in compliance with all Legal Requirements in all material respects, (B) will effect such release in accordance with the terms of this Agreement, and (C) will not impair or otherwise adversely affect the
Liens, security interests and other rights of Lender under the Loan Documents not being released in any material respect; 
 (v) Borrower shall deliver to Lender any other information, approvals and documents relating to the release of the Reversionary Property that would be reasonably required by a prudent lender originating
commercial loans for Securitization; 
 (vi) Borrower shall deliver an Officer’s Certificate to the effect
that the conditions set forth herein have been satisfied, including that the Transfer of the Reversionary Property is made pursuant to an arms-length transaction in which Borrower receives no consideration other than payment in cash of the sales
price used in determining the Reversionary Property Release Amount and that Lender has received true and correct copies of all the Reversionary Property Transfer Documents, and that no Event of Default shall have occurred and then be continuing on
the effective date of such release; and 
 (vii) Borrower shall pay all out-of-pocket costs and expenses
(including, without limitation, reasonable attorneys’ fees and disbursements, title insurance premiums and recording fees and charges) actually incurred by Lender in connection with the Transfer of the Reversionary Property. 

(g) With respect to any proposed Transfer of the Reversionary Property, on or prior to the scheduled closing of such Transfer, if all of
the conditions set forth in Section 5.2.11(f) with respect to such Transfer have been satisfied, Lender, at the sole cost and expense of Borrower, shall execute and deliver to Borrower the releases, reconveyances, satisfactions,
discharges and/or assignments, as applicable and as reasonably requested by Borrower, of the applicable 

  
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Loan Documents relating to the Reversionary Property. Upon the closing of the Transfer of the Reversionary Property as contemplated herein, all references in this Agreement and any of the other
Loan Documents to the “Property” shall be deemed to exclude the Reversionary Property. 
 (h) Borrower and Lender
acknowledge that Borrower has delivered, or shall deliver, to Lender an original executed copy of that certain Timeshare Advance and Marketing Fee Payment Bond, dated as of the date hereof, in the amount of $6,000,000.00, issued by Westgate, as
principal, and Liberty Mutual Insurance Company, as surety, in favor of Borrower and TSP Owner and designated as Bond No. 964013668 (as amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the
“Timeshare Project Payment Bond”). Provided that no Event of Default has occurred and is continuing, upon Lender’s receipt of a written request from Borrower, which request shall describe in reasonable detail the circumstances
giving rise to Borrower’s need to have physical possession of the Timeshare Project Payment Bond, Lender shall promptly release the Timeshare Project Payment Bond to Borrower. Absent Lender’s receipt of such a written request from
Borrower, Lender (or any servicer, custodian or agent of Lender, on Lender’s behalf) shall be entitled to maintain possession of the Timeshare Project Payment Bond on behalf of Borrower, which Timeshare Project Payment Bond shall constitute
additional security for the Loan in accordance with the Collateral Assignment of Timeshare Project Proceeds. Following the release by Lender of the Timeshare Project Payment Bond to Borrower and to the extent that the Timeshare Project Payment Bond
remains outstanding, Borrower agrees to return possession of the Timeshare Project Payment Bond to Lender promptly after Borrower’s need for physical possession thereof has concluded. Borrower further agrees to deliver to Lender any further
documents that amend, restate, replace, supplement, renew, extend or otherwise modify the Timeshare Project Payment Bond. 

5.2.12. Intentionally Omitted. 
 5.2.13. ERISA. (a) Borrower and Manager shall not, and shall use reasonable efforts to cause their ERISA Affiliates to not, directly or indirectly: 

(i) engage in any transaction in connection with which Borrower, Manager or any ERISA Affiliate could be subject to either a civil
penalty assessed pursuant to the provisions of Section 502 of ERISA or a material tax imposed under the provisions of Section 4975 of the Code, except as would not reasonably be expected to result in a Material Adverse Effect, either alone
or in the aggregate with all other such events or conditions; 
 (ii) (x) terminate any Pension Plan in a “distress
termination” under Section 4041 of ERISA, or take any other action which could result in a liability of Borrower or any ERISA Affiliate to the PBGC or (y) withdraw from a Multiemployer Plan , except, in each case, as would not
reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other such events or conditions; 
 (iii) fail to make payment when due of all amounts which, under the provisions of any Plan or Multiemployer Plan, Borrower or any ERISA Affiliate is required to pay as contributions thereto, or, with
respect to any Pension Plan, except as would not reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other such events or conditions; or 

  
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 (iv) adopt an amendment to any Pension Plan requiring the provision of security under
Section 307 of ERISA or Section 401(a)(29) of the Code, except as would not reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other such events or conditions. 

(b) Except as would not reasonably be expected to result in a Material Adverse Effect, either alone or in the aggregate with all other
such events or conditions, Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan
Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under ERISA. 

ARTICLE VI. 

INSURANCE; CASUALTY; CONDEMNATION; RESTORATION 
 Section 6.1. Insurance (a) Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the following coverages: 

(i) comprehensive all risk insurance on the Improvements and the Personal Property, written (and/or with valuation) on a
replacement cost basis, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements, in each case (A) in an amount equal to one hundred percent (100%) of the “Full
Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings), (B) containing an agreed amount endorsement with respect to
the Improvements and Personal Property waiving all co-insurance provisions; (C) providing for no deductible in excess of $2,500,000 for all such insurance coverage, except with respect to catastrophic losses, for which the deductible may be up
to $25,000,000.00; and (D) containing an “Ordinance or Law Coverage” or “Enforcement” endorsement if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses. In
addition, Borrower shall obtain: (x) if any portion of the Improvements is currently or at any time in the future located in a federally designated “special flood hazard area”, flood hazard insurance in an amount equal to the lesser
of (1) the outstanding principal balance of the Note or (2) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act
of 1994, as each may be amended or such greater amount as Lender shall reasonably require, to the extent commercially available and consistent with industry standards, including sublimits; (y) earthquake insurance in amounts and in form and
substance reasonably satisfactory to Lender, to the extent commercially available and consistent with industry standards, including sublimits, in the event the Property is located in an area with a high degree of seismic activity and
(z) windstorm insurance in amounts and in form and substance reasonably satisfactory to Lender, to the extent commercially available and consistent with industry standards, including sublimits, in the event that the

  
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same is excluded from the all risk insurance policy, provided that the insurance pursuant to clauses (x), (y) and (z) shall be on terms consistent with the comprehensive all risk
insurance policy required under this Section 6.1(a)(i); 
 (ii) commercial general liability insurance
against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the so-called “occurrence” form with a combined limit of not less than $2,000,000 in the
aggregate and $1,000,000 per occurrence; (B) to continue at not less than the aforesaid limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at
least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for all legal contracts;
(5) contractual liability covering the indemnities contained in Section 9.3 of this Agreement to the extent the same is available and (b) owner’s and contractor’s protective liability; 

(iii) business income insurance (A) with loss payable to Lender; (B) covering all risks required to be covered
by the insurance provided for in Section 6.1(a)(i); (C) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued
loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the Property is repaired or replaced and operations are resumed, whichever
first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (D) in an amount equal to one hundred percent (100%) of the projected gross income from the Property for a period of twelve (12) months
from the date of such Casualty (assuming such Casualty had not occurred), with a ninety (90) day period of extended indemnity, and notwithstanding that the policy may expire at the end of such period. The amount of such business income
insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of debt service, continuing expenses and necessary payroll for the succeeding twelve (12) month period.
Notwithstanding anything to the contrary in Section 2.6 and provided that no Event of Default shall have occurred and be continuing, all proceeds payable to Lender pursuant to this Section 6.1(a)(iii) shall be held by Lender
and on each Payment Date, Lender shall deposit the amount of such business income insurance allocable to such month into the Cash Management Account and applied as provided in Section 2.6.4(a), provided, that nothing herein contained
shall be deemed to relieve Borrower of its obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note and the other Loan Documents except to the extent such amounts are actually paid
out of the proceeds of such business income insurance; 
 (iv) at all times during which structural construction,
repairs or alterations are being made with respect to the Improvements, and only if the Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance covering claims not covered by or under the
terms or provisions of the above mentioned commercial general liability insurance policy; and (B) the insurance provided for in Section 6.1(a)(i) written in a so-called builder’s risk completed value form (1) on a
non-reporting basis, (2) against all risks insured against pursuant to Section 6.1(a)(i), (3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving co-insurance provisions; 

  
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 (v) worker’s compensation insurance with respect to any employees of
Borrower, as required by any Governmental Authority or Legal Requirement, 
 (vi) employment practices liability
insurance in an amount not less than $30,000,000 with a deductible not to exceed $2,000,000 per claim; 
 (vii)
comprehensive boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Lender on terms consistent with the commercial property insurance policy required under Section 6.1(a)(i); 

(viii) umbrella liability insurance in an amount not less than $200,000,000 per occurrence on terms consistent with the
commercial general liability insurance policy required under Section 6.1(a)(ii); 
 (ix) motor
vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence, including umbrella coverage, of $200,000,000; 

(x) if the Property is or becomes a legal “non-conforming” use, ordinance or law coverage and insurance coverage
to compensate for the cost of demolition and rebuilding of the undamaged portion of the Property along with any reduced value and the increased cost of construction in amounts as reasonably requested by Lender; 

(xi) the commercial property, business income, general liability and umbrella, insurance required under Sections
6.1(a)(i), (ii), (iii) and (iv) above shall cover perils of terrorism and acts of terrorism and Borrower shall maintain commercial property, business income, general liability and umbrella insurance for loss
resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 6.1(a)(i), (ii), (iii) and (iv) above at all times during the term of the Loan, and such
coverage for loss resulting from perils and act of terrorism may be provided under a captive insurance policy with appropriate reinsurance and in compliance with the United States Treasury Department requirements, all subject, however, to review and
reasonable approval by Lender; and 
 (xii) crime coverage in an amount not less than $25,000,000 to protect
against employee dishonesty and related incidents; and 
 (xiii) upon sixty (60) days’ notice, such
other reasonable insurance and in such reasonable amounts as are agreed to by Borrower and Lender from time to time against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in
or around the region in which the Property is located, to the extent commercially available. 

  
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 (b) All insurance provided for in Section 6.1(a) shall be obtained under valid
and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”), and shall be subject to the reasonable approval of Lender as to insurance companies, amounts, deductibles, loss payees and
insureds. The Policies shall be issued by financially sound and responsible insurance companies authorized by applicable Governmental Authorities to do business in the State of Nevada and having a claims paying ability rating of “A-” or
better (and the equivalent thereof) by at least two (2) of the Rating Agencies rating the Securities (one of which shall be either S&P or Moody’s); provided, however, that if the insurance required to be provided pursuant to
this Section 6.1 shall be obtained from a syndicate of five (5) or more insurers, then the foregoing requirement shall not be violated if (A) the primary layer of such insurance is provided by insurers rated “A-” or
better (and the equivalent thereof), and (B) at least sixty percent (60%) of the total insured amounts are provided by insurers rated “A-” or better by S&P or Moody’s, but in no event shall the rating or any insurer in
such syndicate be less than “A-:VIII” or better in the current AM Best’s Key Rating Guide, provided that Lender shall have the right to receive any information regarding any reinsurance carrier of any primary insurance provider under
this Section 6.1(b). The Policies described in Section 6.1(a) (other than those strictly limited to liability protection and workers compensation) shall designate Lender as loss payee. Not more than twenty (20) days
following the expiration dates of the Policies theretofore furnished to Lender, certificates of insurance evidencing the Policies accompanied by evidence satisfactory to Lender of payment of the premiums due thereunder (the “Insurance
Premiums”), shall be delivered by Borrower to Lender. Notwithstanding the foregoing, the earthquake insurance policy may be issued by any insurer rated “A:VIII” or better in the current AM Best’s Key Rating Guide regardless
of whether or not it satisfies the other rating requirements contained herein. 
 (c) Any blanket insurance Policy shall
specifically allocate to the Property the amount of coverage from time to time required hereunder and shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance with the provisions of
Section 6.1(a). 
 (d) All Policies provided for or contemplated by Section 6.1(a), except for the
Policy referenced in Section 6.1(a)(v) and (vi), shall name Borrower as the insured and Lender as the additional insured, as its interests may appear, and in the case of property damage, boiler and machinery, flood and earthquake
insurance, shall contain a standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender. 
 (e) All Policies provided for in Section 6.1 shall contain clauses or endorsements to the effect that no act or negligence of Borrower, or anyone acting for Borrower, or of any tenant or other
occupant, or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is
concerned. 
 (f) If at any time Lender is not in receipt of written evidence that all Policies are in full force and effect,
Lender shall have the right, with notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including, without limitation, the obtaining of such insurance coverage as Lender in its sole discretion
deems appropriate. All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Security Instrument
and shall bear interest at the Default Rate. 

  
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 (g) The insurance coverage required under Section 6.1 may be effected under a
blanket policy or policies covering the Property and other property and assets not constituting a part of the Property, provided that Borrower provides to Lender with a Statement of Values showing the spread of locations and total insured values for
all location included under the blanket policy. 
 (h) Lender agrees to negotiate in good faith with Borrower regarding changes
to Borrower’s insurance program reasonably requested by Borrower. 
 (i) Borrower shall not materially change the Policies
(other than to increase the coverage provided thereby) or cancel the Policies without at least thirty (30) days’ notice to Lender and any other party named therein as an additional insured. 

(j) Borrower shall give notice to Lender if the Policies have not been renewed fifteen (15) days prior to its expiration.

 (k) Lender shall not be liable for any Insurance Premiums thereon or subject to any assessments thereunder. 

Section 6.2. Casualty. If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a
“Casualty”), Borrower shall give prompt notice of such damage to Lender and shall promptly commence and diligently prosecute the completion of the Restoration of the Property as nearly as possible to the condition the Property was
in immediately prior to such Casualty, with such alterations as may be reasonably approved by Lender and otherwise in accordance with Section 6.4. Borrower shall pay all costs of such Restoration whether or not such costs are covered by
insurance. Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower. In addition, Lender may participate in any settlement discussions with any insurance companies (and shall approve any final settlement) with
respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are equal to or greater than $15,000,000 and Borrower shall deliver to Lender all instruments required by Lender to permit such participation. 

Section 6.3. Condemnation. Borrower shall promptly give Lender notice of the actual or threatened commencement of any
proceeding for the Condemnation of the Property and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may participate in any such proceedings, and Borrower shall from time to time deliver to
Lender all instruments requested by it to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or
defense of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking),
Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award shall have been actually received and applied by Lender, after the
deduction of 

  
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expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out
of the Award interest at the rate or rates provided herein or in the Note. If the Property or any portion thereof is taken by a condemning authority, Borrower shall promptly commence and diligently prosecute the Restoration of the Property and
otherwise comply with the provisions of Section 6.4. If the Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note
shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt. 

Section 6.4. Restoration. The following provisions shall apply in connection with the Restoration: 

(a) If the Net Proceeds shall be less than $15,000,000 and the costs of completing the Restoration shall be less than $15,000,000, the
Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in Section 6.4(b)(i) are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to
satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. 
 (b) If the Net
Proceeds are equal to or greater than $15,000,000 or the cost of completing the Restoration is equal to or greater than $15,000,000, the Net Proceeds will be held by Lender and Lender shall make the Net Proceeds available for the Restoration in
accordance with the provisions of this Section 6.4. The term “Net Proceeds” for purposes of this Section 6.4 shall mean: (i) the net amount of all insurance proceeds received by Lender pursuant to
Section 6.1(a)(i), (iv), (vii), (x) and (xi) as a result of such damage or destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees),
if any, in collecting same (“Insurance Proceeds”), or (ii) the net amount of the Award, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same
(“Condemnation Proceeds”), whichever the case may be. 
 (i) The Net Proceeds shall be made
available to Borrower for Restoration provided that the following conditions are met: 
 (A) no Event of Default
shall have occurred and be continuing; 
 (B) (1) in the event the Net Proceeds are Insurance Proceeds, less than
twenty-five percent (25%) of the total floor area of the Improvements on the Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (2) in the event the Net Proceeds are Condemnation Proceeds, less than
ten percent (10%) of the land constituting the Property is taken, and such land is located along the perimeter or periphery of the Property, and no portion of the Improvements is located on such land; 

(C) Borrower shall commence the Restoration as soon as reasonably practicable (but in no event later than one hundred
twenty (120) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion; 

  
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 (D) Lender shall be satisfied that any operating deficits, including all
scheduled payments of principal and interest under the Note, which will be incurred with respect to the Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out of (1) the Net
Proceeds, (2) the insurance coverage referred to in Section 6.1(a)(iii), if applicable, or (3) by other funds of Borrower; 
 (E) Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) six (6) months prior to the Maturity Date, (2) the earliest date required for
such completion under the terms of any Material Operating Agreement if the failure to complete by such date could reasonably be expected to have a Material Adverse Effect (unless it is reasonably determined that such Operating Agreement can be
replaced with another on equivalent or better terms), (3) such time as may be required under applicable Legal Requirements or (4) the expiration of the insurance coverage referred to in Section 6.1(a)(iii); 

(F) the Property and the use thereof after the Restoration will be in compliance with and permitted under all applicable
Legal Requirements; 
 (G) the Restoration shall be done and completed by Borrower in an expeditious and diligent
fashion and in compliance with all applicable Legal Requirements; 
 (H) such Casualty or Condemnation, as
applicable, does not result in the material loss of access to the Property or the related Improvements; 
 (I)
the Debt Service Coverage Ratio for the affected Property, after giving effect to the Restoration, is reasonably expected to be equal to or greater than 1.05 to 1.0; 

(J) Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by
Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be reasonably acceptable to Lender; and 
 (K) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in Lender’s reasonable discretion to cover the cost of the Restoration. 

(ii) The Net Proceeds shall be held by Lender in an interest-bearing account and, until disbursed in accordance with the
provisions of this Section 6.4(b), shall constitute additional security for the Debt and other obligations under the Loan Documents. The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time to time during
the course of the Restoration, upon receipt of 

  
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evidence reasonably satisfactory to Lender that (A) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement)
in connection with the Restoration have been paid for in full, to the extent payment is due, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or notices of intention to file same, or any other
liens or encumbrances of any nature whatsoever on the Property which have not either been fully bonded and discharged of record or in the alternative fully insured by the title company issuing the Title Insurance Policy. 

(iii) All plans and specifications required in connection with the Restoration shall be subject to prior review and
acceptance in all respects by Lender in its reasonable discretion and by an independent consulting engineer selected by Lender (the “Casualty Consultant”). Lender shall have the use of the plans and specifications and all permits,
licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts under which they have been engaged, shall be subject
to prior review and acceptance by Lender in its reasonable discretion and the Casualty Consultant. All out-of-pocket costs and expenses incurred by Lender in connection with making the Net Proceeds available for the Restoration including, without
limitation, reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower. 
 (iv) In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the
Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage. The term “Casualty Retainage” shall mean an amount equal to ten percent (10%) of the costs actually incurred for work in place as part
of the Restoration, as certified by the Casualty Consultant, until 50% of the applicable trade with respect to the Restoration has been completed and 5% thereafter. The Casualty Retainage shall in no event, and notwithstanding anything to the
contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the
Casualty Consultant certifies to Lender that the Restoration has been completed or 50% completed, as applicable, in accordance with the provisions of this Section 6.4(b) and, with respect to the last 5% retainage, that all approvals
necessary for the re-occupancy and use of the Property have been obtained from all appropriate governmental and quasi-governmental authorities, and Lender receives evidence satisfactory to Lender that the costs of the Restoration have been paid in
full or will be paid in full out of the Casualty Retainage; provided, that Lender will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date
upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s,
subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably
requested by Lender or by the title company issuing the Title Insurance 

  
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Policy, and Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien of the Security Instrument and evidence of payment of any premium payable for
such endorsement. If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or
materialman. 
 (v) Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than
once every calendar month, unless mutually agreed to by Lender and Borrower. 
 (vi) If at any time the Net
Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Lender in consultation with Borrower and the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty
Consultant to be incurred in connection with the completion of the Restoration, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made. The
Net Proceeds Deficiency deposited with Lender shall be held by Lender and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so
disbursed pursuant to this Section 6.4(b) shall constitute additional security for the Debt and other obligations under the Loan Documents. 
 (vii) The excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration
has been completed in accordance with the provisions of this Section 6.4(b), and the receipt by Lender of evidence satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be
remitted by Lender to Borrower, provided no Event of Default shall have occurred and shall be continuing. 
 (c) All Net
Proceeds not required (i) to be made available for the Restoration or (ii) to be returned to Borrower as excess Net Proceeds pursuant to Section 6.4(b)(vii) may be retained and applied by Lender in accordance with
Section 2.4.2 toward the payment of the Debt whether or not then due and payable in such order, priority and proportions as Lender in its sole discretion shall deem proper, or, at the discretion of Lender, the same may be paid, either in
whole or in part, to Borrower for such purposes as Lender shall approve, in its discretion. 
 (d) In the event of foreclosure
of the Security Instrument, or other transfer of title to the Property in extinguishment in whole or in part of the Debt all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in force concerning the
Property and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or Lender or other transferee in the event of such other transfer of title. 

  
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 ARTICLE VII. 
 RESERVE FUNDS 
 Section 7.1. Intentionally Omitted. 

Section 7.2. Tax and Insurance Escrow Account. On the date hereof, there is $5,718,389.69 currently on deposit in the Tax and
Insurance Escrow Account. On each Payment Date beginning on the first (1st) Payment Date after the date hereof, Borrower will deposit with Lender an amount equal to one twelfth of the Taxes that Lender estimates will be payable during the next
ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates and (b) one twelfth of the Insurance Premiums that Lender estimates
will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof (or in the case of a blanket policy, one twelfth of the portion of the Insurance Premiums under such blanket policy that Lender determines are
allocable to the Property) in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums (or in the case of a blanket policy, the portion thereof determined by Lender to be allocable to the Property) at least thirty
(30) days prior to the expiration of the Policies. All such amounts so deposited shall hereinafter be referred to as the “Tax and Insurance Escrow Fund” and the account to which such amounts are held shall hereinafter be
referred to as the “Tax and Insurance Escrow Account.” The Tax and Insurance Escrow Fund and the payment of the monthly Debt Service, shall be added together and shall be paid as an aggregate sum by Borrower to Lender. Lender will
apply the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.1.2 and under the Security Instrument. In making any payment relating to the Tax and Insurance
Escrow Fund, Lender may do so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill,
statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of the Tax and Insurance Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to
Section 5.1.2, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance Escrow Fund. Any amount remaining in the Tax and Insurance Escrow Fund
after the Debt has been paid in full shall be returned to Borrower. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the Property. If at any time Lender reasonably determines that the Tax
and Insurance Escrow Fund is not or will not be sufficient to pay Taxes and Insurance Premiums by the dates set forth in (a) and (b) above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments
to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Taxes and thirty (30) days prior to the expiration of the Policies, as the case may be.

 Section 7.3. FF&E Reserve Account 
 7.3.1. FF&E Reserve Fund. On the date hereof, there is $1,137,914.51 currently on deposit in the FF&E Reserve Account. On the Closing Date, Borrower shall pay to Lender on the Closing Date
an amount equal to $1,362,085.49 and on each Payment Date an amount equal to three percent (3%) of the amount of Gross Income from Operations for the Property from the second previous calendar month, provided that Borrower shall not be required
to pay Lender any amount in excess of $8,000,000.00 under this Section 7.3.1 in any Fiscal Year (provided that such $8,000,000.00 amount shall be pro rated for the portion of the 2010 Fiscal Year falling

  
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between the date hereof and December 31, 2010. Amounts so deposited shall hereinafter be referred to as the “FF&E Reserve Fund” and the account in which such amounts are
held shall hereinafter be referred to as the “FF&E Reserve Account”. 
 7.3.2. Disbursements from
FF&E Reserve Account. Subject to the provisions of this Section 7.3 and provided that no Event of Default shall have occurred and be continuing, Borrower shall have the right from time to time to disbursement of funds from the
FF&E Reserve Account solely to pay costs then payable, or to reimburse Borrower or Manager for costs previously paid (including prior to the date of this Agreement), using capital contributions or any other funds available to Borrower or
Manager, as applicable, in connection with FF&E Expenditures at the Property (including, without limitation, the repair, replacement and/or upgrade thereof), or any other Approved Capital Expenditures (other than Major Capital Expenditures) at
the Property. Lender shall, within ten (10) days following request by Borrower, make disbursements from the FF&E Reserve Fund, no more frequently than once in any thirty (30) day period, of no less than $10,000 per disbursement (or a
lesser amount if the total amount in the FF&E Reserve Account is less than $10,000, in which case only one disbursement of the amount remaining in the account shall be made) upon delivery by Borrower of Lender’s standard form of draw
request accompanied by copies of invoices for the amounts requested and, if required by Lender for requests in excess of $50,000 for a single item, receipts and releases from all parties furnishing materials and/or services in connection with the
requested payment. Reimbursement may be for work that commenced and/or expenses incurred at any time prior to the reimbursement request. 
 7.3.3 Disbursements for Approved Capital Expenditures. 
 (a) With respect
to any request for disbursement of funds from the FF&E Reserve Account to pay for Approved Capital Expenditures, Lender shall disburse to Borrower the relevant FF&E Reserve Funds upon satisfaction by Borrower of each of the following
conditions: 
 (i) Lender shall have received an Officers’ Certificate (A) stating that all Approved
Capital Expenditures at the Property to be funded or reimbursed by the requested disbursement have been completed in good and workmanlike manner and in accordance with all Legal Requirements and Environmental Laws in all material respects, such
certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Approved Capital Expenditures, (B) identifying each Person that supplied materials or labor
in connection with the Approved Capital Expenditures performed at the Property with respect to the reimbursement to be funded by the requested disbursement, (C) stating that each such Person has been paid or will be paid in full (or for so much
as is then due payable to such Person) upon such disbursement, such Officers’ Certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, and (D) certifying that all funds previously disbursed from
the FF&E Reserve Account with respect to Approved Capital Expenditures have been applied by Borrower toward the expenses for which they were disbursed and the funds being requested will be applied to pay or reimburse for materials or work
permitted hereunder and done in accordance herewith; 

  
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 (ii) upon Lender’s reasonable request, a title search for the Property
indicating that the Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and 
 (iii) Lender has received evidence reasonably satisfactory to Lender that the materials for which the request is made are on-site at the Property and are properly secured or have been installed in the
Property. 
 (b) Lender may, in its reasonable discretion, inspect the Property at Borrower’s expense prior to making a
disbursement of FF&E Reserve Funds with respect to Approved Capital Expenditures in order to verify completion of the Approved Capital Expenditures for which reimbursement is sought. Lender may require that such inspection be conducted by an
appropriate independent qualified professional reasonably selected by Lender and/or may require a copy of a certificate of completion by an independent qualified professional reasonably acceptable to Lender prior to the disbursement of the requested
FF&E Reserve Funds. Borrower shall pay the actual out-of-pocket reasonable expense of the inspection as required hereunder, whether such inspection is conducted by Lender or by an independent qualified professional. Lender’s disbursement of
any FF&E Reserve Funds or other acknowledgment of completion of any Approved Capital Expenditures in a manner satisfactory to Lender shall not be deemed a certification or warranty by Lender to any Person that the Approved Capital Expenditures
have been completed in accordance with Legal Requirements. 
 7.3.4. Balance in the FF&E Reserve Account. The
insufficiency of any balance in the FF&E Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents. 

Section 7.4. Interest Reserve Account 
 7.4.1. Deposits of Interest Reserve Funds. On the date hereof, there is $1,202,323.63 currently on deposit in the Interest Reserve Account. On the Closing Date, Borrower shall deposit with Lender
cash in an amount equal to $4,510,977.00. Amounts so deposited shall hereinafter be referred to as the “Interest Reserve Fund” and the account in which sums are held shall hereinafter be referred to as the “Interest Reserve
Account.” Interest Reserve Funds shall be disbursed and applied by Lender from time to time in accordance with Section 7.4.3. Borrower shall be entitled to deliver to Lender a Letter of Credit in lieu of cash for all or any
portion of the Interest Reserve Fund. 
 7.4.2. Minimum Interest Reserve Balance Requirement. Subject to the provisions
of this Section 7.4.2, Borrower shall cause additional funds or an additional Letter of Credit to be deposited into the Interest Reserve Account in order to cause the balance of the Interest Reserve Fund to equal an amount at least equal
to four (4) months of Debt Service as calculated by Lender using LIBOR in effect as of the date notice is given under the last sentence of this Section 7.4.2 and the Spread (less the spread (or portion thereof) on any participation
in the Loan with respect to which the holder thereof has agreed to subordinate and defer payments of interest through the Maturity Date then in effect), provided that Borrower shall only be obligated to cause such additional funds to be deposited
(a) on the later of (i) the Payment Date occurring in February of each calendar year and (ii) the date that is ten (10) days after Lender gives Borrower 

  
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written notice of the amount payable by Borrower under this clause (a); and (b) within fifteen (15) days after any date on which Borrower receives notice from Lender that the
application of any portion of the Interest Reserve Funds caused the balance in the Interest Reserve Account to be reduced to $0.00. 
 7.4.3. Application of Interest Reserve Funds. Subject to the provisions of Section 2.7.1(c)(ii)(A)(I)(y), so long as no Event of Default other than an Event of Default under
Section 8.1(a)(i) shall have occurred and be continuing, and subject to Borrower’s obligations under Section 2.6.4(b), to the extent that the Cash Management Account does not contain sufficient funds to pay the monthly
Debt Service payment in full on any Payment Date pursuant to Section 2.6.4(a)(ii) and the amount of Cash Expenses and other amounts to be paid pursuant to Section 2.6.4(a)(iv), Lender will, upon receipt of two
(2) Business Days prior written request from Borrower, disburse to Lender from the Interest Reserve Fund (which may include drawing on any Letter of Credit delivered to Lender under Section 7.4.1 and disbursing all or a portion of
the proceeds of such draw) on such Payment Date the amount necessary to pay in full any monthly Debt Service payment due and payable on such Payment Date and the same shall be applied pursuant to the terms of this Agreement; provided,
however, that (a) Borrower shall only be permitted to direct Lender to disburse such funds from the Interest Reserve Account to the extent that there are insufficient funds to pay the Debt Service or the Cash Expenses or other amounts to be
paid pursuant to Section 2.6.4(a)(iv), (b) upon any application of amounts in the Interest Reserve Account to the payment of monthly Debt Service, any remaining funds deposited into the Cash Management Account thereafter until the
next Payment Date shall be made available to pay Cash Expenses and other amounts pursuant to Section 2.6.4(a)(iv). Borrower agrees and acknowledges that, subject to the provisions of Section 2.6.5, neither the sufficiency or
the insufficiency, nor the availability or unavailability, of the Interest Reserve Funds shall constitute a limitation on the obligation of Borrower to pay the monthly Debt Service under this Agreement. Following the application of Lender of any
portion of the Interest Reserve Funds to pay any monthly Debt Service payment, to the extent there were sufficient funds to make such payment in full, Borrower shall not be deemed to be in Default as a result of any such non-payment of Debt Service.

