Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

CAESARS ENTERTAINMENT CORPORATION, 

as Issuer 
 5.00% Convertible
Senior Notes due 2024 
  
  

INDENTURE 
 Dated as of
October 6, 2017 
  
  

Delaware Trust Company, 
 as
Trustee 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 Article I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 SECTION 1.01
	  	Definitions	  	 	1	 
	 SECTION 1.02
	  	Other Definitions	  	 	34	 
	 SECTION 1.03
	  	Incorporation by Reference of Trust Indenture Act	  	 	35	 
	 SECTION 1.04
	  	Rules of Construction	  	 	35	 
		
	 Article II. THE NOTES
	  	 	36	 
	 SECTION 2.01
	  	Amount of Notes	  	 	36	 
	 SECTION 2.02
	  	Form and Dating	  	 	37	 
	 SECTION 2.03
	  	Execution and Authentication	  	 	37	 
	 SECTION 2.04
	  	Registrar, Paying Agent and Conversion Agent	  	 	38	 
	 SECTION 2.05
	  	Paying Agent to Hold Money in Trust	  	 	38	 
	 SECTION 2.06
	  	Holder Lists	  	 	39	 
	 SECTION 2.07
	  	Transfer and Exchange	  	 	39	 
	 SECTION 2.08
	  	Replacement Notes	  	 	39	 
	 SECTION 2.09
	  	Outstanding Notes	  	 	40	 
	 SECTION 2.10
	  	[Reserved]	  	 	40	 
	 SECTION 2.11
	  	Cancellation	  	 	40	 
	 SECTION 2.12
	  	Defaulted Interest	  	 	40	 
	 SECTION 2.13
	  	CUSIP Numbers, ISINs, Etc	  	 	41	 
	 SECTION 2.14
	  	Calculation of Principal Amount of Notes	  	 	41	 
	 SECTION 2.15
	  	Mandatory Disposition Pursuant to Gaming Laws	  	 	41	 
		
	 Article III. NO REDEMPTION
	  	 	42	 
	 SECTION 3.01
	  	No Redemption	  	 	42	 
		
	 Article IV. COVENANTS
	  	 	42	 
	 SECTION 4.01
	  	Payment of Notes	  	 	42	 
	 SECTION 4.02
	  	Reports and Other Information	  	 	42	 
	 SECTION 4.03
	  	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	44	 
	 SECTION 4.04
	  	Limitation on Restricted Payments	  	 	47	 
	 SECTION 4.05
	  	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	 	51	 
	 SECTION 4.06
	  	Asset Sales	  	 	53	 
	 SECTION 4.07
	  	Transactions with Affiliates	  	 	55	 
	 SECTION 4.08
	  	[Reserved]	  	 	58	 
	 SECTION 4.09
	  	Compliance Certificate	  	 	58	 
	 SECTION 4.10
	  	Further Instruments and Acts	  	 	58	 
	 SECTION 4.11
	  	[Reserved]	  	 	58	 
	 SECTION 4.12
	  	Liens	  	 	58	 
	 SECTION 4.13
	  	Business Activities	  	 	59	 
	 SECTION 4.14
	  	Maintenance of Office or Agency	  	 	59	 

  
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	 	  	 	  	Page	 
	 SECTION 4.15
	  	Payments for Consents	  	 	60	 
	 SECTION 4.16
	  	Covenant Suspension	  	 	60	 
	 SECTION 4.17
	  	Taxes	  	 	61	 
	 SECTION 4.18
	  	Designation of Restricted and Unrestricted Subsidiaries	  	 	61	 
		
	 Article V. SUCCESSOR ISSUER
	  	 	62	 
	 SECTION 5.01
	  	When Issuer May Merge or Transfer Assets	  	 	62	 
		
	 Article VI. DEFAULTS AND REMEDIES
	  	 	63	 
	 SECTION 6.01
	  	Events of Default	  	 	63	 
	 SECTION 6.02
	  	Acceleration	  	 	65	 
	 SECTION 6.03
	  	Other Remedies	  	 	66	 
	 SECTION 6.04
	  	Waiver of Past Defaults	  	 	66	 
	 SECTION 6.05
	  	Control by Majority	  	 	66	 
	 SECTION 6.06
	  	Limitation on Suits	  	 	66	 
	 SECTION 6.07
	  	Rights of the Holders to Receive Payment	  	 	67	 
	 SECTION 6.08
	  	Collection Suit by Trustee	  	 	67	 
	 SECTION 6.09
	  	Trustee May File Proofs of Claim	  	 	67	 
	 SECTION 6.10
	  	Priorities	  	 	67	 
	 SECTION 6.11
	  	Undertaking for Costs	  	 	68	 
	 SECTION 6.12
	  	Waiver of Stay or Extension Laws	  	 	68	 
		
	 Article VII. TRUSTEE
	  	 	68	 
	 SECTION 7.01
	  	Duties of Trustee	  	 	68	 
	 SECTION 7.02
	  	Rights of Trustee	  	 	69	 
	 SECTION 7.03
	  	Individual Rights of Trustee	  	 	71	 
	 SECTION 7.04
	  	Trustee’s Disclaimer	  	 	71	 
	 SECTION 7.05
	  	Notice of Defaults	  	 	71	 
	 SECTION 7.06
	  	Reports by Trustee to the Holders	  	 	71	 
	 SECTION 7.07
	  	Compensation and Indemnity	  	 	72	 
	 SECTION 7.08
	  	Replacement of Trustee	  	 	72	 
	 SECTION 7.09
	  	Successor Trustee by Merger	  	 	73	 
	 SECTION 7.10
	  	Eligibility; Disqualification	  	 	73	 
	 SECTION 7.11
	  	Preferential Collection of Claims Against the Issuer	  	 	73	 
		
	 Article VIII. DISCHARGE OF INDENTURE
	  	 	74	 
	 SECTION 8.01
	  	Discharge of Liability on Notes	  	 	74	 
	 SECTION 8.02
	  	[Reserved]	  	 	74	 
	 SECTION 8.03
	  	Application of Trust Money	  	 	74	 
	 SECTION 8.04
	  	Repayment to Issuer	  	 	74	 
	 SECTION 8.05
	  	[Reserved]	  	 	75	 
	 SECTION 8.06
	  	Reinstatement	  	 	75	 
		
	 Article IX. AMENDMENTS AND WAIVERS
	  	 	75	 
	 SECTION 9.01
	  	Without Consent of the Holders	  	 	75	 
	 SECTION 9.02
	  	With Consent of the Holders	  	 	76	 
	 SECTION 9.03
	  	Compliance with Trust Indenture Act	  	 	77	 

  
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	 	  	 	  	Page	 
	 SECTION 9.04
	  	Revocation and Effect of Consents and Waivers	  	 	77	 
	 SECTION 9.05
	  	Notation on or Exchange of Notes	  	 	77	 
	 SECTION 9.06
	  	Trustee to Sign Amendments	  	 	77	 
	 SECTION 9.07
	  	Additional Voting Terms; Calculation of Principal Amount	  	 	78	 
		
	 Article X. CONVERSION
	  	 	78	 
	 SECTION 10.01
	  	Conversion Rights	  	 	78	 
	 SECTION 10.02
	  	Conversion Procedures	  	 	78	 
	 SECTION 10.03
	  	Settlement Upon Conversion	  	 	80	 
	 SECTION 10.04
	  	Common Stock Issued Upon Conversion	  	 	81	 
	 SECTION 10.05
	  	Adjustment of Conversion Rate	  	 	81	 
	 SECTION 10.06
	  	Discretionary and Voluntary Adjustments	  	 	89	 
	 SECTION 10.07
	  	Adjustments Upon Certain Fundamental Changes	  	 	89	 
	 SECTION 10.08
	  	Effect of Reclassification, Consolidation, Merger or Sale	  	 	92	 
	 SECTION 10.09
	  	Responsibility of Trustee	  	 	93	 
	 SECTION 10.10
	  	Notice of Adjustment	  	 	94	 
	 SECTION 10.11
	  	Notice of Certain Transactions	  	 	94	 
	 SECTION 10.12
	  	Exchange in Lieu of Conversion	  	 	95	 
	 SECTION 10.13
	  	Mandatory Conversion	  	 	95	 
		
	 Article XI. REPURCHASE OF NOTES AT OPTION OF HOLDERS
	  	 	97	 
	 SECTION 11.01
	  	Purchase at Option of Holders upon a Fundamental Change	  	 	97	 
	 SECTION 11.02
	  	Fundamental Change Notice	  	 	98	 
	 SECTION 11.03
	  	Repurchase Procedures	  	 	99	 
	 SECTION 11.04
	  	Withdrawal of Fundamental Change Purchase Notice	  	 	100	 
	 SECTION 11.05
	  	Payment of Fundamental Change Purchase Price	  	 	100	 
	 SECTION 11.06
	  	Notes Purchased in Whole or in Part	  	 	101	 
	 SECTION 11.07
	  	Covenant to Comply with Applicable Laws upon Purchase of Notes	  	 	101	 
	 SECTION 11.08
	  	Conversion of Notes Subject to Purchase Notice	  	 	101	 
		
	 Article XII. [RESERVED]
	  	 	102	 
		
	 Article XIII. MISCELLANEOUS
	  	 	102	 
	 SECTION 13.01
	  	Trust Indenture Act Controls	  	 	102	 
	 SECTION 13.02
	  	Notices	  	 	102	 
	 SECTION 13.03
	  	Communication by the Holders with Other Holders	  	 	102	 
	 SECTION 13.04
	  	Certificate and Opinion as to Conditions Precedent	  	 	103	 
	 SECTION 13.05
	  	Statements Required in Certificate or Opinion	  	 	103	 
	 SECTION 13.06
	  	When Notes Disregarded	  	 	103	 
	 SECTION 13.07
	  	Rules by Trustee, Paying Agent, Conversion Agent and Registrar	  	 	103	 
	 SECTION 13.08
	  	Legal Holidays	  	 	103	 
	 SECTION 13.09
	  	GOVERNING LAW	  	 	103	 
	 SECTION 13.10
	  	No Recourse Against Others	  	 	104	 
	 SECTION 13.11
	  	Successors	  	 	104	 
	 SECTION 13.12
	  	Multiple Originals	  	 	104	 

  
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	 	  	 	  	Page	 
	 SECTION 13.13
	  	Table of Contents; Headings	  	 	104	 
	 SECTION 13.14
	  	Indenture Controls	  	 	104	 
	 SECTION 13.15
	  	Severability	  	 	105	 
	 SECTION 13.16
	  	Waiver of Jury Trial	  	 	105	 
	 SECTION 13.17
	  	Acts of Holders	  	 	105	 
	 SECTION 13.18
	  	Patriot Act	  	 	106	 

 Appendix A – Provisions Relating to the Notes 

EXHIBITS AND SCHEDULES 
 Exhibit A – Form of Note 

Schedule I – Unrestricted Subsidiaries 

  
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 CROSS-REFERENCE TABLE 
  

					
	 TIA

Section
	 	 	  	Indenture
Section
	 310
	 	(a)(1)	  	7.10
		 	(a)(2)	  	7.10
		 	(a)(3)	  	N.A.
		 	(a)(4)	  	N.A.
		 	(b)	  	7.08; 7.10
		 	(c)	  	N.A.
	 311
	 	(a)	  	7.11
		 	(b)	  	7.11
	 312
	 	(a)	  	2.06
		 	(b)	  	13.03
		 	(c)	  	13.03
	 313
	 	(a)	  	7.06
		 	(b)(1)	  	7.06
		 	(b)(2)	  	7.06
		 	(c)	  	7.06
		 	(d)	  	4.02; 4.09; 7.06
	 314
	 	(a)	  	4.02; 4.09
		 	(b)	  	N.A.
		 	(c)(1)	  	13.04
		 	(c)(2)	  	13.04
		 	(c)(3)	  	N.A.
		 	(d)	  	N.A.
		 	(e)	  	13.05
		 	(f)	  	4.10
	 315
	 	(a)	  	7.01
		 	(b)	  	7.05
		 	(c)	  	7.01
		 	(d)	  	7.01
		 	(e)	  	6.11
	 316
	 	(a)(last sentence)	  	13.06
		 	(a)(1)(A)	  	6.05
		 	(a)(1)(B)	  	6.04
		 	(a)(2)	  	N.A.
		 	(b)	  	6.07
	 317
	 	(a)(1)	  	6.08
		 	(a)(2)	  	6.09
		 	(b)	  	2.05
	 318
	 	(a)	  	13.01

 N.A. Means Not Applicable. 

Note: This Cross-Reference Table shall not, for any purposes, be deemed to be part of this Indenture. 

  
 -v- 

 INDENTURE, dated as of October 6, 2017, between CAESARS ENTERTAINMENT CORPORATION, a
Delaware corporation (together with its successors and assigns, the “Issuer”), and Delaware Trust Company, as trustee (the “Trustee”). 

The Issuer and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the holders of
(i) $1,119,060,000 aggregate principal amount of the Issuer’s 5.00% Convertible Senior Notes due 2024 issued on the date hereof (the “Original Notes”) and (ii) any Additional Notes issued from time to time (together
with the Original Notes, the “Notes”): 
 Article I. 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01 Definitions. 

“Acquired Indebtedness” means, with respect to the Issuer or its Restricted Subsidiaries: 

(1) Indebtedness of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into
the Issuer or its Restricted Subsidiaries or became a Restricted Subsidiary of the Issuer, and 
 (2) Indebtedness secured by
a Lien encumbering any asset that is acquired by the Issuer or any Restricted Subsidiary. 
 Acquired Indebtedness will be deemed to have
been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person merges, consolidates or amalgamates with or into the Issuer or a Restricted Subsidiary or becomes a Restricted Subsidiary and, with respect to clause
(2) of the preceding sentence, on the date of consummation of any such acquisition of such assets. 
 “Additional
Notes” means Notes issued under the terms of this Indenture subsequent to the Issue Date. 
 “Affiliate” of any
specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with
correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that (1) beneficial ownership of 10% or more of the Voting Stock of a
Person will be deemed to give rise to control with respect to the Issuer and (2) each of the Restricted Holders will be deemed to constitute an Affiliate of the Issuer and each Restricted Subsidiary for all purposes of this Indenture,
provided that this clause (2) shall not apply, with respect to any Restricted Holder, at any time at which (a) such Restricted Holder does not beneficially own, directly or indirectly, any Equity Interests of the Issuer or any
Restricted Subsidiary and (b) no employee, appointee, director, managing member or other agent or representative of such Restricted Holder serves as a director, or has the right to designate a director, on the board of directors of the Issuer
or any Restricted Subsidiary. 
 “Applicable Procedures” means, with respect to any matter at any time, the policies and
procedures of a Depository, if any, that are applicable to such matter at such time. 

 “Asset Sale” means: 

(1) the sale, lease, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions) of
property or assets (including by way of a Sale/Leaseback Transaction) by the Issuer or any Restricted Subsidiary, including by means of a merger, consolidation, amalgamation or similar transaction (each referred to in this definition as a
“disposition”) or 
 (2) the issuance or sale of Equity Interests (other than directors’ qualifying shares and shares
issued to foreign nationals or other third parties to the extent required by applicable law) of any Restricted Subsidiary of the Issuer, whether in a single transaction or a series of related transactions, other than to the Issuer or a Wholly Owned
Restricted Subsidiary of the Issuer, provided that no such issuance or sale to the Issuer or a Wholly Owned Restricted Subsidiary of the Issuer shall alter the status of any Subsidiary as a First-Tier Subsidiary of the Issuer if such Subsidiary
would have been a First-Tier Subsidiary of the Issuer in the absence of such issuance or sale, 
 in each case other than: 

(a) a disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged or worn out property or equipment, in
each case, in the ordinary course of business; 
 (b) the disposition of all or substantially all of the assets of the Issuer
in a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Fundamental Change and with respect to which the Issuer complies with Article XI; 

(c) any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.04; 

(d) any disposition (in a transaction or series of related transactions) of assets of the Issuer or any Restricted Subsidiary
or any issuance or sale of Equity Interests of any Restricted Subsidiary, which assets or Equity Interests so disposed or issued, as applicable, have an aggregate Fair Market Value of less than $25.0 million; 

(e) any disposition of property or assets to the Issuer or a Wholly Owned Restricted Subsidiary of the Issuer; 

(f) any exchange (other than with a Person that is an Affiliate of the Issuer) of assets (including a combination of assets and
Cash Equivalents) for assets related to a Similar Business or services (including in connection with any outsourcing arrangements), in each case of comparable or greater market value or usefulness to the business of the Issuer and its Restricted
Subsidiaries as a whole and, as an additional condition, the Issuer shall have determined that the requirements of this clause (f) have been satisfied; 

(g) foreclosure or any similar action with respect to any property or other asset of the Issuer or any Restricted Subsidiary;

 (h) any sales or other dispositions of inventory in the ordinary course of business and consistent with past practice;

 (i) (i) any grant of any non-exclusive license or sublicense of patents, trademarks, know-how or any other
intellectual property in the ordinary course of business or (ii) any grant of any exclusive license or sublicense of patents, trademarks, know-how or any other intellectual property in the ordinary course of business for which the Issuer or a
Restricted Subsidiary receives Fair Market Value and which would not materially impair or degrade the value or goodwill of such patents, trademarks, know-how or other intellectual property; 

  
 -2- 

 (j) any disposition deemed to arise or occur in connection with any grant of a
Permitted Lien; 
 (k) any disposition of property pursuant to the Call Right Agreements; 

(l) any disposition deemed to arise or occur in connection with performance of obligations under an Operations Management
Agreement; 
 (m) [Reserved]; 

(n) dispositions of accounts receivable in connection with the compromise, settlement or collection thereof in the ordinary
course of business (exclusive of factoring or similar arrangements); 
 (o) any surrender or waiver of contract rights or the
settlement, release, recovery on or surrender of contract, tort or other claims of any kind that occur, with respect to this clause (o), in the ordinary course of business; 

(p) any disposition expressly contemplated by the Transactions; and 

(q) any leases, subleases, easements (including grants of declarations of covenants, conditions and restrictions and/or
easements with respect to common area spaces and similar instruments benefitting tenants), rights of way, rights of access, dedications of space or other dispositions of property (including in connection with and in furtherance of constructing
structures or improvements reasonably related to the development, construction and operation of a Project), licenses or sublicenses with respect to any real or personal property entered into by the Issuer or a Restricted Subsidiary, provided that
(A) the Issuer or a Restricted Subsidiary of the Issuer shall be required, as applicable, to maintain control (which may be through required contractual standards) over the primary aesthetics and standards of service and quality of the business
being operated or conducted in connection with any such leased, subleased or licensed space, to the extent applicable, and (B) such transaction, lease, sublease, easement, license or sublicense (i) is in the ordinary course of business and
consistent with past practice and (ii) would not reasonably be expected to materially interfere with, or materially impact or detract from, the operation of any Project or the business of the Issuer and its Restricted Subsidiaries, taken as a
whole. 
 With respect to clause (f) above (with respect to the determination of whether assets or services of comparable or greater
value or usefulness are to be received), prior to entering into any such exchange to be recorded under such clause (f), and as a condition to the making of any such exchange, the Issuer will deliver to the Trustee an Officer’s Certificate
stating that the disinterested members of the Board of Directors of the Issuer have determined, based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the value of any such exchange
exceeds $75.0 million, that such exchange is permitted, setting forth the basis upon which the calculations required by such clause (f) were computed, together with a copy of any required resolutions of the Board of Directors and of any
fairness opinion or appraisal required by this Indenture. 

  
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 “Bank Indebtedness” means any and all amounts payable under or in respect of any
Credit Agreement Documents, (including after termination of any such Credit Agreement), including principal, premium (if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating
to the Issuer whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees and all other amounts payable thereunder or in respect thereof, including, without
limitation, amounts pursuant to letters of credit. 
 “beneficial owner” has the meaning assigned to such term in Rule
13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have
beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms
“beneficially own” and “beneficially owned” have a corresponding meaning. 
 “Bid Solicitation Agent”
means the Person appointed by the Issuer, from time to time, to solicit secondary market bid quotations for the Trading Price of the Notes in accordance with Section 10.01(b)(ii) hereof. The Trustee will be the initial Bid Solicitation
Agent. The Issuer may appoint another person (other than an Affiliate) as the Bid Solicitation Agent without prior notice to holders. 

“Board of Directors” means, as to any Person, the board of directors or managers, as applicable, of such Person (or, if such
Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. Unless otherwise indicated in this Indenture, all references to Board of Directors shall mean
the Board of Directors of the Issuer. 
 “Board Resolution” means, with respect to any Person, a copy of a resolution
certified by the Secretary, the General Counsel or an Officer of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification. 

“Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are authorized or
required by law, regulation or executive order to close in New York City or in the city where the Corporate Trust Office of the Trustee is located. 

“Call Right Agreements” means each of (i) the Call Right Agreement among VICI Properties LP and the Issuer relating to
Harrah’s Atlantic City, (ii) the Call Right Agreement among VICI Properties LP and the Issuer relating to Harrah’s Laughlin and (iii) the Call Right Agreement among VICI Properties LP and the Issuer relating to Harrah’s New
Orleans, in each case, as amended, restated, supplemented or otherwise modified from time to time, provided that any such amendment, restatement, supplement or other modification is not less favorable than the terms of such agreements as in effect
on the Issue Date, taken as a whole, to the Issuer and its Restricted Subsidiaries. 
 “Capital Markets Indebtedness” means
any Indebtedness consisting of (i) Bank Indebtedness, other Indebtedness Incurred under any Credit Agreement or any other credit facility Indebtedness or (ii) bonds, debentures, notes or any other similar debt securities. 