 7.4.4. Release of Interest Reserve Funds. Notwithstanding Borrower’s obligation to replenish the Interest Reserve
Fund pursuant to Section 7.4.2, Borrower’s obligation to replenish the Interest Reserve Fund shall terminate, and, subject to Section 2.7.1(c), any amounts deposited into the Interest Reserve Account under this
Section 7.4 that then remain on deposit in the Interest Reserve Account (and any Letter of Credit held by Lender in lieu of amounts required to be deposited into the Interest Reserve Account under this Section 7.4) shall be
released to Borrower (and may be distributed by Borrower to any or all of Borrower’s equity holders) within five (5) Business Days after the date on which Borrower shall have given notice to Lender that the Debt Service Coverage Ratio
(calculated on a trailing twelve month basis, using the Applicable Interest Rate and the actual principal balance of the Loan then outstanding, and subject to confirmation by Lender) has equaled or exceeded 1.15:1.00. 

  
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 Section 7.5. Permitted Tax Distributions Account. 

7.5.1. Permitted Tax Distributions Fund. Borrower shall pay to Lender on each Payment Date, to the extent of funds then on deposit
in the Cash Management Account available for application under Section 2.6.4(a)(x), an amount equal to one-twelfth (1/12) of Borrower’s good faith estimate, delivered in writing to Lender (as the same may be adjusted by
Borrower from time to time, by written notice to Lender), of annual Permitted Tax Distributions. Amounts so deposited shall hereinafter be referred to as the “Permitted Tax Distributions Fund” and the account in which such amounts
are held shall hereinafter be referred to as the “Permitted Tax Distributions Account”. 
 7.5.2.
Disbursements from Permitted Tax Distributions. Borrower shall have the right from time to time to disbursement of funds from the Permitted Tax Distributions Account solely for the purpose of paying Eligible Taxes. Lender shall, within ten
(10) days following request by Borrower, make disbursements from the Permitted Tax Distributions Account upon delivery by Borrower of Lender’s standard form of draw request accompanied by an Officer’s Certificate certifying that
(a) the amount of the Permitted Tax Distributions requested to be disbursed will be used to pay Eligible Taxes that are then due and payable and (b) any amounts previously disbursed from the Permitted Tax Distributions Account have been
paid over to the applicable taxing authorities to pay Eligible Taxes and have not been refunded to the payor. Any amounts disbursed from the Permitted Tax Distributions Account and not applied to the payment of Eligible Taxes shall be promptly
re-deposited in the Cash Management Account. 
 Section 7.6. Seasonality Cash Reserve Account 

7.6.1 Deposits of Seasonality Cash Reserve Funds. Borrower shall deposit with Lender (a) on the Closing Date, cash in the
amount of $8,173,059.84, (b) from time to time, at Borrower’s election, any funds on deposit in the Gaming Operating Reserve which are in excess of 110% of applicable Gaming Law minimum requirements, and (c) at Borrower’s
election, on each Payment Date, an amount selected by Borrower that would increase the balance in the Seasonality Cash Reserve Account (as hereinafter defined) to an amount no greater than $10,000,000, for the purpose of establishing a reserve fund
to (i) fund shortfalls in funds available in the Cash Management Account to make any of the payments required to be made under Section 2.6.4(a), other than payments to the Permitted Tax Distribution Account under
Section 2.6.4(a)(x) or deposits into the Major Capital Improvements Reserve Account pursuant to Section 2.6.4(a)(xi) or (ii) make payments of (A) amounts eligible for disbursement from the Tax and Insurance Escrow
Account under Section 7.2, (B) FF&E Expenditures (but only if reasonably approved by Lender) or Approved Capital Expenditures (including for IT System Work) under Section 7.3 (including to reimburse Borrower or
Manager for costs previously paid (including prior to the date of this Agreement), using capital contributions or any other funds available to Borrower or Manager, as applicable), (C) Major Capital Expenditures, Approved Capital Expenditures
(including to reimburse Borrower or Manager for costs previously paid (including prior to the date of this Agreement), using capital contributions or any other funds available to Borrower or Manager, as applicable) and Critical Capital Expenditures
under Section 7.7, in each case to the extent funds available in the applicable Reserve Account are insufficient to make such payment. Amounts so deposited shall hereinafter be referred to as the “Seasonality Cash Reserve
Funds” and the account in which sums are held shall hereinafter be referred to as the “Seasonality Cash Reserve Account.” The applications of funds from the Seasonality Cash Reserve Funds listed in the foregoing clauses
(i) and (ii) of this Section 7.6.1 shall hereinafter be referred to as the “Eligible Seasonality Cash Reserve Applications.” Seasonality Cash Reserve Funds shall be disbursed and applied by Lender from time to
time in accordance with Section 7.6.2. 

  
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 7.6.2 Disbursements of Seasonality Cash Reserve Funds. So long as no Event of Default
shall have occurred and be continuing, to the extent that the Cash Management Account or the applicable Reserve Account does not contain sufficient funds to make any payment of an Eligible Seasonality Cash Reserve Application when payable hereunder,
Lender will, upon receipt of two (2) Business Days prior written request from Borrower, disburse from the Seasonality Cash Reserve Account on the applicable date, to the extent of the Seasonality Cash Reserve Fund then on deposit in the
Seasonality Cash Reserve Account, amounts that, together with amounts disbursed from the Cash Management Account with respect to such Eligible Seasonality Cash Reserve Application, are sufficient to pay such Eligible Seasonality Cash Reserve
Application. With respect to any requested disbursements for Approved Capital Expenditures, Major Capital Expenditures and Critical Capital Expenditures, Borrower shall also be required to satisfy the disbursement conditions of
Section 7.7.2. Borrower agrees and acknowledges that neither the sufficiency or the insufficiency, nor the availability or unavailability, of the Seasonality Cash Reserve Funds shall constitute a limitation on the obligation of Borrower
to make to make any payments required under the Loan Documents. 
 Section 7.7. Major Capital Improvement Reserve
Account. 
 7.7.1. Deposit of Major Capital Improvement Reserve Funds. On the Closing Date, Borrower shall deposit
with Lender funds in the amount of $0.00, which funds Borrower and Lender agree may be disbursed at any time to pay (including to reimburse Borrower or Manager for costs previously paid (including prior to the date of this Agreement), using capital
contributions or any other funds available to Borrower or Manager, as applicable) for the Approved Capital Expenditures listed on Schedule XVII as provided in this Section 7.7, provided no Event of Default has occurred and is
continuing. On or after January 1, 2011 and provided that no Event of Default is continuing, Borrower shall have the right to elect (by five (5) Business Days prior written notice to Lender) that any or all Excess Cash Flow, up to an
amount not to exceed $15,000,000.00 in any Fiscal Year, be deposited with Lender for the purpose of establishing a reserve fund to pay for Major Capital Expenditures (as defined below), Approved Capital Expenditures and Critical Capital
Expenditures. Amounts so deposited shall hereinafter be referred to as the “Major Capital Improvement Reserve Fund” and the account in which sums are held shall hereinafter be referred to as the “Major Capital Improvement
Reserve Account.” Major Capital Improvement Reserve Funds shall be disbursed to Borrower from time to time in accordance with Section 7.7.2. 
 7.7.2. Release of Major Capital Improvement Reserve Account Funds. 
 (a)
Provided that no Event of Default is continuing, Borrower shall have the right to request disbursements or transfers from the Major Capital Improvement Reserve Account to (i) pay costs to be incurred in connection with Capital Expenditures
approved by Lender (such approval not to be unreasonably withheld, conditioned or delayed) that were not included as Approved Capital Expenditures in the applicable Approved Annual Budget (“Major Capital Expenditures”), Approved
Capital Expenditures and Critical Capital Expenditures at the Property; or (ii) reimburse Borrower for any amounts spent by Borrower in connection with 

  
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Major Capital Expenditures, Approved Capital Expenditures and Critical Capital Expenditures at the Property, including to reimburse Borrower or Manager for costs previously paid (including prior
to the date of this Agreement), using capital contributions or any other funds available to Borrower or Manager, as applicable. All requests for disbursement or transfer of Major Capital Improvement Reserve Funds pursuant to this
Section 7.7 shall be made no more frequently than twice in any thirty (30) day period by delivery of at least fifteen (15) Business Days prior written notice to Lender and Cash Management Bank specifying the amount and purpose
of the required disbursement or transfer, and attaching appropriate supporting information reasonably acceptable to Lender. 

(b) Lender shall disburse to Borrower the relevant Major Capital Improvement Reserve Funds upon satisfaction by Borrower of each of the
following conditions: 
 (i) Lender shall have received an Officers’ Certificate (A) stating that all
Major Capital Expenditures, Approved Capital Expenditures or Critical Capital Expenditures, as applicable, at the Property to be funded or reimbursed by the requested disbursement have been completed in good and workmanlike manner and in accordance
with all Legal Requirements, Environmental Laws and any applicable budget approved by Lender in all material respects, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to
commence and/or complete the Major Capital Expenditures, Approved Capital Expenditures or Critical Capital Expenditures, as applicable, (B) identifying each Person that supplied materials or labor in connection with such Major Capital
Expenditures, Approved Capital Expenditures or Critical Capital Expenditures, as applicable, performed at the Property with respect to the reimbursement to be funded by the requested disbursement, (C) stating that each such Person has been paid
or will be paid in full (or for so much as is then due payable to such Person) upon such disbursement, such Officers’ Certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, and (D) certifying
that all funds previously disbursed from the Major Capital Improvement Reserve Account with respect to such Major Capital Expenditures, Approved Capital Expenditures or Critical Capital Expenditures, as applicable, have been applied by Borrower
toward the expenses for which they were disbursed and the funds being requested will be applied to pay or reimburse for materials or work permitted hereunder and done in accordance herewith; 

(ii) upon Lender’s reasonable request, a title search for the Property indicating that the Property is free from all
Liens, claims and other encumbrances not previously approved by Lender; and 
 (iii) Lender has received evidence
reasonably satisfactory to Lender that the materials for which the request is made are on-site at the Property and are properly secured or have been installed in the Property. 
 (c) Lender may, in its reasonable discretion, inspect the Property at Borrower’s expense prior to making a disbursement of Major Capital Improvement Reserve Funds with respect to Major Capital
Expenditures, Approved Capital Expenditures or Critical Capital Expenditures in order to verify completion of such Major Capital Expenditures, Approved 

  
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Capital Expenditures for which reimbursement is sought. Lender may require that such inspection be conducted by an appropriate independent qualified professional reasonably selected by Lender
and/or may require a copy of a certificate of completion by an independent qualified professional reasonably acceptable to Lender prior to the disbursement of the requested Major Capital Improvement Reserve Funds. Borrower shall pay the actual
out-of-pocket reasonable expense of the inspection as required hereunder, whether such inspection is conducted by Lender or by an independent qualified professional. Lender’s disbursement of any Major Capital Improvement Reserve Funds or other
acknowledgment of completion of any Major Capital Expenditures, Approved Capital Expenditures or Critical Capital Expenditures in a manner satisfactory to Lender shall not be deemed a certification or warranty by Lender to any Person that the Major
Capital Expenditures, Approved Capital Expenditures or Critical Capital Expenditures, as applicable, have been completed in accordance with Legal Requirements. The insufficiency of any balance in the Major Capital Improvement Reserve Account shall
not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents. 
 7.7.3.
Notwithstanding anything contained herein to the contrary, Borrower may at any time direct Lender to apply any or all of the Major Capital Improvement Reserve Funds on deposit in the Major Capital Improvement Reserve Account to prepay the Loan, and
Borrower shall not be required to pay Lender any interest which would have accrued on the amount so prepaid following the date of such prepayment. 
 Section 7.8. Existing Lien Reserve. 
 7.8.1. Deposits of Existing
Lien Reserve Funds. On the date hereof, there is $1,438,386.02 currently on deposit in the Existing Lien Reserve. On the Closing Date, Borrower shall deposit with Lender funds in the amount of $40,530.00. Amounts do deposited shall hereinafter
be referred to as the “Existing Lien Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Existing Lien Reserve Account.” 

7.8.2. Disbursements from Existing Lien Reserve Account. Borrower shall have the right from time to time to disbursement of funds
from the Existing Lien Reserve Funds, solely to pay the liens identified on Schedule XV attached hereto (the “Existing Liens”); provided, however, that Borrower may obtain a transfer of funds with respect to a specific
Existing Lien from the Existing Lien Reserve Account to the FF&E Reserve Account as FF&E Reserve Funds upon delivery to Lender of (i) a release reasonably satisfactory to Lender of the specific Existing Lien for which the funds are
proposed to be transferred together with an endorsement to the Title Insurance Policy satisfactory to Lender removing such Existing Lien as an exception to the coverage of the Title Insurance Policy or (ii) a bond satisfactory to Lender
sufficient to remove such Existing Lien for which the funds are proposed to be transferred together with an endorsement to the Title Insurance Policy satisfactory to Lender removing such Existing Lien as an exception to the coverage of the Title
Insurance Policy. Lender shall, within ten (10) days following request by Borrower, make disbursements from the Existing Lien Reserve Fund to pay to the holder of the applicable Existing Lien the amount secured by such Lien (or such amount as
the holder of such Existing Lien has agreed to accept in settlement thereof) upon delivery by Borrower of Lender’s standard form of draw request and documentation satisfactory to Lender establishing that a release reasonably satisfactory to
Lender releasing the Property from such 

  
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Existing Lien has been delivered into escrow and will be released and recorded in the applicable real property records, at Borrower’s expense, immediately upon Lender’s disbursement of
the requested funds from the Existing Lien Reserve Account. 
 Section 7.9. Intentionally Omitted. 

Section 7.10. Intentionally Omitted. 
 Section 7.11. Letter of Credit. 
 (a) If Borrower elects to deliver a
Letter of Credit pursuant to the terms and provisions of Section 7.4.1, Borrower shall pay to Lender all of Lender’s reasonable out-of-pocket costs and expenses in connection therewith, including, without limitation, any costs or
expenses incurred in drawing down on such Letter of Credit. Borrower shall not be entitled to draw from any such Letter of Credit. Upon five (5) days notice to Lender, Borrower may replace a Letter of Credit with a cash deposit to the Interest
Reserve Fund and/or a replacement Letter of Credit in such amounts such that the balance on deposit in the Interest Reserve Fund and the amount of any such replacement Letter of Credit is not less than the amount then required to be deposited
therein in accordance with the terms and provisions of Section 7.4.1. 
 (b) Intentionally Omitted. 

(c) Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence
and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to
apply each such Letter of Credit to payment of the Debt in such order, proportion or priority as Lender may determine. 
 (d) In
addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen
Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter
of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to
the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt
of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or
(d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution and within ten (10) Business Days after Lender notifies Borrower in writing of such circumstance, Borrower shall fail to
deliver to Lender a substitute Letter of Credit issued by an Eligible Institution. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a),
(b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. 

  
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 Section 7.12. Reserve Funds Generally. 

(a) The Reserve Funds shall be held in one or more sub-accounts of the Cash Management Account and shall bear interest at a money market
rate selected by Lender. All interest or other earnings on a Reserve Fund (other than the Tax and Insurance Escrow Fund) shall be added to and become a part of such Reserve Fund and shall be disbursed in the same manner as other monies deposited in
such Reserve Fund. Borrower shall have the right to direct Lender to invest sums on deposit in the Eligible Account in Permitted Investments provided (a) such investments are then regularly offered by Lender for accounts of this size, category
and type, (b) such investments are permitted by applicable federal, state and local rules, regulations and laws, (c) the maturity date of the Permitted Investment is not later than the date on which the applicable Reserve Funds are
required for payment of an obligation for which such Reserve Fund was created, and (d) no Event of Default shall have occurred and be continuing. Borrower shall be responsible for payment of any federal, state or local income or other tax
applicable to the interest or income earned on the Reserve Funds (other than the Tax and Insurance Escrow Fund). No other investments of the sums on deposit in the Reserve Funds shall be permitted except as set forth in this
Section 7.12. Borrower shall bear all reasonable costs associated with the investment of the sums in the account in Permitted Investments. Such costs shall be deducted from the income or earnings on such investment, if any, and to the
extent such income or earnings shall not be sufficient to pay such costs, such costs shall be paid by Borrower promptly on demand by Lender. Lender shall have no liability for the rate of return earned or losses incurred on the investment of the
sums in Permitted Investments. 
 (b) Borrower shall indemnify Lender and hold Lender harmless from and against any and all
actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys fees and expenses) arising from or in any way connected with the Reserve Funds or the performance
of the obligations for which the Reserve Funds were established. Borrower shall assign to Lender all rights and claims Borrower may have against all Persons supplying labor, materials or other services which are to be paid from or secured by the
Reserve Funds; provided, that Lender may not pursue any such right or claim unless an Event of Default has occurred and remains uncured. 
 ARTICLE VIII. 
 DEFAULTS 

Section 8.1. Event of Default. 
 (a) Each of the following events shall constitute an event of default hereunder (an “Event of Default”): 

(i) if any portion of the Debt is not paid when due; 

(ii) if any of the Taxes or Other Charges are not paid when the same are due and payable; 

  
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 (iii) if the Policies are not kept in full force and effect, or if certified
copies of the Policies are not delivered to Lender promptly upon request; 
 (iv) any Transfer occurs in
violation of the provisions of this Agreement or the other Loan Documents; 
 (v) any representation or warranty
made by Borrower herein or in any other Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished by or on behalf of any Borrower Party to Lender shall have been false in any material
respect as of the date the representation or warranty was made; provided that if (A) such misrepresentation was not intentional, and (B) the condition causing the representation or warranty to be false is susceptible of being cured, the
same shall be an Event of Default hereunder only if the same is not cured within thirty (30) days after written notice of such misrepresentation from Lender to Borrower; and provided further that if the condition causing the representation or
warranty to be false is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and Borrower shall have commenced to cure such condition within such thirty (30) day period and thereafter diligently proceeds to
cure the same, then such thirty (30) day period shall be extended for an additional period of time as is reasonably necessary for Borrower in the exercise of due diligence to cure such condition, such additional period not to exceed one hundred
and twenty (120) days; 
 (vi) Borrower shall make an assignment for the benefit of creditors; 

(vii) a receiver, liquidator or trustee shall be appointed for Borrower (provided that the foregoing shall not apply to
any “Supervisor” appointed under NRS Chapter 463B), or if Borrower shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or
state law, shall be filed by or against, consented to, or acquiesced in by, Borrower, or if any proceeding for the dissolution or liquidation of Borrower shall be instituted; provided, that if such appointment, adjudication, petition or
proceeding was involuntary and not consented to by Borrower, upon the same not being discharged, stayed or dismissed within sixty (60) days; 
 (viii) Borrower or any other Borrower Party attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein or therein in contravention of the Loan Documents;

 (ix) Borrower breaches any of its respective negative covenants contained in Section 5.2 or
Section 5.1.11, or Borrower or TSP Owner breaches any covenant contained in Section 4.1.29; provided that a breach of any such covenant shall not constitute an Event of Default if (A) such breach is inadvertent and
non-recurring, (B) Borrower shall cure such breach within fifteen (15) Business Days after written notice of such breach from Lender to Borrower, or (C) with respect to a breach of any covenant contained in Section 4.1.29,
within fifteen (15) Business Days after the request of Lender, Borrower delivers to Lender an Additional Insolvency Opinion, or a modification of the Insolvency Opinion, to the effect that such breach shall not in any way impair, negate or
amend the opinions rendered in the Insolvency Opinion, which opinion or modification shall be in form and substance acceptable to Lender in its reasonable discretion; 

  
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 (x) with respect to any term, covenant or provision set forth herein or in
any other Loan Document which specifically contains a notice requirement or grace period prior to the existence of an Event of Default, Borrower or any other Borrower Party shall be in default under such term, covenant or condition after the giving
of such notice or the expiration of such grace period; 
 (xi) any of the assumptions contained in the Insolvency
Opinion delivered to Lender in connection with the Loan, or in any Additional Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect; 

(xii) a material default by any Borrower Party has occurred and continues beyond any applicable cure period under any
Material Operating Agreement if such default permits any other party thereunder to terminate or cancel such Material Operating Agreement or otherwise exercise remedies thereunder if such termination, cancellation or other exercise of remedies could
reasonably be expected to have a Material Adverse Effect; 
 (xiii) Borrower ceases to operate and conduct its
hotel and casino business at the Property or terminates such business for any reason whatsoever (other than as a result of Excusable Delay or a temporary cessation in connection with any continuous and diligent renovation or restoration of the
Property following a Casualty or Condemnation); 
 (xiv) Intentionally Omitted. 

(xv) any Gaming License relating to the Property shall be modified in any materially adverse respect, refused, suspended,
revoked or canceled or allowed to lapse or if a notice of a material violation is issued under any such Gaming License by the applicable Gaming Authority or other Governmental Authority having jurisdiction, or any proceeding is commenced by any
Gaming Authority or Governmental Authority for the purpose of modifying in any materially adverse respect, suspending, revoking or canceling any such Gaming License, or any Governmental Authority shall have appointed a conservator, supervisor or
trustee to or for the Casino Component (provided that the foregoing shall not apply to any “Supervisor” appointed under NRS Chapter 463B) and, in each case of the foregoing, such action could reasonably be expected to (A) have a
Material Adverse Effect, (B) materially and adversely effect the continued operation of the Casino Component in the usual course of business and in substantially the same manner and to at least the same standard as was maintained prior to such
action, or (C) result in any material decrease in the then expected cash flow and revenues to be derived from the Casino Component; 
 (xvi) (A) a Reportable Event shall have occurred with respect to a Pension Plan, (B) the filing by Borrower, any ERISA Affiliate, or an administrator of any Plan of a notice of intent to terminate
such a Plan in a “distress termination” under the provisions of Section 4041 of ERISA, (C) the receipt of notice by Borrower, any ERISA Affiliate, or 

  
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an administrator of a Plan that the PBGC has instituted proceedings to terminate (or appoint a trustee to administer) such a Pension Plan, (D) any other event or condition exists which
might, in the opinion of the Agent, constitute grounds under the provisions of Section 4042 of ERISA for the termination of (or the appointment of a trustee to administer) any Pension Plan by the PBGC, (E) Borrower or any ERISA Affiliate
fails to pay the full amount of an installment required under Section 412(m) of the Code and (F) Borrower or any ERISA Affiliate has incurred, or is likely to incur, a liability under the provisions of Section 4062, 4063, 4064 or 4201
of ERISA, and in each case in clauses (A) through (F), such event or condition, together with all other such events or conditions, if any, could subject Borrower or any ERISA Affiliate to any taxes, penalties or other liabilities which would
reasonably be expected to have a Material Adverse Effect; 
 (xvii) Borrower or any ERISA Affiliate
(A) shall have been notified by the sponsor of a Multiemployer Plan that it has incurred any material withdrawal liability to such Multiemployer Plan, and (B) does not have reasonable grounds for contesting such withdrawal liability and is
not in fact contesting such withdrawal liability in a timely and appropriate manner which would, in each case, reasonably be expected to have a Material Adverse Effect; or 

(xviii) Borrower or any other Borrower Party shall continue to be in Default under any of the other terms, covenants or
conditions of this Agreement or any of the other Loan Documents not specified in clauses (i) through (xvii) above, for ten (10) days after notice to Borrower or such other Borrower Party from Lender, in the case of any Default which
can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other Default; provided that if such non monetary Default is susceptible of cure but cannot reasonably be cured within such
thirty (30) day period and provided further that Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period
shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed one hundred and twenty (120) days. 

(b) Upon the occurrence and during the continuance of an Event of Default (other than an Event of Default described in clauses (vi),
(vii) or (viii) above) and at any time thereafter, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, subject to applicable Gaming Laws, Lender may
take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower and in and to the Property, including, without limitation, declaring the Debt to be immediately due and payable, and Lender
may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against Borrower and the Property, including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default
described in clauses (vi), (vii) or (viii) above, the Debt and all other obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and
Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding. 

  
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 Section 8.2. Remedies. 

(a) Upon the occurrence and during the continuance of an Event of Default, subject to applicable Gaming Laws, all or any one or more of
the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower or at law or in equity may be exercised by Lender at
any time and from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under
any of the Loan Documents. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singularly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole
discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting the
generality of the foregoing, to the fullest extent permitted by applicable law, Borrower agrees that if an Event of Default is continuing (i) Lender is not subject to any “one action” or “election of remedies” law or rule,
and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Property and the Security Instrument has been foreclosed, sold
and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in full. 
 (b) Lender shall have the right
from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in its sole
discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder. Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as
Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney,
coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, that Lender shall not
make or execute any such documents under such power until three (3) days after notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power. Borrower shall be obligated to pay all costs or expenses
incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents. The Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such
representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing Date. Unless an Event of Default shall exist, all reasonable third party costs and expenses incurred by Borrower in connection
with the foregoing shall be paid by Lender. 
 (c) The rights, powers and remedies of Lender under this Agreement shall be
cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Subject to applicable law, Lender’s
rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may 

  
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determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be
construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to Borrower shall not be construed to be a waiver
of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 
 ARTICLE
IX. 
 SPECIAL PROVISIONS 
 Section 9.1. Sale of Note and Securitization. 
 (a) Sale of Note and
Securitization. Borrower acknowledges and agrees that Original Lender sold the Loan and the Loan Documents, and issued one or more participations therein, and consummated a private securitization of rated single- or multi-class securities (the
“Securities”) secured by or evidencing ownership interests in a pool of assets that include the Loan and the Loan Documents (such sales, participations and/or securitizations, collectively, a “Securitization”).

 Section 9.2. Intentionally Omitted. 
 Section 9.3. Real Property Indemnifications. 
 (a) Borrower shall, at its
sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties (hereinafter defined) from and against any and all claims, suits, liabilities (including, without limitation, strict liabilities), actions,
proceedings, obligations, debts, damages, losses, costs, expenses, diminutions in value, fines, penalties, charges, fees, expenses, judgments, awards, amounts paid in settlement, punitive damages, foreseeable damages, of whatever kind or nature
(including, but not limited, to reasonable attorneys’ fees and other costs of defense) (collectively, the “Losses”) imposed upon or incurred by or asserted against any Indemnified Parties and arising out of or in any way
relating to any one or more of the following (except in each case to the extent such Losses were caused as a result of the gross negligence or willful misconduct or breach of any Loan Document by any Indemnified Party): 

(i) ownership of the Security Instrument, the Property or any interest therein or receipt of any Rents; 

(ii) any amendment to, or restructuring of, the Debt, the Note, the Loan Agreement, the Security Instrument, or any other
Loan Documents; 
 (iii) any and all lawful action that may be taken by Lender in connection with the enforcement
of the provisions of the Security Instrument, the Loan Agreement, the Note or any of the other Loan Documents, whether or not suit is filed in connection with same, or in connection with Borrower, any guarantor or indemnitor and/or any partner,
joint venturer or shareholder thereof becoming a party to a voluntary or involuntary federal or state bankruptcy, insolvency or similar proceeding; 

  
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 (iv) any accident, injury to, or death of, persons or loss of or damage to
property occurring in, on or about the Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; 

(v) any use, nonuse or condition in, on or about the Property or any part thereof or on the adjoining sidewalks, curbs,
adjacent property or adjacent parking areas, streets or ways; 
 (vi) any failure on the part of Borrower to
perform or be in compliance with any of the terms of the Security Instrument, the Note, the Loan Agreement or any of the other Loan Documents; 
 (vii) performance of any labor or services or the furnishing of any materials or other property in respect of the Property or any part thereof; 

(viii) any failure of the Property to be in compliance with any Legal Requirements; 

(ix) the enforcement by any Indemnified Party of the provisions of this Section 9.3; 

(x) any and all claims and demands whatsoever which may be asserted against Lender by reason of any alleged obligations or
undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained in any Leases; 
 (xi) the payment of any commission, charge or brokerage fee to anyone claiming through Borrower which may be payable in connection with the funding of the Loan; or 

(xii) any misrepresentation made by Borrower in the Security Instrument or any other Loan Document. 

(b) Any amounts payable to Lender by reason of the application of this Section 9.3 shall become immediately due and payable and
shall bear interest at the Default Rate from the date of such loss or damage sustained by Lender until paid. For purposes of this Section 9.3, the term “Indemnified Parties” means Lender, any Person who is or will have
been involved in the servicing of the Loan (including, without limitation, Cash Management Bank), any Person in whose name the encumbrance created by the Security Instrument is or will have been recorded, Persons who may hold or acquire or will have
held a full or partial interest in the Loan (including, but not limited to, investors or prospective investors in the Securities, as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan for
the benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and
all of the foregoing (including, but not limited to, any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan, whether during the term of the Loan or as a part of or following a
foreclosure of the Loan and any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s assets and business). 

  
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 (c) Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and
hold harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any way relating to any tax on the making and/or
recording of the Security Instrument, the Note or any of the other Loan Documents, but excluding any income, franchise or other similar taxes. 
 (d) Intentionally Omitted. 
 (e) Upon written request by any Indemnified Party,
Borrower shall defend such Indemnified Party (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals approved by the Indemnified Parties. Notwithstanding the foregoing, if the defendants in
any such claim or proceeding include both Borrower and any Indemnified Party and Borrower and such Indemnified Party shall have reasonably concluded that there are any legal defenses available to it and/or other Indemnified Parties that are
different from or additional to those available to Borrower, such Indemnified Party shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such
Indemnified Party, provided that no compromise or settlement shall be entered without Borrower’s consent, which consent shall not be unreasonably withheld. Upon demand, Borrower shall pay or, in the sole and absolute discretion of the
Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith. 

Section 9.4. Exculpation. 
 (a) Subject to the further qualifications of this Section 9.4, Lender shall not enforce the liability and obligation of Borrower to perform and observe the obligations contained in the Note,
this Agreement, the Security Instrument or the other Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower, except that Lender may bring a foreclosure action, an action for specific performance or any
other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Note, this Agreement, the Security Instrument and the other Loan Documents, or in the Property, the Rents, or any other collateral given to
Lender pursuant to the Loan Documents; provided, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s interest in the Property, in the
Rents and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Security Instrument and the other Loan Documents, agrees that it shall not sue for, seek or demand any deficiency judgment against Borrower in
any such action or proceeding under, or by reason of, or in connection with, the Note, this Agreement, the Security Instrument or the other Loan Documents. The provisions of this Section 9.4(a) shall not, however, (i) constitute a
waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (ii) impair the right of Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Security
Instrument; (iii) affect the validity or enforceability of or any Guaranty made in connection with the Loan or any of the rights and remedies of Lender thereunder; (iv) impair the right of Lender to obtain the appointment of a receiver;
(v) impair the enforcement of the Assignment of Leases; or (vi) constitute a prohibition 

  
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against Lender to seek a deficiency judgment against Borrower in order to fully realize the security granted by the Security Instrument or to commence any other appropriate action or proceeding
in order for Lender to exercise its remedies against the Property. 
 (b) The provisions of Section 9.4(a) shall not
constitute a waiver of the right of Lender to enforce the liability and obligation of Borrower, by money judgment or otherwise, to the extent of any loss, damage, cost, expense, liability, claim or other obligation incurred by Lender (including
attorneys’ fees and costs reasonably incurred) arising out of or in connection with the following from and after the date hereof: 
 (i) fraud or intentional, material misrepresentation by Borrower, Guarantor or any of their respective Affiliates; 
 (ii) any willful act of material waste of the Property or any damage to the Property arising from the intentional misconduct or gross negligence of Borrower, Guarantor or any of their respective
principals; 
 (iii) the breach of any representation, warranty, covenant or indemnification provision in the
Environmental Indemnity Agreement or in the Security Instrument concerning environmental laws, hazardous substances and asbestos and any indemnification of Lender with respect thereto in either document; 

(iv) the removal or disposal of any portion of the Property after an Event of Default; 

(v) the misappropriation, intentional misapplication or conversion by Borrower or any of its Affiliates of (A) any
Insurance Proceeds paid by reason of any Casualty, (B) any Awards received in connection with a Condemnation, (C) any Rents following an Event of Default and not applied to Debt Service, Operating Expenses or otherwise paid to Lender, or
(D) any Rents paid more than one (1) month in advance; 
 (vi) failure to pay charges for labor or
materials or other charges that can create Liens on any portion of the Property to the extent funds are available for such purpose in, or have been disbursed to Borrower for such purpose from, the Cash Management Account (it being understood that
there shall be no recourse if Lender is obligated to apply such funds held in any applicable Reserve Account to pay the foregoing and fails to do so); 
 (vii) intentional failure by Borrower and Manager to continue to operate the Casino Component at any time in accordance with the requirements of Section 5.1.26 and any voluntary relinquishment
of any material Gaming License by Borrower or Manager; 
 (viii) any security deposits, advance deposits or any
other deposits collected by Borrower or any Borrower Party with respect to the Property which are not delivered to Lender upon a foreclosure of the Property or action in lieu thereof, except to the extent any such security deposits were applied in
accordance with the terms and conditions of any of the Leases prior to the occurrence; of the Event of Default that gave rise to such foreclosure or action in lieu thereof; 

  
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 (ix) failure by any SPE Entity to maintain its status as a Single Purpose
Entity as required by, and in accordance with, the terms and provisions of this Agreement or the Security Instrument if by reason thereof any of the assets of such SPE Entity are consolidated into the bankruptcy estate of any other Person;

 (x) failure by Borrower to obtain Lender’s prior consent to any Indebtedness or voluntary Lien
encumbering the Property as required by this Agreement or the Security Instrument; and 
 (xi) failure by
Borrower to obtain Lender’s prior consent to any Transfer as required by this Agreement. 
 (c) Notwithstanding anything to
the contrary in this Agreement, the Note or any of the Loan Documents, (i) Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the
U.S. Bankruptcy Code to file a claim for the full amount of the Debt secured by the Security Instrument or to require that all collateral shall continue to secure all of the Debt owing to Lender in accordance with the Loan Documents, and
(ii) the Debt shall be fully recourse to Borrower in the event of: (A) Borrower filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (B) the filing of an involuntary
petition against Borrower under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law by any other Person in which Borrower or Guarantor or any of their respective Affiliates, agents or employees colludes with or otherwise
assists such other Person, or Borrower or Guarantor or any of their respective Affiliates, agents or employees soliciting, or causing to be solicited, petitioning creditors for an involuntary petition against Borrower under the Bankruptcy Code or
any other Federal or state bankruptcy or insolvency law; (C) Borrower filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other
Federal or state bankruptcy or insolvency law; (D) Borrower consenting to or acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or any portion of the Property; or
(E) Borrower making an assignment for the benefit of creditors, or admitting, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due. 

Section 9.5. Servicer 
 At the option of Lender, the Loan may be serviced by a servicer/trustee (the “Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities under this
Agreement and the other Loan Documents to the Servicer pursuant to a servicing agreement (the “Servicing Agreement”) between Lender and Servicer. Borrower shall be responsible for any reasonable set-up fees or any other initial
costs relating to or arising under the Servicing Agreement; provided, that Borrower shall not be responsible for payment of the monthly servicing fee due to the Servicer under the Servicing Agreement. At no time shall Borrower be required to
deal with more than two Servicers or agents with respect to the Loan. 

  
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 ARTICLE X. 
 MISCELLANEOUS 
 Section 10.1. Survival 

This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant
hereto shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a longer period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is
referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal
representatives, successors and assigns of Lender. 
 Section 10.2. Lender’s Discretion. Whenever pursuant to
this Agreement, Lender exercises any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory
or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole discretion of Lender and shall be final and conclusive. Whenever this Agreement expressly provides that Lender may not withhold its consent or its
approval of an arrangement or term, such provisions shall also be deemed to prohibit Lender from delaying or conditioning such consent or approval. 
 Section 10.3. GOVERNING LAW. 
 (a) THIS AGREEMENT WAS NEGOTIATED IN
THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL
RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE
OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT
TO THE OTHER LOAN DOCUMENTS (OTHER THAN WITH RESPECT TO (i) LIENS AND SECURITY INTERESTS IN PROPERTY WHOSE PERFECTION AND PRIORITY IS COVERED BY ARTICLE 9 OF THE UCC (INCLUDING THE COLLECTION ACCOUNT, THE CASH MANAGEMENT ACCOUNT AND THE RESERVE
ACCOUNTS) WHICH SHALL BE GOVERNED BY THE LAW OF THE JURISDICTION APPLICABLE THERETO IN ACCORDANCE WITH SECTIONS 9-301 THROUGH 9-307 OF THE UCC AS IN EFFECT IN THE STATE OF NEW YORK AND (ii) LIENS AND SECURITY INTERESTS IN PROPERTY WHOSE
PERFECTION AND PRIORITY IS COVERED BY FEDERAL LAW (INCLUDING ALL TRADEMARKS AND COPYRIGHTS), WHICH SHALL BE 

  
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GOVERNED BY THE APPLICABLE FEDERAL LAW) SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT
PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW,
BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-140T OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR
STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH
SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT: 

Corporation Service Company 
 80 State Street 
 Albany, NY 12207-2543 

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT
EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM
TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE
IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 

  
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 Section 10.4. Modification, Waiver in Writing. No modification, amendment,
extension, discharge, termination or waiver of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing
signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on
Borrower, shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances. 

Section 10.5. Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict
performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or any other instrument given as security therefor, shall operate as or
constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after
the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or
the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 

Section 10.6. Notices. All notices, consents, approvals and requests required or permitted hereunder or under any other Loan
Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid delivery service,
either commercial or United States Postal Service, with proof of attempted delivery, and by facsimile (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time to time by any party
hereto, as the case may be, in a notice to the other parties hereto in the manner provided for in this Section 10.6): 
  

			
	If to Lender:	  	c/o KeyBank Real Estate Capital
		  	8115 Preston Road, Suite 800
		  	Dallas, Texas 75225
		  	Attention: Meade Hubby
		  	Facsimile No.: (800) 393-0181
		
	with a copy to:	  	Polsinelli Shughart PC
		  	700 W. 47th Street, Suite 1000
		  	Kansas City, Missouri 64112
		  	Attention: Daniel J. Flanigan
		  	Facsimile No.: (816) 753-1536
		
	If to Borrower:	  	c/o Harrah’s Entertainment, Inc.
		  	One Caesars Palace Drive
		  	Las Vegas, Nevada 89109
		  	Attention: General Counsel
		  	Facsimile No.: (702) 407-6418

  
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	With a copy to:	  	Dechert LLP
		  	Cira Centre
		  	2929 Arch Street
		  	Philadelphia, PA 19104-2808
		  	Attention: David W. Forti
		  	Facsimile No.: (215) 994-2222

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of
registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery and telecopy, upon the first attempted delivery on a Business Day; or in the case of telecopy, upon
sender’s receipt of a machine-generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming. 
 Section 10.7. TRIAL BY JURY. BORROWER HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH
RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, AND IS INTENDED
TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER.

 Section 10.8. Headings. The Article and/or Section headings and the Table of Contents in this Agreement are
included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

Section 10.9. Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 
 Section 10.10. Preferences. Lender
shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or
proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or
equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been
received by Lender. 

  
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 Section 10.11. Waiver of Notice. Borrower hereby expressly waives, and shall not
be entitled to, any notices of any nature whatsoever from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with
respect to matters for which Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. 
 Section 10.12. Remedies of Borrower. In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law
or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and
Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by
an action seeking declaratory judgment and injunctive relief as appropriate. 
 Section 10.13. Expenses and
Indemnity. 
 (a) Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Lender upon receipt of
notice from Lender for all reasonable costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the
other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any opinions requested by Lender and required to be
provided by Borrower pursuant to the Loan Documents as to any legal matters arising under this Agreement or the other Loan Documents with respect to the Property); (ii) Borrower’s ongoing performance of and compliance with Borrower’s
respective agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including, without limitation, confirming compliance with environmental and insurance
requirements; (iii) Lender’s ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the date hereof; (iv) the
negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other documents or matters requested by Lender; (v) securing
Borrower’s compliance with any requests made pursuant to the provisions of this Agreement and the other Loan Documents; (vi) the filing and recording fees and expenses, title insurance and reasonable fees and expenses of counsel for
providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan Documents; (vii) enforcing or preserving any rights,
either in response to third party claims or in prosecuting or defending any action or proceeding or other litigation, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, the Property, or any other security
given for the Loan; and (viii) enforcing any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan Documents or with respect to the Property or in connection with any refinancing or restructuring of
the credit arrangements provided under this Agreement in the nature of a “work-out” or of any insolvency or bankruptcy proceedings; provided, that Borrower shall not be liable 

  
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for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender or the breach by Lender of this
Agreement or any other Loan Documents. 
 (b) Borrower shall indemnify, defend and hold harmless Lender, Lender’s
Affiliates and their respective officers, directors, agents, employees (and the successors and assigns of the foregoing) from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims,
costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of counsel for Lender in connection with any investigative, administrative or judicial proceeding commenced or
threatened, whether or not Lender shall be designated a party thereto), that may be imposed on, incurred by, or asserted against Lender in any manner relating to or arising out of the making or holding or enforcement of the Loan, including, but not
limited to any breach by Borrower of its obligations under, or any misrepresentation by Borrower contained in, this Agreement or the other Loan Documents (collectively, the “Indemnified Liabilities”); provided, that Borrower
shall not have any obligation to Lender hereunder to the extent such Indemnified Liabilities arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. To the extent that the undertaking to indemnify, defend and
hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction
of all Indemnified Liabilities incurred by Lender. 
 (c) Borrower covenants and agrees to pay for or, if Borrower fails to pay,
to reimburse Lender for, any fees and expenses incurred by any Rating Agency in connection with any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby or any consent, approval, waiver or confirmation
obtained from such Rating Agency pursuant to the terms and conditions of this Agreement or any other Loan Document by reason of a Borrower request and Lender shall be entitled to require payment of such fees and expenses as a condition precedent to
the obtaining of any such consent, approval, waiver or confirmation. 
 Section 10.14. Schedules Incorporated. The
Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 
 Section 10.15. Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement, the Note and the other Loan Documents shall take the same free and clear of
all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any
action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower. 

Section 10.16. No Joint Venture or Partnership. Borrower and Lender intend that the relationships created hereunder and under
the other Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any
interest in the Property other than that of mortgagee, beneficiary or lender. 

  
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 Section 10.17. No Third Party Beneficiaries. This Agreement and the other Loan
Documents are solely for the benefit of Lender and Borrower and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to enforce the
performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have
standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any
circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable to do so. 

Section 10.18. Intentionally Deleted. 
 Section 10.19. Waiver of Marshalling of Assets. To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of
Borrower, Borrower’s partners and others with interests in Borrower, and of the Property, or to a sale in inverse order of alienation in the event of foreclosure of the Security Instrument, and agrees not to assert any right under any laws
pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan
Documents to a sale of the Property for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Property in preference to every other
claimant whatsoever. 
 Section 10.20. Waiver of Counterclaim. Borrower hereby waives the right to assert a
counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents. 

Section 10.21. Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of this
Loan Agreement and any of the other Loan Documents, the provisions of this Loan Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the
Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment
and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the
exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest
any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower acknowledges
that Lender engages 
 in the business of real estate financings and other real estate transactions and investments which may be viewed as
adverse to or competitive with the business of Borrower or its Affiliates. 

  
 136

 Section 10.22. Brokers and Financial Advisors. 

(a) Borrower hereby represents that it has dealt with no financial advisors, brokers, underwriters, placement agents, agents or finders
in connection with the transactions contemplated by this Agreement. Borrower hereby agrees to indemnify, defend and hold Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind (including reasonable
attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that such Person acted on behalf of Borrower or its Affiliates in connection with the transactions contemplated herein. The provisions of this
Section 10.22 shall survive the expiration and termination of this Agreement and the payment of the Debt. 
 (b)
Lender hereby represents that it has dealt with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Lender hereby agrees to indemnify, defend and hold
Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind (including reasonable attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that such Person acted on behalf
of Lender in connection with the transactions contemplated herein. The provisions of this Section 10.22 shall survive the expiration and termination of this Agreement and the payment of the Debt. 

Section 10.23. Prior Agreements. This Agreement and the other Loan Documents contain the entire agreement of the parties
hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, are superseded by the terms of this Agreement and the other Loan Documents.

 Section 10.24. Intentionally Omitted. 
 Section 10.25. Quarterly Borrower Meetings. 
 (a) Upon written request
by Lender or Servicer not less than fifteen (15) Business Days prior to Lender’s desired date, Borrower and its representatives, including, without limitation, the chief financial officer of Borrower and the executives of Borrower and
Manager most familiar with the operation and business plans of the Hotel Component, the Casino Component and the TPA Component shall meet with representatives of Servicer and any holder of participation interests in the Loan (the “Lender
Representatives”) at the Property and shall reasonably cooperate to respond to any questions from and to provide information requested by the Lender Representatives. In addition, the Lender Representatives shall have the right to inspect
the Property and have collective meetings at the Property with on-site management, provided such inspections and meetings shall take place during normal business hours and Borrower shall receive reasonable advance notice thereof. Such inspections
and meetings shall be for informational purposes only and Borrower shall not be required to adopt or 

  
 137

 
implement any proposal, recommendation or suggestion made by the Lender Representatives. Borrower shall pay the reasonable costs and expenses incurred by the Lender Representatives in attending
such inspections and meetings. 
 (b) Borrower’s obligations under this Section 10.27 shall terminate upon the earlier
to occur of (i) the commencement of the First Extension Term and (ii) the date on which EBITDAM for the 12-month period ending on the date of termination is at least $40,000,000.00. 

Section 10.26. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original and all of which counterparts together shall constitute one agreement with the same effect as if the parties had signed the same signature page. 
 Section 10.27. Amendment and Restatement. This Agreement amends and restates the Existing Loan Agreement in its entirety. 

[REMAINDER OF PAGE INTENTIONALLY BLANK] 

  
 138

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their duly authorized representatives, all as of the day and year first above written. 
  

			
	BORROWER:
	
	PHW LAS VEGAS, LLC, a Nevada limited liability company
		
	By:	 	/s/ Jonathan S. Halkyard
	Name:	 	Jonathan S. Halkyard
	Title:	 	President and Treasurer

 [ADDITIONAL SIGNATURE PAGE TO FOLLOW] 

 

 
			
	LENDER:
	
	WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
2007-TFL2
		
	By:	 	KeyCorp Real Estate Capital Markets, Inc., an Ohio corporation, as Authorized Agent
		
	By:	 	/s/ C. Meade Hubby
	Name:	 	C. Meade Hubby
	Title:	 	Vice President

  

			
	TSP Owner hereby executes this Agreement for the purpose of evidencing its agreement to be bound by the terms and provisions set forth in Section 5.2.11
hereof.
	
	 TSP OWNER LLC,
 a
Delaware limited liability company

		
	By:	 	/s/ Jonathan S. Halkyard
	Name:	 	Jonathan S. Halkyard
	Title:	 	President and Treasurer

 EXHIBITS 

 

					
	EXHIBIT A	  	-	  	LOAN DOCUMENTS
			
	EXHIBIT B	  	-	  	PATRIOT ACT CERTIFICATION

 SCHEDULES 

 

					
	I	  	-	  	ORGANIZATIONAL STRUCTURE CHART
			
	II-A	  	-	  	RESORT LAND
			
	II-B	  	-	  	HOTEL COMPONENT PREMISES
			
	II-C	  	-	  	CASINO COMPONENT PREMISES
			
	II-D	  	-	  	TPA COMPONENT PREMISES
			
	II-E	  	-	  	UTILITY COMPONENT PREMISES
			
	II-F	  	-	  	TIMESHARE PROJECT LAND
			
	III	  	-	  	LEASES AND OCCUPANCY AGREEMENTS
			
	IV	  	-	  	INTELLECTUAL PROPERTY COLLATERAL
			
	V	  	-	  	BORROWER ACCOUNTS
			
	VI	  	-	  	MATERIAL OPERATING AGREEMENTS
			
	VII	  	-	  	OPERATING PERMITS
			
	VIII	  	-	  	INTENTIONALLY OMITTED
			
	IX	  	-	  	INTENTIONALLY OMITTED
			
	X	  	-	  	INTENTIONALLY OMITTED
			
	XI	  	-	  	PENSION PLANS AND MULTIEMPLOYER PLANS
			
	XII	  	-	  	LABOR RELATIONS
			
	XIII	  	-	  	APPROVED ANNUAL BUDGETS
			
	XIV	  	-	  	EXCEPTIONS TO REPRESENTATIONS
			
	XV	  	-	  	LIENS
			
	XVI	  	-	  	SPECIAL ASSESSMENTS
			
	XVII	  	-	  	APPROVED CAPITAL EXPENDITURES

 EXHIBIT A 
 LOAN DOCUMENTS 
 [All documents are dated as of February 19, 2010 unless otherwise
indicated.] 
  

	1.	Amended and Restated Loan Agreement 

  

	2.	Note 

  

	3.	Amended and Restated Deed of Trust, Security Agreement, Assignment of Leases and Rents, Financing Statement and Fixture Filing 

 

	4.	TSP Owner Security Instrument 

  

	5.	Assignment of Leases 

  

	6.	Assignment of Contracts 

  

	7.	Guaranty 

  

	8.	Environmental Indemnity 

  

	9.	Restricted Account Agreement (Access Restricted Immediately) 

  

	10.	Restricted Account Agreement (Access Restricted After Instructions) 

  

	11.	Cash Management Account Agreement 

  

	12.	Assignment of Management Agreement 

  

	13.	License Subordination Agreement 

  

	14.	Security Agreement (Copyrights) 

  

	15.	Security Agreement (Trademarks) 

  

	16.	Collateral Assignment of Interest Rate Cap Agreement 

  

	17.	Collateral Assignment of Timeshare Project Proceeds 

  

	18.	Pledge and Security Agreement 

  

	19.	O&M Agreement 

  

	20.	Post Closing Agreement 

  
 Exhibit A-1

	21.	UCC-1 Financing Statement – Borrower (NV – All Assets) 

  

	22.	UCC-1 Financing Statement – Borrower (NV – Interest Rate Cap Agreement) 

 

	23.	UCC-1 Financing Statement – Borrower (Clark County, NV) 

  

	24.	UCC-1 Financing Statement – TSP Owner (DE) 

  

	25.	UCC-1 Financing Statement – TSP Owner (Clark County, Nevada) 

  
 Exhibit A-2

 EXHIBIT B 
 PATRIOT ACT CERTIFICATION 
 Wells Fargo Bank, N.A., as Trustee for the 

Credit Suisse First Boston Mortgage 
 Securities
Corp. Commercial Mortgage Pass- 
 Through Certificates, Series 2007-TLF2 
 c/o KeyBank Real Estate Capital 
 8115 Preston Road, Suite 800 

Dallas, Texas 75225 
 Attention: Meade Hubby

 I,                      of
                                        ,
certify that, to the best of my knowledge, none of the owners/shareholders, with a direct or indirect interest or beneficial interest in the entity (i) is listed on any Government Lists, (ii) is a person who has been determined by
competent authority to be subject to the prohibitions contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC, Patriot Act or in any enabling
legislation or other Presidential Executive Orders in respect thereof, or (iii) is currently under investigation by any Governmental Authority for alleged criminal activity or Patriot Act Offenses. For purposes hereof, the term “Patriot
Act Offenses” means any violation of the criminal laws of the United States of America or of any of the several states, or that would be a criminal violation if committed within the jurisdiction of the United States of America or any of the
several states, relating to terrorism or the laundering of monetary instruments, including any offense under (A) the criminal laws against terrorism; (B) the criminal laws against money laundering; (C) the Bank Secrecy Act, as
amended; (D) the Money Laundering Control Act of 1986, as amended; or (E) the Patriot Act. “Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act
Offense. For purposes hereof, the term “Government Lists” means (1) the Specially Designated Nationals and Blocked Persons Lists maintained by the Office of Foreign Assts Control (“OFAC”), (2) any other
list of terrorists, terrorist organizations or narcotics traffickers maintained pursuant to any of the Rules and Regulations of OFAC or (3) any similar lists maintained by the United States Department of State, the United States Department of
Commerce or any other Government Authority or pursuant to any Executive Order of the President of the United States of America. 
 I have hereto
made this certification on                     , 20    . 

 

			
		
	Signature:	 	 
		
	Name:	 	 

  

  
 Exhibit B-1

 SCHEDULE I 
 ORGANIZATIONAL STRUCTURE CHART 
 [SEE ATTACHED] 

  
 Schedule I

  
 

 

  
 

 

  
 

 

  
 

 

 SCHEDULE II-A 
 RESORT LAND 
 PARCEL ONE (1): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NE AS SHOWN IN FILE 111, PAGE 85 OF SURVEYS ON FILE AT
THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION 
 PARCEL NE 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION: AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY,
NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21,
THENCE NORTH 01°28’29” WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, A DISTANCE OF 1175.72 FEET TO A POINT ON THE WESTERLY PROLONGATION OF THE NORTH LINE OF SAID LOT 1, THENCE ALONG SAID WESTERLY
PROLONGATION, NORTH 89°23’20” EAST, 107.55 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, NORTH 89°23’20” EAST, 1203.33 FEET TO THE POINT
OF BEGINNING; THENCE CONTINUING NORTH 89°23’20” EAST, 252.84 FEET TO THE WESTERLY RIGHT-OF-WAY OF AUDRIE LANE; THENCE ALONG SAID WESTERLY RIGHT-OF- WAY, SOUTH 00o36’40” EAST, 141.47 FEET; THENCE DEPARTING SAID WESTERLY
RIGHT-OF-WAY, SOUTH 89°23’20” WEST, 252.84 FEET; THENCE NORTH 00°36’40” WEST, 141.47 FEET TO THE POINT OF BEGINNING. 
 PARCEL TWO (2): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL ND AS SHOWN IN FILE 111, PAGE 86 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

  
 Schedule
II-A-1 

 LEGAL DESCRIPTION 
 PARCEL ND 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY,
NEVADA MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21,
THENCE NORTH 01°28’29” WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, A DISTANCE OF 1175.72 FEET TO A POINT ON THE WESTERLY PROLONGATION OF THE NORTH LINE OF SAID LOT 1; THENCE ALONG SAID WESTERLY
PROLONGATION, NORTH 89°23’20” EAST, 107.55 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH, THENCE CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, NORTH 89°23’20” EAST, 995.09 FEET TO THE POINT OF
BEGINNING; THENCE CONTINUING NORTH 89°23’20” EAST, 208.25. FEET; THENCE SOUTH 00°36’40” EAST 130.25 FEET; THENCE SOUTH 89°27’06” WEST, 206.64 FEET; THENCE NORTH 00°24’51” WEST, 74.89 FEET;
THENCE SOUTH 89°26’04” WEST 1.87 FEET; THENCE NORTH 00o36’40” WEST, 55.14 FEET TO THE POINT OF BEGINNING. 
 PARCEL
THREE (3): 
 EXPLANATION: 
 THIS LEGAL
DESCRIBES PARCEL NA18 AS SHOWN IN FILE 111, PAGE 96 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION:

 PARCEL NA18: 
 A PORTION OF LOT 1 AS
SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF SECTION
21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST
CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST, 315.36 FEET ALONG THE SOUTH LINE OF SAID NORTHWEST QUARTER (NW 1/4) AND THE CENTERLINE OF SAID
HARMON AVENUE; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH
00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 392.23 FEET; THENCE NORTH 00°28’50”
WEST, 177.37 FEET TO THE 

  
 Schedule
II-A-2 

 
POINT OF BEGINNING; THENCE NORTH 00°58’05” WEST, 13.50 FEET; THENCE NORTH 89°26’34” EAST, 13.10 FEET; THENCE SOUTH 00°19’14” WEST, 2.01 FEET; THENCE
NORTH 88°58’21” EAST, 2.57 FEET; THENCE SOUTH 00°44’18” EAST, 10.88 FEET; THENCE SOUTH 87°09’13” WEST, 15.58 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA18 HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 PARCEL FOUR (4): 
 EXPLANATION 
 THIS LEGAL DESCRIBES PARCEL NA17 AS SHOWN IN FILE 111, PAGE 97 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION: 
 PARCEL NA17: 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S
OFFICE AND LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER (NW 1/4) OF
SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, NORTH 89°31’10” EAST, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID
HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH
89°31’10” WEST, 590.00 FEET TO THE EAST RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EAST RIGHT-OF-WAY, NORTH 00°36’27” WEST, 190.49 FEET; THENCE DEPARTING SAID EAST RIGHT-OF-WAY, NORTH
89°23’33” EAST, 125.51 FEET TO THE POINT OF BEGINNING; THENCE NORTH 89°26’17” EAST, 28.49 FEET; THENCE SOUTH 00°22’17” EAST, 17.42 FEET; THENCE SOUTH 88°42’49” WEST, 7.89 FEET; THENCE NORTH
00°41’59” WEST, 10.28 FEET; THENCE SOUTH 88°57’02” WEST, 20.52 FEET; THENCE NORTH 00°33’51” WEST, 7.41 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA17 HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 

  
 Schedule
II-A-3 

 PARCEL FIVE (5): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA7 AS SHOWN IN FILE 111, PAGE 98 OF SURVEYS ON FILE AT
THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION: 
 PARCEL NA7 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH
LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH
89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID
EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST, 416.51 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’33” EAST, 436.67 FEET TO THE POINT OF BEGINNING; THENCE NORTH 45°12’47” EAST, 2.26 FEET;
THENCE NORTH 24°20’07” EAST, 42.08 FEET; THENCE NORTH 65°15’05” EAST, 17.37 FEET; THENCE NORTH 89°21’48” EAST, 43.37 FEET; THENCE NORTH 59°33’09” EAST, 33.81 FEET; THENCE NORTH
72°29’03” EAST, 59.84 FEET; THENCE SOUTH 64°39’13” EAST, 13.45 FEET; THENCE SOUTH 55°25’35” WEST, 9.45 FEET; THENCE SOUTH 25°15’30” EAST, 8.73 FEET; THENCE SOUTH 24°28’49” WEST,
13.76 FEET; THENCE NORTH 65°40’35” WEST, 7.37 FEET; THENCE SOUTH 23°19’04” WEST, 29.88 FEET; THENCE NORTH 64°56’42” WEST, 25.44 FEET; THENCE SOUTH 60°12’34” WEST, 4.24 FEET; THENCE SOUTH
24o17’28” WEST, 15.74 FEET; THENCE SOUTH 64°37’10” EAST, 18.23 FEET; THENCE SOUTH 24°13’36” WEST, 16.26 FEET; THENCE NORTH 65°46’24” WEST, 34.86 FEET; THENCE SOUTH 89°24’55”
WEST, 56.22 FEET; THENCE SOUTH 64°19’48” WEST, 36.37 FEET; THENCE NORTH 45°48’06” WEST, 5.16 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA7 HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 

  
 Schedule
II-A-4 

 PARCEL SIX (6): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA5 AS SHOWN IN FILE 111, PAGE 99 OF SURVEYS ON FILE AT
THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION: 
 PARCEL NA5 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH
LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH
89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 433.44 FEET; THENCE NORTH 00°45’37” WEST, 132.98 FEET; THENCE NORTH 89°23’33”
EAST, 79.88 FEET TO THE POINT OF BEGINNING; THENCE NORTH 62°47’57” EAST, 6.33 FEET; THENCE SOUTH 25°54’06” EAST, 7.11 FEET; THENCE SOUTH 62°47’57” WEST, 2.09 FEET; THENCE SOUTH 00°03’19” EAST,
2.47 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO 1; THENCE CONTINUING SOUTH 00°03’19” EAST, 23.04 FEET; THENCE SOUTH 89°37’20” WEST, 6.88 FEET; THENCE NORTH 00°03’19” WEST, 22.98 FEET TO A POINT
HEREINAFTER REFERRED TO AS POINT NO. 2; THENCE CONTINUING NORTH 00°03’19” WEST, 7.03 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE
DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING
DESCRIBED AREA: BEGINNING AT THE AFOREMENTIONED POINT NO. 2; THENCE NORTH 89°08’33” EAST, 6.88 FEET TO THE AFOREMENTIONED POINT NO. 1; THENCE SOUTH 00°03’19” EAST, A SLOPE DISTANCE OF 18.59 FEET AT A VERTICAL ANGLE ABOVE
THE HORIZON OF 32°32’40” TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 3; THENCE SOUTH 89°08’33” WEST 6.88 FEET; THENCE NORTH 00°03’19” WEST, A SLOPE DISTANCE OF 18.59 FEET AT A VERTICAL ANGLE BELOW THE
HORIZON OF 32°32’40” TO THE POINT OF BEGINNING. 