“Capital Stock” means: 

(1) in the case of a corporation, any and all shares of corporate stock (however designated); 

  
 -4- 

 (2) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a
partnership or limited liability company, partnership or membership interests (whether general or limited); and 
 (4) any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP; provided that obligations of the Issuer or its
Restricted Subsidiaries, or of a special purpose or other entity not consolidated with the Issuer and its Restricted Subsidiaries, either existing on the Issue Date or created thereafter that (a) initially were not included on the consolidated
balance sheet of the Issuer as capital lease obligations and were subsequently recharacterized as capital lease obligations or, in the case of such a special purpose or other entity becoming consolidated with the Issuer and its Restricted
Subsidiaries were required to be characterized as capital lease obligations upon such consolidation, in either case, due to a change in accounting treatment, or (b) did not exist on the Issue Date and were required to be characterized as
capital lease obligations but would not have been required to be treated as capital lease obligations or long-term financial obligations on the Issue Date had they existed at that time, shall for all purposes not be treated as Capitalized Lease
Obligations or Indebtedness. 
 “Capitalized Software Expenditures” means, for any period, the aggregate of all
expenditures (whether paid in cash or accrued as liabilities) by the Issuer and its Restricted Subsidiaries during such period in respect of licensed or purchased software or internally developed software and software enhancements that, in
conformity with GAAP, are required to be reflected as capitalized costs on the consolidated balance sheet of the Issuer and its Restricted Subsidiaries. 

“Cash Equivalents” means: 

(1) U.S. dollars and, in the case of any Foreign Subsidiary that is a Restricted Subsidiary, pounds sterling, euros, the
national currency of any member state in the European Union (other than Greece, Spain, Portugal or Italy) or such local currencies held by it from time to time in the ordinary course of business; 

(2) (i) securities issued or directly and fully guaranteed or insured by the U.S. government or (ii) in the case
of any Foreign Subsidiary that is a Restricted Subsidiary, securities issued or directly and fully guaranteed or insured by any country that is a member of the European Union (other than Greece, Spain, Portugal or Italy) or, with respect to clauses
(i) and (ii), any agency or instrumentality thereof in each case maturing not more than one year from the date of acquisition; 

(3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances, in each case with maturities not exceeding one year from the date of acquisition and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $500.0 million and
whose long-term debt is rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another Nationally Recognized Statistical Rating Organization (as defined in Section 3(a)(62) of the Exchange
Act) or any international Affiliate thereof); 

  
 -5- 

 (4) repurchase obligations for underlying securities of the types described in
clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) commercial paper issued by a corporation (other than an Affiliate of the Issuer) rated at least “A1” or the
equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another Nationally Recognized Statistical Rating Organization (as defined in Section 3(a)(62) of the Exchange Act) or any international Affiliate thereof) and,
in each case, maturing within one year after the date of acquisition; 
 (6) readily marketable direct obligations issued by
any state of the United States of America or any political subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another Nationally Recognized
Statistical Rating Organization (as defined in Section 3(a)(62) of the Exchange Act) or any international Affiliate thereof) in each case with maturities not exceeding one year from the date of acquisition; and 

(7) investment funds investing at least 95% of their assets in securities of the types described in clauses (1) through
(6) above. 
 “Close of Business” means 5:00 p.m., New York City time. 

“CEOC” means Caesars Entertainment Operating Company, LLC, a Delaware limited liability company, as successor to Caesars
Entertainment Operating Company, Inc. upon consummation of the Plan. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Common Stock” means, subject to Section 10.08, the shares of common stock, par value $0.01 per share, of
the Issuer authorized at the date of this Indenture as originally executed or shares of any class or classes of common stock resulting from any reclassification or reclassifications thereof; provided, however, that if at any time there shall be more
than one such resulting class, the shares so issuable on conversion of Notes shall include shares of all such classes, and the shares of each such class then so issuable shall be substantially in the proportion which the total number of shares of
such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such reclassifications. 

“Consolidated Depreciation and Amortization Expense” means, with respect to the Issuer and its Restricted Subsidiaries, on a
consolidated basis, for any period, the total amount of depreciation and amortization expense, including the amortization of intangible assets, deferred financing fees and Capitalized Software Expenditures and amortization of unrecognized prior
service costs and actuarial gains and losses related to pensions and other post-employment benefits, of the Issuer and its Restricted Subsidiaries for such period on a consolidated basis and determined in accordance with GAAP. 

“Consolidated Interest Expense” means, with respect to the Issuer and its Restricted Subsidiaries, on a consolidated basis,
for any period, the sum, without duplication, of: 
 (1) consolidated interest expense of the Issuer and its Restricted
Subsidiaries, determined in accordance with GAAP, to the extent such expense was deducted in computing Consolidated Net Income, including, without duplication, (i) amortization of original issue discount and debt issuance costs, (ii) the
interest component of Capitalized Lease Obligations, 

  
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(iii) net payments and receipts (if any) pursuant to interest rate Hedging Obligations (including the amortization of fees), (iv) any non-cash interest payments, (v) interest
expense attributable to the actual or implied Indebtedness Incurred in connection with any Sale/Leaseback Transaction, (vi) commissions, discounts and other fees and charges incurred in respect of any financing, letter of credit or
bankers’ acceptances; plus (vii) any of the foregoing interest expense on Indebtedness of another Person that is guaranteed by the Issuer or one of its Restricted Subsidiaries or secured by a Lien on assets of the Issuer or one of its
Restricted Subsidiaries, whether or not such guarantee or Lien is called upon; plus (viii) the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of the Issuer or any of its
Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Issuer (other than Disqualified Stock) or to the Issuer or a Restricted Subsidiary of the Issuer, times (b) a fraction, the numerator of
which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal; plus 

(2) consolidated capitalized interest of the Issuer and the Restricted Subsidiaries for such period, whether paid or accrued;
minus 
 (3) interest income for such period. 

For purposes of this definition, (i) interest on a Capitalized Lease Obligation shall be deemed to accrue at the interest rate implicit
in such Capitalized Lease Obligation in accordance with GAAP and (ii) lease payments under the Master Leases shall not be included as part of Consolidated Interest Expense. 

“Consolidated Leverage Ratio” means, with respect to the Issuer and its Restricted Subsidiaries on a consolidated basis, at
any date, the ratio of (i) Consolidated Total Indebtedness of the Issuer and the Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the aggregate amount of cash and Cash
Equivalents in excess of all Restricted Cash that would be stated on the consolidated balance sheet of the Issuer and the Restricted Subsidiaries and held by the Issuer and its Restricted Subsidiaries as of such date of determination to
(ii) EBITDA of the Issuer and its Restricted Subsidiaries for the four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. In the event
that the Issuer or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which the Consolidated Leverage Ratio is being calculated but prior to the event for which the
calculation of the Consolidated Leverage Ratio is made (the “Consolidated Leverage Calculation Date”), then the Consolidated Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase
or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period; provided that the Issuer may elect pursuant to an Officer’s Certificate delivered to the Trustee to treat all or any
portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such
subsequent time. 
 For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers,
amalgamations, consolidations (including the Transactions) and discontinued operations (as determined in accordance with GAAP), in each case, with respect to an operating unit of a business that the Issuer or any Restricted Subsidiary has made
during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Consolidated Leverage Calculation Date shall be calculated on a pro forma basis assuming that all such Investments,
acquisitions, dispositions, mergers, amalgamations, consolidations (including the Transactions) or 

  
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discontinued operations (and the change of any associated Indebtedness and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If
since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition,
disposition, merger, consolidation, amalgamation or discontinued operation, in each case, with respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the Consolidated Leverage Ratio shall be
calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation, merger, amalgamation or consolidation had occurred at the beginning of the applicable four-quarter period. If
since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Consolidated Leverage Ratio shall be calculated giving pro
forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any event, the pro forma calculations shall
be made in accordance with Regulation S-X of the SEC. 
 For purposes of this definition, any amount in a currency other than U.S.
dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the
applicable period. 
 Solely for the purpose of calculating the Consolidated Leverage Ratio under this Indenture, (i) Obligations under
Third Party Master Leases (including, for the avoidance of doubt, the guarantee of such Obligations) shall be deemed not to be included as Consolidated Total Indebtedness and (ii) lease payments under such Third Party Master Leases shall not be
included as part of Consolidated Interest Expense. 
 “Consolidated Net Income” means, with respect to the Issuer and its
Restricted Subsidiaries for any period, the aggregate of the consolidated Net Income of the Issuer and its Restricted Subsidiaries for such period, on a consolidated basis in accordance with GAAP; provided, however, that, without duplication:

 (1) any net after-tax extraordinary, nonrecurring or unusual gains or losses (less all fees and expenses relating thereto)
or expenses or charges, including one-time costs and expenses relating to, (a) curtailments or modifications to pension and post-retirement employee benefit plans, (b) reconstruction, decommissioning, recommissioning or reconfiguration of
fixed assets for alternate uses and facilities closing costs, (c) acquisition integration costs, (d) facilities opening costs, (e) project start-up costs, (f) business optimization costs, (g) the hiring of professionals in
connection with IT, accounting and systems optimization programs or the implementation of programs for efficiency gains, and (h) the Transactions, in each case, shall be excluded up to a maximum of (i) $20.0 million for fiscal year 2017,
and (ii) the greater of (x) $10.0 million and (y) 0.75% of EBITDA per year thereafter. 
 (2) effects of
purchase accounting adjustments (including the effects of such adjustments pushed down to the Issuer and its Restricted Subsidiaries) in amounts required or permitted by GAAP, resulting from the application of purchase accounting or the amortization
or write-off of any amounts thereof, net of taxes, or charges resulting from the adoption of fresh start accounting (including reorganization charges and election of push-down accounting principles), shall be excluded; 

  
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 (3) the cumulative effect of a change in accounting principles shall be excluded;

 (4) any net after-tax income or loss from abandoned, closed or discontinued operations and any net after-tax gains or
losses on disposal of abandoned, closed or discontinued operations shall be excluded; 
 (5) any net after-tax gains or
losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business shall be excluded; 

(6) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early
extinguishment of Indebtedness, Hedging Obligations or other derivative instruments shall be excluded; 
 (7) the Net Income
for such period of any Person that is not a Subsidiary of the Issuer, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or
other payments actually paid in cash (or to the extent converted into cash) to the Issuer or a Restricted Subsidiary thereof in respect of such period; 

(8) solely for the purpose of determining the amount available for Restricted Payments under clause (1) of the definition
of “Cumulative Credit,” the Net Income for such period of any Restricted Subsidiary shall be excluded to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of its Net Income is
not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute,
rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restrictions with respect to the payment of dividends or similar distributions have been legally waived; provided that (without
duplication) the Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other payments actually paid in cash (or converted into cash) by any such Restricted Subsidiary to such Person, to the
extent not already included therein; 
 (9) [Reserved]; 

(10) any impairment charges or asset write-offs, and the amortization of intangibles, in each case arising pursuant to the
application of GAAP shall be excluded; 
 (11) any non-cash compensation charge or expense realized or resulting from stock
option plans, employee benefit plans or post-employment benefit plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights shall be excluded; 

(12) [Reserved]; 

(13) accruals and reserves that are established or adjusted within 12 months after the Issue Date and that are so required to
be established or adjusted as a result of the Transactions in accordance with GAAP or changes in accruals and reserves as a result of adoption or modification of accounting policies shall be excluded; 

  
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 (14) solely for purposes of calculating EBITDA, (a) the Net Income of the
Issuer and its Restricted Subsidiaries shall be calculated without deducting the income attributable to, or adding the losses attributable to, the minority equity interests of third parties in any non-Wholly Owned Restricted Subsidiary except to the
extent of dividends declared or paid in respect of such period or any prior period on the shares of Capital Stock of such Restricted Subsidiary held by such third parties and (b) any ordinary course dividend, distribution or other payment paid
in cash and received from any Person in excess of amounts included in clause (7) above shall be included; 

(15) (a)(i) the non-cash portion of “straight-line” rent expense shall be excluded and (ii) the cash
portion of “straight-line” rent expense which exceeds the amount expensed in respect of such rent expense shall be included and (b) non-cash gains, losses, income and expenses resulting from fair value accounting required by the
applicable standard under GAAP and related interpretations shall be excluded; 
 (16) any currency translation gains and
losses related to currency remeasurements of Indebtedness, and any net loss or gain resulting from hedging transactions for currency exchange risk, shall be excluded; 

(17) (a) to the extent covered by insurance and actually reimbursed, or, so long as the Issuer has made a determination
that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (i) not denied by the applicable carrier in writing within 180 days and (ii) in fact reimbursed
within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption shall be excluded and
(b) amounts estimated in good faith to be received from insurance in respect of lost revenues or earnings in respect of liability or casualty events or business interruption shall be included (with a deduction for amounts actually received up
to such estimated amount to the extent included in Net Income in a future period), provided that any amounts included based on this clause (b) of this paragraph (17) that exceed $25.0 million shall be approved by the Board of Directors for
purposes of compliance with clause (b) of this paragraph (17); and 
 (18) non-cash charges for deferred tax asset
valuation allowances shall be excluded (except to the extent reversing a previously recognized increase to Net Income). 
 Notwithstanding
the foregoing, for the purpose of Section 4.04 only, there shall be excluded from Consolidated Net Income any dividends, repayments of loans or advances or other transfers of assets from the Issuer’s Subsidiaries (both Restricted
Subsidiaries and Unrestricted Subsidiaries) to the extent such dividends, repayments or transfers increase the amount of Restricted Payments permitted under such Section 4.04 pursuant to clauses (4) of the definition of “Cumulative
Credit.” 
 “Consolidated Non-Cash Charges” means, with respect to the Issuer and its Restricted Subsidiaries, on a
consolidated basis, for any period, the non-cash expenses (other than Consolidated Depreciation and Amortization Expense) of the Issuer and the Restricted Subsidiaries reducing Consolidated Net Income of the Issuer for such period on a consolidated
basis and otherwise determined in accordance with GAAP, provided that if any such non-cash expenses represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall
be subtracted from EBITDA in such future period to the extent paid, but excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period. 

  
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 “Consolidated Taxes” means, with respect to the Issuer and its Restricted
Subsidiaries, on a consolidated basis, for any period, the provision for taxes based on income, profits or capital, including, without limitation, federal, state, franchise, property, excise and similar taxes, foreign withholding taxes (including
penalties and interest related to such taxes or arising from tax examinations). 
 “Consolidated Total Indebtedness” means,
with respect to the Issuer and its Restricted Subsidiaries, on a consolidated basis, as of any date of determination, an amount equal to the sum (without duplication) of (1) the aggregate principal amount of all outstanding Indebtedness of the
Issuer and its Restricted Subsidiaries (excluding any Hedging Obligations, undrawn letters of credit and the deferred and unpaid purchase price of any property or services), plus (2) the aggregate amount of all outstanding Disqualified
Stock of the Issuer and its Restricted Subsidiaries and all Preferred Stock of its Restricted Subsidiaries, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation
preferences, in each case determined on a consolidated basis in accordance with GAAP. 
 “Contingent Obligations” means,
with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent: 

(1) to purchase any such primary obligation or any property constituting direct or indirect security therefor; 

(2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner
of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Continuing Director” means a director who either was a member of the Board of Directors of the Issuer on the Issue Date or
who becomes a member of the Board of Directors of the Issuer subsequent to that date and whose election, appointment or nomination for election by the stockholders of the Issuer is duly approved by a majority of the Continuing Directors on the Board
of Directors of the Issuer at the time of such approval, either by a specific vote or by approval of the proxy statement issued by the Issuer on behalf of the entire Board of Directors of the Issuer in which such individual is named as nominee for
director. 
 “Conversion Price” means, in respect of each Note, as of any date, $1.00 divided by the Conversion Rate in
effect on such date. 
 “Conversion Rate” means initially 0.138998325 shares of Common Stock per $1.00 principal amount of
Notes, subject to adjustment as set forth herein. 
 “Corporate Trust Office” means the office of the Trustee at which at
any particular time its corporate trust business shall be principally administered, which office at the date of the execution of this Indenture is located at 251 Little Falls Drive, Wilmington, DE 19808, or such other address as the Trustee may
designate from time to time by notice to the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Issuer). 

  
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 “Credit Agreement” means (i) (A) the credit agreement, dated as of the
Issue Date, among CEOC, the financial institutions named therein, and Credit Suisse AG, Cayman Islands Branch, as Administrative Agent and Collateral Agent (the “CEOC Credit Agreement”), (B) the First Lien Credit Agreement,
dated as of October 11, 2013, among Caesars Entertainment Resort Properties, LLC and the other borrowers named therein, the institutions named therein and Citicorp North America, Inc., as Administrative Agent and (C) First Lien Credit
Agreement, dated as of May 8, 2014, among Caesars Growth Properties Parent, LLC, Caesars Growth Properties Holdings, LLC, the institutions named therein and Credit Suisse AG, Cayman Islands Branch, as Administrative Agent, in each case, as
amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or
indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements
or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof and (ii) whether or not the credit agreements referred to in clause (i) remain outstanding, if designated by the Issuer in
connection with a concurrent refinancing of Bank Indebtedness to be included in the definition of “Credit Agreement,” one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, or
letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any
other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to
time. 
 “Credit Agreement Documents” means the collective reference to any Credit Agreement, any notes issued pursuant
thereto and the guarantees thereof, and the collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified, in whole or in part, from time to time. 

“Cumulative Credit” means the sum of (without duplication): 

(1) 50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period), from the first day of the
fiscal quarter in which the Issue Date occurs to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case of such Consolidated Net
Income for such period is a deficit, minus 100% of such deficit), plus 
 (2) 100% of the aggregate net cash proceeds
received by the Issuer after the Issue Date from the issue or sale of Equity Interests of the Issuer (excluding Refunding Capital Stock and Disqualified Stock), including Equity Interests issued upon exercise of warrants or options (other than an
issuance or sale to a Restricted Subsidiary of the Issuer or to an employee stock ownership plan or trust established by the Issuer or any of its Restricted Subsidiaries), plus 

(3) 100% of the aggregate amount of contributions to the capital of the Issuer received in cash after the Issue Date (other
than Refunding Capital Stock and Disqualified Stock), plus 

  
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 (4) 100% of the aggregate amount received by the Issuer or any of its Restricted
Subsidiaries in cash received by the Issuer or any of its Restricted Subsidiaries after the Issue Date from: 
 (a) the sale
or other disposition (other than to the Issuer or any of its Restricted Subsidiaries) of Restricted Investments made by the Issuer and its Restricted Subsidiaries and from repurchases and redemptions in cash of such Restricted Investments from the
Issuer and its Restricted Subsidiaries by any Person (other than the Issuer or any Restricted Subsidiary), in each case excluding Restricted Investments in any Unrestricted Subsidiaries, equal to the lesser of (i) the cash return of capital
with respect to such Restricted Investment (less the cost of disposition, if any) and (ii) the initial amount of such Restricted Investment, or 

(b) a distribution or dividend from an Unrestricted Subsidiary, plus 

(5) in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated
or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary, the Fair Market Value of the Investment of the Issuer or the Restricted Subsidiaries in such Unrestricted Subsidiary
(which, if the Fair Market Value of such investment shall exceed $25.0 million shall be approved pursuant to a board resolution by the Board of Directors) at the time of such redesignation, combination or transfer (or of the assets transferred or
conveyed, as applicable). 
 “Daily Conversion Value” means, for each of the 20 consecutive VWAP Trading Days during any
Observation Period, one-twentieth (1/20th) of the product of (i) the Conversion Rate in effect on such VWAP Trading Day and (ii) the Daily VWAP on such VWAP Trading Day. 

“Daily VWAP” means, for each of the 20 consecutive VWAP Trading Days during the applicable Observation Period, the per share
volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “CZR <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open
of trading until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock on such VWAP Trading Day determined,
using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Issuer). The “Daily VWAP” will be determined without regard to after-hours trading or any other trading
outside of the regular trading session trading hours. 
 “Default” means any event which is, or after notice or passage of
time or both would be, an Event of Default. 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of
such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event: 

(1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, 

(2) is convertible or exchangeable for Indebtedness or Disqualified Stock of such Person or any of its Restricted Subsidiaries,
or 

  
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 (3) is redeemable at the option of the holder thereof, in whole or in part (other
than solely as a result of a change of control or asset sale), 
 in each case prior to 91 days after the earlier of the maturity date of the Notes or the
date the Notes are no longer outstanding. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount that the Issuer and its Restricted Subsidiaries may become obligated to pay
upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 

“EBITDA” means, with respect to the Issuer and its Restricted Subsidiaries, on a consolidated basis, for any period, the
Consolidated Net Income for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 

(1) Consolidated Taxes; plus 

(2) Fixed Charges; plus 

(3) Consolidated Depreciation and Amortization Expense; plus 

(4) Consolidated Non-Cash Charges; plus 

(5) any expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any issuance of
Equity Interests, Investment, acquisition, disposition, recapitalization or the Incurrence, modification or repayment of Indebtedness permitted to be Incurred by this Indenture (including a refinancing thereof) (whether or not successful), including
(i) such fees, expenses or charges related to the Incurrence of the Notes and the Bank Indebtedness and (ii) any amendment or other modification of the Notes or other Indebtedness; plus 

(6) [Reserved]; plus 

(7) [Reserved]; plus 

(8) any costs or expense Incurred pursuant to any management equity plan or stock option plan or any other management or
employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Issuer or net cash proceeds of an issuance of Equity
Interests of the Issuer (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation of the Cumulative Credit; plus 

(9) Pre-Opening Expenses; 

less, without duplication, 

(10) non-cash items increasing Consolidated Net Income for such period (excluding the recognition of deferred revenue or any
items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period and any items for which cash was received in a prior period). 

  
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 “Equity Interests” means Capital Stock and all warrants, options or other rights
to acquire Capital Stock (but excluding any Indebtedness that is convertible into, or exchangeable for, Capital Stock). 

“Ex-Dividend Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the
applicable market, regular way, without the right to receive the issuance, dividend or distribution in question. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

“Existing Indebtedness” means the Indebtedness of the Issuer and its Restricted Subsidiaries that is outstanding on the Issue
Date. 
 “Fair Market Value” means, with respect to any asset or property other than cash, the price which could be
negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing, able and unaffiliated buyer, neither of whom is under undue pressure or compulsion to complete the transaction. 

“First-Tier Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares) shall at the time be owned directly by such Person (and not by one or more Subsidiaries of such Person). 

“Fixed Charges” means, with respect to the Issuer and its Restricted Subsidiaries, on a consolidated basis, for any period,
the sum, without duplication, of: 
 (1) Consolidated Interest Expense for such period; and 

(2) all cash and non-cash dividends paid, declared, accrued or accumulated on any series of Preferred Stock or Disqualified
Stock of the Issuer or any of its Restricted Subsidiaries except for dividends payable in the Issuer’s Capital Stock (other than Disqualified Stock) or paid to the Issuer or to a Wholly Owned Restricted Subsidiary. 

“Foreign Subsidiary” means a Subsidiary not organized or existing under the laws of the United States of America or any state
or territory thereof or the District of Columbia and any direct or indirect subsidiary of such Subsidiary. 
 A “Fundamental
Change” will be deemed to have occurred if any of the following occurs after the time the Original Notes are originally issued: 

(1) the Issuer becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy,
vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of
acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, consolidation, amalgamation or other business
combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of more than 50% of the total voting power of the Voting Stock of the Issuer; 

  
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 (2) the consummation of (A) any share exchange, exchange offer,
tender offer, reclassification, recapitalization, consolidation, amalgamation or merger of the Issuer pursuant to which all of the Common Stock will be converted into cash, securities or other property; or (B) any sale, lease or other transfer
in one transaction or a series of transactions of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries, taken as a whole, to any Person other than one of the Restricted Subsidiaries; provided that a transaction
described in clause (A) above pursuant to which the persons that “beneficially owned”, directly or indirectly, Issuer’s Voting Stock immediately prior to such transaction “beneficially own”, directly or indirectly, at
least a majority of the total voting power of all outstanding classes of Voting Stock of the surviving or transferee Person and such holders’ proportional voting power immediately after such transaction vis-à-vis each other with respect
to the securities they receive in such transaction will be in substantially the same proportions as their respective voting power vis-à-vis each other immediately prior to such transaction will not constitute a “Fundamental
Change”; 
 (3) the holders of Issuer’s Capital Stock approve any plan or proposal for the liquidation or
dissolution of the Issuer (whether or not otherwise in compliance with this Indenture); 
 (4) the Common Stock (or other
common stock underlying the Notes) ceases to be listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors); or 

(5) the first day on which Continuing Directors cease to constitute at least a majority of the Board of Directors of the
Issuer; 
 provided, however, a “Fundamental Change” will not be deemed to have occurred if at least 90% of the consideration paid for
Common Stock in a transaction or transactions described under clause (2) above, excluding cash payments for any fractional shares and cash payments made pursuant to dissenters’ appraisal rights, consists of shares of common equity listed
or quoted on The New York Stock Exchange, The NASDAQ Global Select Market, or The NASDAQ Global Market (or any of their respective successors), or will be so listed or quoted promptly after such transaction, and, as a result thereof, such
consideration becomes the Reference Property for the Notes. 
 “GAAP” means generally accepted accounting principles
in the United States set forth in the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are
in effect on the Issue Date. For the purposes of this Indenture, the term “consolidated” with respect to any Person shall mean such Person consolidated with its Restricted Subsidiaries and shall not include any Unrestricted
Subsidiary (but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment) or any other Person that does not constitute a Subsidiary of such Person. 

“Gaming Authorities” means, in any jurisdiction in which the Issuer or any of its Subsidiaries manages or conducts any
casino, gaming business or activities, the applicable gaming board, commission, or other governmental gaming regulatory body or agency which (a) has, or may at any time after the Issue Date have, jurisdiction over the gaming activities of the
Issuer or any of its Subsidiaries, or any successor to such authority or (b) is, or may at any time after the Issue Date be, responsible for interpreting, administering and enforcing the Gaming Laws. 

  
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 “Gaming Laws” means all applicable constitutions, treaties, laws and statutes
pursuant to which any Gaming Authority possesses regulatory, licensing or permit authority over gaming, gambling or casino activities, and all rules, rulings, orders, ordinances, regulations of any Gaming Authority applicable to the gambling, casino
or gaming businesses or activities of the Issuer or any of its Subsidiaries in any jurisdiction, as in effect from time to time, including the policies, interpretations and administration thereof by the Gaming Authorities. 

“guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness
or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, or take-or-pay, or to maintain financial
statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof, in
whole or in part (including, without limitation, by way of pledge of assets or through letters of credit and reimbursement agreements in respect thereof); provided, that the term “guarantee” does not include endorsements for
collection or deposit in the ordinary course of business. 
 “Hedging Obligations” means, with respect to any Person, the
obligations of such Person under any: 
 (1) currency exchange, interest rate (whether from fixed to floating or from
floating to fixed) or commodity swap agreements, currency exchange, interest rate or commodity cap and/or collar agreements; and 

(2) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates
or commodity prices. 
 “holder” means the Person in whose name a Note is registered on the Registrar’s books. 

“Incur” means issue, create, assume, guarantee, incur or otherwise become liable for. If any Person becomes a Restricted
Subsidiary on any date after the Issue Date (including by redesignation of an Unrestricted Subsidiary or failure of an Unrestricted Subsidiary to meet the qualifications necessary to remain an Unrestricted Subsidiary), the Indebtedness and Capital
Stock of such Person outstanding on such date will be deemed to have been Incurred on such date for the purposes of Section 4.03 but will not be considered the sale or issuance of Equity Interests for purposes of Section 4.06. The
accretion of original issue discount will not be considered an Incurrence of Indebtedness. 
 “Indebtedness” means, with
respect to any Person: 
 (1) the principal and premium (if any) of any indebtedness of such Person, whether or not
contingent, (a) in respect of borrowed money, including, without limitation, indebtedness evidenced by bonds, notes, debentures or similar instruments, (b) in respect of letters of credit, bankers’ acceptances or other similar
instruments (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price of any property or services (except any such balance that constitutes (i) trade payable or similar
obligation to a trade creditor Incurred in the ordinary course of business, (ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and (iii) liabilities accrued
in the ordinary course of business), which purchase price is due more than six months after the date of placing the property in service or taking delivery and title thereto or such services are completed, as the case may be, (d) in respect

  
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of Capitalized Lease Obligations, and (e) representing any Hedging Obligations, if and to the extent that any of the foregoing indebtedness (other than letters of credit and Hedging
Obligations) would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 

(2) to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or
otherwise, the obligations referred to in clause (1) of another Person (other than (a) by endorsement of negotiable instruments for collection in the ordinary course of business and (b) ordinary course performance guarantees that do
not guarantee Indebtedness); and 
 (3) all Indebtedness of others secured by a Lien on any asset of the specified Person
(whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person; 

provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed (A) not to include (1) Contingent Obligations Incurred in
the ordinary course of business and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed
obligations of the respective seller; or (4) Obligations under the Master Leases (including, for the avoidance of doubt, the guarantee of such Obligations) and (B) for the avoidance of doubt, to include, without duplication, the guarantee
by the Issuer of any Indebtedness of CEOC or any of the Subsidiaries of CEOC. 
 The amount of Indebtedness of any Person will be deemed to
be: 
 (A) with respect to Contingent Obligations that constitute Indebtedness, the maximum liability upon the occurrence of the contingency
giving rise to the obligation; 
 (B) with respect to Indebtedness secured by a Lien on an asset of such Person, but not otherwise the
obligation, contingent or otherwise, of such Person, the lesser of (x) the Fair Market Value of such asset on the date the Lien attached and (y) the amount of such Indebtedness; 

(C) with respect to any Indebtedness issued with original issue discount, the face amount of such Indebtedness less the remaining unamortized
portion of the original issue discount of such Indebtedness; provided, however, that (1) the amount of Indebtedness outstanding at any date of determination will include the increase in the amount of such Indebtedness in connection with any
amortization of original issue discount and (2) in the event of any bankruptcy or reorganization of the Person which has Incurred the Indebtedness, then the full face amount of such Indebtedness will be deemed to be outstanding; 

(D) with respect to any Hedging Obligation, the net amount payable if the applicable Hedging agreement terminated at that time due to default
by such Person; and 
 (E) otherwise, the outstanding principal amount thereof. 

Notwithstanding anything in this Indenture to the contrary, Indebtedness shall be calculated without giving effect to, the effects of
Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any
embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an Incurrence of Indebtedness under this
Indenture. 

  
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 “Indenture” means this Indenture as amended or supplemented from time to time.

 “Interest Payment Date” has the meaning set forth in Exhibit A hereto. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the
equivalent) by S&P, or an equivalent rating by any other Rating Agency. 
 “Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality
thereof (other than Cash Equivalents), 
 (2) securities that have a rating equal to or higher than Baa3 (or equivalent) by
Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among the Issuer and its Restricted Subsidiaries, 

(3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and
(2) which fund may also hold immaterial amounts of cash pending investment and/or distribution, and 
 (4) corresponding
instruments in countries other than the United States (other than Greece, Spain, Portugal or Italy) customarily utilized for high quality investments and, in each case, with maturities not exceeding two years from the date of acquisition. 

“Investments” means, with respect to any Person, all direct and indirect investments by such Person in other Persons
(including Affiliates) in the form of loans (including guarantees or other obligations), advances or other extensions of credit, or capital contributions (excluding travel and similar advances to officers, employees and consultants made in the
ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person, as applicable, together with all items that are, or are required to be, classified as
investments on a balance sheet prepared in accordance with GAAP. 
 If the Issuer or any Restricted Subsidiary of the Issuer (x) sells
or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Issuer such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Issuer, or (y) designates
any Restricted Subsidiary as an Unrestricted Subsidiary in accordance with Section 4.18, the Issuer or Restricted Subsidiary, as applicable, will be deemed to have made an Investment on the date of any such sale or disposition or designation,
as applicable, equal to the Fair Market Value of the Issuer’s or Restricted Subsidiary’s Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.04. The acquisition by the
Issuer or any Restricted Subsidiary of the Issuer of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Issuer or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value
of the Investments held by the acquired Person in such third Person in an amount determined as provided in Section 4.18. Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment
is made and without giving effect to subsequent changes in value. 

  
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 “Issue Date” means the first date on which the Original Notes are issued under
this Indenture. 
 “Last Reported Sale Price” of the Common Stock for any Trading Day means the closing sale price per
share (or, if no closing sale price is reported, the average of the last bid and last ask prices or, if more than one in either case, the average of the average last bid and the average last ask prices) on that Trading Day as reported in composite
transactions for the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant Trading Day, the
“Last Reported Sale Price” will be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted,
the “Last Reported Sale Price” will be the mid-point of the last bid and last ask prices for the Common Stock on the relevant Trading Day obtained by a nationally recognized independent investment banking firm selected by the Issuer for
this purpose. Any such determination will be conclusive absent manifest error. 
 “Lien” means, with respect to any
asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title
retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of
any jurisdiction); provided that in no event shall an operating lease or a Master Lease or an agreement to sell assets or property be deemed to constitute a Lien. 

“Make-Whole Fundamental Change” means any event that (i) is a Fundamental Change (subject to any exceptions or
exclusions to the definition thereof) or (ii) would be a Fundamental Change, but for the proviso in clause (2) of the definition of “Fundamental Change.” 

“Market Capitalization” means an amount equal to (i) the total number of issued and outstanding shares of Common Stock
of the Issuer on the date of the declaration of a dividend multiplied by (ii) the arithmetic mean of the Last Reported Sale Price per share of such Common Stock for the 30 consecutive Trading Days immediately preceding the date of declaration
of such dividend. 
 “Market Disruption Event” means, if the Common Stock is listed for trading on The NASDAQ Stock Market
or listed on another U.S. national or regional securities exchange, the occurrence or existence during the one-half hour period ending on the scheduled close of trading on any Scheduled Trading Day of any material suspension or limitation imposed on
trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock. 

“Master Lease” means each of (i) the Master Lease (CPLV), among CEOC, each Subsidiary of CEOC party thereto and CPLV
Property Owner LLC as “Landlord,” (ii) the Master Lease (Non-CPLV), among CEOC, each Subsidiary of CEOC party thereto and the entities listed on Schedule A thereto as “Landlord,” (iii) the Master Lease (Joliet), among
Des Plaines Development Limited Partnership and Harrah’s Joliet Landco LLC as “Landlord” and (iv) one or more additional master leases entered into pursuant to the Call Right Agreements or the Right of First Refusal Agreement,
which, in the case of this clause (iv), are in a form that (A) is substantially similar in all material respects to the Master Leases referred to in clauses (i) through (iii) above, (B) taken as a whole, is not less favorable to
the holders of the Notes than, the Master Leases referred to in clauses (i) through (iii) above, or (C) results from an arbitration proceeding conducted in accordance with the terms of the Call Right Agreements or the Right of First
Refusal Agreement, as applicable, for which the Issuer has used or uses its good faith 

  
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best efforts to negotiate a Master Lease that complies with sub-clause (A) or (B) of this clause (iv), in each case, as amended, restated, supplemented or otherwise modified from time
to time so long as such amendments, restatements, supplements or modifications are not less favorable than the terms of such agreements as in effect on the date of their initial execution, taken as a whole, to the Issuer and its Restricted
Subsidiaries. 
 “Maturity Date” means October 1, 2024. 

“MLSA” means each of (i) the Management and Lease Support Agreement (CPLV) among CEOC and Desert Palace LLC, as
“Tenant,” CPLV Manager, LLC, as Manager, the Issuer, as Guarantor, and CPLV Property Owner LLC as “Landlord,” (ii) the Management and Lease Support Agreement (Non-CPLV) among CEOC and entities listed on Schedule B thereto,
as “Tenant,” Non-CPLV Manager, LLC, as Manager, the Issuer, as Guarantor, and the entities listed on Schedule A thereto, as “Landlord,” (iii) the Management and Lease Support Agreement (Joliet), among Des Plaines Development
Limited Partnership, as “Tenant,” Joliet Manager, LLC, as Manager, the Issuer, as Guarantor, and Harrah’s Joliet LandCo LLC as “Landlord,” and (iv) one or more additional management and lease support agreements entered
into in connection with Master Leases described in clause (iv) of the definition of such term, which, in the case of this clause (iv), are either in a form that (A) is substantially similar in all material respects to the MLSAs referred to
in clauses (i) through (iii) above, (B) taken as a whole, is not less favorable to the holders of the Notes than, the MLSAs referred to in clauses (i) through (iii) above, or (C) results from an arbitration proceeding
conducted in accordance with the terms of the Call Right Agreements or the Right of First Refusal Agreement, as applicable, for which the Issuer has used or uses its good faith best efforts to negotiate an MLSA that complies with sub-clause
(A) or (B) of this clause (iv), in each case, as amended, restated, supplemented or otherwise modified from time to time so long as such amendments, restatements, supplements or modifications are not less favorable than the terms of such
agreements as in effect on the date of their initial execution, taken as a whole, to the Issuer and its Restricted Subsidiaries. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 

“Net Income” means, with respect to any Person, the net income (loss) of such Person, determined on a consolidated basis in
accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 
 “Net Proceeds” means the
aggregate cash proceeds received by the Issuer or any Restricted Subsidiary in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any non-cash consideration actually
received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received), net of the direct costs relating to such Asset Sale and the
sale or disposition of such non-cash consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), taxes paid or payable as a result thereof (after taking into account any
available tax credits or deductions and any tax sharing arrangements related thereto or whether such Asset Sale qualifies for non-recognition treatment under Section 1031 of the Code), amounts required to be applied to the repayment of
principal, premium (if any) and interest on Indebtedness required (other than pursuant to Section 4.06(b)(i)) to be paid as a result of such transaction, and any amounts as a reserve in respect of the sale price of such asset or assets in
accordance with GAAP. 
 “New CEC Common Equity Additional Buyback Amount” shall have the meaning set forth in the Plan as
in effect on the Issue Date. 

  
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 “New Project” means each capital project which is either a new project or a new
feature of an existing project owned by the Issuer or a Restricted Subsidiary which receives a certificate of completion or occupancy and all relevant licenses, and in fact commences operations. 

“Non-Recourse Debt” means Indebtedness: 

(1) as to which neither the Issuer nor any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender, provided that guarantees of performance by any Person
shall not constitute a guarantee of a guarantor, as contemplated by clause (1)(b) so long as any such performance guarantee does not include or constitute a guarantee of Indebtedness; 

(2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Issuer or any of its Restricted Subsidiaries to declare a default on any Indebtedness or cause the payment of any
Indebtedness to be accelerated or payable prior to its Stated Maturity; and 
 (3) as to which the lenders have been notified
in writing that they will not have any recourse to the stock or assets of the Issuer or any of its Restricted Subsidiaries. 

“Obligations” means all obligations (whether in existence on the Issue Date or arising afterwards, absolute or contingent,
direct or indirect) for or in respect of any principal (when due upon acceleration, upon redemption, upon mandatory repayment or repurchase, or otherwise), premium, interest, penalties, fees, indemnifications, reimbursements (including, without
limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness (including interest, fees and other amounts accruing
during the pendency of any bankruptcy, insolvency, reorganization or similar proceeding, regardless of whether allowed or allowable in such proceeding). 

“Observation Period” means, with respect to any Note surrendered for conversion, the 20 consecutive VWAP Trading Days
beginning on, and including, the third VWAP Trading Day after the Conversion Date. 
 “Officer” means the Chairman of the
Board, Chief Executive Officer, Chief Financial Officer, President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Issuer. 

“Officer’s Certificate” means a certificate signed by an Officer of the Issuer, who must be the principal executive
officer, the principal financial officer, the treasurer or the principal accounting officer of the Issuer, which meets the requirements set forth in this Indenture, and delivered to the Trustee. 

“Open of Business” means 9:00 a.m., New York City time. 

“Operations Management Agreement” means (i) each MLSA, (ii) any other operations management agreement or shared
services agreement that is in effect on the Issue Date entered into by the Issuer or any of the Restricted Subsidiaries with the Issuer or with any other direct or indirect Subsidiary of the Issuer, and (iii) in the case of each of clauses
(i) and (ii), any and all modifications thereto, substitutions therefor and replacements thereof so long as such modifications, substitutions and 

  
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replacements are not materially less favorable, taken as a whole, to the Issuer and its Restricted Subsidiaries than the terms of such agreements as in effect on the Issue Date (in the case of
such agreements existing on the Issue Date) or as in effect on the date of execution thereof (in the case of MLSAs entered into after the Issue Date in accordance with the terms of this Indenture). 