  
 Schedule
II-A-5 

 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29
FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 3; THENCE SOUTH 00°03’19” EAST, 7.37 FEET; THENCE SOUTH 89°37’20” WEST, 6.88 FEET; THENCE NORTH 00°03’19” WEST, 7.31
FEET; THENCE NORTH 89°08’33” EAST, 6.88 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF
2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 PARCEL SEVEN (7): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA16 AS SHOWN IN FILE 111, PAGE 100 OF SURVEYS ON FILE
AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION 
 PARCEL NA16 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE NORTH
00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00
FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO THE EAST RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EAST RIGHT-OF-WAY, NORTH 00o36’27” WEST,
691.42 FEET; THENCE NORTH 00°54’27” WEST, ALONG SAID EAST RIGHT-OF-WAY 114.38 FEET; THENCE DEPARTING SAID EAST RIGHT-OF-WAY, NORTH 89o23’20” EAST, 372.54 FEET; THENCE SOUTH 00°36’40” EAST, 55.06 FEET TO THE
POINT OF BEGINNING; THENCE SOUTH 00°46’32” EAST, 8.53 FEET; THENCE SOUTH 89o25’26” WEST, 25.25 FEET; THENCE SOUTH 00°38’15” EAST, 26.32 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 1; THENCE SOUTH
00°36’55” EAST, 15.65 FEET; THENCE SOUTH 

  
 Schedule
II-A-6 

 
89°21’31” WEST, 11.73 FEET; THENCE NORTH 00°38’29” WEST, 2.45 FEET; THENCE SOUTH 89°23’05” WEST, 91.95 FEET; THENCE SOUTH 00o38’29” EAST,
2.51 FEET; THENCE SOUTH 89°21’31” WEST, 10.51 FEET; THENCE NORTH 00°36’55” WEST, 15.67 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 2; THENCE NORTH 00°36’55” WEST, 48.54 FEET; THENCE NORTH
89°16’02” EAST, 13.84 FEET; THENCE SOUTH 00°46’36” EAST, 13.48 FEET; THENCE SOUTH 89°28’45” WEST, 2.88 FEET; THENCE SOUTH 00°38’29” EAST, 25.56 FEET; THENCE NORTH 89°21’31” EAST,
91.45 FEET; THENCE NORTH 00°38’29” WEST, 25.37 FEET; THENCE NORTH 89°28’45” EAST, 36.96 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA16 HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 1;
THENCE SOUTH 00°36’55” EAST, A SLOPE DISTANCE OF 18.57 FEET AT A VERTICAL ANGLE ABOVE THE HORIZON OF 32o32’40”; THENCE SOUTH 89°21’31” WEST, 11.73 FEET; THENCE NORTH 00°38’29” WEST, A SLOPE
DISTANCE OF 18.57 FEET AT A VERTICAL ANGLE BELOW THE HORIZON OF 32°32’40”; THENCE NORTH 89°23’05” EAST, 11.73 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 2;
THENCE NORTH 89°21’31” EAST, 10.51 FEET; THENCE SOUTH 00°38’29” EAST, A SLOPE DISTANCE OF 18.57 FEET AT A VERTICAL ANGLE ABOVE THE HORIZON OF 32°32’40”; THENCE SOUTH 89°21’31” WEST, 10.51 FEET;
THENCE NORTH 00°36’55” WEST, A SLOPE DISTANCE OF 18.57 FEET AT A VERTICAL ANGLE BELOW THE HORIZON OF 32°32’40” TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 PARCEL EIGHT (8): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA6 AS SHOWN IN FILE 112, PAGE 01 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

  
 Schedule
II-A-7 

 LEGAL DESCRIPTION 
 PARCEL NA6 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH
LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH
89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 136.35 FEET; THENCE NORTH 00°36’12” WEST, 60.97 FEET; THENCE NORTH 64°18’14”
EAST, 7.27 FEET; THENCE NORTH 00°28’50” WEST, 156.32 FEET TO THE POINT OF BEGINNING; THENCE NORTH 25°41’08” WEST, 60.80 FEET; THENCE NORTH 64°40’35” EAST, 16.80 FEET; THENCE NORTH 00°36’39”
WEST, 48.88 FEET; THENCE SOUTH 64°25’33” EAST, 5.15 FEET; THENCE SOUTH 80°16’36” EAST, 91.67 FEET; THENCE SOUTH 64°54’45” EAST, 3.97 FEET; THENCE SOUTH 02°40’26” WEST, 23.31 FEET; THENCE SOUTH
03°36’30” EAST, 27.47 FEET; THENCE SOUTH 10°37’10” EAST, 27.53 FEET; THENCE SOUTH 13°40’17” EAST, 8.67 FEET; THENCE SOUTH 84°56’14” WEST, 26.94 FEET; THENCE NORTH 00°52’53” WEST,
61.11 FEET; THENCE SOUTH 89°14’29” WEST, 42.05 FEET; THENCE SOUTH 00°32’12” EAST, 51.30 FEET; THENCE SOUTH 64°21’04” WEST, 28.09 FEET TO THE POINT OF BEGINNING. 

PARCEL NA6 HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 

PARCEL NINE (9): 
 EXPLANATION: 

THIS LEGAL DESCRIBES PARCEL NA15 AS SHOWN IN FILE 112, PAGE 02 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

  
 Schedule
II-A-8 

 LEGAL DESCRIPTION 
 PARCEL NA15 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING
SAID SOUTH LINE AND SAID STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30
FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE
ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’20” EAST, 447.36 FEET; THENCE SOUTH
00°36’40” EAST, 55.03 FEET TO THE POINT OF BEGINNING; THENCE NORTH 89°26’12” EAST, 38.01 FEET; THENCE SOUTH 00°46’32” EAST, 8.60 FEET; THENCE SOUTH 89°05’01” WEST, 27.96 FEET; THENCE SOUTH
00°14’52” EAST, 39.33 FEET; THENCE SOUTH 87°01’19” WEST, 3.51 FEET; THENCE SOUTH 24°23’31” WEST, 35.22 FEET; THENCE SOUTH 65°26’29” EAST, 9.23 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT
NO. 1; THENCE CONTINUING SOUTH 65°26’29” EAST, 16.30 FEET; THENCE SOUTH 24°23’35” WEST, 9.37 FEET; THENCE NORTH 65°36’25” WEST, 21.81 FEET; THENCE NORTH 24°23’35” EAST, 3.89 FEET; THENCE NORTH
65°25’32” WEST, 9.78 FEET; THENCE NORTH 24°22’24” EAST, 38.73 FEET; THENCE NORTH 00°33’30” WEST, 47.51 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.06 FEET AND AN UPPER ELEVATION OF 2144.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 1;
THENCE SOUTH 65°26’29” EAST, A SLOPE DISTANCE OF 13.26 FEET AT A VERTICAL ANGLE ABOVE THE HORIZON OF 33’57’56” TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 2; THENCE SOUTH 24°23’35” WEST, 5.53 FEET;
THENCE NORTH 65°29’41” WEST, A SLOPE DISTANCE OF 13.26 FEET AT A VERTICAL ANGLE BELOW THE HORIZON OF 33°57’56”; THENCE NORTH 24°23’35” EAST, 5.54 FEET TO THE POINT OF BEGINNING. 

THE ABOVE DESCRIBED AREA HAS A LOWER PLANE OF ELEVATION OF 2134.06 FEET AND AN UPPER PLANE ELEVATION OF 2141.47 FEET. 

EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 2; THENCE SOUTH 65°26’29” EAST, 5.30 FEET; THENCE SOUTH 24°23’35” WEST, 9.37 FEET; THENCE NORTH 65°36’25” WEST, 5.30
FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 3; THENCE NORTH 24o23’35” EAST, 9.37 FEET TO THE POINT OF BEGINNING. 

  
 Schedule
II-A-9 

 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.06 FEET AND AN UPPER PLANE ELEVATION OF 2141.47
FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 3; THENCE NORTH 65°36’25” WEST, A SLOPE DISTANCE OF 4.69 FEET AT A VERTICAL ANGLE ABOVE THE HORIZON OF 36°32’38” TO A POINT
HEREINAFTER REFERRED TO AS POINT NO.4; THENCE NORTH 24o23’35” EAST, 3.86 FEET; THENCE SOUTH 65°29’41” EAST, A SLOPE DISTANCE OF 4.69 FEET AT A VERTICAL ANGLE BELOW THE HORIZON OF 36°32’38”; THENCE SOUTH
24o23’35” WEST, 3.86 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.06 FEET AND
AN UPPER ELEVATION OF 2144.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 

BEGINNING AT THE AFOREMENTIONED POINT NO. 4; THENCE NORTH 65°36’25” WEST, 12.76 FEET; THENCE NORTH 24°23’35” EAST, 3.89 FEET;
THENCE SOUTH 65°29’41” EAST, 12.76 FEET; THENCE SOUTH 24°23’35” WEST, 3.86 FEET TO THE POINT OF BEGINNING. 
 THE
ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.06 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 PARCEL TEN (10): 

EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL PAT AS
SHOWN IN FILE 112, PAGE 04 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

  
 Schedule
II-A-10 

 LEGAL DESCRIPTION 
 PARCEL PAT 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY,
NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING
A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER (NW 1/4) SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND
STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH
89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE NORTH 80°44’46” EAST, 187.61 FEET TO THE POINT OF BEGINNING; THENCE NORTH 02°04’49” WEST, 38.87 FEET; THENCE SOUTH
89°36’50” WEST, 16.34 FEET; THENCE NORTH 83°50’21” WEST, 35.70 FEET; THENCE NORTH 75°34’09” WEST, 27.60 FEET; THENCE NORTH 69°25’08” WEST, 18.35 FEET; THENCE NORTH 62°34’11” WEST,
33.98 FEET; THENCE NORTH 54°17’49” WEST, 29.97 FEET; THENCE NORTH 46°59’34” WEST, 22.74 FEET; THENCE NORTH 40°08’28” WEST, 32.00 FEET; THENCE NORTH 33°03’43” WEST, 3.07 FEET; THENCE SOUTH
61°18’57” WEST, 0.73 FEET; THENCE NORTH 28°46’21” WEST, 38.64 FEET; THENCE NORTH 61°19’02” EAST, 0.28 FEET; THENCE NORTH 24°57’05” WEST, 12.99 FEET; THENCE NORTH 12°44’50” WEST,
18.14 FEET; THENCE SOUTH 84°42’26” WEST, 3.21 FEET; THENCE NORTH 13°40’17” WEST, 8.67 FEET; THENCE NORTH 10°37’10” WEST, 27.53 FEET; THENCE NORTH 03°36’30” WEST, 27.47 FEET; THENCE NORTH
02°40’26” EAST, 23.31 FEET; THENCE NORTH 64°54’45” WEST, 3.97 FEET; THENCE NORTH 24°28’49” EAST, 33.82 FEET; THENCE NORTH 65°31’11” WEST, 4.25 FEET; THENCE NORTH 00°39’39” WEST,
60.07 FEET; THENCE NORTH 89°01’26” EAST, 19.25 FEET; THENCE SOUTH 65°34’40” EAST, 12.39 FEET; THENCE NORTH 24°25’20” EAST, 43.25 FEET; THENCE NORTH 66°35’56” WEST, 4.97 FEET; THENCE NORTH
24°06’10” EAST, 21.38 FEET; THENCE SOUTH 65°48’52” EAST, 7.53 FEET; THENCE NORTH 24°00’35” EAST, 11.67 FEET; THENCE NORTH 65°10’06” WEST, 7.52 FEET; THENCE NORTH 25°15’30” WEST,
17.50 FEET; THENCE NORTH 55°25’35” EAST, 30.03 FEET; THENCE NORTH 61°17’00” EAST, 32.67 FEET; THENCE NORTH 68°21’59” EAST, 31.51 FEET; THENCE NORTH 75°44’49” EAST, 32.54 FEET; THENCE NORTH
83°01’01” EAST, 33.90 FEET; THENCE SOUTH 86°40’14” EAST, 59.11 FEET; THENCE SOUTH 75°46’00” EAST, 35.94 FEET; THENCE SOUTH 68°09’42” EAST, 33.08 FEET; THENCE SOUTH 61°04’29” EAST,
30.30 FEET; THENCE SOUTH 32°30’36” WEST, 36.71 FEET; THENCE NORTH 54°27’18” WEST, 5.39 FEET; THENCE SOUTH 36°38’59” WEST, 17.12 FEET; THENCE SOUTH 53°35’09” EAST, 33.83 FEET; THENCE SOUTH
46°47’07” EAST, 26.51 FEET; THENCE SOUTH 39°34’43” EAST, 26.17 FEET; THENCE NORTH 54°07’26” EAST, 53.90 FEET; THENCE SOUTH 32°21’53” EAST, 30.56 FEET; THENCE SOUTH 26°23’44” EAST,
20.09 FEET; THENCE SOUTH 19°10’09” EAST, 42.76 FEET; THENCE SOUTH 75°35’22” WEST, 38.87 FEET; THENCE SOUTH 10°13’49” EAST, 33.15 FEET; THENCE SOUTH 02°48’12” EAST, 23.39 FEET; THENCE SOUTH
03°34’14” WEST, 29.14 FEET; THENCE SOUTH 82°45’54” EAST, 38.91 FEET; THENCE SOUTH 10°51’38” WEST, 30.72 FEET; THENCE SOUTH 18°09’27” WEST, 32.09 FEET; THENCE SOUTH 25°25’38” WEST,
22.92 FEET; THENCE NORTH 62°57’05” WEST, 53.76 FEET; THENCE SOUTH 27°25’45” WEST, 9.17 FEET; THENCE SOUTH 32°58’15” WEST, 24.74 FEET; THENCE SOUTH 39°40’27” WEST, 24.73 FEET; THENCE SOUTH
46°56’53” WEST, 27.39 FEET; THENCE SOUTH 39°34’42” EAST, 52.83 FEET; THENCE SOUTH 51°59’10” WEST, 30.54 FEET; THENCE SOUTH 61°07’08” WEST, 33.91 FEET; THENCE SOUTH 69°09’29” WEST,
30.78 FEET; THENCE SOUTH 75°32’27” WEST, 32.50 FEET; THENCE SOUTH 83°29’29” WEST, 35.64 FEET TO THE POINT OF BEGINNING. 

  
 Schedule
II-A-11 

 EXCEPTING THEREFROM PARCEL NB14 AS SHOWN IN FILE 111, PAGE 94 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA
RECORDER’S OFFICE DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, BEING A
POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89o31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET
CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00o36’27” WEST, 155.30 FEET; THENCE NORTH
89o31’10” EAST, 365.00 FEET; THENCE NORTH 00o36’27” WEST, 150.00 FEET; THENCE SOUTH 89o31’10” WEST, 590 FEET TO THE EAST RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT OF WAY,
NORTH 00o36’27” WEST, 434.07 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89o23’33” EAST, 618.50 FEET TO THE POINT OF BEGINNING; THENCE NORTH 23o51’47” EAST, 36.68 FEET; THENCE SOUTH
68o09’41” EAST, 46.13 FEET; THENCE SOUTH 21o50’19” WEST, 19.46 FEET; THENCE SOUTH 54o36’20” WEST, 22.48 FEET; THENCE NORTH 65o22’54” WEST, 35.30 FEET TO THE POINT OF BEGINNING. 

PARCEL NB14 HAS AN UPPER PLANE ELEVATION OF 2117.29 FEET. 
 PARCEL PAT HAS AN UPPER ELEVATION OF INFINITY. 
 PARCEL ELEVEN (11): 

EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA4 AS
SHOWN IN FILE 112, PAGE 05 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

  
 Schedule
II-A-12 

 LEGAL DESCRIPTION 
 PARCEL NA4 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH
LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH
89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID
EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’20” EAST, 665.61 FEET; THENCE SOUTH
00°35’55” EAST, 39.49 FEET TO THE POINT OF BEGINNING; THENCE NORTH 89°24’05” EAST, 9.64 FEET; THENCE SOUTH 00°35’39” EAST, 32.12 FEET; THENCE SOUTH 88°57’10” WEST, 9.35 FEET; THENCE NORTH
01°06’33” WEST, 32.19 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA4 HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE
ELEVATION OF 2125.80 FEET. 
 PARCEL TWELVE (12): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA12 AS SHOWN IN FILE 112, PAGE 06 OF SURVEYS ON FILE AT
THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION 
 PARCEL NA12 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH
LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30

  
 Schedule
II-A-13 

 
FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO A POINT ON THE
EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH
89°23’20” EAST, 655.01 FEET; THENCE SOUTH 00°35’55” EAST, 38.24 FEET TO THE POINT OF BEGINNING; THENCE NORTH 89°24’05” EAST, 4.10 FEET; THENCE SOUTH 00°42’53” EAST, 3.25 FEET; THENCE NORTH
89°24’05” EAST, 5.33 FEET; THENCE SOUTH 00°35’55” EAST, 20.93 FEET; THENCE SOUTH 89°28’24” WEST, 9.39 FEET; THENCE NORTH 00°42’53” WEST, 24.17 FEET TO THE POINT OF BEGINNING. 

PARCEL NA12 HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2134.29 FEET. 

PARCEL THIRTEEN (13): 
 EXPLANATION: 

THIS LEGAL DESCRIBES PARCEL NA13 AS SHOWN IN FILE 112, PAGE 07 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

LEGAL DESCRIPTION 
 PARCEL NA13 

A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON
FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 

COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH
89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST,
64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH
00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST,
691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’20” EAST, 558.63 FEET; THENCE SOUTH 00°38’05” EAST, 39.64 FEET TO THE POINT OF BEGINNING;
THENCE NORTH 

  
 Schedule
II-A-14 

 
89°30’29” EAST, 18.63 FEET; THENCE SOUTH 01°07’37” EAST, 4.21 FEET; THENCE SOUTH 89°29’40” WEST, 2.50 FEET; THENCE SOUTH 00°29’31” EAST,
16.19 FEET; THENCE SOUTH 89°30’29” WEST, 16.17 FEET; THENCE NORTH 00°29’31” WEST, 20.40 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA13 HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 PARCEL FOURTEEN (14): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA AS SHOWN IN FILE 112, PAGE 08 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION 
 PARCEL NA 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S
OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF
THE NORTHWEST CORNER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE
DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH
89°31’10” WEST, 136.35 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 89°31’10” WEST, 453.65 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY,
NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY NORTH 89°23’20” EAST, 995.09 FEET; THENCE SOUTH 00°36’40” EAST, 55.14
FEET; THENCE NORTH 89°26’04” EAST, 1.87 FEET; THENCE SOUTH 00°24’51” EAST, 77.63 FEET; THENCE SOUTH 89°21’10” WEST, 122.55 FEET; THENCE NORTH 00°33’56” WEST, 77.83 FEET; THENCE SOUTH
89°26’04” WEST, 60.22 FEET; THENCE SOUTH 00°38’26” EAST, 78.74 FEET; THENCE NORTH 89°42’33” EAST, 0.11 FEET; THENCE SOUTH 00°40’41” EAST, 135.10 FEET; THENCE NORTH 75°46’00” WEST,
0.21 FEET; THENCE NORTH 86°40’14” WEST, 59.11 FEET; THENCE SOUTH 83°01’01” WEST, 33.90 FEET; THENCE SOUTH 75°44’49” WEST, 32.54 FEET; THENCE SOUTH 68°21’59” WEST, 31.51

  
 Schedule
II-A-15 

 
FEET; THENCE SOUTH 61°17’00” WEST, 32.67 FEET; THENCE SOUTH 55°25’35” WEST, 30.03 FEET; THENCE SOUTH 25°15’30” EAST, 17.50 FEET; THENCE SOUTH
65°10’06” EAST, 7.52 FEET; THENCE SOUTH 24°00’35” WEST, 11.67 FEET; THENCE NORTH 65°48’52” WEST, 7.53 FEET; THENCE SOUTH 24o06’10” WEST, 21.38 FEET; THENCE SOUTH 66°35’56” EAST,
4.97 FEET; THENCE SOUTH 24°25’20” WEST, 43.25 FEET; THENCE NORTH 65°34’40” WEST, 12.39 FEET; THENCE SOUTH 89°01’26” WEST, 19.25 FEET; THENCE SOUTH 00°39’39” EAST, 60.07 FEET; THENCE SOUTH
65°31’11” EAST, 4.25 FEET; THENCE SOUTH 24°28’49” WEST, 33.82 FEET; THENCE SOUTH 64°54’45” EAST, 3.97 FEET; THENCE SOUTH 02°40’26” WEST, 23.31 FEET; THENCE SOUTH 03°36’30” EAST,
27.47 FEET; THENCE SOUTH 10°37’10” EAST, 27.53 FEET; THENCE SOUTH 13°40’17” EAST, 8.67 FEET; THENCE NORTH 84°42’26” EAST, 3.21 FEET; THENCE SOUTH 12°44’50” EAST, 18.14 FEET; THENCE SOUTH
24°57’05” EAST, 12.99 FEET; THENCE SOUTH 61°19’02” WEST, 0.28 FEET; THENCE SOUTH 64°45’39” WEST, 97.70 FEET; THENCE SOUTH 25°14’21” EAST, 74.12 FEET; THENCE SOUTH 64°18’14” WEST,
61.67 FEET; THENCE SOUTH 00°36’12” EAST, 60.97 FEET TO THE POINT OF BEGINNING. 
 EXCEPTING THEREFROM PARCEL NB8 AS SHOWN IN FILE
111, PAGE 87 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER
OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, THENCE NORTH 01°28’29” WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, A DISTANCE OF 1175.72 FEET TO A POINT ON THE WESTERLY PROLONGATION OF THE
NORTH LINE OF SAID LOT 1; THENCE ALONG SAID WESTERLY PROLONGATION, NORTH 89°23’20” EAST, 107.55 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, NORTH
89°23’20” EAST, 214.60 FEET; THENCE DEPARTING SAID NORTH LINE, SOUTH 00o36’40” EAST, 29.96 FEET TO THE POINT OF BEGINNING; THENCE NORTH 89°16’02” EAST, 40.64 FEET; THENCE SOUTH 00°43’58” EAST,
1.15 FEET; THENCE SOUTH 89°13’24” WEST, 8.31 FEET; THENCE SOUTH 00°46’36” EAST, 14.85 FEET; THENCE SOUTH 89°16’02” WEST, 15.66 FEET; THENCE SOUTH 00°43’58” EAST, 34.30 FEET; THENCE SOUTH
01°01’23” EAST, 39.73 FEET; THENCE SOUTH 88°58’37” WEST, 20.42 FEET; THENCE NORTH 00°28’57” WEST, 58.65 FEET; THENCE NORTH 88°43’35” EAST, 3.58 FEET; THENCE NORTH 01°16’25” WEST,
31.46 FEET TO THE POINT OF BEGINNING. 
 PARCEL NB8 HAS AN UPPER PLANE ELEVATION OF 2117.29 FEET. 

  
 Schedule
II-A-16 

 FURTHER EXCEPTING THEREFROM PARCEL NB10 AS SHOWN IN FILE 111, PAGE 92 OF SURVEYS ON FILE AT THE CLARK
COUNTY, NEVADA RECORDER’S OFFICE DESCRIBED AS FOLLOWS: 
 PARCEL “1” 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21; THENCE NORTH 01°28’29” WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION
21, A DISTANCE OF 1175.72 FEET TO A POINT ON THE WESTERLY PROLONGATION OF THE NORTH LINE OF SAID LOT 1; THENCE ALONG SAID WESTERLY PROLONGATION, NORTH 89°23’20” EAST, 107.55 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS
BOULEVARD SOUTH; THENCE CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, NORTH 89°23’20” EAST, 937.26 FEET; THENCE DEPARTING SAID NORTH LOT LINE, SOUTH 00°36’40” EAST, 63.05 FEET TO THE POINT OF BEGINNING; THENCE NORTH
89°34’34” EAST, 8.11 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT “A”; THENCE SOUTH 00o07’36” WEST, 16.90 FEET; THENCE SOUTH 89°34’34” WEST, 8.11 FEET; THENCE NORTH 00°07’36”
EAST, 16.90 FEET TO THE POINT OF BEGINNING. 
 PARCEL “1” OF PARCEL NB 10 HAS AN UPPER PLANE ELEVATION OF 2117.29 FEET. 

TOGETHER WITH THE FOLLOWING DESCRIBED AREA; 

PARCEL “2” 
 BEGINNING AT THE
AFOREMENTIONED POINT “A”; THENCE NORTH 89°34’34” EAST, 8.11 FEET; THENCE SOUTH 00°07’36” WEST, 16.90 FEET; THENCE SOUTH 89°34’34” WEST, 8.11 FEET; THENCE NORTH 00°07’36” EAST, 16.90
FEET TO THE POINT OF BEGINNING. 
 PARCEL “2” OF PARCEL NB10 HAS A LOWER PLANE ELEVATION OF 2111.29 FEET AND AN UPPER PLANE ELEVATION
OF 2117.29 FEET. 
 PARCEL NA HAS AN UPPER PLANE ELEVATION OF 2117.29 FEET. 
 PARCEL FIFTEEN (15): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA2 AS SHOWN IN FILE 112, PAGE 09 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

  
 Schedule
II-A-17 

 LEGAL DESCRIPTION 
 PARCEL NA2 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING
SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET;
THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 136.35 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 89°31’10” WEST,
271.50 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT “A”; THENCE CONTINUING SOUTH 89°31’10” WEST, 182.15 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY,
NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’20” EAST, 995.09 FEET; THENCE SOUTH 00o36’40” EAST, 55.14
FEET; THENCE SOUTH 89°26’04” WEST, 148.98 FEET; THENCE SOUTH 00°36’01” EAST, 47.55 FEET; THENCE SOUTH 89°26’44” WEST, 32.00 FEET; THENCE SOUTH 00°40’41” EAST, 166.27 FEET; THENCE NORTH
75°46’00” WEST, 0.21 FEET; THENCE NORTH 86°40’14” WEST, 59.11 FEET; THENCE SOUTH 83°01’01” WEST, 33.90 FEET; THENCE SOUTH 75°44’49” WEST, 32.54 FEET; THENCE SOUTH 68°21’59” WEST,
31.51 FEET; THENCE SOUTH 61°17’00” WEST, 32.67 FEET; THENCE SOUTH 55°25’35” WEST, 30.03 FEET; THENCE SOUTH 25°15’30” EAST, 17.50 FEET; THENCE SOUTH 65°10’06” EAST, 7.52 FEET; THENCE SOUTH
24°00’35” WEST, 11.67 FEET; THENCE NORTH 65°48’52” WEST, 7.53 FEET; THENCE SOUTH 24°06’10” WEST, 21.38 FEET; THENCE SOUTH 66°35’56” EAST, 4.97 FEET; THENCE SOUTH 24°25’20” WEST,
43.25 FEET; THENCE NORTH 65°34’40” WEST, 12.39 FEET; THENCE SOUTH 89°01’26” WEST, 19.25 FEET; THENCE SOUTH 00°39’39” EAST, 60.07 FEET; THENCE SOUTH 65°31’11” EAST, 4.25 FEET; THENCE SOUTH
24°28’49” WEST, 33.82 FEET; THENCE NORTH 64°54’45” EAST, 3.97 FEET; THENCE SOUTH 02°40’26” WEST, 23.31 FEET; THENCE SOUTH 03°36’30” EAST, 27.47 FEET; THENCE SOUTH 10°37’10” EAST,
27.53 FEET; THENCE SOUTH 13°40’17” EAST, 8.67 FEET; THENCE NORTH 84°42’26” EAST, 3.21 FEET; THENCE SOUTH 12°44’50” EAST, 18.14 FEET; THENCE SOUTH 24°57’05” EAST, 12.99 FEET; THENCE SOUTH
61°19’02” WEST, 0.28 FEET; THENCE SOUTH 64°45’39” WEST, 97.70 FEET; THENCE SOUTH 25°14’21” EAST, 74.12 FEET; THENCE SOUTH 64°18’14” WEST, 61.67 FEET; THENCE SOUTH 00°36’12” EAST,
60.97 FEET TO THE POINT OF BEGINNING. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED PARCEL: 

COMMENCING AT THE AFOREMENTIONED POINT “A”; THENCE NORTH 00°39’34” WEST, 1.97 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING
NORTH 00°39’34” WEST, 10.80 FEET; THENCE NORTH 89°20’28” EAST, 1.61 FEET; THENCE SOUTH 00°39’34” EAST, 10.80 FEET; THENCE SOUTH 89°20’26” WEST, 1.61 FEET TO THE POINT OF BEGINNING. 

  
 Schedule
II-A-18 

 THE ABOVE DESCRIBED PARCEL HAS A LOWER PLANE ELEVATION OF 2144.29 FEET AND AN UPPER PLANE ELEVATION OF
2145.29. 
 FURTHER EXCEPTING THEREFROM THE FOLLOWING PARCELS: 
 PARCEL NB4 AS SHOWN IN FILE 111, PAGE 91 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE DESCRIBED AS FOLLOWS: 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S
OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF
THE NORTHWEST CORNER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID
HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH
89°31’10” WEST, 433.44 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 89°31’10” WEST, 77.92 FEET; THENCE NORTH 00°28’50” WEST, 0.67 FEET; THENCE SOUTH 88°18’38” WEST, 0.59 FEET; THENCE
NORTH 00°37’21” WEST, 7.89 FEET; THENCE NORTH 88°16’52” WEST, 1.62 FEET; THENCE NORTH 46°39’43” WEST, 16.82 FEET; THENCE NORTH 00°48’13” WEST, 17.49 FEET; THENCE NORTH 44°55’10”
EAST, 17.07 FEET; THENCE SOUTH 79°38’00” EAST, 1.58 FEET; THENCE NORTH 00°21’54” WEST, 14.09 FEET; THENCE SOUTH 89°38’05” WEST, 4.75 FEET; THENCE NORTH 00°33’20” WEST, 47.23 FEET; THENCE NORTH
81°49’18” WEST, 7.02 FEET; THENCE NORTH 00°45’04” WEST, 44.10 FEET; THENCE NORTH 89°45’05” EAST, 11.13 FEET; THENCE NORTH 00°24’46” WEST 6.76 FEET; THENCE NORTH 89°25’28” EAST,
78.69 FEET; THENCE SOUTH 00°45’37” EAST, 162.76 FEET TO THE POINT OF BEGINNING. 
 PARCEL NB4 HAS A LOWER PLANE ELEVATION OF
2144.29 FEET AND AN UPPER ELEVATION OF INFINITY. 
 PARCEL NB5 AS SHOWN IN FILE 111, PAGE 88 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA
RECORDER’S OFFICE DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21; THENCE
NORTH 01°28’29” WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, A DISTANCE OF 1175.72 FEET TO A POINT ON THE WESTERLY PROLONGATION OF THE NORTH 

  
 Schedule
II-A-19 

 
LINE OF SAID LOT 1; THENCE ALONG SAID WESTERLY PROLONGATION, NORTH 89°23’20” EAST, 107.55 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE
CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, NORTH 89°23’20” EAST, 246.93 FEET; THENCE DEPARTING SAID NORTH LOT LINE, SOUTH 00°36’40” EAST, 29.89 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 00°46’36”
EAST, 24.98 FEET; THENCE SOUTH 89°26’21” WEST, 20.14 FEET; THENCE NORTH 00°33’37” WEST, 8.60 FEET; THENCE SOUTH 89°26’23” WEST, 11.35 FEET; THENCE SOUTH 00°33’37” EAST, 8.60 FEET; THENCE SOUTH
89°31’31” WEST, 32.59 FEET; THENCE SOUTH 01°00’06” EAST, 135.40 FEET; THENCE SOUTH 88°56’33” WEST, 6.03 FEET; THENCE NORTH 00°50’48” WEST, 40.45 FEET; THENCE SOUTH 89°09’12” WEST,
37.37 FEET; THENCE SOUTH 47°07’07” WEST, 60.66 FEET; THENCE SOUTH 89°08’03” WEST, 1.67 FEET; THENCE SOUTH 00°51’57” EAST, 2.48 FEET; THENCE SOUTH 89°08’03” WEST, 15.40 FEET; THENCE NORTH
45°06’44” WEST, 11.67 FEET; THENCE NORTH 00°41’40” WEST, 15.49 FEET; THENCE NORTH 44°39’23” EAST, 14.74 FEET; THENCE NORTH 89°22’28” EAST, 5.69 FEET; THENCE NORTH 05°16’55” EAST,
54.19 FEET; THENCE SOUTH 89°10’56” WEST, 4.06 FEET; THENCE NORTH 45°11’33” WEST, 4.59 FEET TO THE BEGINNING OF A NON-TANGENT CURVE CONCAVE NORTHEASTERLY AND HAVING A RADIUS OF 13.91 FEET, FROM WHICH THE RADIUS BEARS NORTH
39°50’17” WEST, THENCE NORTHWESTERLY ALONG SAID CURVE TO THE RIGHT THROUGH A CENTRAL ANGLE OF 167°59’03”, AN ARC LENGTH OF 40.78 FEET TO A POINT OF NON-TANGENCY TO WHICH A RADIAL LINE BEARS NORTH 51°51’14”
WEST; THENCE ALONG A NON-TANGENT LINE NORTH 44°52’42” WEST, 4.64 FEET; THENCE NORTH 00°35’26” WEST, 34.07 FEET; THENCE NORTH 43°59’53” EAST, 7.54 FEET; THENCE NORTH 88°49’23” EAST, 26.50 FEET;
THENCE NORTH 01°10’37” WEST, 9.22 FEET; THENCE NORTH 89°16’16” EAST, 153.53 FEET TO THE POINT OF BEGINNING. 