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Issuer or the Trustee. 
 “Pari Passu Indebtedness” means, with respect to the Issuer, the
Notes and any Indebtedness which ranks pari passu in right of payment to the Notes. 
 “Permitted Investments” means: 

(1) any Investment in the Issuer or any of its Restricted Subsidiaries; 

(2) any Investment in Cash Equivalents or Investment Grade Securities; 

(3) any Investment by the Issuer or any Restricted Subsidiary in a Person if as a result of such Investment (a) such
Person becomes a Restricted Subsidiary of the Issuer, or (b) such Person, in one transaction or a series of related transactions, is merged or consolidated with or into, or transfers or conveys all or substantially all of its assets to, or is
liquidated into, the Issuer or a Restricted Subsidiary of the Issuer; 
 (4) any Investment in securities or other assets not
constituting Cash Equivalents and received as consideration in connection with an Asset Sale made pursuant to and in compliance with the provisions of Section 4.06 or any other disposition of assets not constituting an Asset Sale; 

(5) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date or any Investment
consisting of any extension or renewal of any Investment existing on the Issue Date on the same terms as in existence on the Issue Date; provided that the amount of any such Investment may be increased as required by the terms of such
Investment as in existence on the Issue Date; 
 (6) [Reserved]; 

(7) any Investment acquired by the Issuer or any Restricted Subsidiary from persons who are not Affiliates (a) in exchange
for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts
receivable, or (b) as a result of a foreclosure by the Issuer or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 

(8) Investments represented by Hedging Obligations permitted under Section 4.03(b)(x); 

(9) any Investment by the Issuer or any Restricted Subsidiary in a Similar Business having an aggregate Fair Market Value,
taken together with all other Investments made pursuant to this clause (9) that are at that time outstanding, not to exceed $300.0 million at the time of such Investment (with the Fair Market Value of each Investment being measured at the time
made and 

  
 -23- 

 
without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (9) is made in any Person that is not a Restricted
Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made
pursuant to this clause (9) for so long as such Person continues to be a Restricted Subsidiary; 
 (10)
additional Investments by the Issuer or any Restricted Subsidiary having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding, not to exceed $650.0 million
at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause
(10) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant
to clause (1) above and shall cease to have been made pursuant to this clause (10) for so long as such Person continues to be a Restricted Subsidiary; 

(11) (x) loans and advances to officers or employees for business-related travel expenses, moving expenses and other similar
expenses, in each case Incurred in the ordinary course of business or consistent with past practice and (y) advances to employees in an aggregate principal amount not to exceed $10.0 million at any one time outstanding; 

(12) Investments the payment for which consists of Equity Interests of the Issuer (other than Disqualified Stock),
provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under clauses (2) or (3) of the definition of “Cumulative Credit”; 

(13) any transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions
of Section 4.07(b) (except transactions described in clauses (ii), (viii), (xi) and (xii) of such Section); 

(14) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements
with other Persons in the ordinary course of business and consistent with past practice; 
 (15) [Reserved]; 

(16) Investments consisting of (a) any grant of any non-exclusive license or sublicense of patents, trademarks, know-how
or any other intellectual property in the ordinary course of business; or (b) any grant of any exclusive license or sublicense of patents, trademarks, know-how or any other intellectual property in the ordinary course of business for which the
Issuer or a Restricted Subsidiary receives Fair Market Value and which would not materially impair or degrade the value or goodwill of such patents, trademarks, know-how or other intellectual property; 

(17) [Reserved]; 

(18) [Reserved]; 

(19) [Reserved]; 

  
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 (20) additional Investments in joint ventures not to exceed at any one
time in the aggregate outstanding under this clause (20), having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (20) that are at that time outstanding, of $300.0 million; provided,
however, that if any Investment pursuant to this clause (20) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such
Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (20) for so long as such Person continues to be a Restricted Subsidiary; 

(21) Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity merged into, amalgamated with or
consolidated with the Issuer or a Restricted Subsidiary in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or
consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 
 (22) any
Investment in any Subsidiary of the Issuer or any joint venture in connection with intercompany cash management arrangements or related activities arising in the ordinary course of business and consistent with past practice; and 

(23) Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments
made pursuant to this clause (23) that are at that time outstanding, not to exceed $200.0 million at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to
subsequent changes in value). 
 With respect to clauses (9), (10), (20) and (23) above, if any such proposed Permitted Investment
or series of related Permitted Investments involves the transfer of assets or property, other than cash, then prior to making any such Permitted Investment or series of related Permitted Investments, the Issuer will deliver to the Trustee an
Officer’s Certificate stating that the disinterested members of the Board of Directors of the Issuer have determined, based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the
value of any such investment exceeds $75.0 million, that the Investment (or series of related Investments) is permitted, setting forth the basis upon which the calculations required by such to clauses (9), (10), (20) and (23) were
computed, together with a copy of any required resolutions of the Board of Directors and of any fairness opinion or appraisal required by this Indenture. 

“Permitted Liens” means, with respect to any Person: 

(1) pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits
of cash or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for taxes contested in good faith or import duties or for the payment of rent, in each case Incurred in the ordinary course of
business; 

  
 -25- 

 (2) Liens imposed by law, such as carriers’, warehousemen’s and
mechanics’ Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding
with an appeal or other proceedings for review; 
 (3) Liens for taxes, assessments or other governmental charges not yet
delinquent or which are being contested in good faith by appropriate proceedings; 
 (4) Liens in favor of issuers of
performance and surety bonds or bid bonds or with respect to other regulatory requirements or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 

(5) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses,
rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership
of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(6) solely with respect to Restricted Subsidiaries of the Issuer, Liens securing Obligations in an aggregate principal amount
not to exceed the aggregate principal amount of Indebtedness Incurred pursuant to Section 4.03(a); 
 (7) Liens existing
on the Issue Date after giving effect to the Transactions (other than those permitted by clause (6) of this definition) and Liens required to be Incurred, to the extent required, pursuant to the Master Leases, provided that, except as permitted
by this paragraph (7) pursuant to any Master Lease, in no event shall the Issuer, subsequent to the Issue Date, directly or indirectly create, Incur, assume or suffer to exist any Lien on the Capital Stock or Equity Interests of (i) any
Subsidiary that is a First-Tier Subsidiary of the Issuer on the Issue Date or (ii) any newly-created First-Tier Subsidiary of the Issuer that, subsequent to the Issue Date, acquires or otherwise owns or controls any Equity Interests of such
First-Tier Subsidiaries identified in clause (i) of this paragraph (7); 
 (8) Liens on assets, property or shares of
stock of a Person at the time such Person becomes a Restricted Subsidiary (including any after acquired property to the extent it would have been subject to the original Lien); provided, however: that (1) such Liens are not created or Incurred
in connection with, or in contemplation of, such other Person becoming such a Restricted Subsidiary and (2) that such Liens may not extend to any other property owned by the Issuer or any Restricted Subsidiary (other than such Person becoming a
Subsidiary and Subsidiaries of such Person); 
 (9) Liens on assets or property or shares of Capital Stock at the time the
Issuer or a Restricted Subsidiary acquired the assets or property or shares of Capital Stock, including any acquisition by means of a merger, consolidation or amalgamation with or into the Issuer or any Restricted Subsidiary; provided, however, that
such Liens (other than Liens to secure Indebtedness incurred pursuant to clause (xvi) of Section 4.03(b)) are not created or Incurred in connection with, or in contemplation of, such acquisition or transaction; provided, further, however,
that the Liens may not extend to any other property owned by the Issuer or any Restricted Subsidiary (other than pursuant to after acquired property clauses in effect with respect to such Lien at the time of acquisition or property of the type that
would have been subject to such Lien notwithstanding the occurrence of such acquisition); 

  
 -26- 

 (10) [Reserved]; 

(11) Liens securing Hedging Obligations permitted to be Incurred under this Indenture; provided that with respect
to Hedging Obligations relating to Indebtedness, such Lien extends only to the assets securing such Indebtedness; 

(12) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(13) leases (including, without limitation, the Master Leases) and subleases of real property which do not materially interfere
with the ordinary conduct of the business of the Issuer or any Restricted Subsidiary; 
 (14) Liens arising from Uniform
Commercial Code financing statement filings regarding operating leases entered into by the Issuer and the Restricted Subsidiaries in the ordinary course of business; 

(15) solely with respect to Restricted Subsidiaries of the Issuer, Liens in favor of the Issuer or any Restricted Subsidiary;

 (16) [Reserved]; 

(17) deposits made in the ordinary course of business to secure liability to insurance carriers; 

(18) [Reserved]; 

(19) grants of software and other technology licenses in the ordinary course of business; 

(20) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings,
extensions, renewals or replacements) as a whole, or in part, of any Indebtedness (or Master Lease, in the case of clause (7)) secured by any Lien referred to in the foregoing clauses (6), (7), (8), (9), (11) and (15); provided, however,
that (x) such new Lien shall be limited to all or part of the same property (including any after acquired property to the extent it would have been subject to the original Lien) that secured the original Lien (plus improvements on such
property), and (y) if such Liens secure Indebtedness, the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the
Indebtedness described under clauses (6), (7), (8), (9), (11) and (15) at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related
to such refinancing, refunding, extension, renewal or replacement; provided further, however, that in the case of any Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6), the
principal amount of any Indebtedness Incurred for such refinancing, refunding, extension or renewal shall be deemed secured by a Lien under clause (6); 

  
 -27- 

 (21) Liens on equipment of the Issuer or its Restricted Subsidiaries granted in
the ordinary course of business to the client of the Issuer or the applicable Restricted Subsidiary at which such equipment is located; 

(22) judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and
associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(23) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into in the ordinary course of business; 
 (24) Liens Incurred to secure cash management services or to implement cash
pooling arrangements in the ordinary course of business; 
 (25) [Reserved]; 

(26) any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or
similar arrangement pursuant to, and required by, any joint venture or similar agreement, entered into in the ordinary course of business and consistent with past practice; 

(27) [Reserved]; 

(28) Liens arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or
similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution; 

(29) [Reserved]; 

(30) easements, covenants, rights of way or similar instruments described in (q) of the definition of “Asset
Sale” or otherwise entered into in connection with the Transactions, which in each case do not materially impact a Project in an adverse manner; and 

(31) the filing of a reversion, subdivision or final map(s), record(s) of survey and/or amendments to any of the foregoing over
Real Property held by the Issuer or a Restricted Subsidiary designed (A) to merge one or more of the separate parcels thereof together so long as the entirety of each such parcel shall be owned by the Issuer or a Restricted Subsidiary,
(B) to separate one or more of the parcels thereof together so long as the entirety of each resulting parcel shall be owned by the Issuer or a Restricted Subsidiary. 

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

“Plan” means that certain confirmed Third Amended Joint Plan of Reorganization pursuant to Chapter 11 of the
Bankruptcy Code for Caesars Entertainment Operating Company and certain affiliated debtors filed on January 13, 2017 in the jointly administered proceedings commenced by Caesars Entertainment Operating Company, Inc. and certain affiliated
debtors, titled In re Caesars Entertainment Operating Company, Inc., et al., Case No. 15-01145 (Bankr. N.D. Ill.) under Title 11 of the United States Code, 11 U.S.C. §§ 101-1532 in the United States Bankruptcy Court
for the Northern District of Illinois. 

  
 -28- 

 “Pre-Opening Expenses” means, with respect to any fiscal period, the amount of
expenses (other than interest expense) incurred with respect to capital projects that are classified as “pre-opening expenses,” “project open costs” or any similar or equivalent caption on the applicable financial statements of
the Issuer and the Restricted Subsidiaries for such period, prepared in accordance with GAAP and consistent with industry practice. 

“Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution,
or winding up. 
 “Project” means each project of the Issuer or a Restricted Subsidiary to develop, construct or operate a
Similar Business which is either a New Project or a new feature of an existing Project. 
 “Rating Agency” means
(1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Notes for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) of the Exchange Act selected by the Issuer or any direct or indirect parent of the Issuer as a replacement agency for Moody’s or S&P, as the case may be. 

“Real Property” means, collectively, all right, title and interests (including any leasehold, mineral or other estate) in and
to any and all parcels of or interests in real property owned, leased or operated by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all buildings,
structures, parking areas and improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. 

“Record Date” has the meaning specified in Exhibit A hereto. 

“Representative” means the trustee, agent or representative (if any) for an issue of Indebtedness; provided that if,
and for so long as, such Indebtedness lacks such a Representative, then the Representative for such Indebtedness shall at all times constitute the holder or holders of a majority in outstanding principal amount of obligations under such
Indebtedness. 
 “Restricted Cash” means cash and Cash Equivalents held by Restricted Subsidiaries that is contractually
restricted from being distributed to the Issuer, except for (i) such cash and Cash Equivalents subject only to such restrictions that are contained in agreements governing Indebtedness permitted under this Indenture and that is secured by such
cash or Cash Equivalents and (ii) cash and Cash Equivalents constituting customary “cage cash.” 
 “Restricted
Holders” means (i) Hamlet Holdings, LLC and any of its Affiliates, (ii) Apollo Global Management, LLC and any of its Affiliates and (iii) TPG Capital, L.P. and any of its Affiliates, including, in each case, for the avoidance
of doubt, any of their respective portfolio companies. For the avoidance of doubt, Restricted Holders shall not include the Issuer or any of its Subsidiaries. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such Person other than an Unrestricted
Subsidiary of such Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer. 

  
 -29- 

 “Reversion Date” means the date on which one or both of the Rating Agencies
withdraw their Investment Grade Rating or downgrade the credit rating assigned to the Notes below an Investment Grade Rating. 

“Right of First Refusal Agreement” means the Right of First Refusal Agreement, by and between the Issuer and VICI Properties
LP. 
 “S&P” means Standard & Poor’s Ratings Group or any successor to the rating agency business
thereof. 
 “Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by the
Issuer or a Restricted Subsidiary whereby the Issuer or a Restricted Subsidiary transfers such property to another Person and the Issuer or such Restricted Subsidiary leases it from such Person, other than leases between the Issuer and a Restricted
Subsidiary or between Restricted Subsidiaries. 
 “Scheduled Trading Day” means a day that is scheduled to be a Trading Day
on the principal U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading. If the Common Stock is not listed or admitted for trading, “Scheduled Trading Day” means a Business Day.

 “SEC” means the Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness secured by a Lien. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary”
of the Issuer within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (or any successor provision). 
 “Similar
Business” means any business conducted by the Issuer and its Subsidiaries as of the Issue Date and any reasonable extension, development or expansion thereof or any business or activity of the kind that is reasonably similar, related or
complementary thereto or incidental or ancillary thereto. 
 “Stated Maturity” means (i) with respect to any
Indebtedness, the date specified as the fixed date on which the final installment of principal of such Indebtedness is due and payable or (ii) with respect to any scheduled installment of principal of, or interest on, any Indebtedness, the date
specified as the fixed date on which such installment is due and payable, as set forth in the documentation governing such Indebtedness, not including any contingent obligation to repay, redeem or repurchase prior to the regularly scheduled date for
payment. 
 “Subordinated Indebtedness” means any Indebtedness of the Issuer which is by its terms subordinated in right of
payment to the Notes. 
 “Subsidiary” means, with respect to any Person, (1) any corporation, association or other
business entity (other than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election
of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other 

  
 -30- 

 
Subsidiaries of that Person or a combination thereof, and (2) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital accounts,
distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a
combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 “Suspension Period” means the period of time between a Covenant Suspension Event and the related Reversion Date. 

“Third Party Master Lease” means any master lease entered into between the Issuer or a Restricted Subsidiaries of the Issuer,
on the one hand, and any third-party landlord that is not an Affiliate of the Issuer or any of its Subsidiaries, on the other hand, with respect to any leased property, the primary use of which shall be the operation or development of a hotel,
casino, simulcasting facility, card club, racetrack, dogtrack or other gaming and gambling facility and any ancillary retail and/or entertainment facilities customary for any of the foregoing, which master lease shall be in a form that (A) is
substantially similar in all material respects to the Master Leases referred to in clauses (i) through (iv) of the definition of “Master Lease” or (B) taken as a whole, is not less favorable to the holders of the Notes than,
the Master Leases referred to in clauses (i) through (iv) of the definition of “Master Lease.” 
 “TIA”
or “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Indenture. 

“Trading Day” means a Scheduled Trading Day on which (i) there is no Market Disruption Event, and (ii) trading in
the Common Stock generally occurs on The NASDAQ Stock Market or, if the Common Stock is not then listed on The NASDAQ Stock Market, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed or, if
the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, “Trading Day” means a
“Business Day.” 
 “Transactions” means (i) the issuance of the Notes and the entry into of the CEOC Credit
Agreement, (ii) the formation of VICI Properties LP and its Subsidiaries and the transfer of assets from the Issuer and its Subsidiaries to VICI Properties LP and its Subsidiaries as contemplated by the Plan, (iii) the execution, delivery
and performance of each Master Lease in clauses (i) through (iv) of the definition of Master Lease and each MLSA identified in clauses (i) through (iv) of the definition of MLSA, (iv) the merger of Caesars Acquisition
Company with and into the Issuer, with the Issuer remaining as the surviving entity, (v) other transactions referred to in or expressly contemplated by the Plan and (vi) in each case, the other transactions expressly contemplated by or
entered into in connection therewith. 
 “Transfer Agent” means, initially, Computershare Trust Company, N.A., in its
capacity as the transfer agent for the Common Stock, and any successor entity acting in such capacity. 
 “Trust Officer”
means: 
 (1) any officer within the corporate trust department of the Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject, and 

  
 -31- 

 (2) who shall have direct responsibility for the administration of this
Indenture. 
 “Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter,
means the successor. 
 “Uniform Commercial Code” or “UCC” means the New York Uniform Commercial Code
as in effect from time to time. 
 “Unrestricted Subsidiary” means any Subsidiary of the Issuer that is designated by the
Board of Directors of the Issuer as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary: 

(1) has no Indebtedness other than Non-Recourse Debt; 

(2) except as permitted by Section 4.07, is not party to any agreement, contract, arrangement or understanding with the
Issuer or any Restricted Subsidiary of the Issuer unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Issuer or such Restricted Subsidiary than those that could be obtained at the time from
Persons who are not Affiliates of the Issuer; 
 (3) is a Person with respect to which neither the Issuer nor any of its
Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of
operating results, provided that, clause (a) shall not apply to the extent the Issuer or any Restricted Subsidiaries is able to make, and does make, any such subscription by using an available Permitted Investment; and 

(4) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Issuer or any of
its Restricted Subsidiaries. 
 As of the Issue Date, the companies identified on Schedule I to this Indenture are the Unrestricted
Subsidiaries. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time
entitled to vote in the election of the board of directors, managers or other governing body of such Person. 
 “VWAP Market
Disruption Event” means (i) a failure by the primary U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted to trading to open for trading during its regular trading session or
(ii) the occurrence or existence, prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for more than a one half-hour period in the aggregate during regular trading hours of any suspension or limitation
imposed on trading (by reason of movements in price exceeding limits permitted by the relevant securities exchange or otherwise) in the Common Stock or in any options contracts or future contracts relating to the Common Stock. 

“VWAP Trading Day” means a Scheduled Trading Day on which (i) there is no VWAP Market Disruption Event and
(ii) trading in the Common Stock generally occurs on The NASDAQ Stock Market or, if the Common Stock is not then listed on The NASDAQ Stock Market, on the principal other U.S. national or regional securities exchange on which the Common Stock
is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for trading. If the Common Stock is not so listed or
admitted for trading, “VWAP Trading Day” means a “Business Day.” 

  
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 “Weighted Average Life to Maturity” means, when applied to any Indebtedness or
Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled principal
payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments. 

“Wholly Owned Restricted Subsidiary” is any Wholly Owned Subsidiary that is a Restricted Subsidiary. 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares or shares required to be held by Foreign Subsidiaries) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person. 

  
 -33- 

 SECTION 1.02 Other Definitions. 

 

			
	 Term
	  	Defined in Section
	 “Affiliate Transaction”
	  	4.07(a)
	 “Agent Members”
	  	Appendix A
	 “Applicable Price”
	  	10.07(c)
	 “Asset Sale Offer”
	  	4.06(b)(ii)
	 “Asset Sale Offer Period”
	  	4.06(e)
	 “Bankruptcy Law”
	  	6.01(j)
	 “Clause A Distribution”
	  	10.05(c)
	 “Clause B Distribution”
	  	10.05(c)
	 “Clause C Distribution”
	  	10.05(c)
	 “Clearstream”
	  	Appendix A
	 “Collective Election”
	  	10.08(a)
	 “Conversion Agent”
	  	2.04(a)
	 “Conversion Date”
	  	10.02(a)
	 “Conversion Notice”
	  	10.02(a)
	 “Conversion Shares”
	  	10.03(a)(iv)
	 “Covenant Suspension Event”
	  	4.16
	 “Custodian”
	  	6.01
	 “Definitive Note”
	  	Appendix A
	 “Depository”
	  	Appendix A
	 “Disqualified Holder”
	  	2.15
	 “Distributed Property”
	  	10.05(c)
	 “Euroclear”
	  	Appendix A
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.06(b)
	 “Fundamental Change Expiration Time”
	  	11.03(a)(i)
	 “Fundamental Change Notice”
	  	11.02(a)
	 “Fundamental Change Purchase Date”
	  	11.01
	 “Fundamental Change Purchase Offer”
	  	11.01
	 “Fundamental Change Purchase Price”
	  	11.01
	 “Global Notes”
	  	Appendix A
	 “Global Notes Legend”
	  	Appendix A
	 “Increased Amount”
	  	4.12(d)
	 “Initial Default”
	  	6.01
	 “Issuer”
	  	Preamble
	 “Make-Whole Applicable Increase”
	  	10.07(b)
	 “Make-Whole Cap”
	  	10.07(b)
	 “Make-Whole Consideration”
	  	10.07(a)
	 “Make-Whole Conversion Period”
	  	10.07(a)
	 “Make-Whole Effective Date”
	  	10.07(b)
	 “Mandatory Conversion”
	  	10.13(a)
	 “Mandatory Conversion Date”
	  	10.13(b)
	 “Mandatory Conversion Notice”
	  	10.13(b)
	 “Mandatory Conversion Notice Date”
	  	10.13(b)
	 “Mandatory Conversion Trigger Period”
	  	10.13(a)
	 “Mandatory Redemption Price”
	  	2.15
	 “Notes”
	  	Recitals
	 “Notes Custodian”
	  	Appendix A
	 “Notice of Default”
	  	6.01

  
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	 Term
	  	Defined in Section
	 “Offer Expiration Date”
	  	10.05(e)
	 “Original Notes”
	  	Recitals
	 “Paying Agent”
	  	2.04(a)
	 “protected purchaser”
	  	2.08
	 “Reference Property”
	  	10.08(a)
	 “Refinancing Indebtedness”
	  	4.03(b)(xv)
	 “Refunding Capital Stock”
	  	4.04(b)(ii)
	 “Registrar”
	  	2.04(a)
	 “Restricted Payments”
	  	4.04(a)
	 “Retired Capital Stock”
	  	4.04(b)(ii)
	 “Settlement Amount”
	  	10.03(a)(ii)
	 “Share Exchange Event”
	  	10.08(a)
	 “Spin-Off”
	  	10.05(c)
	 “Successor Issuer”
	  	5.01(a)(i)
	 “Suspended Covenants”
	  	4.16
	 “Trigger Event”
	  	10.05(c)
	 “Valuation Period”
	  	10.05(c)

 SECTION 1.03 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a
provision of the TIA, the provision is incorporated in and made part of this Indenture. The following TIA terms have the following meanings: 

“Commission” means the SEC. 