PARCEL NB5 HAS A LOWER PLANE ELEVATION OF 2144.29 FEET AND AN UPPER ELEVATION OF INFINITY. 
 PARCEL NB13 AS SHOWN IN FILE 111, PAGE 95 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE, DESCRIBED AS FOLLOWS: 
 A CYLINDER HAVING A 32.09 FOOT RADIUS BEING A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 0033 OF PLATS ON FILE
AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 

COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH
89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70
FEET TO THE NORTHERLY 

  
 Schedule
II-A-20 

 
RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00
FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO THE EAST RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST,
373.97 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’33” EAST, 507.55 FEET TO THE RADIUS POINT OF SAID CYLINDER AND BEING THE POINT OF BEGINNING. 
 PARCEL NB13 HAS A LOWER PLANE ELEVATION OF 2144.29 FEET AND AN UPPER PLANE ELEVATION OF 2171.85 FEET. 
 PARCEL NA2 HAS A LOWER PLANE ELEVATION OF 2144.29 FEET AND AN UPPER ELEVATION OF INFINITY. 

PARCEL SIXTEEN (16): 
 EXPLANATION: 

THIS LEGAL DESCRIBES PARCEL NA14 AS SHOWN IN FILE 112, PAGE 11 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

LEGAL DESCRIPTION 
 PARCEL NA14 

A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON
FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 

COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH
89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70
FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH
00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 459.06 FEET; THENCE NORTH 00°28’50” WEST, 1.81 FEET TO A POINT HEREINAFTER REFERRED AS POINT NO. 1, SAME POINT BEING THE POINT OF BEGINNING; THENCE
NORTH 00°39’34” WEST, 10.80 FEET; THENCE NORTH 89°20’26” EAST, 52.83 FEET; THENCE SOUTH 00°39’34” EAST, 10.80 FEET; THENCE SOUTH 89°20’26” WEST, 52.83 FEET TO POINT OF BEGINNING. 

  
 Schedule
II-A-21 

 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2145.29
FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 1; THENCE NORTH 00°39’34” WEST, 10.80 FEET; THENCE NORTH 89°20’26” EAST, A SLOPE DISTANCE OF 16.41 FEET AT A VERTICAL ANGLE ABOVE THE
HORIZON OF 33°15’50” TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 2; THENCE SOUTH 00°39’34” EAST, 10.80 FEET; THENCE SOUTH 89°20’26” WEST, A SLOPE DISTANCE OF 16.41 FEET AT A VERTICAL ANGLE BELOW THE
HORIZON OF 33°15’50” TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN
UPPER PLANE ELEVATION OF 2126.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 

BEGINNING AT THE AFOREMENTIONED POINT NO. 2; THENCE NORTH 89°20’26” EAST, 7.11 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 3;
THENCE SOUTH 00°39’34” EAST, 10.80 FEET; THENCE SOUTH 89°20’26” WEST, 7.11 FEET; THENCE NORTH 00°39’34” WEST, 10.80 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2126.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 3;
THENCE NORTH 89°20’26” EAST, A SLOPE DISTANCE OF 17.09 FEET AT A VERTICAL ANGLE ABOVE THE HORIZON OF 31°46’28” TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 4; THENCE SOUTH 00o39’34” EAST, 10.80 FEET;
THENCE SOUTH 89°20’26” WEST, A SLOPE DISTANCE OF 17.09 FEET AT A VERTICAL ANGLE BELOW THE HORIZON OF 31°46’28”; THENCE NORTH 00°39’34” WEST, 10.80 FEET TO THE POINT OF BEGINNING. 

THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2126.29 FEET AND AN UPPER PLANE ELEVATION OF 2136.29 FEET. 

EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 4; THENCE NORTH 89°20’26” EAST, 2.94 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 5; THENCE SOUTH 00°39’34” EAST, 10.80 FEET;
THENCE SOUTH 89°20’26” WEST, 2.94 FEET; THENCE NORTH 00°39’34” WEST, 10.80 FEET TO THE POINT OF BEGINNING. 
 THE
ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2136.29. 

  
 Schedule
II-A-22 

 TOGETHER WITH THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 5; THENCE NORTH 89°20’26” EAST, A SLOPE DISTANCE OF 17.09 FEET AT A VERTICAL ANGLE ABOVE THE HORIZON OF 31°46’28”; THENCE SOUTH
00°39’34” EAST, 10.80 FEET; THENCE SOUTH 89°20’26” WEST, A SLOPE DISTANCE OF 17.09 FEET AT A VERTICAL ANGLE BELOW THE HORIZON OF 31°46’28”; THENCE NORTH 00°39’34” WEST, 10.80 FEET TO THE POINT
OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2136.29 FEET AND AN UPPER PLANE ELEVATION OF 2145.29 FEET. 

PARCEL SEVENTEEN (17): 
 EXPLANATION:

 THIS LEGAL DESCRIBES PARCEL NA1 AS SHOWN IN FILE 112, PAGE 10 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE.

 LEGAL DESCRIPTION 
 PARCEL NA1

 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33
OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE;
THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27”
WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH
00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 511.36 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 89°31’10” WEST, 78.64 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS
BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’20” EAST,
995.09 FEET; THENCE SOUTH 00°36’40” EAST, 55.14 FEET; THENCE SOUTH 89°26’04” WEST, 238.13 FEET; THENCE NORTH 00°36’12” WEST, 24.94 FEET; THENCE SOUTH 89°24’05” WEST, 171.48 FEET; THENCE NORTH
01°02’20” WEST, 6.54 FEET; THENCE SOUTH 89°21’55” WEST, 41.81 

  
 Schedule
II-A-23 

 
FEET; THENCE SOUTH 00°23’47” EAST, 6.50 FEET; THENCE SOUTH 89°21’10” WEST, 30.06 FEET; THENCE SOUTH 00°27’18” WEST, 25.12 FEET; THENCE SOUTH
89°26’12” WEST, 266.06 FEET; THENCE NORTH 00°46’36” WEST, 24.98 FEET; THENCE SOUTH 89°16’16” WEST, 153.53 FEET; THENCE SOUTH 01°10’37” EAST, 9.22 FEET; THENCE SOUTH 88°49’23”
WEST, 26.50 FEET; THENCE SOUTH 43°59’53” WEST, 7.54 FEET; THENCE SOUTH 00°35’26” EAST, 34.07 FEET; THENCE SOUTH 44°52’42” EAST, 4.64 FEET TO THE BEGINNING OF A NON-TANGENT CURVE, CONCAVE NORTHEASTERLY AND
HAVING A RADIUS OF 13.91 FEET, FROM WHICH A RADIAL LINE BEARS SOUTH 51°51’14” EAST; THENCE SOUTHEASTERLY ALONG SAID CURVE TO THE LEFT THROUGH A CENTRAL ANGLE OF 167°59’03”, AN ARC LENGTH OF 40.78 FEET TO A POINT OF
NON-TANGENCY, A RADIAL LINE TO SAID POINT BEARS SOUTH 39°50’17” EAST; THENCE ALONG A NON-TANGENT LINE SOUTH 45°11’33” EAST, 4.59 FEET; THENCE NORTH 89°10’56” EAST, 4.06 FEET; THENCE SOUTH
05°16’55” WEST, 54.19 FEET; THENCE SOUTH 89°22’28” WEST, 5.69 FEET; THENCE SOUTH 44°39’23” WEST, 14.74 FEET; THENCE SOUTH 00°41’40” EAST, 15.49 FEET; THENCE SOUTH 45°06’44” EAST,
11.67 FEET; THENCE NORTH 89°08’03” EAST, 15.40 FEET; THENCE SOUTH 00°51’57” EAST, 3.09 FEET; THENCE SOUTH 45°34’44” EAST, 20.69 FEET; THENCE NORTH 89°51’51” EAST, 7.08 FEET; THENCE NORTH
00°36’08” WEST, 10.54 FEET; THENCE NORTH 89°22’51” EAST, 8.64 FEET; THENCE SOUTH 00°51’36” EAST, 6.32 FEET; THENCE NORTH 89°23’00” EAST, 70.00 FEET; THENCE NORTH 00°37’00” WEST,
2.46 FEET; THENCE NORTH 89°21’39” EAST, 42.47 FEET; THENCE SOUTH 00°34’21” EAST, 2.48 FEET; THENCE NORTH 89°23’00” EAST, 9.86 FEET; THENCE NORTH 00°43’19” WEST, 22.52 FEET; THENCE NORTH
89°15’40” EAST, 8.51 FEET; THENCE SOUTH 00°42’30” EAST, 2.77 FEET; THENCE NORTH 89°17’30” EAST, 109.10 FEET; THENCE NORTH 01°05’27” WEST, 2.82 FEET; THENCE NORTH 89°48’50” EAST,
8.27 FEET; THENCE SOUTH 65°42’02” EAST, 42.12 FEET; THENCE SOUTH 25°03’42” WEST, 5.05 FEET; THENCE SOUTH 65°27’22” EAST, 25.40 FEET; THENCE NORTH 11°28’05” EAST, 0.61 FEET; THENCE SOUTH
65°22’40” EAST, 39.03 FEET; THENCE SOUTH 24°17’06” WEST, 24.04 FEET; THENCE SOUTH 63°36’49” EAST, 9.33 FEET; THENCE SOUTH 01°01’35” WEST, 10.31 FEET; THENCE SOUTH 25°00’58” WEST,
43.66 FEET; SOUTH 65°55’32” EAST, 27.15 FEET; THENCE SOUTH 24°20’07” WEST, 74.69 FEET; THENCE SOUTH 45°12’47” WEST, 2.26 FEET; THENCE SOUTH 45°48’06” EAST, 19.04 FEET; THENCE NORTH
89°40’45” EAST, 3.70 FEET; THENCE NORTH 04°12’09” EAST, 1.49 FEET; THENCE NORTH 88°19’56” EAST, 4.28 FEET; THENCE SOUTH 00°41’26” EAST, 62.53 FEET; THENCE SOUTH 89°37’37” WEST,
8.30 FEET; THENCE SOUTH 00°36’39” EAST, 60.49 FEET; THENCE SOUTH 64°40’35” WEST, 16.80 FEET; THENCE SOUTH 25°41’08” EAST, 60.80 FEET; THENCE SOUTH 64°22’54” WEST, 87.94 FEET; THENCE NORTH
24°50’35” WEST, 3.46 FEET; THENCE SOUTH 65°09’25” WEST, 6.45 FEET; THENCE SOUTH 24°50’35” EAST, 3.51 FEET; THENCE SOUTH 64°23’08” WEST, 139.31 FEET; THENCE NORTH 25°54’06” WEST,
37.43 FEET; THENCE SOUTH 89°01’31” WEST, 19.00 FEET; THENCE NORTH 00°44’18” WEST, 34.11 FEET; THENCE SOUTH 88°58’21” WEST, 2.57 FEET; THENCE NORTH 00°19’14” EAST, 2.01 FEET; THENCE SOUTH
89°26’21” WEST, 133.64 FEET; THENCE SOUTH 00°24’46” EAST, 34.83 FEET; THENCE SOUTH 89°45’05” WEST, 11.13 FEET; THENCE SOUTH 00°45’04” EAST, 44.10 FEET; THENCE SOUTH 81°49’18”
EAST, 7.02 FEET; THENCE SOUTH 00°33’20” EAST, 47.23 FEET; THENCE NORTH 89°38’05” 

  
 Schedule
II-A-24 

 
EAST, 4.75 FEET; THENCE SOUTH 00°21’54” EAST, 14.09 FEET; THENCE NORTH 79°38’00” WEST, 1.58 FEET; THENCE SOUTH 44°55’10” WEST, 17.07 FEET; THENCE SOUTH
00°48’13” EAST, 17.49 FEET; THENCE SOUTH 46°39’43” EAST, 16.82 FEET; THENCE SOUTH 88°16’52” EAST, 1.62 FEET; THENCE SOUTH 00°37’21” EAST, 7.89 FEET; THENCE NORTH 88°18’38” EAST,
0.59 FEET; THENCE SOUTH 00°28’50” EAST, 0.67 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA1 HAS A LOWER PLANE ELEVATION OF 2117.29
FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 PARCEL EIGHTEEN (18): 
 A NON-EXCLUSIVE EASEMENT FOR PEDESTRIAN AND VEHICULAR INGRESS, EGRESS, PARKING, UTILITIES, MAINTENANCE AND OTHER USES AS PROVIDED FOR IN THAT CERTAIN “CONSTRUCTION, OPERATION AND RECIPROCAL EASEMENT
AGREEMENT” BY AND BETWEEN ALADDIN GAMING, LLC, ALADDIN BAZAAR, LLC AND ALADDIN MUSIC HOLDINGS, LLC, RECORDED MARCH 2, 1998 IN BOOK 980302 AS INSTRUMENT NO. 00003 AND RE-RECORDED MARCH 24, 1998 IN BOOK 980324 AS INSTRUMENT NO. 01111 AND
RE-RECORDED MAY 29, 1998 IN BOOK 980529 AS INSTRUMENT NO. 02358 AND RE-RECORDED OCTOBER 22, 1998 IN BOOK 981022 AS INSTRUMENT NO. 00509 AS AMENDED BY MEMORANDUM OF AMENDMENT AND RATIFICATION OF REA RECORDED NOVEMBER 20, 2000 IN BOOK 20001120 AS
INSTRUMENT NO. 00858, AS AMENDED BY SECOND AMENDMENT OF CONSTRUCTION, OPERATION RECIPROCAL EASEMENT AGREEMENT RECORDED MARCH 31, 2003 IN BOOK 20030331 AS INSTRUMENT NO. 04875, AS ASSIGNED BY “ASSIGNMENT AND ASSUMPTION OF RECIPROCAL EASEMENT
AGREEMENT” RECORDED SEPTEMBER 1, 2004 IN BOOK 20040901 AS INSTRUMENT NO. 00285 OF OFFICIAL RECORDS, AS MODIFIED BY A DOCUMENT DECLARING MODIFICATIONS THEREOF RECORDED NOVEMBER 17, 2005 IN BOOK 20051117 AS INSTRUMENT NO. 05802 OF OFFICIAL
RECORDS OF CLARK COUNTY, NEVADA. 
 PARCEL NINETEEN (19): 
 A NON-EXCLUSIVE RIGHT TO USE THAT CERTAIN MULTI-LEVEL PARKING STRUCTURE AND SURFACE-LEVEL PARKING FACILITIES AS SET FORTH IN THAT CERTAIN “MEMORANDUM OF COMMON PARKING AREA USE AGREEMENT” BY AND
BETWEEN ALADDIN GAMING, LLC AND ALADDIN BAZAAR, LLC RECORDED MARCH 2, 1998 IN BOOK 980302 AS INSTRUMENT NO. 00005 AND RE-RECORDED MAY 29, 1998 IN BOOK 980529 AS INSTRUMENT NO. 02360 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA RECORDS. 

NOTE: THE ABOVE METES AND BOUNDS LEGAL DESCRIPTION APPEARED PREVIOUSLY IN THAT CERTAIN DOCUMENT RECORDED DECEMBER 11, 2006 IN BOOK 20061211 AS INSTRUMENT
NO. 0002551 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA. 

  
 Schedule
II-A-25 

 SCHEDULE II-B 
 HOTEL COMPONENT PREMISES 
 [SEE ATTACHED] 

  
 Schedule II-B

 SCHEDULE II-B 
 HOTEL COMPONENT PREMISES 
 Real property in the City of Las Vegas, County of Clark, State
of Nevada, described as follows: 
 PARCEL ONE (1): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NE AS SHOWN IN FILE 111, PAGE 85 OF SURVEYS ON FILE AT
THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION 
 PARCEL NE 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION: AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY,
NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21,
THENCE NORTH 01°28’29” WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, A DISTANCE OF 1175.72 FEET TO A POINT ON THE WESTERLY PROLONGATION OF THE NORTH LINE OF SAID LOT 1, THENCE ALONG SAID WESTERLY
PROLONGATION, NORTH 89°23’20” EAST, 107.55 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, NORTH 89°23’20” EAST, 1203.33 FEET TO THE POINT
OF BEGINNING; THENCE CONTINUING NORTH 89°23’20” EAST, 252.84 FEET TO THE WESTERLY RIGHT-OF-WAY OF AUDRIE LANE; THENCE ALONG SAID WESTERLY RIGHT-OF-WAY, SOUTH 00°36’40” EAST, 141.47 FEET; THENCE DEPARTING SAID WESTERLY
RIGHT-OF-WAY, SOUTH 89°23’20” WEST, 252.84 FEET; THENCE NORTH 00°36’40” WEST, 141.47 FEET TO THE POINT OF BEGINNING. 
 PARCEL TWO (2): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL ND AS SHOWN IN FILE 111, PAGE 86 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION 
 PARCEL ND 

  
 SC.II B - 1

 A PORTION OF LOT I AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL
SUBDIVISION” AS RECORDED IN BOOK 96 PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA MORE
PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, THENCE NORTH
01°28’29” WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, A DISTANCE OF 1175.72 FEET TO A POINT ON THE WESTERLY PROLONGATION OF THE NORTH LINE OF SAID LOT 1; THENCE ALONG SAID WESTERLY PROLONGATION,
NORTH 89°23’20” EAST, 1C7.55 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH, THENCE CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, NORTH 89°23’70” EAST, 995.09 FEET TO THE POINT OF BEGINNING;
THENCE CONTINUING NORTH 89°23’20” EAST, 208.25. FEET; THENCE SOUTH 00°36’40” EAST 130.25 FEET; THENCE SOUTH 89°27’06” WEST, 206.64 FEET; THENCE NORTH 00°24’51” WEST, 74.89 FEET; THENCE SOUTH
89°26’04” WEST 1.87 FEET; THENCE NORTH 00°36’40” WEST, 55.14 FEET TO THE POINT OF BEGINNING. 
 PARCEL THREE (3):

 EXPLANATION: 
 THIS LEGAL DESCRIBES
PARCEL NA18 AS SHOWN IN FILE 111, PAGE 96 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION:

 PARCEL NA18: 
 A PORTION OF LOT 1
AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF SECTION
21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST
CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89 31’10” EAST, 315.36 FEET ALONG THE SOUTH LINE OF SAID NORTHWEST QUARTER (NW 1/4) AND THE CENTERLINE OF SAID
HARMON AVENUE; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH
00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 392.23 FEET; THENCE NORTH 00°28’50”
WEST, 177.37 FEET TO THE POINT OF BEGINNING; THENCE NORTH 00°58’05” WEST, 13.50 FEET; THENCE NORTH 89°26’34” EAST, 13.10 FEET; THENCE SOUTH 00°19’14” WEST, 2.01 FEET; THENCE NORTH 88°58’21”
EAST, 2.57 FEET; THENCE SOUTH 00°44’18” EAST, 10.88 FEET; THENCE SOUTH 87°09’13” WEST, 15.58 FEET TO THE POINT OF BEGINNING. 

  
 SC.II B - 2

 PARCEL NA18 HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET.

 PARCEL FOUR (4): 
 EXPLANATION

 THIS LEGAL DESCRIBES PARCEL NA17 AS SHOWN IN FILE 111, PAGE 97 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE.

 LEGAL DESCRIPTION: 
 PARCEL NA17

 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33
OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 

COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE ALONG
THE SOUTH LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, NORTH 89°31’10” EAST, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27”
WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH
00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO THE EAST RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EAST RIGHT-OF-WAY, NORTH 00°36’27” WEST, 190.49 FEET; THENCE
DEPARTING SAID EAST RIGHT-OF-WAY, NORTH 89°23’33” EAST, 125.51 FEET TO THE POINT OF BEGINNING; THENCE NORTH 89°26’17” EAST, 28,49 FEET; THENCE SOUTH 00°22’17” EAST, 17.42 FEET; THENCE SOUTH
88°42’49” WEST, 7.89 FEET; THENCE NORTH 00°41’59” WEST, 10.28 FEET; THENCE SOUTH 88°57’02” WEST, 20.52 FEET; THENCE NORTH 00°33’51” WEST, 7.41 FEET TO THE POINT OF BEGINNING. 

PARCEL NA17 HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 

PARCEL FIVE (5): 
 EXPLANATION: 

THIS LEGAL DESCRIBES PARCEL NA7 AS SHOWN IN FILE 111, PAGE 98 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

LEGAL DESCRIPTION: 
 PARCEL NA7 

  
 SC.II B - 3

 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED THE ALADDIN COMMERCIAL SUBDIVISION” AS
RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE
PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON
THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315,36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE,
NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10”
EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH
00°36’27” WEST, 416.51 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’33” EAST, 436.67 FEET TO THE POINT OF BEGINNING; THENCE NORTH 45°12’47” EAST, 2.26 FEET; THENCE NORTH
24°20’07” EAST, 42.08 FEET; THENCE NORTH 65°15’05” EAST, 17.37 FEET; THENCE NORTH 89°21’48” EAST, 43.37 FEET; THENCE NORTH 59°33’09” EAST, 33.81 FEET; THENCE NORTH 72°29’03” EAST,
59.84 FEET; THENCE SOUTH 64°39’13” EAST, 13.45 FEET; THENCE SOUTH 55°25’35” WEST, 9.45 FEET; THENCE SOUTH 25°15’30” EAST, 8.73 FEET; THENCE SOUTH 24°28’49” WEST, 13.76 FEET; THENCE NORTH
65°40’35” WEST, 7.37 FEET; THENCE SOUTH 23°19’04” WEST, 29.88 FEET; THENCE NORTH 64°56’42” WEST, 25.44 FEET; THENCE SOUTH 60°12’34” WEST, 4.24 FEET; THENCE SOUTH 24°17’28” WEST,
15.74 FEET; THENCE SOUTH 64°37’10” EAST, 18.23 FEET; THENCE SOUTH 24°13’36” WEST, 16.26 FEET; THENCE NORTH 65°46’24” WEST, 34.86 FEET; THENCE SOUTH 89°24’55” WEST, 56.22 FEET; THENCE SOUTH
64°19’48” WEST, 36.37 FEET; THENCE NORTH 45°48’06” WEST, 5.16 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA7 HAS A
LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 PARCEL SIX (6): 

EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA5
AS SHOWN IN FILE 111, PAGE 99 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

  
 SC.II B - 4

 LEGAL DESCRIPTION: 
 PARCEL NA5 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED THE ALADDIN COMMERCIAL
SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY,
NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING
A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET
CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH
89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 433.44 FEET; THENCE NORTH 00°45’37” WEST, 132.98 FEET; THENCE NORTH 89°23’33”
EAST, 79.88 FEET TO THE POINT OF BEGINNING; THENCE NORTH 62°47’57” EAST, 6.33 FEET; THENCE SOUTH 25°54’06” EAST, 7.11 FEET; THENCE SOUTH 62°47’57” WEST, 2.09 FEET; THENCE SOUTH 00°03’19” EAST,
2.47 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO 1; THENCE CONTINUING SOUTH 00°03’19” EAST, 23.04 FEET; THENCE SOUTH 89°37’20” WEST, 6.88 FEET; THENCE NORTH 00°03’19” WEST, 22.98 FEET TO A POINT
HEREINAFTER REFERRED TO AS POINT NO. 2; THENCE CONTINUING NORTH 00°03’19” WEST, 7.03 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE
DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING
DESCRIBED AREA: BEGINNING AT THE AFOREMENTIONED POINT NO. 2; THENCE NORTH 89°08’33” EAST, 6.88 FEET TO THE AFOREMENTIONED POINT NO. 1; THENCE SOUTH 00°03’19” EAST, A SLOPE DISTANCE OF 18.59 FEET AT A VERTICAL ANGLE ABOVE
THE HORIZON OF 32°32’40” TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 3; THENCE SOUTH 89°08’33” WEST 6.88 FEET; THENCE NORTH 00°03’19” WEST, A SLOPE DISTANCE OF 18.59 FEET AT A VERTICAL ANGLE BELOW THE
HORIZON OF 32°32’40” TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN
UPPER PLANE ELEVATION OF 2144.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 

BEGINNING AT THE AFOREMENTIONED POINT NO. 3; THENCE SOUTH 00°03’19” EAST, 7.37 FEET; THENCE SOUTH 89°37’20” WEST, 6.88 FEET;
THENCE NORTH 00°03’19” WEST, 7.31 FEET; THENCE NORTH 89°08’33” EAST, 6.88 FEET TO THE POINT OF BEGINNING. 
 THE
ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 PARCEL SEVEN (7): 

EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA16
AS SHOWN IN FILE 111, PAGE 100 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

  
 SC.II B - 5

 LEGAL DESCRIPTION 
 PARCEL NA16 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE NORTH
00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00
FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE; SOUTH 89°31’10” WEST, 590.00 FEET TO THE EAST RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EAST RIGHT-OF-WAY, NORTH 00°36’27” WE5T,
691.42 FEET; THENCE NORTH 00°54’27” WEST, ALONG SAID EAST RIGHT-OF-WAY 114.38 FEET; THENCE DEPARTING SAID EAST RIGHT-OF-WAY, NORTH 89°23’20” EAST, 372.54 FEET; THENCE SOUTH 00°36’40” EAST, 55.06 FEET TO THE
POINT OF BEGINNING; THENCE SOUTH 00°46’32” EAST, 8.53 FEET; THENCE SOUTH 89°25’26” WEST, 25.25 FEET; THENCE SOUTH 00°38’15” EAST, 26.32 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 1; THENCE SOUTH
00°36’55” EAST, 15.65 FEET; THENCE SOUTH 89°21’31” WEST, 11.73 FEET; THENCE NORTH 00°38’29” WEST, 2.45 FEET; THENCE SOUTH 89°23’05” WEST, 91.95 FEET; THENCE SOUTH 00°38’29” EAST,
2.51 FEET; THENCE SOUTH 89°21’31” WEST, 10.51 FEET; THENCE NORTH 00°36’55” WEST, 15.67 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 2; THENCE NORTH 00°36’55” WEST, 48.54 FEET; THENCE NORTH
89°16’02” EAST, 13.84 FEET; THENCE SOUTH 00°46’36” EAST, 13.48 FEET; THENCE SOUTH 89°28’45” WEST, 2.88 FEET; THENCE SOUTH 00°38’29” EAST, 25.56 FEET; THENCE NORTH 89°21’31” EAST,
91.45 FEET; THENCE NORTH 00°38’29” WEST, 25.37 FEET; THENCE NORTH 89°28’45” EAST, 36.96 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA16 HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 1;
THENCE SOUTH 00°36’55” EAST, A SLOPE DISTANCE OF 18.57 FEET AT A VERTICAL ANGLE ABOVE THE HORIZON OF 32°32’40”; THENCE SOUTH 89°21’31” WEST, 11.73 FEET; THENCE NORTH 00°38’29” WEST, A SLOPE
DISTANCE OF 18.57 FEET AT A VERTICAL ANGLE BELOW THE HORIZON OF 32°32’40”; THENCE NORTH 89°23’05” EAST, 11.73 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 

  
 SC.II B - 6

 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 2; THENCE NORTH 89°21’31” EAST, 10.51 FEET; THENCE SOUTH 00°38’29” EAST, A SLOPE DISTANCE OF 18.57 FEET AT A VERTICAL ANGLE ABOVE THE
HORIZON OF 32°32’40”; THENCE SOUTH 89°21’31” WEST, 10.51 FEET; THENCE NORTH 00°36’55” WEST, A SLOPE DISTANCE OF 18.57 FEET AT A VERTICAL ANGLE BELOW THE HORIZON OF 32°32’40” TO THE POINT OF
BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 

PARCEL EIGHT (8): 
 EXPLANATION: 

THIS LEGAL DESCRIBES PARCEL NA6 AS SHOWN IN FILE 112, PAGE 01 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

LEGAL DESCRIPTION 
 PARCEL NA6 

A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON
FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 

COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH
89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70
FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH
00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 136.35 FEET; THENCE NORTH 00°36’12” WEST, 60.97 FEET; THENCE NORTH 64°18’14” EAST, 7.27 FEET; THENCE NORTH 00°28’50”
WEST, 156.32 FEET TO THE POINT OF BEGINNING; THENCE NORTH 25°41’08” WEST, 60.80 FEET; THENCE NORTH 64°40’35” EAST, 16.80 FEET; THENCE NORTH 00°36’39” WEST, 48.88 FEET; THENCE SOUTH 64°25’33”
EAST, 5.15 FEET; THENCE SOUTH 80°16’36” EAST, 91.67 FEET; THENCE SOUTH 64°54’45” EAST, 3.97 FEET; THENCE SOUTH 02°40’26” WEST, 23.31 FEET; THENCE SOUTH 03°36’30” EAST, 27.47 FEET; THENCE SOUTH
10°37’10” EAST, 27.53 FEET; THENCE SOUTH 13°40’17” EAST, 8.67 FEET; THENCE SOUTH 84°56’14” WEST, 26.94 FEET; THENCE NORTH 00°52’53” WEST, 61.11 FEET; THENCE SOUTH 89°14’29” WEST,
42.05 FEET; THENCE SOUTH 00°32’12” EAST, 51.30 FEET; THENCE SOUTH 64°21’04” WEST, 28.09 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA6 HAS A LOWER PLANE ELEVATION OF 2134.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 

  
 SC.II B - 7

 PARCEL NINE (9): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA15 AS SHOWN IN FILE 112, PAGE 02 OF SURVEYS ON FILE
AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION 
 PARCEL NA15 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER (NW1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING
SAID SOUTH LINE AND SAID STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30
FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE
ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’20” EAST, 447.36 FEET; THENCE SOUTH
00°36’40” EAST, 55.03 FEET TO THE POINT OF BEGINNING; THENCE NORTH 89°26’12” EAST, 38.01 FEET; THENCE SOUTH 00°46’32” EAST, 8.60 FEET; THENCE SOUTH 89°05’01” WEST, 27.96 FEET; THENCE SOUTH
00°14’52” EAST, 39.33 FEET; THENCE SOUTH 87°01’19” WEST, 3.51 FEET; THENCE SOUTH 24°23’31” WEST, 35.22 FEET; THENCE SOUTH 65°26’29” EAST, 9.23 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT
NO. 1; THENCE CONTINUING SOUTH 65°26’29” EAST, 16.30 FEET; THENCE SOUTH 24°23’35” WEST, 9.37 FEET; THENCE NORTH 65°36’25” WEST, 21.81 FEET; THENCE NORTH 24°23’35” EAST, 3.89 FEET; THENCE NORTH
65°25’32” WEST, 9.78 FEET; THENCE NORTH 24°22’24” EAST, 38.73 FEET; THENCE NORTH 00°33’30” WEST, 47.51 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.06 FEET AND AN UPPER ELEVATION OF 2144.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 1;
THENCE SOUTH 65°26’29” EAST, A SLOPE DISTANCE OF 13.26 FEET AT A VERTICAL ANGLE ABOVE THE HORIZON OF 33°57’56” TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 2; THENCE SOUTH 24°23’35” WEST, 5.53 FEET;
THENCE NORTH 65°29’41” WEST, A SLOPE DISTANCE OF 13.26 FEET AT A VERTICAL ANGLE BELOW THE HORIZON OF 33°57’56”; THENCE NORTH 24°23’35” EAST, 5.54 FEET TO THE POINT OF BEGINNING. 

THE ABOVE DESCRIBED AREA HAS A LOWER PLANE OF ELEVATION OF 2134.06 FEET AND AN UPPER PLANE ELEVATION OF 2141.47 FEET. 

  
 SC.II B - 8

 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 2; THENCE SOUTH 65°26’29” EAST, 5.30 FEET; THENCE SOUTH 24°23’35” WEST, 9.37 FEET; THENCE NORTH 65°36’25” WEST, 5.30
FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 3; THENCE NORTH 24°23’35” EAST, 9.37 FEET TO THE POINT OF BEGINNING. 
 THE
ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.06 FEET AND AN UPPER PLANE ELEVATION OF 2141.47 FEET. 
 EXCEPTING THEREFROM THE
FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 3; THENCE NORTH 65°36’25” WEST, A SLOPE DISTANCE OF 4.69
FEET AT A VERTICAL ANGLE ABOVE THE HORIZON OF 36°32’38” TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 4; THENCE NORTH 24°23’35” EAST, 3.86 FEET; THENCE SOUTH 65°29’41” EAST, A SLOPE DISTANCE OF 4.69 FEET
AT A VERTICAL ANGLE BELOW THE HORIZON OF 36°32’38”; THENCE SOUTH 24°23’35” WEST, 3.86 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.06 FEET AND AN UPPER ELEVATION OF 2144.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 4;
THENCE NORTH 65°36’25” WEST, 12.76 FEET; THENCE NORTH 24°23’35” EAST, 3.89 FEET; THENCE SOUTH 65°29’41” EAST, 12.76 FEET; THENCE SOUTH 24°23’35” WEST, 3.86 FEET TO THE POINT OF BEGINNING.

 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2134.06 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 

PARCEL TEN (10): 
 EXPLANATION: 

THIS LEGAL DESCRIBES PARCEL PAT AS SHOWN IN FILE 112, PAGE 04 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

LEGAL DESCRIPTION 
 PARCEL PAT 

  
 SC.II B - 9

 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL
SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE
PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON
THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER (NW 1/4) SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET
CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’77” WEST, 155.30 FEET; THENCE NORTH
89°31’10” EAST, 365.00 FEET; THENCE: NORTH 00°36’27” WEST, 150.00 FEET; THENCE NORTH 80°44’46” EAST, 187.61 FEET TO THE POINT OF BEGINNING; THENCE NORTH 02°04’49” WEST, 38.87 FEET; THENCE SOUTH
89°36’50” WEST, 16.34 FEET; THENCE NORTH 83°50’71” WEST, 35.70 FEET; THENCE NORTH 75°34’09” WEST, 27.60 FEET; THENCE NORTH 69°25’08” WEST, 18.35 FEET; THENCE NORTH 62°34’11” WEST,
33.98 FEET; THENCE NORTH 54°17’49” WEST, 29.97 FEET; THENCE NORTH 46°59’34” WEST, 22.74 FEET; THENCE NORTH 40°08’28” WEST, 32.00 FEET; THENCE NORTH 33°03’43” WEST, 3.07 FEET; THENCE SOUTH
61°18’57” WEST, 0.73 FEET; THENCE NORTH 28°46’71” WEST, 38.64 FEET; THENCE NORTH 61°19’02” EAST, 0.28 FEET; THENCE NORTH 24°57’05” WEST, 12.99 FEET; THENCE NORTH 12°44’50” WEST,
18.14 FEET; THENCE SOUTH 84°42’26” WEST, 3.21 FEET; THENCE NORTH 13°40’17” WEST, 8.67 FEET; THENCE NORTH 10°37’10” WEST, 27.53 FEET; THENCE NORTH 03°36’30” WEST, 27.47 FEET; THENCE NORTH
02°40’26” EAST, 23.31 FEET; THENCE NORTH 64°54’45” WEST, 3.97 FEET; THENCE NORTH 24°28’49” EAST, 33.82 FEET; THENCE NORTH 65°31’11” WEST, 4.25 FEET; THENCE NORTH 00°39’39” WEST,
60.07 FEET; THENCE NORTH 89°01’26” EAST, 19.25 FEET; THENCE SOUTH 65°34’40” EAST, 12.39 FEET; THENCE NORTH 24°25’20” EAST, 43.25 FEET; THENCE NORTH 66°35’56” WEST, 4.97 FEET; THENCE NORTH
24°06’10” EAST, 21.38 FEET; THENCE SOUTH 65°48’52” EAST, 7.53 FEET; THENCE NORTH 24°00’35” EAST, 11.67 FEET; THENCE NORTH 65°10’06” WEST, 7.52 FEET; THENCE NORTH 25°15’30” WEST,
17.50 FEET; THENCE NORTH 55°25’35” EAST, 30.03 FEET; THENCE NORTH 61°17’00” EAST, 32.67 FEET; THENCE NORTH 68°21’59” EAST, 31.51 FEET; THENCE NORTH 75°44’49” EAST, 32.54 FEET; THENCE NORTH
83°01’01” EAST, 33.90 FEET; THENCE SOUTH 86°40’14” EAST, 59.11 FEET; THENCE SOUTH 75°46’00” EAST, 35.94 FEET; THENCE SOUTH 68°09’42” EAST, 33.08 FEET; THENCE SOUTH 61°04’79” EAST,
30.30 FEET; THENCE SOUTH 32°30’36” WEST, 36.71 FEET; THENCE NORTH 54°27’18” WEST, 5.39 FEET; THENCE SOUTH 36°38’59” WEST, 17.12 FEET; THENCE SOUTH 53°35’09” EAST, 33.83 FEET; THENCE SOUTH
46°47’07” EAST, 26.51 FEET; THENCE SOUTH 39°34’43” EAST, 26.17 FEET; THENCE NORTH 54°07’26” EAST, 53.90 FEET; THENCE SOUTH 32°21’53” EAST, 30.56 FEET; THENCE SOUTH 26°23’44” EAST,
20.09 FEET; THENCE SOUTH 19°10’09” EAST, 42.76 FEET; THENCE SOUTH 75°35’22” WEST, 38.87 FEET; THENCE SOUTH 10°13’49” EAST, 33.15 FEET; THENCE SOUTH 02°48’12” EAST, 23.39 FEET; THENCE SOUTH
03°34’14” WEST, 29.14 FEET; THENCE SOUTH 82°45’54” EAST, 38.91 FEET; THENCE SOUTH 10°51’38” WEST, 30.72 FEET; THENCE SOUTH 18°09’27” WEST, 32.09 FEET; THENCE SOUTH 25°25’38” WEST,
22.92 FEET; THENCE NORTH 62°57’05” WEST, 53.76 FEET; THENCE SOUTH 27°25’45” WEST, 9.17 FEET; THENCE SOUTH 32°58’15” WEST, 24.74 FEET; THENCE SOUTH 39°40’77” WEST, 24.73 FEET; THENCE SOUTH
46°56’53” WEST, 27.39 FEET; THENCE SOUTH 39°34’42” EAST, 52.83 FEET; THENCE SOUTH 51°59’10” WEST, 30.54 FEET; THENCE SOUTH 61°07’08” WEST, 33.91 FEET; THENCE SOUTH 69°09’29” WEST,
30.78 FEET; THENCE SOUTH 75°32’77” WEST, 32.50 FEET; THENCE SOUTH 83°29’29” WEST, 35.64 FEET TO THE POINT OF BEGINNING. 

  
 SC.II B - 10

 EXCEPTING THEREFROM PARCEL NB14 AS SHOWN IN FILE 111, PAGE 94 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA
RECORDER’S OFFICE DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, BEING A
POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET
CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH
89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590 FEET TO THE EAST RIGHT OF WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT OF WAY,
NORTH 00°36’27” WEST, 434.07 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’33” EAST, 618.50 FEET TO THE POINT OF BEGINNING; THENCE NORTH 23°51’47” EAST, 36.68 FEET; THENCE SOUTH
68°09’41” EAST, 46.13 FEET; THENCE SOUTH 21°50’19” WEST, 19.46 FEET; THENCE SOUTH 54°36’20” WEST, 22.48 FEET; THENCE NORTH 65°22’54” WEST, 35.30 FEET TO THE POINT OF BEGINNING. 

PARCEL NB14 HAS AN UPPER PLANE ELEVATION OF 2117.29 FEET. 
 PARCEL PAT HAS AN UPPER ELEVATION OF INFINITY. 
 PARCEL ELEVEN (11): 

EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA4
AS SHOWN IN FILE 112, PAGE 05 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION 

PARCEL NA4 
 A PORTION OF LOT 1 AS SHOWN IN
THAT CERTAIN FINAL MAP ENTITLED THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21,
TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF
THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE,
315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH
00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY
OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH
89°23’20” EAST, 665.61 FEET; THENCE SOUTH 00°35’55” EAST, 39.49 FEET TO THE POINT OF BEGINNING; THENCE 

  
 SC.II B - 11

 
NORTH 89°24’05” EAST, 9.64 FEET; THENCE SOUTH 00°35’39” EAST, 32.12 FEET; THENCE SOUTH 88°57’10” WEST, 9.35 FEET; THENCE NORTH 01°06’33”
WEST, 32.19 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA4 HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2125.80
FEET. 
 PARCEL TWELVE (12): 

EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA12
AS SHOWN IN FILE 112, PAGE 06 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION 

PARCEL NA12 
 A PORTION OF LOT 1 AS SHOWN IN
THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF
SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE:
SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF
SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING
NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590 00 FEET TO A POINT ON THE EASTERLY
RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH
89°23’20” EAST, 655.01 FEET; THENCE SOUTH 00°35’55” EAST, 38.24 FEET TO THE POINT OF BEGINNING; THENCE NORTH 89°24’05” EAST, 4.10 FEET; THENCE SOUTH 00°42’53” EAST, 3.25 FEET; THENCE NORTH
89°24’05” EAST, 5.33 FEET; THENCE SOUTH 00°35’55” EAST, 20.93 FEET; THENCE SOUTH 89°28’24” WEST, 9.39 FEET; THENCE NORTH 00°42’53” WEST, 24.17 FEET TO THE POINT OF BEGINNING. 

PARCEL NA12 HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2134.29 FEET. 

PARCEL THIRTEEN (13): 
 EXPLANATION:

 THIS LEGAL DESCRIBES PARCEL NA13 AS SHOWN IN FILE 112, PAGE 07 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE.

  
 SC.II B - 12

 LEGAL DESCRIPTION 
 PARCEL NA13 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING
SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET;
THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG
SAID EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’20” EAST, 558.63 FEET; THENCE SOUTH
00°38’05” EAST, 39.64 FEET TO THE POINT OF BEGINNING; THENCE NORTH 89°30’29” EAST, 18.63 FEET; THENCE SOUTH 01°07’37” EAST, 4.21 FEET; THENCE SOUTH 89°29’40” WEST, 2.50 FEET; THENCE SOUTH
00°29’31” EAST, 16.19 FEET; THENCE SOUTH 89°30’29” WEST, 16.17 FEET; THENCE NORTH 00°29’31” WEST, 20.40 FEET TO THE POINT OF BEGINNING. 
 PARCEL NA13 HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 
 PARCEL FOURTEEN (14): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA AS SHOWN IN FILE 112, PAGE 08 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

  
 SC.II B - 13

 LEGAL DESCRIPTION 
 PARCEL NA 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED THE ALADDIN COMMERCIAL
SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY,
NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF
SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON—AVENUE, 315.36 FEET; THENCE
DEPARTING SAID SOUTH LINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH
89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 136.35 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 89°31’10” WEST, 453.65 FEET TO
A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY
RIGHT-OF-WAY NORTH 89°23’20” EAST, 995.09 FEET; THENCE SOUTH 00°36’40” EAST, 55.14 FEET; THENCE NORTH 89°26’04” EAST, 1.87 FEET; THENCE SOUTH 00°24’51” EAST, 77.63 FEET; THENCE SOUTH
89°21’10” WEST, 122.55 FEET; THENCE NORTH 00°33’56” WEST, 77.83 FEET; THENCE SOUTH 89°26’04” WEST, 60.22 FEET; THENCE SOUTH 00°38’26” EAST, 78.74 FEET; THENCE NORTH 89°42’33”
EAST, 0.11 FEET; THENCE SOUTH 00°40’41” EAST, 135.10 FEET; THENCE NORTH 75°46’00” WEST, 0.21 FEET; THENCE NORTH 86°40’14” WEST, 59.11 FEET; THENCE SOUTH 83°01’01” WEST, 33.90 FEET; THENCE SOUTH
75°44’49” WEST, 32.54 FEET; THENCE SOUTH 68°21’59” WEST, 31.51 FEET; THENCE SOUTH 61°17’00” WEST, 32.67 FEET; THENCE SOUTH 55°25’35” WEST, 30.03 FEET; THENCE SOUTH 25°15’30” EAST,
17.50 FEET; THENCE SOUTH 65°10’06” EAST, 7.52 FEET; THENCE SOUTH 24°00’35” WEST, 11.67 FEET; THENCE NORTH 65°48’52” WEST, 7.53 FEET; THENCE SOUTH 24°06’10” WEST, 21.38 FEET; THENCE SOUTH
66°35’56” EAST, 4.97 FEET; THENCE SOUTH 24°25’20” WEST, 43.25 FEET; THENCE NORTH 65°34’40” WEST, 12.39 FEET; THENCE SOUTH 89°01’26” WEST, 19.25 FEET; THENCE SOUTH 00°39’39” EAST,
60.07 FEET; THENCE SOUTH 65°31’11” EAST, 4.25 FEET; THENCE SOUTH 24°28’49” WEST, 33.82 FEET; THENCE SOUTH 64°54’45” EAST, 3.97 FEET; THENCE SOUTH 02°40’26” WEST, 23.31 FEET; THENCE SOUTH
03°36’30” EAST, 27.47 FEET; THENCE SOUTH
10°37’10” EAST, 27.53 FEET; THENCE SOUTH 13°40’17” EAST, 8.67 FEET; THENCE NORTH 84°42’26” EAST, 3.21 FEET; THENCE SOUTH 12°44’50” EAST, 18.14 FEET; THENCE SOUTH 24°57’05” EAST,
12.99 FEET; THENCE SOUTH 61°19’02” WEST, 0.28 FEET; THENCE SOUTH 64°45’39” WEST, 97.70 FEET; THENCE SOUTH 25°14’21” EAST, 74.12 FEET; THENCE SOUTH 64°18’14” WEST, 61.67 FEET; THENCE SOUTH
00°36’12” EAST, 60.97 FEET TO THE POINT OF BEGINNING. 
 EXCEPTING THEREFROM PARCEL NB8 AS SHOWN IN FILE 111, PAGE 87 OF SURVEYS
ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER
(NW 1/4) OF SAID SECTION 21, THENCE NORTH 01°28’29” WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, A DISTANCE OF 1175.72 FEET TO A PONT ON THE WESTERLY PROLONGATION OF THE NORTH LINE OF SAID LOT 1;
THENCE ALONG SAID WESTERLY PROLONGATION, NORTH 89°23’20” EAST, 107.55 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, NORTH 89°23’20” EAST,
214.60 FEET; THENCE DEPARTING SAID NORTH LINE, SOUTH 00°36’40” EAST, 29.96 FEET TO THE POINT OF BEGINNING; THENCE NORTH 89°16’02” EAST, 40.64 FEET; THENCE SOUTH 00°43’58” EAST, 1.15 FEET; THENCE SOUTH
89°13’24” WEST, 8.31 FEET; THENCE SOUTH 00°46’36” EAST, 14.85 FEET; THENCE SOUTH 89°16’02” WEST, 15.66 FEET; THENCE SOUTH 00°43’58” EAST, 34.30 FEET;

  
 SC.II B - 14

 
THENCE SOUTH 01°01’23” EAST, 39.73 FEET; THENCE SOUTH 88°58’37” WEST, 20.42 FEET; THENCE NORTH 00°28’57” WEST, 58.65-FEET; THENCE NORTH
88°43’35” EAST, 3.58 FEET; THENCE NORTH 01°16’25” WEST, 31.46 FEET TO THE POINT OF BEGINNING. 
 PARCEL NB8 HAS AN
UPPER PLANE ELEVATION OF 2117.29 FEET. 
 FURTHER EXCEPTING THEREFROM PARCEL NB10 AS SHOWN IN FILE 111, PAGE 92 OF SURVEYS ON FILE AT THE CLARK
COUNTY, NEVADA RECORDER’S OFFICE DESCRIBED AS FOLLOWS: 
 PARCEL “1” 
 COMMENCING AT THE: SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21; THENCE NORTH 01°28’29” WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION
21, A DISTANCE OF 1175.72 FEET TO A POINT ON THE WESTERLY PROLONGATION OF THE NORTH LINE OF SAID LOT 1; THENCE ALONG SAID WESTERLY PROLONGATION, NORTH 89°23’20” EAST, 107.55 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS
BOULEVARD SOUTH; THENCE CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, NORTH 89°23’20” EAST, 937.26 FEET; THENCE DEPARTING SAID NORTH LOT LINE, SOUTH 00°36’40” EAST, 63.05 FEET TO THE POINT OF BEGINNING; THENCE NORTH
89°34’34” EAST, 8.11 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT “A”; THENCE SOUTH 00°07’36” WEST, 16.90 FEET; THENCE SOUTH 89°34’34” WEST, 8.11 FEET; THENCE NORTH 00°07’36”
EAST, 16.90 FEET TO THE POINT OF BEGINNING. 
 PARCEL “1” OF PARCEL NB10 HAS AN UPPER PLANE ELEVATION OF 2117.29 FEET. 

TOGETHER WITH THE FOLLOWING DESCRIBED AREA; 

PARCEL “2” 
 BEGINNING AT THE
AFOREMENTIONED POINT “A”; THENCE NORTH 89°34’34” EAST, 8.11 FEET; THENCE SOUTH 00°07’36” WEST, 16.90 FEET; THENCE SOUTH 89°34’34” WEST, 8.11 FEET; THENCE NORTH 00°07’36” EAST, 16.90
FEET TO THE POINT OF BEGINNING. 
 PARCEL “2” OF PARCEL NB10 HAS A LOWER PLANE ELEVATION OF 2111.29 FEET AND AN UPPER PLANE ELEVATION
OF 2117.29 FEET. 
 PARCEL NA HAS AN UPPER PLANE ELEVATION OF 2117.29 FEET. 
 PARCEL FIFTEEN (15): 
 EXPLANATION: 
 THIS LEGAL DESCRIBES PARCEL NA2 AS SHOWN IN FILE 112, PAGE 09 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 
 LEGAL DESCRIPTION 
 PARCEL NA2 

  
 SC.II B - 15

 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL
SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY,
NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF
SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE
DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST,
155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 136.35 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 89°31’10” WEST,
271.50 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT “A”; THENCE CONTINUING SOUTH 89°31’10” WEST, 182.15 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY,
NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’20” EAST, 995.09 FEET; THENCE SOUTH 00°36’40” EAST, 55.14
FEET; THENCE SOUTH 89°26’04” WEST, 148.98 FEET; THENCE SOUTH 00°36’01” EAST, 47.55 FEET; THENCE SOUTH 89°26’44” WEST, 32.00 FEET; THENCE SOUTH 00°40’41” EAST, 166.27 FEET; THENCE NORTH
75°46’00” WEST, 0.21 FEET; THENCE NORTH 86°40’14” WEST, 59.11 FEET; THENCE SOUTH 83°01’01” WEST, 33.90 FEET; THENCE SOUTH 75°44’49” WEST, 32.54 FEET; THENCE SOUTH 68°21’59” WEST,
31.51 FEET; THENCE SOUTH 61°17’00” WEST, 32.67 FEET; THENCE SOUTH 55°25’35” WEST, 30.03 FEET; THENCE SOUTH 25°15’30” EAST, 17.50 FEET; THENCE SOUTH 65°10’06” EAST, 7.52 FEET; THENCE SOUTH
24°00’35” WEST, 11.67 FEET; THENCE NORTH 65°48’52” WEST, 7.53 FEET; THENCE SOUTH 24°06’10” WEST, 21.38 FEET; THENCE SOUTH 66°35’56” EAST, 4.97 FEET; THENCE SOUTH 24°25’20” WEST,
43.25 FEET; THENCE NORTH 65°34’40” WEST, 12.39 FEET; THENCE SOUTH 89°01’26” WEST, 19.25 FEET; THENCE SOUTH 00°39’39” EAST, 60.07 FEET; THENCE SOUTH 65°31’11” EAST, 4.25 FEET; THENCE SOUTH
24°28’49” WEST, 33.82 FEET; THENCE NORTH 64°54’45” EAST, 3.97 FEET; THENCE SOUTH 02°40’26” WEST, 23.31 FEET; THENCE SOUTH 03°36’30” EAST, 27.47 FEET; THENCE SOUTH 10°37’10” EAST,
27.53 FEET; THENCE SOUTH 13°40’17” EAST, 8.67 FEET; THENCE NORTH 84°42’26” EAST, 3.21 FEET; THENCE SOUTH 12°44’50” EAST, 18.14 FEET; THENCE SOUTH 24°57’05” EAST, 12.99 FEET; THENCE SOUTH
61°19’02” WEST, 0.28 FEET; THENCE SOUTH 64°45’39” WEST, 97.70 FEET; THENCE SOUTH 25°14’21” EAST, 74.12 FEET; THENCE SOUTH 64°18’14” WEST, 61.67 FEET; THENCE SOUTH 00°36’12” EAST,
60.97 FEET TO THE POINT OF BEGINNING. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED PARCEL: 

COMMENCING AT THE AFOREMENTIONED POINT “A”; THENCE NORTH 00°39’34”. WEST, 1.97 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING
NORTH 00°39’34” WEST, 10.80 FEET; THENCE NORTH 89°20’28” EAST, 1.61 FEET; THENCE SOUTH 00°39’34” EAST, 10.80 FEET; THENCE SOUTH 89°20’26” WEST, 1.61 FEET TO THE POINT OF BEGINNING. 

  
 SC.II B - 16

 THE ABOVE DESCRIBED PARCEL HAS A LOWER PLANE ELEVATION OF 2144.29 FEET AND AN UPPER PLANE ELEVATION OF
2145.29. 
 FURTHER EXCEPTING THEREFROM THE FOLLOWING PARCELS: 
 PARCEL NB4 AS SHOWN IN FILE 111, PAGE 91 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE DESCRIBED AS FOLLOWS: 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S
OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF
THE NORTHWEST CORNER (NW 1/4) OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID
HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH
89°31’10” WEST, 433.44 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 89°31’10” WEST, 77.92 FEET; THENCE NORTH 00°28’50” WEST, 0.67 FEET; THENCE SOUTH 88°18’38” WEST, 0.59 FEET; THENCE
NORTH 00°37’21” WEST, 7.89 FEET; THENCE NORTH 88°16’52” WEST, 1.62 FEET; THENCE NORTH 46°39’43” WEST, 16.82 FEET; THENCE NORTH 00°48’13” WEST, 17.49 FEET; THENCE NORTH 44°55’10”
EAST”, 17.07 FEET; THENCE SOUTH 79°38’00” EAST, 1.58 FEET; THENCE NORTH 00°21’54” WEST, 14.09 FEET; THENCE SOUTH 89°38’05” WEST, 4.75 FEET; THENCE NORTH 00°33’20” WEST, 47.23 FEET; THENCE
NORTH 81°49’18” WEST, 7.02 FEET; THENCE NORTH 00°45’04” WEST, 44.10 FEET; THENCE NORTH 89°45’05” EAST, 11.13 FEET; THENCE NORTH 00°24’46” WEST 6.76 FEET; THENCE NORTH 89°25’28”
EAST, 78.69 FEET; THENCE SOUTH 00°45’37” EAST, 162.76 FEET TO THE POINT OF BEGINNING. 
 PARCEL NB4 HAS A LOWER PLANE ELEVATION OF
2144.29 FEET AND AN UPPER ELEVATION OF INFINITY. 
 PARCEL NB5 AS SHOWN IN FILE 111, PAGE 88 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA
RECORDER’S OFFICE DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21; THENCE
NORTH 01°28’29” WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, A DISTANCE OF 1175.72 FEET TO A POINT ON THE WESTERLY PROLONGATION OF THE NORTH LINE OF SAID LOT 1; THENCE ALONG SAID WESTERLY
PROLONGATION, NORTH 89°23’20” EAST, 107.55 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, NORTH 89°23’20” EAST, 246.93 FEET; THENCE
DEPARTING SAID NORTH LOT LINE, 

  
 SC.II B - 17

 
SOUTH 00°36’40” EAST, 29.89 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 00°46’36” EAST, 24.98 FEET; THENCE SOUTH 89°26’21” WEST, 20.14 FEET; THENCE
NORTH 00°33’37” WEST, 8.60 FEET; THENCE SOUTH 89°26’23” WEST, 11.35 FEET; THENCE SOUTH 00°33’37” EAST, 8.60 FEET; THENCE SOUTH 89°31’31” WEST, 32.59 FEET; THENCE SOUTH 01°00’06”
EAST, 135.40 FEET; THENCE SOUTH 88°56’33” WEST, 6.03 FEET; THENCE NORTH 00°50’48” WEST, 40.45 FEET; THENCE SOUTH 89°09’12” WEST, 37.37 FEET; THENCE SOUTH 47°07’07” WEST, 60.66 FEET; THENCE
SOUTH 89°08”03” WEST, 1.67 FEET; THENCE SOUTH 00°51’57” EAST, 2.48 FEET; THENCE SOUTH 89°08’03” WEST, 15.40 FEET; THENCE NORTH 45°06’44” WEST, 11.67 FEET; THENCE NORTH 00°41’40”
WEST, 15.49 FEET; THENCE NORTH 44°39’23” EAST, 14.74 FEET; THENCE NORTH 89°22’28” EAST, 5.69 FEET; THENCE NORTH 05°16’55” EAST, 54.19 FEET; THENCE SOUTH 89°10’56” WEST, 4.06 FEET; THENCE NORTH
45°11’33” WEST, 4.59 FEET TO THE BEGINNING OF A NON-TANGENT CURVE CONCAVE NORTHEASTERLY AND HAVING A RADIUS OF 13.91 FEET, FROM WHICH THE RADIUS BEARS NORTH 39°50’17” WEST, THENCE NORTHWESTERLY ALONG SAID CURVE TO THE
RIGHT THROUGH A CENTRAL ANGLE OF 167°59’03”, AN ARC LENGTH OF 40.78 FEET TO A POINT OF MON-TANGENCY TO WHICH A RADIAL LINE BEARS NORTH 51°51’14” WEST; THENCE ALONG A NON-TANGENT LINE NORTH 44°52’42” WEST,
4.64 FEET; THENCE NORTH 00°35’26” WEST, 34.07 FEET; THENCE NORTH 43°59’53” EAST, 7.54 FEET; THENCE NORTH 88°49’23” EAST, 26.50 FEET; THENCE NORTH 01°10’37” WEST, 9.22 FEET; THENCE NORTH
89°16’16” EAST, 153.53 FEET TO THE POINT OF BEGINNING. 
 PARCEL NB5 HAS A LOWER PLANE ELEVATION OF 2144.29 FEET AND AN UPPER
ELEVATION OF INFINITY. 
 PARCEL NB13 AS SHOWN IN FILE 111, PAGE 95 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE,
DESCRIBED AS FOLLOWS: 
 A CYLINDER HAVING A 32.09 FOOT RADIUS BEING A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 0033 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21, BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID
SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE
NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 590.00 FEET TO THE EAST RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY
RIGHT-OF-WAY, NORTH 00°36’27” WEST, 373.97 FEET; THENCE DEPARTING SAID EASTERLY RIGHT-OF-WAY, NORTH 89°23’33” EAST, 507.55 FEET TO THE RADIUS POINT OF SAID CYLINDER AND BEING THE POINT OF BEGINNING. 

PARCEL NB13 HAS A LOWER PLANE ELEVATION OF 2144.29 FEET AND AN UPPER PLANE ELEVATION OF 2171.85 FEET. 

  
 SC.II B - 18

 PARCEL NA2 HAS A LOWER PLANE ELEVATION OF 2144.29 FEET AND AN UPPER ELEVATION OF INFINITY. 

PARCEL SIXTEEN (16): 
 EXPLANATION: 

THIS LEGAL DESCRIBES PARCEL NA14 AS SHOWN IN FILE 112, PAGE 11 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE. 

LEGAL DESCRIPTION 
 PARCEL NA14 

A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED THE ALADDIN COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE
AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 

COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH
89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70
FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH 89°31’10” EAST, 365.00 FEET; THENCE NORTH
00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 459.06 FEET; THENCE NORTH 00°28’50” WEST, 1.81 FEET TO A POINT HEREINAFTER REFERRED AS POINT NO. 1, SAME POINT BEING THE POINT OF BEGINNING; THENCE
NORTH 00°39’34” WEST, 10.80 FEET; THENCE NORTH 89°20’26” EAST, 52.83 FEET; THENCE SOUTH 00°39’34” EAST, 10.80 FEET; THENCE SOUTH 89°20’26” WEST, 52.83 FEET TO POINT OF BEGINNING. 

THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2145.29 FEET. 

EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 1; THENCE NORTH 00°39’34” WEST, 10.80 FEET; THENCE NORTH 89°20’26” EAST, A SLOPE DISTANCE OF 16.41 FEET AT A VERTICAL ANGLE ABOVE THE
HORIZON OF 33°15’50” TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 2; THENCE SOUTH 00°39’34” EAST, 10.80 FEET; THENCE SOUTH 89°20’26” WEST, A SLOPE DISTANCE OF 16.41 FEET AT A VERTICAL ANGLE BELOW THE
HORIZON OF 33°15’50” TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN
UPPER PLANE ELEVATION OF 2126.29 FEET. 

  
 SC.II B - 19

 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 2; THENCE NORTH 89°20’26” EAST, 7.11 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 3; THENCE SOUTH 00°39’34” EAST, 10.80 FEET;
THENCE SOUTH 89°20’26” WEST, 7.11 FEET; THENCE NORTH 00°39’34” WEST, 10.80 FEET TO THE POINT OF BEGINNING. 
 THE
ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2126.29 FEET. 
 EXCEPTING THEREFROM THE
FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 3; THENCE NORTH 89°20’26” EAST, A SLOPE DISTANCE OF 17.09
FEET AT A VERTICAL ANGLE ABOVE THE HORIZON OF 31°46’28” TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 4; THENCE SOUTH 00°39’34” EAST, 10.80 FEET; THENCE SOUTH 89°20’26” WEST, A SLOPE DISTANCE OF 17.09 FEET
AT A VERTICAL ANGLE BELOW THE HORIZON OF 31°46’28”; THENCE NORTH 00°39’34” WEST, 10.80 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2126.29 FEET AND AN UPPER PLANE ELEVATION OF 2136.29 FEET. 
 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 4;
THENCE NORTH 89°20’26” EAST, 2.94 FEET TO A POINT HEREINAFTER REFERRED TO AS POINT NO. 5; THENCE SOUTH 00°39’34” EAST, 10.80 FEET; THENCE SOUTH 89°20’26” WEST, 2.94 FEET; THENCE NORTH 00°39’34”
WEST, 10.80 FEET TO THE POINT OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION
OF 2136.29. 
 TOGETHER WITH THE FOLLOWING DESCRIBED AREA: 
 BEGINNING AT THE AFOREMENTIONED POINT NO. 5; THENCE NORTH 89°20’26” EAST, A SLOPE DISTANCE OF 17.09 FEET AT A VERTICAL ANGLE ABOVE THE HORIZON OF 31°46’28”; THENCE SOUTH
00°39’34” EAST, 10.80 FEET; THENCE SOUTH 89°20’26” WEST, A SLOPE DISTANCE OF 17.09 FEET AT A VERTICAL ANGLE BELOW THE HORIZON OF 31°46’28”; THENCE NORTH 00°39’34” WEST, 10.80 FEET TO THE POINT
OF BEGINNING. 
 THE ABOVE DESCRIBED AREA HAS A LOWER PLANE ELEVATION OF 2136.29 FEET AND AN UPPER PLANE ELEVATION OF 2145.29 FEET. 

PARCEL SEVENTEEN (17): 
 EXPLANATION:

 THIS LEGAL DESCRIBES PARCEL NA1 AS SHOWN IN FILE 112, PAGE 10 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE.

  
 SC.II B - 20

 LEGAL DESCRIPTION 
 PARCEL NA1 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “THE ALADDIN
COMMERCIAL SUBDIVISION” AS RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M.,
CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
SECTION 21 BEING A POINT ON THE CENTERLINE OF HARMON AVENUE; THENCE NORTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST CORNER OF SAID SECTION 21 AND THE CENTERLINE OF SAID HARMON AVENUE, 315.36 FEET; THENCE DEPARTING SAID SOUTH
LINE AND STREET CENTERLINE, NORTH 00°36’27” WEST, 64.70 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY AND CONTINUING NORTH 00°36’27” WEST, 155.30 FEET; THENCE NORTH
89°31’10” EAST, 365.00 FEET; THENCE NORTH 00°36’27” WEST, 150.00 FEET; THENCE SOUTH 89°31’10” WEST, 511.36 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 89°31’10” WEST, 78.64 FEET TO
A POINT ON THE EASTERLY RIGHT-OF-WAY OF LAS VEGAS BOULEVARD SOUTH; THENCE ALONG SAID EASTERLY RIGHT-OF-WAY, NORTH 00°36’27” WEST, 691.42 FEET; THENCE NORTH 00°54’27” WEST, 114.38 FEET; THENCE DEPARTING SAID EASTERLY
RIGHT-OF-WAY, NORTH 89°23’20” EAST, 995.09 FEET; THENCE SOUTH 00°36’40” EAST, 55.14 FEET; THENCE SOUTH 89°26’04” WEST, 238.13 FEET; THENCE NORTH 00°36’12” WEST, 24.94 FEET; THENCE SOUTH
89°24’05” WEST, 171.48 FEET; THENCE NORTH 01°02’20” WEST, 6.54 FEET; THENCE SOUTH 89°21’55” WEST, 41.81 FEET; THENCE SOUTH 00°23’47” EAST, 6.50 FEET; THENCE SOUTH 89°21’10” WEST,
30.06 FEET; THENCE SOUTH 00°27’18” WEST, 25.12 FEET; THENCE SOUTH 89°26’12” WEST, 266.06 FEET; THENCE NORTH 00°46’36” WEST, 24.98 FEET; THENCE SOUTH 89°16’16” WEST, 153.53 FEET; THENCE SOUTH
01°10’37” EAST, 9.22 FEET; THENCE SOUTH 88°49’23” WEST, 26.50 FEET; THENCE SOUTH 43°59’53” WEST, 7.54 FEET; THENCE SOUTH 00°35’26” EAST, 34.07 FEET; THENCE SOUTH 44°52’42” EAST,
4.64 FEET TO THE BEGINNING OF A NON-TANGENT CURVE, CONCAVE NORTHEASTERLY AND HAVING A RADIUS OF 13.91 FEET, FROM WHICH A RADIAL LINE BEARS SOUTH 51°51’14” EAST; THENCE SOUTHEASTERLY ALONG SAID CURVE TO THE LEFT THROUGH A CENTRAL ANGLE
OF 167°59’03”, AN ARC LENGTH OF 40.78 FEET TO A POINT OF NON-TANGENCY, A RADIAL LINE TO SAID POINT BEARS SOUTH 39°50’17” EAST; THENCE ALONG A NON-TANGENT LINE SOUTH 45°11’33” EAST, 4.59 FEET; THENCE NORTH
89°10’56” EAST, 4.06 FEET; THENCE SOUTH 05°16’55” WEST, 54.19 FEET; THENCE SOUTH 89°22’28” WEST, 5.69 FEET; THENCE SOUTH 44°39’23” WEST, 14.74 FEET; THENCE SOUTH 00°41’40” EAST,
15.49 FEET; THENCE SOUTH 45°06’44” EAST, 11.67 FEET; THENCE NORTH 89°08’03” EAST, 15.40 FEET; THENCE SOUTH 00°51’57” EAST, 3.09 FEET; THENCE SOUTH 45°34’44” EAST, 20.69 FEET; THENCE NORTH
89°51’51” EAST, 7.08 FEET; THENCE NORTH 00°36’08” WEST, 10.54 FEET; THENCE NORTH 89°22’51” EAST, 8.64 FEET; THENCE SOUTH 00°51’36” EAST, 6.32 FEET; THENCE NORTH 89°23’00” EAST,
70.00 FEET; THENCE NORTH 00°37’00” WEST, 2.46 FEET; THENCE NORTH 89°21’39” EAST, 42.47 FEET; THENCE SOUTH 00°34’21” EAST, 2.48 FEET; THENCE NORTH 89°23’00” EAST, 9.86 FEET; THENCE NORTH
00°43’19” WEST, 22.52 FEET; THENCE NORTH 89°15’40” EAST, 8.51 FEET; THENCE SOUTH 00°42’30” EAST, 2.77 FEET; THENCE NORTH 89°17’30” EAST, 109.10 FEET; THENCE NORTH 01°05’27” WEST,
2.82 FEET; THENCE NORTH 89°48’50” EAST, 8.27 FEET; THENCE SOUTH 65°42’02” EAST, 42.12 FEET; THENCE SOUTH 25°03’42” WEST, 5.05 FEET; THENCE SOUTH 65°27’22” EAST, 25.40 FEET; THENCE NORTH
11°28’05” 

  
 SC.II B - 21

 
EAST, 0.61 FEET; THENCE SOUTH 65°22’40” EAST, 39.03 FEET; THENCE SOUTH 24°17’06” WEST, 24.04 FEET; THENCE S0UTH 63°36’49” EAST, 9.33 FEET; THENCE SOUTH
01°01’35” WEST, 10.31 FEET; THENCE SOUTH 25°00’58” WEST, 43.66 FEET; SOUTH 65°55’32” EAST, 27.15 FEET; THENCE SOUTH 24°20’07” WEST, 74.69 FEET; THENCE SOUTH 45°12’47” WEST, 2.26
FEET; THENCE SOUTH 45°48’06” EAST, 19.04 FEET; THENCE NORTH 89°40’45” EAST, 3.70 FEET; THENCE NORTH 04°12’09” EAST, 1.49 FEET; THENCE NORTH 88°19’56” EAST, 4.28 FEET; THENCE SOUTH
00°41’26” EAST, 62.53 FEET; THENCE SOUTH 89°37’37” WEST, 8.30 FEET; THENCE SOUTH 00°36’39” EAST, 60.49 FEET; THENCE SOUTH 64°40’35” WEST, 16.80 FEET; THENCE SOUTH 25°41’08” EAST,
60.80 FEET; THENCE SOUTH 64°22’54” WEST, 87.94 FEET; THENCE NORTH 24°50’35” WEST, 3.46 FEET; THENCE SOUTH 65°09’25” WEST, 6.45-FEET; THENCE SOUTH 24°50’35” EAST, 3.51 FEET; THENCE SOUTH
64°23’08” WEST, 139.31 FEET; THENCE NORTH 25°54’06” WEST, 37.43 FEET; THENCE SOUTH 89°01’31” WEST, 19.00 FEET; THENCE NORTH 00°44’18” WEST, 34.11 FEET; THENCE SOUTH 88°58’21”
WEST, 2.57 FEET; THENCE NORTH 00°19’14” EAST, 2.01 FEET; THENCE SOUTH 89°26’21” WEST, 133.64 FEET; THENCE SOUTH 00°24’46” EAST, 34.83 FEET; THENCE SOUTH 89°45’05” WEST, 11.13 FEET; THENCE SOUTH
00°45’04” EAST, 44.10 FEET; THENCE SOUTH 81°49’18” EAST, 7.02 FEET; THENCE SOUTH 00°33’20” EAST, 47.23 FEET; THENCE NORTH 89°38’05” EAST, 4.75 FEET; THENCE SOUTH 00°21’54” EAST,
14.09 FEET; THENCE NORTH 79°38’00” WEST, 1.58 FEET; THENCE SOUTH 44°55’10” WEST, 17.07 FEET; THENCE SOUTH 00°48’13” EAST, 17.49 FEET; THENCE SOUTH 46°39’43” EAST, 16.82 FEET; THENCE SOUTH
88°16’52” EAST, 1.62 FEET; THENCE SOUTH 00°37’21” EAST, 7.89 FEET; THENCE NORTH 88°18’38” EAST, 0.59 FEET; THENCE SOUTH 00°28’50” EAST, 0.67 FEET TO THE POINT OF BEGINNING. 

PARCEL NA1 HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET. 

PARCEL EIGHTEEN (18): 
 A NON-EXCLUSIVE
EASEMENT FOR PEDESTRIAN AND VEHICULAR INGRESS, EGRESS, PARKING, UTILITIES, MAINTENANCE AND OTHER USES AS PROVIDED FOR IN THAT CERTAIN “CONSTRUCTION, OPERATION AND RECIPROCAL EASEMENT AGREEMENT” BY AND BETWEEN ALADDIN GAMING, LLC, ALADDIN
BAZAAR, LLC AND ALADDIN MUSIC HOLDINGS, LLC, RECORDED MARCH 2, 1998 IN BOOK 980302 AS INSTRUMENT NO. 00003 AND RE-RECORDED MARCH 24, 1998 IN BOOK 980324 AS INSTRUMENT NO. 01111 AND RE-RECORDED MAY 29, 1998 IN BOOK 980529 AS INSTRUMENT NO. 02358 AND
RE-RECORDED OCTOBER 22, 1998 IN BOOK 981022 AS INSTRUMENT NO. 00509 AS AMENDED BY MEMORANDUM OF AMENDMENT AND RATIFICATION OF REA RECORDED NOVEMBER 20, 2000 IN BOOK 20001120 AS INSTRUMENT NO. 00858, AS AMENDED BY SECOND AMENDMENT OF CONSTRUCTION,
OPERATION RECIPROCAL EASEMENT AGREEMENT RECORDED MARCH 31, 2003 IN BOOK 20030331 AS INSTRUMENT NO. 04875, AS ASSIGNED BY “ASSIGNMENT AND ASSUMPTION OF RECIPROCAL EASEMENT AGREEMENT” RECORDED SEPTEMBER 1, 2004 IN BOOK 20040901 AS INSTRUMENT
NO. 00285 OF OFFICIAL RECORDS, AS MODIFIED BY A DOCUMENT DECLARING MODIFICATIONS THEREOF RECORDED NOVEMBER 17, 2005 IN BOOK 20051117 AS INSTRUMENT NO. 05802 OF OFFICIAL RECORDS OF CLARKS COUNTY, NEVADA. 

  
 SC.II B - 22

 PARCEL NINETEEN (19); 
 A NON-EXCLUSIVE RIGHT TO USE THAT CERTAIN MULTI-LEVEL PARKING STRUCTURE AND SURFACE-LEVEL PARKING FACILITIES AS SET FORTH IN THAT CERTAIN “MEMORANDUM OF COMMON PARKING AREA USE AGREEMENT” BY AND
BETWEEN ALADDIN GAMING, LLC AND ALADDIN BAZAAR, LLC RECORDED MARCH 2, 1998 IN BOOK 980302 AS INSTRUMENT NO. 00005 AND RE-RECORDED MAY 29, 1998 IN BOOK 980529 AS INSTRUMENT NO. 02360 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA RECORDS. 

NOTE: THE ABOVE METES AND BOUNDS LEGAL DESCRIPTION APPEARED PREVIOUSLY IN THAT CERTAIN DOCUMENT RECORDED SEPTEMBER 1, 2004 IN BOOK 20040901 AS INSTRUMENT
NO. 00286 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA. 
 LESS THE CASINO COMPONENT PREMISES, AS DESCRIBED IN SCHEDULE II-C 

  
 SC.II B - 23

 SCHEDULE II-C 
 CASINO COMPONENT PREMISES 
 [SEE ATTACHED] 

  
 Schedule II-C

  
 

 

  
 

 

 SCHEDULE II-D 
 TPA COMPONENT PREMISES 
 [SEE ATTACHED] 

  
 Schedule II-D

  
 

 

  
 

 

  
 

 

 SCHEDULE II-E 
 UTILITY COMPONENT PREMISES 
 [SEE ATTACHED] 

  
 Schedule II-E

 The land referred to herein is situated in the State of Nevada; County of CLARK, described as follows:

 PARCEL NO. I: 
 THAT PORTION OF THE
NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.B. & M., MORE PARTICULARLY DESCRIBED AS FOLLOWS: 

COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 
 1/4) OF SAID SECTION 21, AS DESIGNATED BY SURVEY THEREOF ON FILE IN FILE 1, PAGE 27, OF REGISTERED PROFESSIONAL ENGINEER’S FILE IN THE OFFICE OF THE COUNTY RECORDER OF CLARK COUNTY, NEVADA; THENCE
SOUTH 89°31’10” EAST ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21, A DISTANCE OF 314. 92 FEET TO A POINT, THENCE NORTH 00°28’50” WEST, A DISTANCE OP 40.00 FEET TO A POINT ON THE NORTHERLY
RIGHT-OF-WAY LINE OF HARMON AVENUE (80.00 FEET WIDE) SAID POINT BEING THE SOUTHWEST CORNER OF THE ALADDIN HOTEL AND CASINO PARCEL, THENCE NORTH 89°31’10” EAST ALONG SAID NORTHERLY RIGHT-OF-WAY LINE A DISTANCE OF 1209.34 FEET TO A POINT
ON A TANGENT CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OP 25.00 FEET, THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 90°07’50”, AN ARC LENGTH OF 39.33 FEET TO A POINT ON THE WESTERLY RIGHT-OF-WAY LINE
OF AUDRIE LANE (60.00 FEET HIDE), THENCE NORTH 00°36’40” WEST ALONG SAID WESTERLY RIGHT-OF-WAY LINE A DISTANCE OF 972.59. FEET TO A POINT; THENCE SOUTH 89°23’20” WEST, 256.84 FEET TO A POINT; THENCE NORTH
00°36’40” WEST 10.58 FEET TO THE TRUE POINT OF BEGINNING, THENCE SOUTH 89°23’20” WEST 207.67 FEET TO A POINT, THENCE NORTH 00°36’40” “WEST, 130.89 FEET TO A POINT ON THE NORTH PROPERTY LINE OF THE
ALADDIN HOTEL AND CASINO PARCEL, THENCE ALONG SAID NORTH PROPERTY LINE NORTH 89°23’20” EAST, 207.67 FEET TO A POINT, THENCE S0UTH 00°36’40” EAST 130.89 FEET TO THE TRUE POINT OF BEGINNING. 

 
 

 

 SCHEDULE II-F 
 TIMESHARE PROJECT LAND 
 [SEE ATTACHED] 

  
 Schedule II-F

 SCHEDULE II-F 
 TIMESHARE PROJECT LAND 
 PARCEL I: 
 PARCEL NC 
 A PORTION OF LOT 1 AS SHOWN IN THAT CERTAIN FINAL MAP ENTITLED “ALADDIN COMMERCIAL
SUBDIVISION” RECORDED IN BOOK 96, PAGE 33 OF PLATS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE AND LYING WITHIN A PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY,
NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER (NW 1/4) OF SAID SECTION 21 BEING
ON THE CENTERLINE OF HARMON AVENUE; THENCE ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 21 AND THE CENTERLINE OF HARMON AVENUE, NORTH 89°31’10” EAST, 904.20 FEET; THENCE DEPARTING SAID SOUTH LINE AND STREET
CENTERLINE, NORTH 00°28’50” WEST, 93.28 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE, TO A POINT HEREAFTER REFERRED TO AS POINT ‘A’ AND BEING THE POINT OF BEGINNING; THENCE DEPARTING SAID NORTHERLY RIGHT-OF-WAY,
NORTH 00°36’40” WEST, 142.49 FEET TO THE BEGINNING OF A CURVE , CONCAVE SOUTHEASTERLY AND HAVING A RADIUS OF 130.00 FEET; THENCE NORTHEASTERLY ALONG SAID CURVE TO THE RIGHT, THROUGH A CENTRAL ANGLE OF 90°00’00”, AN ARC
LENGTH OF 204.20 FEET TO A POINT OF TANGENCY; THENCE NORTH 89°23’20” EAST, 511.60 FEET TO THE WESTERLY RIGHT-OF-WAY OF AUDRIE LANE; THENCE ALONG SAID WESTERLY RIGHT-OF-WAY, SOUTH 00°36’40” EAST, 282.16 FEET TO THE
BEGINNING OF A CURVE, CONCAVE NORTHWESTERLY AND HAVING A RADIUS OF 30.00 FEET; THENCE SOUTHWESTERLY ALONG SAID CURVE TO THE RIGHT, THROUGH A CENTRAL ANGLE OF 90°07’50”, AN ARC LENGTH OF 47.19 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID
HARMON AVENUE; THENCE ALONG SAID NORTHERLY RIGHT-OF-WAY, THE FOLLOWING SEVEN (7) COURSES: (1) SOUTH 89°31’10” WEST, 72.93 FEET TO THE BEGINNING OF A CURVE CONCAVE NORTHERLY AND HAVING A RADIUS OF 25.00 FEET; THENCE
(2) WESTERLY ALONG SAID CURVE TO THE RIGHT THROUGH A CENTRAL ANGLE OF 09°27’42”, AN ARC LENGTH OF 4.13 FEET; THENCE (3) NORTH 81°01’08” WEST, 68.86 FEET TO THE BEGINNING OF A CURVE CONCAVE SOUTHERLY AND HAVING A
RADIUS OF 25.00 FEET; THENCE (4) WESTERLY ALONG SAID CURVE, THROUGH A CENTRAL ANGLE OF 09°27’42”, AN ARC LENGTH OF 4.13 FEET; THENCE (5) SOUTH 89°31’10” WEST, 396.66 FEET TO THE BEGINNING OF A CURVE CONCAVE
NORTHEASTERLY AND HAVING A RADIUS OF 30.00 FEET; THENCE (6) NORTHWESTERLY ALONG SAID CURVE TO THE RIGHT, THROUGH A CENTRAL ANGLE OF 93°33’45”, AN ARC LENGTH OF 48.99 FEET TO A POINT OF NON-TANGENCY, A RADIAL LINE TO SAID POINT
BEARS NORTH 86°55’05” WEST; THENCE (7) SOUTH 80°41’11” WEST, 36.38 FEET TO THE POINT OF BEGINNING. 
 PARCEL NC
HAS AN UPPER ELEVATION OF INFINITY. 

 EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 A PORTION OF PARCEL NB12 AS SHOWN IN FILE 112, PAGE 3 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE, DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE AFOREMENTIONED POINT “A”; THENCE NORTH 00°36’40” WEST, 132.97 FEET TO THE POINT OF BEGINNING; THENCE NORTH 00°36’40” WEST, 9.51 FEET TO THE
BEGINNING OF A CURVE CONCAVE SOUTHEASTERLY AND HAVING A RADIUS OF 130.00 FEET; THENCE NORTHEASTERLY ALONG SAID CURVE TO THE RIGHT THROUGH A CENTRAL ANGLE OF 90°00’00”, AN ARC LENGTH OF 204.20 FEET; THENCE NORTH 89°23’20”
EAST, 105.35 FEET; THENCE SOUTH 44°22’41” WEST, 101.35 FEET; THENCE SOUTH 89°21’45” WEST, 101.25 FEET; THENCE SOUTH 00°25’39” EAST, 67.78 FEET; THENCE SOUTH 89°22’54” WEST, 62.23 FEET TO THE
POINT OF BEGINNING. 
 THIS PORTION OF PARCEL NB 12 HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER PLANE ELEVATION OF 2144.29 FEET.

 FURTHER EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 PARCEL NB 11 AS SHOWN IN FILE 111, PAGE 83 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDERS OFFICE DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE AFOREMENTIONED POINT “A”; THENCE NORTH 00°36’40” WEST, 132.97 FEET TO THE POINT OF BEGINNING; THENCE NORTH 00°36’40” WEST, 9.51 FEET TO THE
BEGINNING OF A CURVE CONCAVE SOUTHEASTERLY AND HAVING A RADIUS OF 130.00 FEET; THENCE NORTHEASTERLY ALONG SAID CURVE TO THE RIGHT THROUGH A CENTRAL ANGLE OF 90°00’00”, AN ARC LENGTH OF 204.20 FEET; THENCE NORTH 89°23’20”
EAST, 105.35 FEET; THENCE SOUTH 44°22’41” WEST, 101.35 FEET; THENCE SOUTH 89°21’45” WEST, 101.25 FEET; THENCE SOUTH 00°25’39” EAST, 67.78 FEET; THENCE SOUTH 89°22’54” WEST, 62.23 FEET TO THE
POINT OF BEGINNING. 
 PARCEL NB 11 HAS A LOWER PLANE ELEVATION OF 2144.29 FEET AND AN UPPER PLANE ELEVATION OF 2173.00 FEET. 

FURTHER EXCEPTING THEREFROM THE FOLLOWING DESCRIBED AREA: 
 PARCEL NB 7 AS SHOWN IN FILE 111, PAGE 82 OF SURVEYS ON FILE AT THE CLARK COUNTY, NEVADA RECORDER’S OFFICE DESCRIBED AS FOLLOWS; 
 BEGINNING AT THE AFOREMENTIONED POINT “A”; THENCE NORTH 00°36’40” WEST, 132.97 FEET; THENCE NORTH 89°22’54” EAST, 62.23 FEET; THENCE SOUTH 00°25’39”
EAST, 159.12 FEET TO THE NORTHERLY RIGHT-OF-WAY OF SAID HARMON AVENUE AND BEING A POINT ON A NON-TANGENT CURVE, CONCAVE NORTHEASTERLY AND HAVING A RADIUS OF 30.00 FEET, FROM WHICH A RADIUS BEARS NORTH 07°23’15” EAST; THENCE
NORTHWESTERLY ALONG SAID RIGHT-OF-WAY AND CURVE, THROUGH A CENTRAL ANGLE OF 85°41’41”, AN ARC LENGTH OF 44.87 FEET TO A POINT OF NON-TANGENCY, A RADIAL LINE TO SAID POINT BEARS NORTH 86°55’05” WEST; THENCE ALONG A
NON-TANGENT LINE, SOUTH 80°41’11” WEST, 36.38 FEET TO THE POINT OF BEGINNING. 

 PARCEL NB 7 HAS A LOWER PLANE ELEVATION OF 2117.29 FEET AND AN UPPER ELEVATION OF INFINITY. 

PARCEL II: 
 A NON-EXCLUSIVE EASEMENT FOR
PEDESTRIAN AND VEHICULAR INGRESS AND EGRESS, FOR PASSAGE AND PARKING OF VEHICLES, FOR PEDESTRIAN PASSAGE ACCESS AND PASSAGE AND TO USE THE EXIT STAIRWAYS AND WALKWAYS AS SET FORTH IN THAT CERTAIN CONSTRUCTION, OPERATION AND RECIPROCAL EASEMENT
AGREEMENT RECORDED MARCH 2, 1998 IN BOOK 980302 AS INSTRUMENT NO. 00003 AND RE-RECORDED MARCH 24, 1998 IN BOOK 980324 AS INSTRUMENT NO. 01111 AND RE-RECORDED MAY 29, 1998 IN BOOK 980529 AS INSTRUMENT NO. 02358 AND RERECORDED OCTOBER 22, 1998 IN BOOK
981022 AS INSTRUMENT NO. 00509 AND AMENDED BY THAT CERTAIN DOCUMENT RECORDED NOVEMBER 20, 2000 IN BOOK 20001120 AS INSTRUMENT NO. 00858 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA, AND AMENDED BY THAT CERTAIN DOCUMENT RECORDED MARCH 31, 2003 IN BOOK
20030331 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA, AS INSTRUMENT NO. 04875. 
 PARCEL III: 

A NON-EXCLUSIVE RIGHT TO USE THAT CERTAIN MULTI-LEVEL PARKING STRUCTURE AND SURFACE-LEVEL PARKING FACILITIES AS SET FORTH IN THAT CERTAIN MEMORANDUM OF
PARKING AREA USE AGREEMENT RECORDED MARCH 2, 1998 IN BOOK 980302 AS INSTRUMENT NO. 00005 AND RE-RECORDED MAY 29, 1998 IN BOOK 980529 AS INSTRUMENT NO. 02360 OF OFFICIAL RECORDS, CLARK COUNTY NEVADA. 

 SCHEDULE III 
 LEASES AND OCCUPANCY AGREEMENTS 
 [SEE ATTACHED] 

  
 Schedule III

					
	 Tenant
	 	 Landlord
	 	 Document Title

			
	Avis Rent A Car System, Inc.	 	OpBiz, L.L.C. (as successor- in-interest to Aladdin Gaming, LLC)	 	Concession Agreement, dated as of July 26, 2000, by and between Aladdin Gaming, LLC d/b/a Aladdin Resort and Avis Rent a Car System, Inc., as amended by that certain First Amendment
to Lease, dated as of May 10, 2005.
			
	Bell Transportation	 	OpBiz, L.L.C. (as successor- in-interest to Aladdin Gaming, LLC)	 	Building Lease Agreement, dated as of November 12, 2001, by and between Aladdin Gaming LLC, as lessor, and Bell Transportation, as lessee, as amended by that certain Amendment #1 to
Building Lease Agreement, dated as of June 19, 2004.
			
	Steiner Spa Resorts (Nevada), Inc.	 	OpBiz, L.L.C. (as successor- in-interest to Aladdin Gaming, LLC)	 	Lease, dated as of October 19, 2000, by and between Aladdin Gaming, LLC and Steiner Spa Resorts (Nevada), Inc.
			
	The Marshall Retail Group, LLC	 	OpBiz, L.L.C.	 	Lease, dated as of July 25, 2006, by and between OpBiz, L.L.C., d/b/a Aladdin Resort & Casino and The Marshall Retail Group, LLC.
			
	P.F. Chang’s China Bistro, Inc.	 	OpBiz, L.L.C. (as successor- in-interest to Aladdin Gaming, LLC)	 	Lease, dated as of February 4, 2000, by and between Aladdin Gaming, LLC and P.F. Chang’s China Bistro, Inc.
			
	All State Tours, Inc.,- d/b/a Showtickets.com	 	OpBiz, L.L.C.	 	License Agreement, dated as of July 25, 2005, by and between All State Tours, Inc., d/b/a Showtickets.com and OpBiz, L.L.C.
			
	Troon Revere Holdings, L.L.C.	 	OpBiz, L.L.C.	 	Golf Desk Agreement, effective July 29, 2005, by and between Troon Revere Holdings, LLC. and OpBiz, L.L.C.

  
 Schedule III-2

					
	 Tenant
	 	 Landlord
	 	 Document Title

			
	Sprint PCS Assets, L.L.C. d/b/a Sprint	 	OpBiz, L.L.C.	 	Site Lease Agreement, dated as of August 8, 2005, by and between OpBiz, L.LC. d/b/a Aladdin Resort & Casino, as owner, and Sprint PCS Assets, L.L.C. d/b/a Sprint, as
tenant.
			
	BZ Clarity Theatrical- LV, LLC	 	OpBiz, L.L.C. d/b/a Planet Hollywood Resort & Casino	 	Lease, dated as of April 27, 2006, by and between OpBiz, L.L.C., as lessor, and BZ Clarity Theatrical- LV, LLC, as lessee, as amended by that certain Amendment to Lease, dated as of
May 31, 2009.
			
	Planet Hollywood (LV) LLC	 	OpBiz, L.L.C.	 	 Lease, dated as of October 12, 2006, by and between OpBiz, L.L.C., as lessor, and Planet Hollywood (LV) LLC, as lessee.