“indenture securities” means the Notes. 

“indenture security holder” means a holder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Issuer and any other obligor on the Notes. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have
the meanings assigned to them by such definitions. 
 SECTION 1.04 Rules of Construction. Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) “including” means including without limitation; 

  
 -35- 

 (e) words in the singular include the plural and words in the plural include the
singular; 
 (f) unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by
virtue of its nature as unsecured Indebtedness; 
 (g) the principal amount of any non-interest bearing or other discount
security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer thereof dated such date prepared in accordance with GAAP; 

(h) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or
(ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 

(i) unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations
hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP; and 

(j) “$” and “U.S. dollars” each refer to United States dollars, or such other money of the
United States of America that at the time of payment is legal tender for payment of public and private debts. 
 Article II. 

THE NOTES 
 SECTION 2.01
Amount of Notes. The aggregate principal amount of Original Notes which may be authenticated and delivered under this Indenture on the Issue Date is $1,119,060,000. 

The Issuer may from time to time after the Issue Date issue Additional Notes under this Indenture in an unlimited principal amount, so long as
(i) the Incurrence of the Indebtedness represented by such Additional Notes is at such time permitted by Section 4.03 and (ii) such Additional Notes are issued in compliance with the other applicable provisions of this Indenture. With
respect to any Additional Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.07, 2.08, 4.06(f), 11.06 or
Appendix A), there shall be (a) established in or pursuant to a resolution of the Board of Directors and (b) (i) set forth or determined in the manner provided in an Officer’s Certificate or (ii) established in one or
more indentures supplemental hereto, prior to the issuance of such Additional Notes: 
 (1) the aggregate principal amount of
such Additional Notes which may be authenticated and delivered under this Indenture; 
 (2) the issue price and issuance date
of such Additional Notes, including the date from which interest on such Additional Notes shall accrue; and 
 (3) if
applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more Global Notes and, in such case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such
Global Notes in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of Appendix A in which any such Global Note may be exchanged in
whole or in part for Additional Notes registered, or any transfer of such Global Note in whole or in part may be registered, in the name or names of Persons other than the depository for such Global Note or a nominee thereof. 

  
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 If any of the terms of any Additional Notes are established by action taken pursuant to a
resolution of the Board of Directors, a copy of an appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or prior to the delivery of the Officer’s
Certificate or an indenture supplemental hereto setting forth the terms of the Additional Notes. 
 The Original Notes, including any
Additional Notes, shall be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; provided that if the Additional Notes are not fungible with
the Original Notes for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP number, if applicable. 
 SECTION
2.02 Form and Dating. Provisions relating to the Notes are set forth in Appendix A, which is hereby incorporated in and expressly made a part of this Indenture. The (i) Original Notes and the Trustee’s certificate of
authentication and (ii) any Additional Notes and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this
Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable
to the Issuer). Each Note shall be dated the date of its authentication. The Notes shall be issuable only in registered form without interest coupons and in denominations of $100 and any integral multiples of $1.00 in excess thereof; provided
that Notes may be issued in denominations of less than $100 solely to accommodate book-entry positions that have been created by the Depository in denominations of less than $100. 

SECTION 2.03 Execution and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the
Issuer signed by one Officer (a) Original Notes for original issue on the date of this Indenture in an aggregate principal amount of $1,119,060,000, (b) subject to the terms of this Indenture, Additional Notes in an aggregate principal
amount to be determined at the time of issuance and specified therein. Such order shall specify the amount of separate Note certificates to be authenticated, the principal amount of each of the Notes to be authenticated, the date on which the
original issue of Notes is to be authenticated, whether the Notes are to be Original Notes or Additional Notes, the registered holder of each of the Notes and delivery instructions. Notwithstanding anything to the contrary in this Indenture or
Appendix A, any issuance of Additional Notes after the Issue Date shall be in a principal amount of at least $100 and integral multiples of $1.00 in excess of $100. 

One Officer shall sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless. 
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on
the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

  
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 The Trustee may appoint one or more authenticating agents reasonably acceptable to the Issuer to
authenticate the Notes. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, an authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices
and demands. 
 SECTION 2.04 Registrar, Paying Agent and Conversion Agent. 

(a) The Issuer shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (the
“Registrar”), (ii) an office or agency where Notes may be presented for payment (the “Paying Agent”) and (iii) an office or agency where the Notes may be presented for conversion (the “Conversion
Agent”). The Registrar shall keep a register of the Notes and of their transfer, exchange, repurchase, redemption and conversion. The Issuer may have one or more co-registrars and one or more additional paying agents. The term
“Registrar” includes any co-registrars. The term “Paying Agent” includes the Paying Agent and any additional paying agents. The Issuer initially appoints the Trustee as Registrar, Paying Agent and the Notes
Custodian with respect to the Global Notes and Computershare Inc. or one of its affiliates as Conversion Agent. 
 (b) The Issuer may enter
into an appropriate agency agreement with any Registrar, Paying Agent or Conversion Agent not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such
agent. The Issuer shall notify the Trustee in writing of the name and address of any such agent. If the Issuer fails to maintain a Registrar, Paying Agent or Conversion Agent, the Trustee shall act as such and shall be entitled to appropriate
compensation therefor pursuant to Section 7.07. The Issuer or any of its domestically organized Wholly Owned Subsidiaries may act as Paying Agent, Registrar or Conversion Agent. 

(c) The Issuer may remove any Registrar, Paying Agent or Conversion Agent upon written notice to such Registrar, Paying Agent or Conversion
Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Issuer and such
successor Registrar, Paying Agent or Conversion Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar, Paying Agent or Conversion Agent until the appointment of a
successor in accordance with clause (i) above. The Registrar, Paying Agent or Conversion Agent may resign at any time upon written notice to the Issuer and the Trustee; provided, however, that the Trustee may resign as Paying Agent,
Registrar or Conversion Agent only if the Trustee also resigns as Trustee in accordance with Section 7.08. 
 SECTION 2.05 Paying
Agent to Hold Money in Trust. Prior to each due date of the principal of and cash interest on any Note, the Issuer shall deposit with each Paying Agent (or if the Issuer or a Wholly Owned Subsidiary is acting as Paying Agent, segregate and hold
in trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and cash interest when so becoming due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent
shall hold in trust for the benefit of holders or the Trustee all money held by a Paying Agent for the payment of principal of and cash interest on the Notes, and shall notify the Trustee of any default by the Issuer in making any such payment. If
the Issuer or a Wholly Owned Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The Issuer at any time may require a Paying Agent to pay all
money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section, a Paying Agent shall have no further liability for the money delivered to the Trustee. 

  
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 SECTION 2.06 Holder Lists. The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of holders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business
Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of holders. 

SECTION 2.07 Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the surrender of a
Note for registration of transfer and in compliance with Appendix A. When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if its requirements therefor are met.
When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit registration of
transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s request. The Issuer may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection
with any transfer or exchange pursuant to this Section. The Issuer shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed in part, the
portion thereof not to be redeemed) or of any Notes for a period of 15 days before a selection of Notes to be redeemed. 
 Prior to the due
presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving
payment of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the
contrary. 
 Any holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of
beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a beneficial interest in such Global Note, and that ownership of
a beneficial interest in such Global Note shall be required to be reflected in a book entry. 
 All Notes issued upon any transfer or
exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

None of the Trustee, the Paying Agent or the Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants, members or beneficial owners in any
Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 
 SECTION 2.08 Replacement Notes. If a mutilated Note is
surrendered to the Registrar or if the holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the
Uniform Commercial Code are met, such that the holder (a) satisfies the Issuer and the Trustee within a reasonable time after such holder has notice of such loss, destruction or wrongful taking and the

  
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Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer and the Trustee prior to the Note being acquired by a protected purchaser as
defined in Section 8-303 of the Uniform 
 Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable
requirements of the Issuer and the Trustee. If required by the Trustee or the Issuer, such holder shall furnish an indemnity bond sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, the Paying Agent and the
Registrar from any loss or liability that any of them may suffer if a Note is replaced and subsequently presented or claimed for payment. The Issuer and the Trustee may charge the holder for their expenses in replacing a Note (including without
limitation, attorneys’ fees and disbursements in replacing such Note). In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may pay such Note
instead of issuing a new Note in replacement thereof. 
 Every replacement Note is an additional obligation of the Issuer. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 
 SECTION 2.09 Outstanding Notes. Notes
outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding. Subject to Section 13.06, a Note does not
cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 
 If a Note is replaced pursuant to
Section 2.08 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note
ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.08. 
 If a Paying Agent segregates
and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the
case may be, and no Paying Agent is prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them
ceases to accrue. 
 SECTION 2.10 [Reserved]. 

SECTION 2.11 Cancellation. The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and each Paying
Agent and Conversion Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange, conversion, repurchase, redemption or payment. The Trustee and no one else shall cancel all Notes surrendered for
registration of transfer, exchange, conversion, repurchase, redemption, payment or cancellation and shall dispose of canceled Notes in accordance with its customary procedures. The Issuer may not issue new Notes to replace Notes it has redeemed,
paid or delivered to the Trustee for cancellation. The Trustee shall not authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture. 

SECTION 2.12 Defaulted Interest. If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay the defaulted
interest then borne by the Notes (plus 1% per year and interest on such defaulted interest to the extent lawful) in any lawful manner. The Issuer may pay the defaulted interest to the Persons who are holders on a subsequent special
record date. The Issuer shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the 
 Trustee and
shall promptly mail or cause to be mailed to each affected holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

  
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 SECTION 2.13 CUSIP Numbers, ISINs, Etc. The Issuer in issuing the Notes may use CUSIP
numbers, ISINs and “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to holders; provided, however,
that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption that reliance may be placed only on the other identification numbers
printed on the Notes and that any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall advise the Trustee of any change in the CUSIP numbers, ISINs and “Common Code” numbers. 

SECTION 2.14 Calculation of Principal Amount of Notes. The aggregate principal amount of the Notes, at any date of determination, shall
be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the holders of a specified percentage of the principal amount of all the Notes, such percentage
shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the holders of which have so consented, by (b) the aggregate principal amount, as of such date of
determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, Section 2.09 and Section 13.06 of this Indenture. Any such calculation made pursuant to this Section 2.14 shall be
made by the Issuer and delivered to the Trustee pursuant to an Officer’s Certificate. 
 SECTION 2.15 Mandatory Disposition Pursuant
to Gaming Laws. Each Person that holds or acquires beneficial ownership of any of the Notes shall be deemed to have agreed, by accepting such Notes, that if any Gaming Authority requires such Person to be approved, licensed, qualified or found
suitable under applicable Gaming Laws, such holder or beneficial owner, as the case may be, shall apply for approval or a license, qualification or finding of suitability within the required time period. 

If a Person fails to apply for approval or a license, qualification or finding of suitability within 30 days after being requested to do so
(or such lesser period as required by the Gaming Authority) or is notified by a Gaming Authority that it shall not be approved, licensed, qualified or found suitable (a “Disqualified Holder”), the Issuer shall have the right, at its
election, (1) to require such Person to dispose of its Notes or beneficial interest therein within 30 days of receipt of notice of such election or such earlier date as may be required by such Gaming Authority or (2) by notice given at
least 30 days, but not more than 60 days, before the redemption date, to redeem such Notes at a redemption price that, unless otherwise directed by such Gaming Authority, shall be at a redemption price that is equal to (a) the price required by
applicable law or by order of any Gaming Authority, if applicable, or (b) the lesser of (1) the price that such person paid for the Notes (which will be deemed to be 100% of the principal amount of the Notes with respect to the issuance of
the Original Notes on the Issue Date) and (2) 100% of the principal amount of the Notes (the “Mandatory Redemption Price”), in each case, plus accrued and unpaid interest, if any, to the earlier of (x) the redemption date
or (y) the date of the denial of an approval or a license or qualification and/or a finding of unsuitability by the Gaming Authority, which may be less than 30 days following the notice of redemption. 

Immediately upon a determination by a Gaming Authority that a holder of Notes shall not be approved, licensed, qualified or found suitable,
such Person shall not have any further rights with respect to the Notes to: 
 (a) exercise, directly or indirectly, any
right conferred by the Notes; or 
 (b) receive any interest or any other distribution or payment with respect to the Notes,
or any remuneration in any form from the Issuer for services rendered or otherwise, except the Mandatory Redemption Price plus accrued and unpaid interest, if any, to the earlier of (x) the redemption date or (y) the date of the denial of
an approval or a license or qualification and/or a finding of unsuitability by the Gaming Authority, which may be less than 30 days following the notice of redemption. 

  
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 The Issuer shall notify the Trustee and applicable Gaming Authority in writing of any such
redemption as soon as practicable. The Issuer shall not be responsible for any costs or expenses any such holder may Incur in connection with its application for a license, qualification or finding of suitability. 

Article III. 
 NO
REDEMPTION 
 SECTION 3.01 No Redemption. Except as set forth in Section 2.15, the Notes are not subject to redemption or
any sinking fund payments. 
 Article IV. 

COVENANTS 
 SECTION 4.01
Payment of Notes. The Issuer shall promptly pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. An installment of principal of or interest shall be considered paid on the
date due if on such date the Trustee or the Paying Agent holds as of 12:00 p.m. (New York City time) money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from
paying such money to the holders on that date pursuant to the terms of this Indenture. 
 The Issuer shall pay interest on overdue principal
at the rate borne by the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 

SECTION 4.02 Reports and Other Information. 

(a) Notwithstanding that the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or
otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Issuer shall file with the SEC (and provide the Trustee and holders with copies
thereof, without cost to each holder, within 15 days after it is required to file them with the SEC), 
 (i) within the time
period specified in the SEC’s rules and regulations for non-accelerated filers, annual reports on Form 10-K (or any successor or comparable form) containing the information required to be contained therein (or required in such successor or
comparable form), except to the extent permitted to be excluded by the SEC; 
 (ii) within the time period specified in the
SEC’s rules and regulations for non-accelerated filers, reports on Form 10-Q (or any successor or comparable form) containing the information required to be contained therein (or required in such successor or comparable form), except to the
extent permitted to be excluded by the SEC; 

  
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 (iii) promptly from time to time after the occurrence of an event required to be
therein reported (and in any event within the time period specified in the SEC’s rules and regulations), such other reports on Form 8-K (or any successor or comparable form), except to the extent permitted to be excluded by the SEC; and 

(iv) any other information, documents and other reports which the Issuer would be required to file with the SEC if it were
subject to Section 13 or 15(d) of the Exchange Act; 
 provided, however, that the Issuer shall not be so obligated to file such reports with
the SEC if the SEC does not permit such filing, in which event the Issuer will make available such information to prospective purchasers of Notes in addition to providing such information to the Trustee and the holders, in each case within 15 days
after the time the Issuer would be required to file such information with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act. 

(b) All such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports.
Each annual report on Form 10-K will include a report on the Issuer’s consolidated financial statements by the Issuer’s certified independent accountants. In addition, the Issuer will post the reports on its website within the time periods
specified in the rules and regulations applicable to such reports and the Issuer will file a copy of each of the reports referred to in sub-clauses (i), (ii) and (iii) of clause (a) above with the SEC for public availability within
those time periods (unless the SEC will not accept such a filing). 
 (c) If the Issuer has designated any of its Subsidiaries as
Unrestricted Subsidiaries and if any such Unrestricted Subsidiaries or any group of Unrestricted Subsidiaries, if taken together as one Subsidiary, would constitute a Significant Subsidiary of the Issuer, then the quarterly and annual financial
information required by the preceding paragraphs will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and
Results of Operations, of the financial condition and results of operations of the Issuer and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Issuer. 

The Issuer will make such information available to prospective investors upon request. In addition, the Issuer has agreed that, for so long as
any Notes remain outstanding during any period when it is not subject to Section 13 or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of the Exchange Act, it will furnish
to the holders of the Notes and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

Notwithstanding the foregoing, the Issuer will be deemed to have furnished such reports referred to above to the Trustee and the holders if
the Issuer has filed such reports with the SEC via the EDGAR filing system and such reports are publicly available. 
 (d) The Issuer will
also hold quarterly conference calls, beginning with the first fiscal quarter ending after the Issue Date, for all holders of the Notes, prospective investors, and securities analysts to discuss such financial information (which conference call may
be satisfied by an earnings conference call by the Issuer consistent with past practice) no later than ten Business Days after the distribution of such information required by clauses (i) or (ii) of Section 4.02(a) and, prior to the
date of each such conference call, will announce the time and date of such conference call and either include all information necessary to access the call or inform holders of the Notes, prospective investors and securities analysts how they can
obtain such information, including, without limitation, the applicable password or login information (if applicable). 

  
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 SECTION 4.03 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and
Preferred Stock. 
 (a) The Issuer shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, Incur,
contingently or otherwise, any Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Issuer shall not permit any of the Restricted Subsidiaries to issue any shares of Preferred Stock;
provided, however, that the Issuer and its Restricted Subsidiaries may Incur, contingently or otherwise, any Indebtedness (including Acquired Indebtedness) and issue any shares of Disqualified Stock, and Restricted Subsidiaries may issue
shares of Preferred Stock, in each case, if the Consolidated Leverage Ratio of the Issuer and its Restricted Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements are available immediately
preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been no greater than 6.50 to 1.00 determined on a pro forma basis (including a pro forma
application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the
beginning of such four-quarter period; 
 (b) The limitations set forth in Section 4.03(a) shall not apply to: 

(i) [Reserved]; 

(ii) [Reserved]; 

(iii) [Reserved]; 

(iv) [Reserved]; 

(v) Indebtedness Incurred by the Issuer or any Restricted Subsidiary constituting reimbursement obligations with respect to
letters of credit and bank guarantees issued in the ordinary course of business and consistent with past practice, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits
to employees or former employees or their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental or other permits or
licenses from governmental authorities, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 

(vi) Indebtedness arising from agreements of the Issuer or any Restricted Subsidiary providing for indemnification, adjustment
of purchase price or similar obligations, in each case, Incurred in connection with the Transactions or any other acquisition or disposition of any business, assets or a Subsidiary of the Issuer in accordance with the terms of this Indenture, other
than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 

(vii) Indebtedness of the Issuer owed to any Restricted Subsidiary; provided that (except in respect of intercompany
current liabilities incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of the Issuer 

  
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and its Restricted Subsidiaries) any such Indebtedness owed to a Restricted Subsidiary is expressly subordinated in right of payment to the Obligations of the Issuer under the Notes and
unsecured; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of
any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause
(vii); 
 (viii) shares of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary;
provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock not permitted by this clause
(viii); 
 (ix) Indebtedness of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided, that
any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except
to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (ix); 

(x) Hedging Obligations in the ordinary course of business and that are not Incurred for speculative purposes; 

(xi) obligations (including reimbursement obligations with respect to letters of credit and bank guarantees) in respect of
performance, bid, appeal and surety bonds and completion guarantees provided by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business and consistent with past practice or industry practice; 

(xii) [Reserved]; 

(xiii) [Reserved]; 

(xiv) any guarantee by the Issuer or any Restricted Subsidiary of Indebtedness or other obligations of the Issuer or any
Restricted Subsidiary so long as the Incurrence of such Indebtedness Incurred by the Issuer or Restricted Subsidiary is permitted under the terms of this Indenture; provided that if such Indebtedness is by its express terms subordinated in
right of payment to the Notes or the obligations of the Issuer, any such guarantee with respect to such Indebtedness shall be subordinated in right of payment to such obligations with respect to the Notes substantially to the same extent as such
Indebtedness is subordinated to the Notes; 
 (xv) the Incurrence by the Issuer or any Restricted Subsidiary of Indebtedness
or Disqualified Stock or Preferred Stock of a Restricted Subsidiary which serves to renew, refund, refinance, replace or defease any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued as permitted under Section 4.03(a) and
clauses (xv) and (xvi) of this Section 4.03(b) or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so refund or refinance such Indebtedness, Disqualified Stock or Preferred Stock, including any additional
Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums 

  
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(including tender premiums), expenses, defeasance costs and fees in connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior to its respective
maturity; provided, however, that: 
 (1) the principal amount (or accreted value, if applicable) of such Refinancing
Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced or defeased (plus all accrued interest on the Indebtedness and the amount of all fees and expenses,
including premiums, incurred in connection therewith); 
 (2) such Refinancing Indebtedness has a Weighted Average Life to
Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being renewed, refunded,
refinanced, replaced or defeased and (y) the Weighted Average Life to Maturity that would result if all payments of principal on the Indebtedness, Disqualified Stock and Preferred Stock being refunded or refinanced that were due on or after the
date that is one year following the last maturity date of any Notes then outstanding were instead due on such date; 
 (3) if
the Indebtedness being renewed, refunded, refinanced, replaced, or defeased is subordinated in right of payment to the Notes, such Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right
of payment to, the Notes on terms at least as favorable to the holders of Notes as those contained in the documentation governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 

(4) any Indebtedness of a Restricted Subsidiary may only be refinanced by that Restricted Subsidiary or another Restricted
Subsidiary, any Indebtedness of the Issuer may only be refinanced by the Issuer, and neither the Issuer nor any Restricted Subsidiary may refinance any Indebtedness of an Unrestricted Subsidiary; 

provided, further, that subclause (2) of this clause (xv) will not apply to any refunding or refinancing of any Secured Indebtedness; 

(xvi) Indebtedness, Disqualified Stock or Preferred Stock of (x) the Issuer or any of the Restricted Subsidiaries
Incurred solely to finance an acquisition or (y) Persons that are acquired by the Issuer or any of the Restricted Subsidiaries or merged, consolidated or amalgamated with or into the Issuer or any of the Restricted Subsidiaries in accordance
with the terms of this Indenture, provided that after giving effect to such acquisition or merger, consolidation or amalgamation: either (1) the Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the
Consolidated Leverage Ratio test set forth in Section 4.03(a), or (2) the Consolidated Leverage Ratio of the Issuer and its Restricted Subsidiaries would be no greater than such ratio immediately prior to such acquisition or merger,
consolidation or amalgamation. 
 (xvii) [Reserved]; and 

(xviii) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence. 

  
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 The amount of any Indebtedness outstanding as of any date will be: (i) the accreted value of
the Indebtedness, in the case of any Indebtedness issued with original issue discount; and (ii) the principal amount of the Indebtedness, in the case of any other Indebtedness. Accrual of interest, the accretion of accreted value, the payment
of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable, amortization of original issue discount, the accretion of liquidation preference and increases in the amount of Indebtedness
outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.03. Guarantees of, or obligations in
respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of
the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03. 

For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed
or first Incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving credit debt; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such
refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S.
dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being
refinanced. 
 (c) Notwithstanding any other provision of this Section 4.03, the maximum amount of Indebtedness that the Issuer and its
Restricted Subsidiaries may Incur pursuant to this Section 4.03 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any
Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective
Indebtedness is denominated that is in effect on the date of such refinancing. 
 (d) The amount of any Indebtedness outstanding as of any
date will be, in respect of indebtedness of another Person secured by a Lien on the assets of the specified Person, the amount of the Indebtedness of the other Persons. 

SECTION 4.04 Limitation on Restricted Payments. 

(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(i) declare or pay any dividend or make any distribution on account of any of the Issuer’s or any of its Restricted
Subsidiaries’ Equity Interests, including any payment made in connection with any merger, amalgamation or consolidation involving the Issuer or indirect holders of the Issuer’s Equity Interests in their capacity as such (other than
(A) dividends or distributions by the Issuer payable solely in Equity Interests (other than Disqualified Stock) of the Issuer; or (B) dividends or distributions by a Restricted Subsidiary to the Issuer or another Restricted Subsidiary of
the Issuer); 

  
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 (ii) purchase, redeem or otherwise acquire or retire for value (including,
without limitation, in connection with any merger, amalgamation or consolidation) any Equity Interests of the Issuer or any direct or indirect parent of the Issuer; 

(iii) make any payment on, or redeem, repurchase, defease or otherwise acquire or retire for value any Subordinated
Indebtedness of the Issuer except payments of regularly scheduled interest or principal at the Stated Maturity thereof; or 

(iv) make any Restricted Investment 

(all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment: 
 (1) no Default shall have occurred and be continuing
or would occur as a consequence thereof; 
 (2) immediately after giving effect to such transaction on a pro forma
basis, as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, the Issuer could Incur $1.00 of additional Indebtedness under Section 4.03(a); and 

(3) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its
Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (i) and (ii) (with respect to the payment of dividends on Refunding Capital Stock (as defined below) pursuant to clause (B) thereof),
(iv), (x) and (xix) of Section 4.04(b), but excluding all other Restricted Payments permitted by Section 4.04(b)), is less than the amount equal to the Cumulative Credit. 

(b) The provisions of Section 4.04(a) shall not prohibit the following provided that, except with respect to clause (i) below, at the
time of, and after giving effect to, any Restricted Payment, no Default shall have occurred and be continuing or would occur as a consequence thereof: 

(i) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date
of declaration thereof, if at the date of declaration of such dividend or distribution or the consummation of such redemption, as applicable, such payment would have complied with the provisions of this Indenture; 

(ii) (A) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) or Subordinated Indebtedness of the Issuer in exchange for, or out of the proceeds of, the substantially concurrent sale of, Equity Interests of the Issuer or contributions to the equity capital of the Issuer (other than any
Disqualified Stock or any Equity Interests sold to a Subsidiary of the Issuer) (collectively, including any such contributions, “Refunding Capital Stock”); and 

(B) the declaration and payment of dividends on Retired Capital Stock out of the proceeds of the substantially concurrent sale
(other than to a Subsidiary of the Issuer or to the Issuer) of Refunding Capital Stock; 

  
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 (iii) the redemption, repurchase, defeasance, or other acquisition or retirement
of Subordinated Indebtedness of the Issuer made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Issuer which is Incurred in accordance with Section 4.03 so long as: 

(A) the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or
accreted value, if applicable), plus any accrued and unpaid interest, of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired for value (plus the amount of any premium required to be paid under the terms of the
instrument governing the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired, any tender premiums, plus any defeasance costs, fees and expenses Incurred in connection therewith), 

(B) such Indebtedness is subordinated to the Notes at least to the same extent as such Subordinated Indebtedness so purchased,
exchanged, redeemed, repurchased, defeased, acquired or retired for value and is not secured, 
 (C) such Indebtedness has a
final scheduled maturity date equal to or later than the earlier of (x) the final scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) 91 days following the last maturity date
of any Notes then outstanding, and 
 (D) such Indebtedness has a Weighted Average Life to Maturity at the time Incurred
which is not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired and (y) the Weighted Average Life to Maturity that
would result if all payments of principal on the Subordinated Indebtedness being redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is one year following the last maturity date of any Notes then outstanding
were instead due on such date; 
 (iv) a Restricted Payment to pay for the repurchase, retirement or other acquisition for
value of Equity Interests of the Issuer held by any future, present or former employee, director or consultant of the Issuer or any Restricted Subsidiary of the Issuer pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or other agreement or arrangement; provided, however, that the aggregate Restricted Payments made under this clause (iv) do not exceed $30.0 million in any calendar year (with unused amounts in any
calendar year being permitted to be carried over to succeeding calendar years subject to a maximum of $50.0 million in any calendar year; 

(v) any dividend or distribution on the Equity Interests of Des Plaines Development, L.P., so long as the Issuer or a
Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities; 

(vi) [Reserved]; 

(vii) [Reserved]; 

(viii) [Reserved]; 

(ix) [Reserved]; 

  
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 (x) other Restricted Payments (other than dividends or distributions on account
of the Issuer’s Equity Interests), taken together with all other Restricted Payments made pursuant to this clause (x), in an aggregate amount not to exceed $125.0 million; 

(xi) [Reserved]; 

(xii) [Reserved]; 

(xiii) [Reserved]; 

(xiv) any Restricted Payment used to fund the Transactions and the payment of fees and expenses incurred in connection with the
Transactions or owed by the Issuer or any direct or indirect parent of the Issuer or Restricted Subsidiaries to Affiliates, and any other payments made, including any such payments made to any direct or indirect parent of the Issuer to enable it to
make payments, in connection with the consummation of the Transactions, whether payable on the Issue Date or thereafter (other than dividends, distributions or other payments in respect of Issuer’s Equity Interests), in each case, to the extent
permitted by Section 4.07; 
 (xv) any Restricted Payment made pursuant to an Operations Management Agreement or Master
Lease; 
 (xvi) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity
Interests represent a portion of the exercise price of such options or warrants; 
 (xvii) [Reserved]; 

(xviii) Restricted Payments by the Issuer or any Restricted Subsidiaries to allow the payment of cash in lieu of the issuance
of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 

(xix) dividends or distributions on account of the Issuer’s Equity Interests not otherwise permitted by this
Section 4.04 in an aggregate amount of (A) $125.0 million per fiscal year, plus (B) if on any date during any fiscal year on which a declaration of a dividend or distribution (or portion thereof) is made by the Issuer, the
Consolidated Leverage Ratio of the Issuer and its Restricted Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such date of declaration would have been no
greater than 6.0 to 1.00 determined on a pro forma basis, as if the aggregate dividends or distributions made or declared during such fiscal year through, and including, such date of declaration had been made at the beginning of such
four-quarter period, additional dividends or distributions for such date of declaration in an amount equal to up to 10.0% of the amount by which Issuer’s Market Capitalization exceeds $5.0 billion on such date of declaration (it being
understood that for purposes of determining compliance with this clause (xix), the Issuer may, in its sole discretion, determine whether to classify or divide any dividend or distribution made under this clause (xix) as being made under
subclause (A) and/or subclause (B), provided that the Issuer shall not be permitted to subsequently re-divide or re-classify any such dividend or distribution thereafter); 

(xx) payments or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a
consolidation, amalgamation, merger or transfer of all or substantially all of the assets of the Issuer and the Restricted Subsidiaries, taken 

  
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as a whole, that complies with Section 5.01; provided that as a result of such consolidation, amalgamation, merger or transfer of assets, the Issuer shall have made a Fundamental
Change Purchase Offer (if required by this Indenture) and that all Notes tendered by holders in connection with such Fundamental Change Purchase Offer have been repurchased, redeemed or acquired for value; and 

(xxi) the purchase of Common Stock of the Issuer in an amount up to the unused portion of the New CEC Common Equity Additional
Buyback Amount. 
 (c) The amount of any Restricted Payments (other than cash) to be made pursuant to this Section 4.04 (including in
connection with any related determination or calculations required by Section 4.18), will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Issuer or such
Restricted Subsidiary, as the case may be, as a Restricted Payment. Prior to making any Restricted Payment (other than cash) in an amount greater than $25.0 million, the Issuer will deliver to the Trustee an Officer’s Certificate stating that
the disinterested members of the Board of Directors of the Issuer have determined, based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the value of any such Restricted Payment
exceeds $75.0 million, that such Restricted Payment is permitted, setting forth the basis upon which the calculations required by this Section 4.04 were computed, together with a copy of any required resolutions of the Board of Directors and of
any fairness opinion or appraisal required by this Indenture. 
 SECTION 4.05 Dividend and Other Payment Restrictions Affecting
Subsidiaries. The Issuer shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any
Restricted Subsidiary to: 
 (a) (i) pay dividends or make any other distributions to the Issuer or any Restricted Subsidiary
(1) on its Capital Stock; or (2) with respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to the Issuer or any Restricted Subsidiary; 

(b) make loans or advances to the Issuer or any Restricted Subsidiary; or 

(c) sell, lease or transfer any of its properties or assets to the Issuer or any Restricted Subsidiary; 

except in each case for such encumbrances or restrictions existing under or by reason of: 

(1) contractual encumbrances or restrictions (y) in effect on the Issue Date, including pursuant to the Credit Agreement,
the other Credit Agreement Documents, the Master Leases, and any agreement or other instrument entered into on the Issue Date in connection with the Transactions and (z) pursuant to any Master Lease, Third Party Master Lease or MLSA, in each
case, permitted by, and entered into in accordance with the terms of, this Indenture; 
 (2) this Indenture and the Notes;

 (3) applicable law or any applicable rule, regulation or order; 

  
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 (4) any agreement or other instrument of a Person acquired by the Issuer or any
Restricted Subsidiary which was in existence at the time of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired, provided that, in the case of
Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be Incurred; 
 (5) contracts or agreements
for the sale of assets, including any restriction with respect to the Issuer or a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of the Capital Stock or assets of the Issuer or Restricted Subsidiary
pending the sale or other disposition; 
 (6) [Reserved]; 

(7) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (8) customary transfer restriction provisions contained in joint venture agreements and other similar
agreements entered into in the ordinary course of business and consistent with industry practice; 
 (9) [Reserved]; 

(10) customary anti-assignment provisions contained in leases, licenses and other similar agreements entered into in the
ordinary course of business and consistent with past practice; 
 (11) [Reserved]; 

(12) other Indebtedness, Disqualified Stock or Preferred Stock (a) of the Issuer or (b) of any Restricted Subsidiary,
provided that such Indebtedness, Disqualified Stock or Preferred Stock is permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.03; 

(13) [Reserved]; or 

(14) any encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) above imposed by any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (13) above; provided that such
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancing are no more restrictive with respect to such dividend and other payment restrictions than those contained in the dividend or other
payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
 For
purposes of determining compliance with this Section 4.05, (i) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be
deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made to the Issuer or a Restricted Subsidiary to other Indebtedness Incurred by any the Issuer or any such Restricted
Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

  
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 SECTION 4.06 Asset Sales. 

(a) The Issuer shall not, and shall not permit any of the Restricted Subsidiaries to, cause or make an Asset Sale, unless: 

(x) the Issuer or any Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the
Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets sold or otherwise disposed of; provided, that consideration reflecting a discount of up to 25% of the Fair Market Value
(measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets sold or otherwise disposed of, will satisfy this clause (x) if the Asset Sale (A) relates to the disposition of Capital Stock of a
Restricted Subsidiary pursuant to an agreement or other obligation with a Person (other than the Issuer or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired its business and
assets (having been newly formed in connection with such acquisition), (B) the terms of any such Asset Sale were set forth in the original agreement or other obligation and (C) the Asset Sale is required by an agreement with that Person at
the time of such acquisition, and 
 (y) at least 75% of the consideration therefor received by the Issuer or the Restricted Subsidiary, as
the case may be, is in the form of Cash Equivalents, provided that the amount of: 
 (i) any liabilities of the Issuer
or any Restricted Subsidiary (other than liabilities that are owed to Affiliates or that are by their terms subordinated to the Notes), as shown on the Issuer’s or the Restricted Subsidiary’s most recent balance sheet or in the notes
thereto, that are assumed by the transferee of any such assets or that are otherwise cancelled or terminated in connection with the transaction with such transferee, and 

(ii) any notes or other obligations or other securities or assets received by the Issuer or any Restricted Subsidiary from such
transferee that are contemporaneously, subject to ordinary settlement periods, converted by the Issuer or such Restricted Subsidiary into cash (to the extent of the cash received), 

shall be deemed to be Cash Equivalents for the purposes of this Section 4.06(a). 

(b) Within 12 months after the Issuer’s or a Restricted Subsidiary’s receipt of the Net Proceeds of any Asset Sale, the Issuer or
such Restricted Subsidiary shall apply the Net Proceeds from such Asset Sale, at the Issuer’s option: 
 (i) to repay
Obligations under a Credit Agreement or Secured Indebtedness of the Issuer or a Restricted Subsidiary; provided that, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly permanently reduce commitments with respect thereto
in an amount equal to the principal amount so repaid; or 
 (ii) to make an Investment in any one or more businesses
(provided that if such Investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary), fixed assets or capital expenditures, in each case (A) used or
useful in a Similar Business or (B) that replace the properties and assets that are the subject of such Asset Sale. 

  
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 In the case of Section 4.06(b)(ii), a binding commitment shall be treated as a permitted
application of the Net Proceeds from the date of such commitment; provided that the Issuer or such Restricted Subsidiary shall be deemed to have applied Net Proceeds in accordance with clause (b)(ii) within such 12-month period if,
within such 12-month period, it has entered into a binding commitment or agreement to invest such Net Proceeds and applies such Net Proceeds within 18 months after the receipt of such Net Proceeds; provided further, that in the event that
such binding commitment is later canceled or terminated for any reason before such Net Proceeds are so applied, then such Net Proceeds shall constitute Excess Proceeds (as defined below) unless the Issuer or such Restricted Subsidiary applies the
Net Proceeds to a permitted application pursuant to the first paragraph of this clause (b) within 3 months of such cancellation or termination of the binding commitment. Pending the final application of any such Net Proceeds, the Issuer or such
Restricted Subsidiary may temporarily reduce Indebtedness under a revolving credit facility, if any, or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. 

Any Net Proceeds in cash from Asset Sales that are not invested or applied as provided and within the time period set forth in the first
paragraph of this Section 4.06(b) will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, the Issuer shall make an offer to all holders of Notes (an “Asset
Sale Offer”), and, if required by the terms of any Pari Passu Indebtedness, to holders of any Pari Passu Indebtedness, to purchase the maximum principal amount of Notes (and such Pari Passu Indebtedness, if applicable), that is at least
$100 and an integral multiple of $1.00 in excess thereof that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof (or, in the event such Pari Passu Indebtedness was issued
with significant original issue discount, 100% of the accreted value thereof, if applicable), plus accrued and unpaid interest (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for by the terms of
such Pari Passu Indebtedness, if applicable) to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Section 4.06. The Issuer will commence an Asset Sale Offer with respect to Excess Proceeds within
ten Business Days after the date that Excess Proceeds exceeds $50.0 million by mailing, or delivering electronically if held by DTC, the notice required pursuant to the terms of Section 4.06(g), with a copy to the Trustee. 

To the extent that the aggregate amount of Notes (and such Pari Passu Indebtedness) tendered pursuant to an Asset Sale Offer is less than the
Excess Proceeds, the Issuer may use any remaining Excess Proceeds for any purpose that is not prohibited by this Indenture. If the aggregate principal amount of Notes (and such Pari Passu Indebtedness) surrendered by holders thereof exceeds the
amount of Excess Proceeds, the Trustee shall select the Notes to be purchased in the manner described in Section 4.06(f). Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 

(c) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the
extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture,
the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

(d) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, enter into or suffer to exist any agreement (other than
any agreement governing a Credit Agreement for Indebtedness permitted to be incurred pursuant to Section 4.03(a), any agreement governing Existing Indebtedness and any Refinancing Indebtedness solely with respect to the foregoing) that would
place any restriction of any kind (other than pursuant to law or regulation) on the ability of the Issuer to make an Asset Sale Offer. 

  
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 (e) Not later than the date upon which written notice of an Asset Sale Offer is delivered to the
Trustee as provided above, the Issuer shall deliver to the Trustee an Officer’s Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation of the Net Proceeds from the Asset Sales pursuant to which such Asset Sale
Offer is being made and (iii) the compliance of such allocation with the provisions of Section 4.06(b). On or before the purchase date, the Issuer shall irrevocably deposit by 10:00 a.m. New York City time with the Paying Agent an
amount equal to the purchase price in respect of all Notes or portions of Notes that have been properly tendered to and are to be accepted by the Issuer. Upon the expiration of the period for which the Asset Sale Offer remains open (the
“Asset Sale Offer Period”), the Issuer shall deliver to the Trustee for cancellation the Notes or portions thereof that have been properly tendered to and are to be accepted by the Issuer. The Trustee (or the Paying Agent, if not
the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering holder in the amount of the purchase price. 
 (f)
Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. Holders shall
be entitled to withdraw their election if the Trustee or the Issuer receives not later than one Business Day prior to the purchase date, a facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which
was delivered by the holder for purchase and a statement that such holder is withdrawing his election to have such Note purchased. If at the end of the Asset Sale Offer Period more Notes (and Pari Passu Indebtedness, as applicable) are tendered
pursuant to an Asset Sale Offer than the Issuer is required to purchase, selection of such Notes for purchase shall be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which such Notes
are listed, or if such Notes are not so listed, on a pro rata basis to the extent practicable, by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with the requirements of DTC, if
applicable); provided that no Notes of $100 or less shall be purchased in part. Selection of such Pari Passu Indebtedness, as applicable, shall be made pursuant to the terms of such Pari Passu Indebtedness. 

(g) Notices of an Asset Sale Offer shall be mailed by first class mail, postage prepaid, or delivered electronically if held at DTC, at least
30 but not more than 60 days before the purchase date to each holder of Notes at such holder’s registered address. If any Note is to be purchased in part only, any notice of purchase that relates to such Note shall state the portion of the
principal amount thereof that has been or is to be purchased. 
 SECTION 4.07 Transactions with Affiliates. 

(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell,
lease, convey, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance
or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) unless the following conditions are satisfied, provided that this Section 4.07 shall not apply in
connection with any Affiliate Transaction for which (i) the aggregate consideration is less than $25.0 million and (ii) any Restricted Holder is not a party to the prospective Affiliate Transaction: 

  
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 (i) such Affiliate Transaction is on terms that are not materially less favorable
to the Issuer or such Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person; and 

(ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving (i) aggregate
consideration in excess of $50.0 million or (ii) Affiliate status resulting from any Restricted Holder being a party to the prospective Affiliate Transaction, the Issuer delivers to the Trustee a resolution adopted in good faith by the Board of
Directors of the Issuer, approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (i) above and that such Affiliate Transaction has been approved by a
majority of the disinterested members of the Board of Directors of the Issuer; and 
 (iii) with respect to any Affiliate
Transaction or series of related Affiliate Transactions involving (i) aggregate considerations in excess of $75.0 million or (ii) Affiliate status resulting from any Restricted Holder being a party to the prospective Affiliate Transaction,
the Issuer delivers an opinion as to the fairness to the Issuer or such Restricted Subsidiary of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing,
provided that the requirements of this clause (iii) shall not apply with respect to an Affiliate Transaction where the sole basis for Affiliate status is Issuer’s ownership of 10% or more of a class of Equity Interests of a Person
and no Restricted Holder holds any Equity Interests of such Person. 
 (b) The provisions of Section 4.07(a) shall not apply to the
following: 
 (i) transactions between or among the Issuer and/or any of the Restricted Subsidiaries (or an entity that
becomes a Restricted Subsidiary as a result of such transaction); 
 (ii) Restricted Payments permitted by Section 4.04
and Permitted Investments; 
 (iii) [Reserved]; 

(iv) the payment of reasonable and customary fees and reimbursement of expenses paid to, and indemnity provided on behalf of,
officers, directors, employees or consultants of the Issuer, any Restricted Subsidiary, or any direct or indirect parent of the Issuer; 

(v) [Reserved]; 

(vi) [Reserved]; 

(vii) payments or loans (or cancellation of loans) to officers, directors or employees which are approved by a majority of the
disinterested members of the Board of Directors of the Issuer in good faith; 
 (viii) any agreement as in effect as of the
Issue Date or any amendment thereto (so long as any such agreement together with all amendments thereto, taken as a whole, is not any less favorable to the holders of Notes in any material respect than the original agreement as in effect on the
Issue Date) or any transaction contemplated thereby; 

  
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 (ix) the entering into of, or the performance by the Issuer or any Restricted
Subsidiary of its obligations under the terms of any transaction, agreement or arrangement described in the Plan and, in each case, any amendment thereto; provided, however, that the entering into, or the performance by the Issuer or any
Restricted Subsidiary of its obligations under, any amendment to any such existing transaction, agreement or arrangement or under any similar transaction, agreement or arrangement entered into after the Issue Date shall only be permitted by this
clause (ix) to the extent that the terms of any such existing transaction, agreement or arrangement together with all amendments thereto, taken as a whole, or new transaction, agreement or arrangement are not any less favorable to the holders
of the Notes in any material respect than the original transaction, agreement or arrangement as in effect on the Issue Date; 

(x) the execution of the Transactions, and the payment of all fees and expenses related to the Transactions or contemplated by
the Transactions; 
 (xi) any transactions made pursuant to any Operations Management Agreement or Master Lease in the
ordinary course of business; 
 (xii) transactions with customers, clients, suppliers or purchasers or sellers of goods or
services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are on terms at least as favorable as
could be obtained at such time from an unaffiliated party; 
 (xiii) [Reserved]; 

(xiv) the issuance of Equity Interests (other than Disqualified Stock) of the Issuer to any Person; 

(xv) the issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the
funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Issuer or any direct or indirect parent of the Issuer or of a Restricted Subsidiary, as
appropriate, in good faith; 
 (xvi) [Reserved]; 

(xvii) [Reserved]; 

(xviii) [Reserved]; 

(xix) [Reserved]; 

(xx) [Reserved]; 

(xxi) the formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management
purposes in the ordinary course of business; and 
 (xxii) any employment agreements entered into by the Issuer or any
Restricted Subsidiary in the ordinary course of business. 