 
 Guaranty Agreement, dated as of October 12, 2006, by Planet Hollywood International,
Inc., in favor of OpBiz, L.L.C.

			
	KOI Las Vegas, LLC	 	OpBiz, L.L.C.	 	Lease, dated as of August 2, 2006, by and between OpBiz, L.L.C., as lessor, and KOI Las Vegas, LLC, as lessee.
			
	Strip House Las Vegas, LLC	 	OpBiz, L.L.C.	 	Lease, dated as of March 31, 2006 by and between OpBiz, L.L.C., as lessor, and Strip House Las Vegas, LLC, as lessee. Guaranty Agreement, dated as of March 14, 2006, by Peter H.
Glazier in favor of OpBiz, L.L.C.
			
	Las Vegas Planet Mexico Corp.	 	OpBiz, L.L.C.	 	Lease, dated as of March 31, 2006, by and between OpBiz, L.L.C., as lessor, and Las Vegas Planet Mexico Corp., as lessee.
			
	Opium Vegas, LLC (f/k/a Opium Group, LLC)	 	OpBiz, L.L.C. d/b/a Aladdin Resort & Casino	 	Lease, dated as of June 25, 2009, by and between OpBiz, L.L.C., as lessor, and Opium Vegas, LLC f/k/a Opium Group, LLC, as lessee.

  
 Schedule III-3

					
	 Tenant
	 	 Landlord
	 	 Document Title

			
	Earl of Sandwich (Las Vegas), LLC	 	OpBiz, L.L.C.	 	Lease, dated as of November 27, 2006, by and between OpBiz, L.L.C., as lessor, and Earl of Sandwich (Las Vegas), LLC, as lessee. Guaranty Agreement, dated as of
November 27, 2006, by Earl of Sandwich (USA), LLC, in favor of OpBiz, L.L.C.
			
	Northwind Aladdin, LLC	 	OpBiz, L.L.C. (as successor- in-interest to Aladdin Gaming, LLC)	 	Lease, dated as of December 3, 1997, by and between Aladdin Gaming, LLC, as lessor, and Northwind Aladdin, LLC, as lessee, as amended by that certain Amendment Agreement, dated as
of September 25, 1998, Second Amendment, dated as of May 28, 1999, Third Amendment, dated as of May 28, 1999, Settlement Agreement and Releases, dated as of November 6, 2002, Fourth Amendment, dated as of December __, 2002, Fifth Amendment, dated as
of January 30, 2009 and as may be further amended to date.
			
	Boulevard Invest, LLC	 	OpBiz, L.L.C.	 	Construction, Operation and Reciprocal Easement Agreement, dated as of February 26, 1998, by and among Aladdin Gaming, LLC, Aladdin Bazaar, LLC and Aladdin Music Holdings, LLC,
(“REA”) as amended by Amendment and Ratification of REA, dated as of November 20, 2000, by and between Aladdin Gaming, LLC and Aladdin Bazaar, LLC, as further amended by the Second Amendment to REA, dated February 2003, by and
between Aladdin Gaming, LLC and Aladdin Bazaar, LLC, as assigned and assumed pursuant to the Assignment and Assumption of Reciprocal Easement Agreement, dated as of August 31, 2004, by and between Aladdin Gaming, LLC, OpBiz, L.L.C., and MezzCo,
L.L.C., and (iv) and further amended by the Agreement and Amendment to REA, dated as of July 2005, by and between Boulevard Invest, LLC and OpBiz, L.L.C.

  
 Schedule III-4

					
	 Tenant
	 	 Landlord
	 	 Document Title

			
	Strip Dog, LLC	 	OpBiz, L.L.C.	 	Lease, dated as of March 1, 2009, by and between OpBiz, L.L.C., as lessor, and Strip Dog, LLC, as lessee.
			
	Southwestco Wireless LP, d/b/a Verizon Wireless	 	OpBiz d/b/a Aladdin Resort & Casino	 	In-Building Equipment Agreement, effective as of February 19, 2009, by and between OpBiz d/b/a Aladdin Resort & Casino and Southwestco Wireless LP, d/b/a Verizon
Wireless.
			
	Travelocity.com LP	 	OpBiz, L.L.C.	 	Addendum to License Agreement Term Sheet, dated of as June 15, 2009, by and between OpBiz, L.L.C. and Travelocity.com LP.
			
	Westgate	 	OPBiz, L.L.C.	 	Lease made pursuant to the Standard Lease Terms attached as Exhibit D to the Marketing Agreement dated as of December 30, 2004, by and between OpBiz, L.L.C. and Westgate Planet
Hollywood Las Vegas, LLC, and Westgate Resorts, Ltd.
			
	Outdoor Promotions, LLC	 	OpBiz, L.L.C.	 	Revocable License Agreement, dated as of September 8, 2008, between OpBiz, L.L.C., and Outdoor Promotions, LLC.

  
 Schedule III-5

 SCHEDULE IV 
 INTELLECTUAL PROPERTY COLLATERAL 
 (COPYRIGHTS) 

 

							
	 Copyright
	  	 Application/Registration No.
	  	 Issue Filing Date
	  	Volume/Page No.
				
	 Aladdin
	  	VA 1-072-146	  	August 11,2000	  	3514/761
				
	 Genii
	  	VA 1-072-147	  	August 11,2000	  	3514/761
				
	 Lantern
	  	VA 1-072-145	  	August 11,2000	  	3514/761
				
	 Magic Carpet
	  	VA 1-072-149	  	August 11,2000	  	3514/761
				
	 Pegasus
	  	VA 1-072-148	  	August 11,2000	  	3514/761
				
	 Roc Bird
	  	VA 1-072-151	  	August 11,2000	  	3514/761
				
	 Sheharazade
	  	VA 1-072-152	  	August 11,2000	  	3514/761
				
	 Sinbad
	  	VA 1-072-150	  	August 11,2000	  	3514/761

  
 Schedule IV-1

 FEDERAL TRADEMARKS 

 

											
	 	  	Serial
Number	  	Reg.
Number	  	 Filing Date
	  	 Trademark
	  	Status
						
	 1.
	  	78736141	  	3192328	  	Oct. 19, 2005	  	THE SUNSET STRIP BAND	  	LIVE
						
	 2.
	  	76038640	  	2628932	  	May 2, 2000	  	ALADDIN	  	LIVE
						
	 3.
	  	76453832	  	2734651	  	Sept. 30, 2008	  	ROC BAR	  	LIVE
						
	 4.
	  	76038639	  	2636409	  	May 2, 2000	  	ALADDIN	  	LIVE
						
	 5.
	  	76245399	  	2699487	  	March 25, 2003	  	SPICE MARKET BUFFET	  	LIVE
						
	 6.
	  	76460709	  	2761456	  	Oct. 23, 2002	  	NO RISK SLOTS	  	LIVE
						
	 7.
	  	75563195	  	2764504	  	Oct. 2, 1998	  	WHERE WISHES COME TRUE!	  	LIVE
						
	 8.
	  	74331894	  	1781854	  	Nov. 17, 1992	  	ALADDIN	  	LIVE
						
	 9.
	  	74331893	  	1779369	  	Nov. 17, 1992	  	ALADDIN	  	LIVE
						
	 10.
	  	74331895	  	1781855	  	Nov. 17, 1992	  	ALADDIN	  	LIVE
						
	 11.
	  	77490159	  	—  	  	June 3, 2008	  	ELEMENTS	  	ACTION
SUSPENDED

 STATE TRADEMARKS 
  

							
	 	  	 Application or
Registration No.
	  	 Word Mark
	  	 Issue or Filing Date

				
	1.	  	E0661992005-5	  	THE SUNSET STRIP BAND	  	September 28, 2005

 PATENTS 
 NONE 

  
 Schedule IV-2

 DOMAIN NAMES 

 

					
	 Domain Name
	 	 Registered Owner
	 	 Registrar

	aladdincasino.biz	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdincasino.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdincasino.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdin-casino.net	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdincasino.org	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdincasino.us	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdin-casino.us	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdingaming.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdingaming.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdingaming.net	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdingaming.org	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdingaming.us	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinonlinegaming.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinonlinegaming.net	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinonlinegaming.org	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinreservations.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinreservations.us	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinresort.biz	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinresort.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinresort.org	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinresortandcasino.biz	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinresortandcasino.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinresortandcasino.net	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	aladdinresortandcasino.org	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	casinoaladdin.net	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	casinoaladdinonline.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	casinoaladdinonline.net	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	casinoalladin.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurvegas.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurvegas.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurvelasvegas.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurvelasvegas.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurvelv.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurvelv.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurveslasvegas.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurveslasvegas.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurveslv.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurveslv.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurvesvegas.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurvesvegas.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.

  
 Schedule IV-3

					
	 Domain Name
	 	 Registered Owner
	 	 Registrar

	clubcurvevegas.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	clubcurvevegas.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvealaddin.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvealaddin.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvegas.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvegas.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvelasvegas.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvelasvegas.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvelounge.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvelounge.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvelv.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvelv.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvenightclub.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvenightclub.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curveniteclub.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curveniteclub.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvesclublv.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvesclublv.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvesclubvegas.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvesclubvegas.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvevegas.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	curvevegas.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	lvcurve.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	lvcurve.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	phrclv.biz	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	phrclv.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	phrclv.info	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	phrclv.net	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	phrclv.org	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	phrclv.us	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	planethollywoodresort.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	planethollywoodresort.net	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	planethollywoodrocbar.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	rocbar.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	spicemarketbuffet.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	thealaddinonlinecasino.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.
	thealladinonlinecasino.com	 	PHW Las Vegas, LLC	 	TuCows, Inc.

  
 Schedule IV-4

 SCHEDULE V 
 BORROWER ACCOUNTS 
 Cash Management Account: 

 

	 	•	 	 Cash Management Account 

Restricted Accounts (Access Restricted Immediately): 
  

	 	•	 	 Collection Account; for all Revenue, other than credit card receipts 

 

	 	•	 	 Merchant Account; for all credit card receipts 

 Restricted Accounts (Access Restricted After Instruction): 
  

	 	•	 	 Borrower Disbursement Account; for all amounts disbursed to Borrower 

 

	 	•	 	 Cage Account; for gaming operating reserve 

  

	 	•	 	 Accounts Payable 

  

	 	•	 	 Insurance Claims 

 Other
Accounts: 
  

	 	•	 	 Payroll Account 

  

	 	•	 	 Pari-mutuel holding account; required to operate book, funds from Borrower Disbursement Account 

 

	 	•	 	 Pari-mutuel account; required to operate book, funds from Borrower Disbursement Account 

  
 Schedule V

 SCHEDULE VI 
 MATERIAL OPERATING AGREEMENTS 
 (SEE ATTACHED) 

  
 Schedule VI-1

 MATERIAL OPERATING AGREEMENTS 

 

	1.	Hotel and Casino Management Agreement, dated as of the date hereof, between Borrower and Manager, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time in accordance with the terms thereof. 

  

	2.	Lease, dated as of December 3, 1997, by and between Aladdin Gaming, LLC, as lessor, and Northwind Aladdin, LLC, as lessee, as amended by that certain Settlement
Agreement and Releases, dated as of November 6, 2002, by and among Aladdin Gaming, LLC, Northwind Aladdin, LLC, John Hancock Life Insurance Company, John Hancock Variable Life Insurance Company, John Hancock Reinsurance Company Limited, State
Street Bank and Trust Company and Aladdin Bazaar, LLC, and as further amended to date. 

  

	3.	Energy Service Agreement, dated as of September 24, 1998, by and between Aladdin Gaming, LLC and Northwind Aladdin, LLC, as amended by that certain Amendment and
Agreement, dated as of September 25, 1998, as further amended by that certain Second Amendment and Agreement, dated as of September 25, 1998, and as further amended by that certain Third Amendment and Agreement, dated as of May 28,
1999, and as further amended by that certain Settlement Agreement, as further amended by that certain Fourth Amendment and Agreement, dated as of December, 2002, as further amended by that certain Letter Agreement, dated as of November 29,
2007, and as further amended by that certain Fifth Amendment and Agreement, dated as of January 30, 2009. 

  

	4.	Timeshare Project Plan, as further described herein. 

  

	5.	Timeshare Purchase Agreement, dated as of December 10, 2004, between OpBiz, L.L.C., as seller, and Westgate Resorts, Ltd., as developer, and Modification Agreement
Regarding Timeshare Purchase Agreement, dated as of September 10, 2007, among OpBiz, L.L.C., Westgate Resorts, Ltd. and Westgate Planet Hollywood Las Vegas, LLC. 

 

	6.	Grant, Bargain and Sale Deed with Reversion Rider, dated as of September 10, 2007, between TSP Owner and Westgate Planet Hollywood Las Vegas, LLC.

  

	7.	Easement and Shared Use Agreement, dated as of September 10, 2007, between Westgate Planet Hollywood Las Vegas, LLC and TSP Owner. 

 

	8.	Bill of Sale and Assignment, dated as of September 10, 2007, by PH Fee Owner LLC and TSP Owner. 

 

	9.	Escrow, Pledge and Security Agreement, dated as of September 10, 2007, between Westgate Planet Hollywood Las Vegas, LLC and OpBiz, L.L.C., PH Fee Owner LLC and TSP
Owner, and is consented to by Greenspoon Marder, P.A. 

  

	10.	Escrow Letter, dated as of September 10, 2007 from Greenspoon Marder, P.A. to Westgate Planet Hollywood Las Vegas, LLC, OpBiz, L.L.C., PH Fee Owner LLC and TSP
Owner. 

  
 Schedule VI-2

	11.	Resort and Amenities Access Easement Agreement, dated as of September 10, 2007, among Westgate Planet Hollywood Las Vegas, LLC and OpBiz, L.L.C., PH Fee Owner LLC
and TSP Owner. 

  

	12.	Marketing and Leasing Agreement, dated as of December 30, 2004, between OpBiz, L.L.C. and Westgate Resorts, Ltd. 

 

	13.	Timeshare Property Maintenance and Management Agreement for Planet Hollywood Towers by Westgate, dated as of September 19, 2007, among OpBiz, L.L.C., Westgate
Planet Hollywood Las Vegas, LLC and CFI Resorts Management, Inc., and Letter Agreement dated as of August 27, 2008 in connection therewith. 

  

	14.	Letter Agreement Re: Timeshare Sales Premiums, dated as of September 11, 2007, between OpBiz, L.L.C. and Westgate Resorts, Ltd. 

 

	15.	Letter Agreements, dated as of January 30, 2009, between OpBiz, L.L.C. and Westgate Resorts, Ltd. and Consent by Northwind Aladdin, LLC and Joinder by Boulevard
Invest, LLC in connection therewith. 

  

	16.	Common Parking Area Use Agreement, dated as of February 26, 1998, by and between Aladdin Bazaar, LLC and Aladdin Gaming, LLC, as amended by that certain Order of
the Bankruptcy Court and Findings of Fact and Conclusions of Law, both of which were entered on October 7, 2002. 

  

	17.	Construction, Operation and Reciprocal Easement Agreement, dated as of February 26, 1998, among Aladdin Gaming, LLC, Aladdin Bazaar, LLC and Aladdin Music
Holdings, LLC, as amended by that certain Amendment and Ratification of Construction, Operation and Reciprocal Easement Agreement, dated as of November 20, 2000, as further amended by that certain Second Amendment of Construction, Operation and
Reciprocal Easement Agreement, dated as of February 2003, and as further amended by that certain Agreement and Amendment to Construction, Operation and Reciprocal Easement Agreement, dated as of July 2005, between Boulevard Invest, LLC and OpBiz,
L.L.C. 

  

	18.	Planet Hollywood Resort & Casino Licensing Agreement, dated as of the date hereof, among Borrower, Planet Hollywood Resorts International, LLC and PHMemo, as
the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with the provisions thereof. 

  

	19.	Each lease of space comprising a portion of the Retail Mall deemed to be entered into by Retail Mall Owner, as lessor, and Borrower (as assignee thereunder), as lessee,
pursuant to the terms of Section 8 of the REA Amendment Agreement, such space being referred to therein as “space G-21”, ‘space G-1A” and “space F-27”, including (without limitation) the specific terms of each such
lease set forth in the REA Amendment Agreement and the general terms and provisions of the “standard lease form” referred to therein, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

  
 Schedule VI-3

	20.	Settlement Agreement and Releases, dated as of November 6, 2002, by and among Aladdin Gaming, LLC, Northwind Aladdin, LLC, John Hancock Life Insurance Company,
John Hancock Variable Life Insurance Company, John Hancock Reassurance Company, Ltd., State Street Bank and Trust Company and Aladdin Bazaar, LLC, as amended by that certain First Amendment to Settlement Agreement and Releases, dated as of December,
2002, and as further amended by that certain Confidential Settlement Letter, dated as June 20, 2003, by and among OpBiz, L.L.C., Aladdin Bazaar, LLC, the “Steering Committee” (consisting of Van Kampen Funds, the Bank of Nova Scotia,
Highland Capital and PPM America), General Electric Capital Corporation, and Aladdin Gaming, LLC. 

  

	21.	Assignment of Timeshare Purchase Agreement, dated September 10, 2007, by Westgate Resorts, Ltd. 

 

	22.	Partial Assignment of Energy Services Agreement, dated September 10, 2007, between OpBiz, L.L.C. and Westgate Planet Hollywood Las Vegas, LLC.

  

	23.	Letter Agreement, dated August 27, 2008, between OpBiz, L.L.C. and Westgate Resorts, Ltd. 

 

	24.	Planet Hollywood Licensing Agreement, dated December 30, 2004, among Planet Hollywood International, Inc., Planet Hollywood (Region IV), Inc., Planet Hollywood
Memorabilia, Inc., Westgate Planet Hollywood Las Vegas LLC and Westgate Resorts Ltd. 

  

	25.	Loan Agreement, dated September 10, 2007, among Westgate Planet Hollywood Las Vegas, LLC, Residential Funding Company, LLC, as administrative agent, and the
Lenders listed therein. 

  

	26.	Parent Guaranty, dated September 10, 2007, made by Westgate Resorts Ltd. in favor of OpBiz, L.L.C., PH Fee Owner, L.L.C. and TSP Owner, L.L.C., and Joinder, by
Central Florida Investments, Inc., David A. Siegel Irrevocable Trust and David A. Siegel. 

  

	27.	Energy Service Agreement, dated January 30, 2009, between Westgate Planet Hollywood Las Vegas, LLC and Northwind Aladdin, LLC. 

 

	28.	Facility Expansion Agreement, dated January 30, 2009, between Westgate Planet Hollywood Las Vegas, LLC and Northwind Aladdin, LLC. 

  
 Schedule VI-4

 SCHEDULE VII 
 Gaming Licenses and Other Material Licenses and Permits 
 All licenses and permits listed
below are held by PHW Las Vegas, LLC 
 State of Nevada 
  

	1.	State Business License 

  

	2.	Sales/Use Tax Permit 

  

	3.	Nonrestricted Gaming License 

  

	4.	Manufacturer’s License (Manufacturer of Gaming Device Equipment) 

  

	5.	Distributor’s License (Distributor of Gaming Device Equipment) 

 Clark County 
  

	6.	Admission Fees Resort License 

  

	7.	Clothing / Accessories Store License 

  

	8.	Convention Pavilion License 

  

	9.	Convention Authority Gaming License 

  

	10.	Gaming – Resort Hotel License 

  

	11.	General Gaming License 

  

	12.	Liquor License (Main Bar) 

  

	13.	Restaurant – Category 1 Resort (seating for 50 or more) 

  

	14.	Tobacco Permit 

  

	15.	Transient Lodging – Miscellaneous Resort License 

  

	16.	Transient Lodging Establishment License 

  

	17.	Transient Lodging Tax – Resort Hotel License 

  

	18.	Wedding Chapel License 

 Southern Nevada
Health District 
  

	19.	Health Permits 

  
 Schedule VII

 SCHEDULE VIII 
 Intentionally Omitted 

  

 SCHEDULE IX 
 Intentionally Omitted 

  

 SCHEDULE X 
 Intentionally Omitted 

  

 SCHEDULE XI 
 PENSION PLANS AND MULTIEMPLOYER PLANS 
 OpBiz, L.L.C. (the
“Company”) maintains and contributes to the Planet Hollywood Resort & Casino 401(k) Plan (the “401(k) Plan”). 
 The Company also makes contributions to the following Multiemployer Plans: 
 Western Conference of Teamsters Pension Fund 
 Southern Nevada
Culinary and Bartenders Pension Fund 
 Western Conference of Teamsters 401(k) Fund 

  
 Schedule XI

 SCHEDULE XII 
 LABOR RELATIONS 
 Schedule XII-A

  

					
	 Date of Violation
Notification
or
Citation
	  	 Legal Requirement
	  	 Status

			
	May 15, 2007	  	29 C.F.R. §§ 1910.95(c)(1), (d)(1), (g)(1), (i)(1), (k)(1) (Occupational Safety and Health Standards)	  	Violations were abated.
			
	November 5, 2007	  	29 C.F.R. §§ 1910.95(c)(1), (d)(1)(ii), (g)(1), (i)(1), (k)(1) (Occupational Safety and Health Standards)	  	Violations were abated.
			
	September 29, 2008	  	29 C.F.R. § 1910.22(a)(2) (Occupational Safety and Health Standards)	  	Violation was abated.
			
	January 13, 2009	  	Unspecified Occupational Safety and Health Standards	  	
			
	January 23, 2009	  	Unspecified Occupational Safety and Health Standards	  	

 Schedule XII-B 
 1. Labor Agreement, dated April 1, 2008 and scheduled to expire on March 31, 2013, by and between OpBiz Gaming, LLC d/b/a Planet Hollywood Resort and Casino and Professional, Clerical and
Miscellaneous Employees, Teamsters Local Union No. 995. 
 2. Collective Bargaining Agreement, dated October 1, 2005
and scheduled to expire on May 31, 2012, by and between Aladdin Resort & Casino and Local Joint Executive Board of Las Vegas, for and on behalf of Culinary Workers Union, Local No. 226 and Bartenders Union, Local No. 165.

 Schedule XII-C 
  

	1.	Karen Gerving v. OpBiz, LLC d/b/a Aladdin Resort & Casino et al., No. 2:06-CV-00640-RLJ-PAL, United States District Court, District of Nevada. 

 

	2.	Nevada Equal Rights Commission Charge filed with the Equal Employment Opportunity Commission by             
against Aladdin Resort and Casino d/b/a Planet Hollywood (December 10, 2007). 

  
 Schedule XII

	3.	Nevada Equal Rights Commission Charge filed with the Equal Employment Opportunity Commission by
                 against Planet Hollywood Resort & Casino (June 30, 2008). 

 

	4.	Nevada Equal Rights Commission Charge filed with the Equal Employment Opportunity Commission by
                 against Planet Hollywood Resort & Casino (July 31, 2008). 

 

	5.	Nevada Equal Rights Commission Charge filed with the Equal Employment Opportunity Commission by
                 against Planet Hollywood Resort & Casino (November 28, 2008). 

 

	6.	Nevada Equal Rights Commission Charge filed with the Equal Employment Opportunity Commission and the Nevada Equal Rights Commission by
                 against Planet Hollywood Hotel Casino (April 29, 2009). 

  

	7.	Nevada Equal Rights Commission Charge filed with the Equal Employment Opportunity Commission by
                 against Planet Hollywood Resort & Casino (September 21, 2009). 

 

	8.	Nevada Equal Rights Commission Charge filed with the Equal Employment Opportunity Commission by
                 against Planet Hollywood Hotel/Casino (December 21, 2009). 

 

	9.	Nevada Equal Rights Commission Charge filed with the Equal Employment Opportunity Commission by
                 against Planet Hollywood Resort & Casino (January 21, 2010). 

 

	10.	Grievance filed by                  (February 6, 2009). 

 

	11.	Grievance filed by                  (February 24, 2009). 

 

	12.	Grievance filed by                  (April 9, 2009). 

 

	13.	Grievance filed by                  (April 13, 2009). 

 

	14.	Grievance filed by                  (June 25, 2009). 

 

	15.	Grievance filed by                  (August 3, 2009). 

 

	16.	Grievance filed by                  (September 3, 2009). 

 

	17.	Grievance filed by                  (September 16, 2009). 

 

	18.	Grievance filed by                  (September 17, 2009). 

 

	19.	Grievance filed by                  (September 24, 2009). 

 

	20.	Grievance filed by                  (September 24, 2009). 

  
 Schedule XII-2

	21.	Grievance filed by                  (September 29, 2009). 

 

	22.	Grievance filed by                  (October 15, 2009). 

 

	23.	Grievance filed by                  (October 26, 2009). 

 

	24.	Grievance filed by                  (October 30, 2009). 

 

	25.	General grievance (November 9, 2009). 

  

	26.	Grievance filed by                  (November 17, 2009). 

 

	27.	Grievance filed by                  (November 20, 2009). 

 

	28.	Grievance filed by                  (December 3, 2009). 

 

	29.	Grievance filed by                  (December 3, 2009). 

 

	30.	Grievance filed by                  (December 8, 2009). 

 

	31.	Grievance filed by                  (December 10, 2009). 

 

	32.	Grievance filed by                  (December 16, 2009). 

 

	33.	Grievance filed by                  (December 16, 2009). 

 

	34.	Grievance filed by                  (December 16, 2009). 

 

	35.	Grievance filed by                  (December 28, 2009). 

 

	36.	Grievance filed by                  (December 30, 2009). 

 

	37.	General grievance regarding “West Gate” tower (January 11, 2010). 

 

	38.	Arbitration regarding grievance filed by                  (December 30, 2008).

  

	39.	Arbitration resulting from general grievance. 

  

	40.	In re Planet Hollywood Hotel & Casino and Culinary Workers Union Local 226, Room Service/Butlers Grievance (2009) (Block, Arb.).

  

	41.	Demand letter from attorney of                  regarding correction of former
employee’s file, dated November 20, 2009. 

  
 Schedule XII-3

 Schedule XII-D 

 

	1.	On August 4, 2009, Professional, Clerical and Miscellaneous Employees, Teamsters Local Union No. 995 was certified by the National Labor Relations Board as
the exclusive collective bargaining representative of all full-time and part-time valet parking attendants. 

  
 Schedule XII-4

 SCHEDULE XIII 
 Intentionally Omitted 

  

 SCHEDULE XIV 
 EXCEPTIONS TO REPRESENTATIONS 
 None. 

  

 SCHEDULE XV 
 LIENS 
  

	A.	Lien Claimant:         Sun City Electric 

 

	 	Amount:	$843,388.10 

  

	 	Recorded:	March 17, 2008, Book 20080317, Document No. 03060, Official Records 

 

	 	NOTE:	Notice of Pending Action to Foreclose said mechanic’s lien filed in the District Court, Clark County, Nevada, Case No. A567507, recorded July 17, 2008 in Book
20080717, Document No. 03611, Official Records 

  

	B.	Lien Claimant:         Midwest Drywall Co., Inc. 

 

	 	Amount:	$526,893.60 

  

	 	Recorded:	July 18, 2008, Book 20080718, Document No. 04119, Official Records 

 

	 	Modified:	October 10, 2008, in Book 20081010, Document No. 02394 

  

	 	NOTE:	Notice of Pending Action to Foreclose said mechanic’s lien filed in the District Court, Clark County, Nevada, Case No. A572793, recorded October 2, 2008 in
Book 20081002, Document No. 01300, Official Records 

  

	C.	Lien Claimant:         Tradewinds Building and Development, Inc., dba Tradewinds Construction 

 

	 	Amount:	$63,353.62 

  

	 	Recorded:	July 31, 2008, Book 20080731, Document No. 03348, Official Records 

 

	 	NOTE:	Notice of Pending Action to Foreclose said mechanic’s lien filed in the District Court, Clark County, Nevada, Case No. A580933, recorded January 29, 2009 in
Book 20090129, Document No. 00247, Official Records 

  

	D.	Lien Claimant:         Patrick Callendar 

 

	 	Amount:	$37,481.76 

  

	 	Recorded:	October 22, 2009, Book 20091022, Document No. 01741, Official Records 

 

	E.	Lien Claimant:         Lendall Mains Architect 

 

	 	Amount:	$4,987.50 

  

	 	Recorded:	December 31, 2009, Book 20091231, Document No. 04296, Official Records 

  
 Schedule XV-1

	F.	Lien Claimant:         Lendall Mains Architect 

 

	 	Amount:	$2,811.38 

  

	 	Recorded:	December 31, 2009, Book 20091231, Document No. 04298. Official Records 

  
 Schedule XV-2

 SCHEDULE XVI 
 SPECIAL ASSESSMENTS 
  

			
	Special assessment for improvement purposes:
	Roll No.:	  	7505 (162-21-210-005)
	City/County:	  	Clark County
	Clark County Treasurer Improvement District No.:	  	97A
	Current Balance*:	  	$122,018.15
	No. of Installments:	  	Semi annual
	Payable each year on or before:	  	February 1st and August 1st
	
	Special assessment for improvement purposes:
	Roll No.:	  	7506 (162-21-210-005)
	City/County:	  	Clark County
	Clark County Treasurer Improvement District No.:	  	97B
	Current Balance*:	  	$10,521.28
	No. of Installments:	  	Quarterly
	Payable each year on or before:	  	March 1st, June 1st, September 1st and December 1st

  
 Schedule XVI

 SCHEDULE XVII 
 APPROVED CAPITAL EXPENDITURES 
  

					
	 Department/Project
	  	Amount	 
	 IT / TR / Systems Conversion
	  	$	8,142,510	  
	 Diamond Lounge
	  	$	150,000	  
	 VIP Check-in
	  	$	100,000	  
	 Ace Shufflers
	  	$	150,000	  
	 Three Card Poker
	  	$	320,000	  
	 Crazy 4 Poker
	  	$	120,000	  
	 Let it Ride
	  	$	130,000	  
	 Casino war
	  	$	50,000	  
	 Ideal Shuffler
	  	$	113,970	  
	 Six to one shufflers
	  	$	50,000	  
	 Keno Systems
	  	$	70,000	  
	 Total Rewards Center Conversion
	  	$	189,000	  
	 Pedestrian Capture
	  	$	4,250,000	  
	 Box Office / Concierge
	  	$	23,310	  
	 Slots Machines
	  	$	2,500,000	  
		  	  
	  
	 
	 PH pool, service well
	  	$	132,000	  
	 Surveillance Cameras
	  	$	15,000	  
	 Delphi Sales system
	  	$	100,000	  
	 Call Center
	  	$	40,600	  
	 Valet Dispatch
	  	$	79,779	  
	 HL Room / Extra Lounge
	  	$	100,000	  
	 PH Towers Banquet
	  	$	326,000	  
	 Shares Service Relocation
	  	$	100,000	  
	 Super Collectors
	  	$	10,400	  
	 Race Carrels
	  	$	48,000	  
		  	  
	  
	 
	 Total
	  	$	17,310,569	  

  
 Schedule XVII

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