  
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 (c) With respect to the value of any Affiliate Transactions whose consideration is to be made in
assets or property (meaning, other than cash), the value of any such consideration will be the Fair Market Value on the date of the Affiliate Transaction of such assets or property. Prior to making an Affiliate Transaction involving aggregate
consideration in excess of $50.0 million, the Issuer will deliver to the Trustee an Officer’s Certificate stating that the disinterested members of the Board of Directors of the Issuer have determined that such Affiliate Transaction is
permitted, together with a copy of any required resolutions of the Board of Directors. 
 (d) Notwithstanding anything in this
Section 4.07 to the contrary, in no event shall the Issuer or any of its Restricted Subsidiaries enter into, or make any payments under, any management agreement or other similar agreement with any Restricted Holder that provides for the
payment of management, advisory or other similar fees to any such Restricted Holder. 
 SECTION 4.08 [Reserved]. 

SECTION 4.09 Compliance Certificate. 

(a) The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuer, beginning with the fiscal year
ending on December 31, 2017, an Officer’s Certificate stating that in the course of the performance by the signer of his or her duties as an Officer of the Issuer he or she would normally have knowledge of any Default and whether or not
the signer knows of any Default that occurred during such period. If he or she does, the certificate shall describe the Default, its status and what action the Issuer is taking or proposes to take with respect thereto. The Issuer also shall comply
with Section 314(a)(4) of the TIA. Except with respect to receipt of payments of principal and interest on the Notes and any Default or Event of Default information contained in the Officer’s Certificate delivered to it pursuant to this
Section 4.09, the Trustee shall have no duty to review, ascertain or confirm the Issuer’s compliance with or the breach of any representation, warranty or covenant made in this Indenture. 

(b) So long as any of the Notes are outstanding, the Issuer will deliver to the Trustee promptly and in any event within ten days after any
Officer becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Issuer is taking or proposes to take with respect thereto. 

SECTION 4.10 Further Instruments and Acts. The Issuer shall, and shall cause its Restricted Subsidiaries to, execute and deliver such
further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 4.11 [Reserved]. 

SECTION 4.12 Liens. 

(a) (A) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly create, Incur, assume or
suffer to exist any Lien that secures any Indebtedness on any asset or property of the Issuer or any Restricted Subsidiary unless the Notes are equally and ratably secured with (or on a senior basis to, in the case of obligations subordinated in
right of payment to the Notes) the obligations so secured until such time as such obligations are no longer secured by a Lien, except Permitted Liens, and (B) notwithstanding the above or any other provision of this Indenture (including with
respect to any Permitted Lien), in no event shall the Issuer, directly or indirectly create, Incur, assume or suffer to exist any Lien on the Capital Stock or Equity Interests of (i) any Subsidiary that is a First-Tier Subsidiary of the Issuer
on the Issue Date or (ii) any newly-created First-Tier Subsidiary of 

  
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the Issuer that, subsequent to the Issue Date, acquires or otherwise owns or controls any Equity Interests of such First-Tier Subsidiaries identified in clause (B)(i) of this paragraph (a),
provided that, any Permitted Lien Incurred pursuant to any Master Lease in accordance with clause (7) of the definition of “Permitted Liens,” as well as any refinancing thereof permitted under clause (20) of the definition
of “Permitted Liens,” shall not be subject to the restrictions set forth in this Section 4.12(a)(B). 
 (b) Any Lien that is
granted to secure the Notes under Section 4.12(a) shall be automatically released and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Notes. 

(c) For purposes of determining compliance with this Section 4.12, (i) a Lien securing an item of Indebtedness need not be permitted
solely by reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant to Section 4.12(a) but may be permitted in part under any combination thereof and
(ii) in the event that a Lien securing an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of one or more of the categories of Permitted Liens (or any portion thereof) described in the
definition of “Permitted Liens” or pursuant to Section 4.12(a), the Issuer shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Lien securing such item of Indebtedness (or any portion
thereof) in any manner that complies with this covenant and will be entitled to only include the amount and type of such Lien or such item of Indebtedness secured by such Lien (or any portion thereof) in one of the clauses of the definition of
“Permitted Liens” or pursuant to Section 4.12(a) and in such event, such Lien securing such item of Indebtedness (or any portion thereof) will be treated as being Incurred or existing pursuant to only one of such clauses or pursuant
to Section 4.12(a). 
 (d) With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of
the Incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in
connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms or in the form of common stock of any of the
Issuer, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely
as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in clause (3) of the definition of “Indebtedness.” 

SECTION 4.13 Business Activities. The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, engage in any
business other than Similar Businesses, except to such extent as would not be material to the Issuer and its Restricted Subsidiaries taken as a whole. 

SECTION 4.14 Maintenance of Office or Agency. 

(a) The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where
Notes may be surrendered for registration of transfer or for exchange or conversion and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the
Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee as set forth in Section 13.02. 

  
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 (b) The Issuer may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its
obligation to maintain an office or agency for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

(c) The Issuer hereby designates the Corporate Trust Office of the Trustee or its agent as such office or agency of the Issuer in accordance
with Section 2.04. 
 SECTION 4.15 Payments for Consents. The Issuer shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the
Notes unless such consideration is offered to be paid and is paid to all holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

SECTION 4.16 Covenant Suspension. If on any date following the Issue Date, (i) the Notes have Investment Grade Ratings from both
Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on that day (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a
“Covenant Suspension Event”), and subject to the provisions of the following paragraph, the Issuer and the Restricted Subsidiaries shall not be subject to Sections 4.03 and 4.04 (collectively the “Suspended
Covenants”). 
 In the event that the Issuer and the Restricted Subsidiaries are not subject to the Suspended Covenants under this
Indenture for any period of time as a result of the foregoing, and on any subsequent date one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating, then
the Issuer and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. 

The Issuer shall promptly upon its occurrence (1) deliver to the Trustee an Officer’s Certificate notifying the Trustee of the
occurrence of any Covenant Suspension Event or Reversion Date, and the date thereof and (2) notify or disclose to Note holders the occurrence of any Covenant Suspension Event. The Trustee shall not have any obligation to monitor the occurrence
or dates of any Covenant Suspension Event or Reversion Date and may rely conclusively on such Officer’s Certificate. 
 On each
Reversion Date, all Indebtedness Incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified as having been Incurred or issued pursuant to Section 4.03(a) or 4.03(b) (to the extent such
Indebtedness or Disqualified Stock or Preferred Stock would be permitted to be Incurred or issued thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred or issued prior to the Suspension Period and outstanding on the
Reversion Date). To the extent such Indebtedness or Disqualified Stock or Preferred Stock would not be so permitted to be Incurred or issued pursuant to Section 4.03(a) or 4.03(b) such Indebtedness or Disqualified Stock or Preferred Stock will
be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.03(b)(iii). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04
will be made as though Section 4.04 had been in effect since the Issue Date and prior, but not during, the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as
Restricted Payments under Section 4.04(a). As described above, however, no Default or Event of Default will be deemed to have occurred on the Reversion Date as a result of any actions taken by the Issuer or their Restricted Subsidiaries during
the Suspension Period. 

  
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 For purposes of Section 4.06, on the Reversion Date, the unutilized Excess Proceeds amount
will be reset to zero. 
 SECTION 4.17 Taxes. The Issuer will pay, and will cause each of its Restricted Subsidiaries to pay, prior
to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the holders of
the Notes. 
 SECTION 4.18 Designation of Restricted and Unrestricted Subsidiaries. 

(a) The Board of Directors of the Issuer may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if: 

(i) the Issuer could make the Restricted Payment which is deemed to occur upon such designation under Section 4.04 equal
to the Fair Market Value of all outstanding Investments owned by the Issuer and its Restricted Subsidiaries in such Subsidiary at the time of such designation; 

(ii) such Restricted Subsidiary meets the definition of an “Unrestricted Subsidiary”; 

(iii) the designation would not constitute or cause (with or without the passage of time) a Default or Event of Default or no
Default or Event of Default would be in existence following such designation; and 
 (iv) the Issuer delivers to the trustee
a certified copy of a resolution of the Board of Directors giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the preceding conditions and was permitted under Section 4.04. 

(b) If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments
owned by the Issuer and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments
under Section 4.04 or under one or more clauses of the definition of Permitted Investments, as determined by the Issuer. 
 (c) If, at
any time, any Unrestricted Subsidiary designated as such would fail to meet the preceding requirements as an Unrestricted Subsidiary or any other Unrestricted Subsidiary would fail to meet the definition of an “Unrestricted Subsidiary,”
then such Subsidiary will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be Incurred by a Restricted Subsidiary of the Issuer as of such date and, if such
Indebtedness is not permitted to be Incurred as of such date under Section 4.03, the Issuer will be in default of such covenant. 

  
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 (d) The Board of Directors of the Issuer may at any time designate any Unrestricted Subsidiary to
be a Restricted Subsidiary of the Issuer if: 
 (i) the Issuer and its Restricted Subsidiaries could Incur the Indebtedness
which is deemed to be Incurred upon such designation under the covenant described under Section 4.03, equal to the total Indebtedness of such Subsidiary calculated on a pro forma basis as if such designation had occurred at the beginning of the
applicable four-quarter reference period following such designation; 
 (ii) the designation would not constitute or cause a
Default or Event of Default; and 
 (iii) the Issuer delivers to the trustee a certified copy of a resolution of the Board of
Directors giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the preceding conditions, including the incurrence of Indebtedness under the covenant described above under
Section 4.03. 
 Article V. 

SUCCESSOR ISSUER 
 SECTION
5.01 When Issuer May Merge or Transfer Assets. 
 (a) Subject to the provisions of Section 5.01(b), the Issuer shall not,
directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions, to any Person unless: 
 (i) the Issuer is the surviving person or
the Person formed by or surviving any such consolidation, amalgamation, merger, winding up or conversion (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a
corporation, partnership or limited liability company or similar entity organized and existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (the Issuer or such Person, as the case may be,
being herein called the “Successor Issuer”); provided that in the case where the surviving Person is not a corporation, a corporation that is a Wholly Owned Restricted Subsidiary shall become a co-obligor of the Notes; 

(ii) the Successor Issuer (if other than the Issuer) expressly assumes all the obligations of the Issuer under this Indenture
and the Notes pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee; 

(iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the
Successor Issuer or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Issuer or such Restricted Subsidiary at the time of such transaction) no Default or Event of Default shall have occurred and be
continuing; 
 (iv) immediately after giving pro forma effect to such transaction, as if such transaction had occurred
at the beginning of the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Issuer or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Issuer or
such Restricted Subsidiary at the time of such transaction), either 

  
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 (A) the Successor Issuer would be permitted to Incur at least $1.00 of additional
Indebtedness pursuant to the Consolidated Leverage Ratio test set forth in Section 4.03(a); or 
 (B) the Consolidated
Leverage Ratio for the Successor Issuer and its Restricted Subsidiaries would be no greater than or equal to such ratio for such prior Issuer and its Restricted Subsidiaries immediately prior to such transaction; and 

(v) [Reserved] 

(vi) the Successor Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that such consolidation, amalgamation, merger or sale, assignment, transfer, lease, conveyance or other disposition, as the case may be, and such supplemental indentures (if any) comply with this Indenture. 

For the purposes of this Section 5.01, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets
of one or more Restricted Subsidiaries of the Issuer to another Person, which properties and assets, if held by the Issuer instead of such Restricted Subsidiaries, would constitute all or substantially all of the properties and assets of the Issuer
and its Restricted Subsidiaries on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Issuer to another Person. 

(b) The Successor Issuer (if other than the prior Issuer) will succeed to, and be substituted for, the Issuer under this Indenture and the
Notes, and in such event the Issuer will automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the foregoing clauses (iii) and (iv) of Section 5.01(a), (a) the Issuer or
any Restricted Subsidiary may merge, consolidate or amalgamate with or transfer all or part of its properties and assets to a Restricted Subsidiary, and (b) the Issuer may merge, consolidate or amalgamate with an Affiliate incorporated solely
for the purpose of reincorporating the Issuer in another state of the United States, the District of Columbia or any territory of the United States or may convert into a limited liability company, so long as the amount of Indebtedness of the Issuer
and its Restricted Subsidiaries is not increased thereby. 
 (c) This Article V will not apply to a sale, assignment, transfer,
conveyance or other disposition of assets between or among the Issuer and its Restricted Subsidiaries. 
 Article VI. 

DEFAULTS AND REMEDIES 

SECTION 6.01 Events of Default. An “Event of Default” occurs with respect to Notes if: 

(a) there is a default in any payment of interest on any Note when the same becomes due and payable, and such default continues
for a period of 30 days; 
 (b) there is a default in the payment of principal or premium, if any, of any Note when due at
its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; 

  
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 (c) the failure by the Issuer or any Restricted Subsidiary to comply (for 60 days
following notice with respect to such failure to comply) with its other agreements and obligations contained in the Notes or this Indenture (other than a default referred to in clause (a) or (b) above); provided that in the case of
a failure to comply with Section 4.02, such period of continuation of such default or breach shall be 90 days following notice with respect to such failure to comply; 

(d) the failure by the Issuer or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a
Significant Subsidiary) to pay any Indebtedness (other than Indebtedness owing to the Issuer or a Restricted Subsidiary) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof
because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $50.0 million or its foreign currency equivalent; 

(e) either the Issuer or a Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant
Subsidiary), pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case; 

(ii) consents to the entry of an order for relief against it in an involuntary case; 

(iii) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

(iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating
to insolvency; 
 (f) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against either the Issuer or a Significant Subsidiary in an involuntary case; 

(ii) appoints a Custodian of either the Issuer or a Significant Subsidiary or for any substantial part of their property; or

 (iii) orders the winding up or liquidation of either the Issuer or a Significant Subsidiary; 

or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days; 

(g) failure by the Issuer or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a
Significant Subsidiary) to pay final judgments aggregating in excess of $50.0 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not
discharged, waived or stayed for a period of 60 days; 
 (h) [Reserved]; 

  
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 (i) the Issuer fails to satisfy its conversion obligations upon exercise of
holder’s conversion rights pursuant hereto (including the failure to pay the Make-Whole Consideration, if any, in connection with such conversion) or upon a Mandatory Conversion and such failure continues for a period of five Business Days; or

 (j) the Issuer fails to timely provide a Fundamental Change Notice as required by the provisions of this Indenture, or
fails to timely provide any notice pursuant to, and in accordance with, Section 10.07(e), and such failure continues for a period of five Business Days. 

The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary
or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of debtors.
The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

However, a default under clause (c) above shall not constitute an Event of Default until the Trustee or the holders of 25% in principal
amount of outstanding Notes notify the Issuer of the default and the Issuer does not cure such default within the time specified in clause (c) hereof after receipt of such notice. Such notice must specify the Default, demand that it be remedied
and state that such notice is a “Notice of Default.” The Issuer shall deliver to the Trustee, within five (5) Business Days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event
which is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the Issuer is taking or propose to take with respect thereto. 

If a Default for a failure to report or failure to deliver a required certificate in connection with another default (the “Initial
Default”) occurs, then, at the time such Initial Default is cured, such Default for a failure to report or failure to deliver a required certificate in connection with another Default that resulted solely because of that Initial Default
will also be cured without any further action. In addition, any Default or Event of Default for the failure to comply with the time periods prescribed in Section 4.02 or otherwise to deliver any notice or certificate pursuant to any other
provision of this Indenture shall be deemed to be cured upon the delivery of any such report required by Section 4.02 or such notice or certificate, as applicable, even though such delivery is not within the prescribed period specified in this
Indenture. 
 SECTION 6.02 Acceleration. If an Event of Default occurs and is continuing, the Trustee or the holders of at least 25%
in principal amount of outstanding Notes by notice to the Issuer may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. Upon such a declaration, such principal and interest shall be due
and payable immediately. Under certain circumstances, the holders of a majority in principal amount of outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 

In the event of any Event of Default specified in Section 6.01(d) above, such Event of Default and all consequences thereof (excluding,
however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the holders of the Notes, if within 20 days after such Event of Default arose the Issuer delivers an
Officer’s Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action
(as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes as
described above be annulled, waived or rescinded upon the happening of any such events. 

  
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 SECTION 6.03 Other Remedies. If an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy at law or in equity to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other
remedy. To the extent required by law, all available remedies are cumulative. 
 SECTION 6.04 Waiver of Past Defaults. Provided the
Notes are not then due and payable by reason of a declaration of acceleration, the holders of a majority in principal amount of the Notes by written notice to the Trustee may waive an existing Default and its consequences except (a) a Default
in the payment of the principal of or interest on a Note, (b) a Default arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or (c) a Default in respect of a provision that under
Section 9.02 cannot be amended without the consent of each holder affected. When a Default is waived, it is deemed cured and the Issuer, the Trustee and the holders will be restored to their former positions and rights under this Indenture, but
no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
 SECTION 6.05 Control by Majority.
The holders of a majority in principal amount of Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may
refuse to follow any direction that conflicts with law or this Indenture or, if the Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of
directors or trustees, executive committee, or a trust committee of directors or trustees and/or Trust Officers shall determine that the action or proceeding so directed would involve the Trustee in personal liability or expense for which it is not
adequately indemnified, or subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal liability. Prior to taking any action under this Indenture,
the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

SECTION 6.06 Limitation on Suits. 

(a) Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with
respect to this Indenture unless: 
 (i) such holder has previously given the Trustee notice that an Event of Default is
continuing, 
 (ii) holders of at least 25% in principal amount of the outstanding Notes have requested the Trustee to pursue
the remedy, 
 (iii) such holders have offered the Trustee reasonable security or indemnity satisfactory to the Trustee
against any loss, liability or expense, 

  
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 (iv) the Trustee has not complied with such request within 60 days after the
receipt of the request and the offer of security or indemnity, and 
 (v) the holders of a majority in principal amount of
the outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 
 (b) A holder may
not use this Indenture to prejudice the rights of another holder or to obtain a preference or priority over another holder. 
 SECTION 6.07
Rights of the Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any holder to receive payment of principal of and interest on the Notes held by such holder, on or after the respective due dates
expressed or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such holder. 

SECTION 6.08 Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing,
the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount then due and owing (together with interest on overdue principal and (to the extent lawful)
on any unpaid interest at the rate provided for in the Notes) and the amounts provided for in Section 7.07. 
 SECTION 6.09 Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim, statements of interest and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable
compensation, expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other professionals as the Trustee deems necessary, advisable or appropriate)) and the holders allowed in any judicial proceedings
relative to the Issuer its creditors or its property, shall be entitled to participate as a member, voting or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may
vote on behalf of the holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each holder to make payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly to the holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel,
and any other amounts due the Trustee under Section 7.07. 
 SECTION 6.10 Priorities. Any money or property collected by the
Trustee pursuant to this Article VI and any other money or property distributable in respect of the Issuer’s obligations under this Indenture after an Event of Default shall be applied in the following order: 

FIRST: to the Trustee (acting in any capacity hereunder or in connection herewith, including any predecessor Trustee) for
amounts due under Section 7.07; 
 SECOND: to the holders for amounts due and unpaid on the Notes for principal,
premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 

THIRD: to the Issuer. 

The Trustee may fix a record date and payment date for any payment to the holders pursuant to this Section. At least 15 days before such
record date, the Trustee shall mail to each holder and the Issuer a notice that states the record date, the payment date and amount to be paid. 

  
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 SECTION 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section does not apply to a suit by the Trustee, a suit by a holder pursuant to Section 6.07 or a suit by holders of more than 10% in principal amount of the Notes. 

SECTION 6.12 Waiver of Stay or Extension Laws. The Issuer (to the extent it may lawfully do so) shall not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer (to
the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of
every such power as though no such law had been enacted. 
 Article VII. 

TRUSTEE 
 SECTION 7.01
Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty); and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee shall be under no duty to make any investigation as to any statement contained in
any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in the case of certificates or opinions required by any provision hereof to be provided to
it, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements,
opinions or conclusions stated therein). 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of
paragraphs (b) or (d) of this Section; 

  
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 (ii) the Trustee shall not be liable for any error of judgment made in good faith
by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 

(d) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (e) The Trustee shall not be liable for
interest on any money received by it except as the Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the Trustee
need not be segregated from other funds except to the extent required by law. The Trustee shall not be responsible for the application of any money by any Paying Agent other than the Trustee. 

(g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section and to the provisions of the TIA. 
 (h) Every provision of this Indenture that in any way
relates to the Trustee is subject to this Section 7.01. 
 SECTION 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely on any and shall be fully protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper person. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of
Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

 (d) Subject to Section 7.01(c), the Trustee shall not be responsible or liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters relating to
this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

  
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 (f) The Trustee shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the holders of not less than a majority in
principal amount of the Notes at the time outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry
or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall incur no liability of any kind by reason of such inquiry or investigation.

 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the holders pursuant to this Indenture, unless such holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction. 
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee,
including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(i) The Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the holders of not
less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this Indenture. 

(j) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent
of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders of Notes and upon Notes executed and delivered in exchange therefor or in place
thereof. 
 (k) The Trustee shall not be deemed to have knowledge of any Default or Event of Default unless a Trust Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 

(l) The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in
any such certificate previously delivered and not superseded. 
 (m) The Trustee shall not be responsible or liable for special, indirect,
punitive, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(n) The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this Indenture.

 (o) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; 

  
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flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services;
accidents; labor disputes; and acts of civil or military authorities and governmental action. 
 (p) The Trustee shall have no duty to
monitor or investigate the Issuer’s compliance with or breach of any representation, warranty, covenant or duty made in this Indenture. Delivery of reports, information and documents under Section 4.02 of this Indenture is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any of the information therein including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely conclusively on Officer’s Certificates provided to it by the Issuer). 
 SECTION 7.03 Individual Rights of
Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent,
Conversion Agent or Registrar may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 

SECTION 7.04 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, if any, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. In accepting the trust hereby created, the Trustee acts solely as Trustee for the holders of the Notes and not in its individual
capacity and all persons, including without limitation the holders of Notes and the Issuer having any claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment except as
otherwise provided herein. The Trustee shall not be responsible to make any calculation with respect to any matter under this Indenture. The Trustee shall have no duty to monitor or investigate the Issuer’s compliance with or the breach of, or
cause to be performed or observed, any representation, warrant, or covenant, or agreement of any Person, other than the Trustee made in this Indenture. 

SECTION 7.05 Notice of Defaults. If a Default occurs and is continuing and if it is actually known to the Trustee, the Trustee shall
mail to each holder notice of the Default within 90 days after it occurs or 30 days after it is actually known to a Trust Officer or written notice if it is received by the Trustee. Except in the case of a Default in the payment of principal of,
premium (if any) or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of the holders. The Issuer is required to
deliver to the Trustee, annually, a certificate indicating whether the signers thereof know of any Default that occurred during the previous year. The Issuer also is required to deliver to the Trustee, within 30 days after the occurrence thereof,
written notice of any event which would constitute certain Defaults, their status and what action the Issuer is taking or proposes to take in respect thereof. 

SECTION 7.06 Reports by Trustee to the Holders. As promptly as practicable after each June 30 beginning with the June 30
following the date of this Indenture, and in any event prior to June 30 in each year, the Trustee shall mail to each holder a brief report dated as of such June 30 that complies with Section 313(a) of the TIA if and to the extent
required thereby. The Trustee shall also comply with Section 313(b) of the TIA. 
 A copy of each report at the time of its mailing to
the holders shall be filed with the SEC and each stock exchange (if any) on which the Notes are listed. The Issuer agrees to notify promptly the Trustee whenever the Notes become listed on any stock exchange and of any delisting thereof. 

  
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 SECTION 7.07 Compensation and Indemnity. The Issuer shall pay to the Trustee (acting in
any capacity hereunder or in connection herewith) from time to time such compensation, as the Issuer and the Trustee shall from time to time agree in writing, for the Trustee’s acceptance of this Indenture and its services hereunder. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee (acting in any capacity hereunder or in connection herewith) upon request for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s
agents, counsel, accountants and experts. The Issuer shall indemnify the Trustee (acting in any capacity hereunder or in connection herewith), including its officers, directors, employees and agents, and shall hold them harmless, against any and all
loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses), including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), incurred by or in connection with the
acceptance or administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture against the Issuer (including this Section 7.07) and defending itself against or investigating
any claim (whether asserted by the Issuer, any holder or any other Person). The Trustee shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any
failure so to notify the Issuer shall not relieve the Issuer of its indemnity obligations hereunder. The Issuer shall defend the claim and the indemnified party shall provide reasonable cooperation at the Issuer’s expense in the defense. Such
indemnified parties may have separate counsel and the Issuer shall pay the fees and expenses of such counsel. The Issuer needs not reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through
such party’s own willful misconduct or gross negligence. 
 To secure the Issuer’s payment obligations in this Section, the
Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. 

The Issuer’s payment obligations pursuant to this Section shall survive the satisfaction and discharge of this Indenture, any
rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee or the termination for any reason of this Indenture. Without prejudice to any other rights available to the Trustee under applicable
law, when the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(f) or (g) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 

SECTION 7.08 Replacement of Trustee. 

(a) The Trustee may resign at any time by so notifying the Issuer. The holders of a majority in principal amount of the Notes may remove the
Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuer shall remove the Trustee if: 
 (i) the
Trustee fails to comply with Section 7.10; 
 (ii) the Trustee is adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee otherwise becomes incapable of acting. 

  
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 (b) If the Trustee resigns, is removed by the Issuer or by the holders of a majority in principal
amount of the Notes and such holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer
shall promptly appoint a successor Trustee. 
 (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall
mail a notice of its succession to the holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 

(d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
holders of 10% in principal amount of the Notes may petition at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in
Section 310(b) of the TIA, any holder who has been a bona fide holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.07 shall
continue for the benefit of the retiring Trustee. 
 SECTION 7.09 Successor Trustee by Merger. If the Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor
Trustee. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the
trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and
in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10 Eligibility; Disqualification. There shall at all times be a Trustee hereunder that is a corporation or banking
association organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. 

SECTION 7.11 Preferential Collection of Claims Against the Issuer. The Trustee shall comply with Section 311(a) of the TIA,
excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the TIA to the extent indicated herein. 

  
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 Article VIII. 

DISCHARGE OF INDENTURE 

SECTION 8.01 Discharge of Liability on Notes. 

(a) This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights and immunities of the Trustee
and surviving rights of registration of transfer or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when: 

(i) either (a) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have
been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust pursuant to the second paragraph of
Section 8.04) have been delivered to the Trustee for cancellation or (b) all of the Notes (1) have become due and payable, (2) will become due and payable at their stated maturity within one year or (3) if redeemable at the
option of the Issuer, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer has irrevocably
deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest
on the Notes to the date of deposit together with irrevocable instructions from the Issuer directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 

(ii) the Issuer has paid all other sums payable under this Indenture; and 

(iii) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all
conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 (b)
Notwithstanding clause (a) above, the Issuer’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in this Article VIII and Article X shall survive until the Notes have been paid in full. Thereafter,
the Issuer’s obligations in Sections 7.07 and 8.06 shall survive such satisfaction and discharge. 
 SECTION 8.02
[Reserved]. 
 SECTION 8.03 Application of Trust Money. The Trustee shall hold in trust money deposited with it pursuant to
this Article VIII. It shall apply the deposited money through each Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Notes so discharged. 

SECTION 8.04 Repayment to Issuer. Each of the Trustee and each Paying Agent shall promptly turn over to the Issuer upon request any
money held by it as provided in this Article which, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent discharge in accordance with this Article. 

Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Issuer upon written request any money
held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Issuer for payment as general creditors, and the Trustee and each Paying Agent shall have no
further liability with respect to such monies. 

  
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 SECTION 8.05 [Reserved]. 

SECTION 8.06 Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or shares of Common Stock, or both, as the
case may be, in accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s
obligations under this Indenture and the Notes so discharged shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or any Paying Agent is permitted to apply all such money
or and shares of Common Stock in accordance with this Article VIII; provided, however, that, if the Issuer has made any payment of principal of, or interest on, any such Notes because of the reinstatement of its obligations, the
Issuer shall be subrogated to the rights of the holders of such Notes to receive such payment from the money or shares of Common Stock, if any, held by the Trustee or any Paying Agent. 

Article IX. 
 AMENDMENTS
AND WAIVERS 
 SECTION 9.01 Without Consent of the Holders. 

(a) The Issuer and the Trustee may amend this Indenture or the Notes without notice to or consent of any holder, provided that such amendment
does not adversely affect the rights of any holder of Notes, it being understood that the taking of any action otherwise expressly contemplated by this Indenture shall not be adverse to the rights of such holders: 

(i) to cure any ambiguity, omission, mistake, defect or inconsistency; 

(ii) to provide for the assumption by a Successor Issuer of the obligations of the Issuer under this Indenture and the Notes;

 (iii) to provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that
the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code; 

(iv) to add a guarantor or collateral with respect to the Notes or to secure the Notes; 

(v) to permit the Transactions in accordance with their terms; 

(vi) to add to the covenants of the Issuer for the benefit of the holders or to surrender any right or power herein conferred
upon the Issuer; 
 (vii) to comply with any requirement of the SEC in connection with qualifying or maintaining the
qualification of this Indenture under the TIA; 

  
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 (viii) to make changes to provide for the issuance of any Additional Notes
(including, without limitation, to add customary registration rights, exchange mechanics and related provisions), which shall have terms substantially identical in all material respects to the Original Notes (other than with respect to customary
registration rights), and which shall be treated, together with any outstanding Original Notes, as a single issue of securities; or 

(ix) upon the occurrence of a Share Exchange Event, solely (x) to provide that the Notes are convertible into Reference
Property, as required under Section 10.08, and (y) to effect the related changes to the terms of the Notes required under Section 10.08, in each case, in accordance with the applicable provisions hereof. 

(b) After an amendment under this Section 9.01 becomes effective, the Issuer shall mail to the holders a notice briefly describing such
amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01. 

SECTION 9.02 With Consent of the Holders. 

(a) The Issuer and the Trustee may amend this Indenture with the written consent of the holders of at least a majority in principal amount of
the Notes then outstanding voting as a single class (including consents obtained in connection with a tender offer or exchange for the Notes). However, without the consent of each holder of an outstanding Note affected, an amendment may not: 

(1) reduce the amount of Notes whose holders must consent to an amendment, 

(2) reduce the rate of or extend the time for payment of interest on any Note, 

(3) reduce the principal of or change the Stated Maturity of any Note, 

(4) reduce the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed in
accordance with Article III, 
 (5) make any Note payable in money other than that stated in such Note, 

(6) expressly subordinate the Notes to any other Indebtedness of the Issuer, 

(7) impair the right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s
Notes on or after the due dates therefor, or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes, 

(8) adversely affect the conversion rights of any holder or impair the right to receive delivery of the number of shares of
Common Stock due upon conversion pursuant to the terms of this Indenture or to provide for settlement of the Notes upon conversion in cash or a combination of cash and shares, 

(9) make any change in the amendment provisions which require each holder’s consent or in the waiver provisions, or 

(10) reduce the Fundamental Change Purchase Price of any Note or amend or modify in any manner adverse to the rights of the
holders of the Notes the Issuer’s obligation to pay the Fundamental Change Purchase Price, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise. 

  
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 It shall not be necessary for the consent of the holders under this Section 9.02 to approve
the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an
amendment under this Section 9.02 becomes effective, the Issuer shall mail to the holders a notice briefly describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity
of an amendment under this Section 9.02. 
 SECTION 9.03 Compliance with Trust Indenture Act. From the date on which this
Indenture is qualified under the TIA, every amendment, waiver or supplement to this Indenture or the Notes shall comply with the TIA as then in effect. 

SECTION 9.04 Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment or a waiver by a holder of a Note shall bind the holder and every subsequent holder of that Note or portion of
the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such holder or subsequent holder may revoke the consent or waiver as to such holder’s
Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s Certificate from the Issuer certifying that the requisite principal amount of Notes have consented. After an
amendment or waiver becomes effective, it shall bind every holder. An amendment or waiver becomes effective upon the (i) receipt by the Issuer or the Trustee of consents by the holders of the requisite principal amount of securities,
(ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the
Issuer and the Trustee. 
 (b) The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the holders
entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were
holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be holders
after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 
 SECTION 9.05
Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Issuer may require the holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note
regarding the changed terms and return it to the holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms.
Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment, supplement or waiver. 

SECTION 9.06 Trustee to Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this
Article IX if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment, the Trustee shall be entitled to receive indemnity
reasonably 

  
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satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that
such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer, enforceable against them in accordance with its terms, subject
to customary exceptions, and complies with the provisions hereof (including Section 9.03) and that all conditions precedent to the execution and delivery of the supplemental indenture have been complied with. 

SECTION 9.07 Additional Voting Terms; Calculation of Principal Amount. All Notes issued under this Indenture shall vote and consent
together on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate class on any matter. Determinations as to whether holders of the requisite aggregate principal amount of
Notes have concurred in any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.14. 

Article X. 
 CONVERSION

 SECTION 10.01 Conversion Rights. Subject to, and upon compliance with, the provisions of this Article X, each holder of a
Note shall have the right, at such holder’s option, to convert all or any portion (if the portion to be converted is $100 principal amount or an integral multiple of $1.00 in excess thereof) of such Note at any time prior to the Close of
Business on the second Scheduled Trading Day immediately preceding the Maturity Date at the Conversion Rate. 
 SECTION 10.02 Conversion
Procedures. 
 (a) General. To exercise the conversion right with respect to a beneficial interest in a Global Note, the owner of
such beneficial interest must (i) comply with the Applicable Procedures for converting a beneficial interest on a Global Note, (ii) pay the funds, if any, required by Section 10.02(f) and (iii) pay any taxes or duties if required
pursuant to Section 10.02(g). 
 To exercise the conversion right with respect to any Definitive Note, the holder of such Definitive
Note must (i) complete and manually sign a conversion notice in the form set forth in the Form of Notice of Conversion (the “Conversion Notice”) or a facsimile of the Conversion Notice; (ii) deliver such signed and
completed Conversion Notice, which is irrevocable, and the Definitive Note to the Conversion Agent; (iii) if required, furnish appropriate endorsements and transfer documents; (iv) if required, pay all transfer or similar governmental
charges or duties as set forth in Section 10.02(g); and (v) if required, make any payment required under Section 10.02(f). 

If a Note has been submitted for repurchase pursuant to a Fundamental Change Purchase Notice such Note may not be converted except to the
extent such Note has been withdrawn by the holder and is no longer submitted for repurchase pursuant to a Fundamental Change Purchase Notice or unless such Fundamental Change Purchase Notice is withdrawn in accordance with Section 11.04 hereof
prior to the relevant Fundamental Change Expiration Time. 
 For any Note, the date on which the holder of such Note satisfies all of the
applicable requirements set forth above with respect to such Note shall be the “Conversion Date” with respect to such Note. 

  
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 (b) Holder of Record. Each conversion shall be deemed to have been effected as to any such
Notes (or portion thereof) surrendered for conversion at the Close of Business on the applicable Conversion Date; provided, however, the Person in whose name any shares of Common Stock shall be issuable upon conversion, if any, shall
be treated as a stockholder of record as of the Close of Business on the Conversion Date. For the avoidance of doubt, until a holder is deemed to become the holder of record of shares of Common Stock issuable upon conversion of such holder’s
Notes as contemplated in the immediately preceding sentence, such holder shall not have any rights as a holder of the Common Stock with respect to the shares of Common Stock issuable upon conversion of such Notes. At the Close of Business on the
Conversion Date for a Note, the converting holder shall no longer be the holder of such Note. 
 (c) Endorsement. Any Notes
surrendered for conversion shall, unless shares of Common Stock issuable on conversion are to be issued in the same name as the registration of such Notes, be duly endorsed by, or be accompanied by instruments of transfer in form satisfactory to the
Issuer duly executed by, the holder or its duly authorized attorney. 
 (d) Definitive Notes. If any Definitive Notes in a
denomination greater than $100 shall be surrendered for partial conversion, the Issuer shall execute and the Trustee shall authenticate and deliver to the holder of the Definitive Notes so surrendered, without charge, new Definitive Notes in
authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Definitive Notes. 
 (e)
Global Notes. Upon the conversion of a beneficial interest in Global Notes, the Conversion Agent shall make a notation in its records as to the reduction in the principal amount represented thereby. The Issuer shall notify the Trustee in
writing of any conversions of Notes effected through any Conversion Agent other than the Trustee. 
 (f) Interest Due Upon
Conversion. If a holder converts a Note after the Close of Business on a Record Date but prior to the Open of Business on the Interest Payment Date corresponding to such Record Date, such holder must accompany such Note with an amount of cash
equal to the amount of interest that will be payable on such Note on the corresponding Interest Payment Date; provided, however, that a holder need not make such payment (1) if the Conversion Date follows the Record Date
immediately preceding the Maturity Date; (2) if the Issuer has specified a redemption date that is after a Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date and the relevant Conversion
Date occurs after such Record Date and on or prior to such Interest Payment Date; (3) if the Issuer has specified a Fundamental Change Purchase Date that is after a Record Date and on or prior to the Business Day immediately following the
corresponding Interest Payment Date and the relevant Conversion Date occurs after such Record Date and on or prior to such Interest Payment Date; or (4) to the extent of any overdue interest, if any overdue interest exists at the time of
conversion with respect to such Notes. 
 (g) Taxes Due upon Conversion. If a holder converts a Note, the Issuer will pay any
documentary, stamp or similar issue or transfer tax due on the issue of any shares of the Common Stock upon the conversion, unless the tax is due because the holder requests that any shares be issued in a name other than the holder’s name, in
which case the holder will pay that tax. The Conversion Agent may refuse to deliver the Common Stock to be issued in a name other than such holder’s name until the Conversion Agent receives a sum sufficient to pay any tax or duty which will be
due because such shares are to be issued in a name other than such holder’s name. Nothing herein shall preclude any tax withholding required by law or regulation. 

  
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 SECTION 10.03 Settlement Upon Conversion. 

(a) Settlement. Subject to this Section 10.03 and Sections 10.05 and 10.07 hereof, upon conversion of any Note, the Issuer
shall deliver to holders, in full satisfaction of its conversion obligation under Section 10.01 hereof, in respect of each $1.00 principal amount of Notes being converted, a Settlement Amount. 

(i) [Reserved]. 

(ii) Settlement Amount. The shares of Common Stock in respect of any conversion of Notes (the “Settlement
Amount”) shall be computed as follows: the Issuer shall deliver to the converting holder, in respect of each $1.00 principal amount of its Notes being converted, a number of shares of Common Stock equal to the applicable Conversion Rate,
together with cash in lieu of any fractional shares of Common Stock pursuant to Section 10.03(b). 
 (iii)
Delivery Obligation. The Issuer shall deliver the Settlement Amount due in respect of its conversion obligation under Section 10.03 hereof, on the third Business Day immediately following the relevant Conversion Date. 

(iv) Regulatory Limitation. Notwithstanding anything herein or in the Notes to the contrary, if (i) in connection
with the conversion of all or any portion of a Holder’s Notes (the number of shares of common stock issued in connection therewith, the “Conversion Shares”), such Holder owns or controls five percent (5%) or more of any of
the Issuer’s equity securities, when added to equity securities beneficially owned by such Holder immediately prior to such conversion, (ii) following such conversion, such Holder is determined or otherwise deemed to be an Unsuitable
Person (as defined in the Issuer’s Certificate of Incorporation, as amended) and (iii) the Issuer exercises any redemption right with respect to equity securities held by such Holder in connection with such Holder being an Unsuitable
Person, then the Issuer shall (a) give the Holder ten Business Days notice of the Issuer’s planned redemption and (b) with respect to any Conversion Shares to be redeemed, pay to Holder a redemption price equal to the greater of
(x) the Redemption Price (as defined in the Issuer’s Certificate of Incorporation, as amended) and (y) an amount in cash equal to the sum of the Daily Conversion Values for each of the 20 consecutive VWAP Trading Days during the
Observation Period for the applicable Conversion Date on which the Holder received such equity securities. This Section 10.03(a)(iv) shall survive the conversion of any and all Notes. 

(b) Fractional Shares. Notwithstanding the foregoing, the Issuer will not issue fractional shares of Common Stock as part of the
Settlement Amount due with respect to any converted Note. Instead, if any Settlement Amount includes a fraction of a share of the Common Stock, the Issuer will, in lieu of delivering such fraction of a share of Common Stock, pay an amount of cash
equal to the product of such fraction of a share and the Daily VWAP on the relevant Conversion Date (or, if such Conversion Date is not a VWAP Trading Day, the immediately preceding VWAP Trading Day), rounded to the nearest whole cent. 

(c) Conversion of Multiple Notes by a Single Holder. If a holder surrenders more than one Note for conversion on a single Conversion
Date the Issuer will calculate the number of shares of Common Stock due with respect to such Notes as if such holder had surrendered for conversion one Note having an aggregate principal amount equal to the sum of the principal amounts of each of
the Notes surrendered for conversion by such holder on the same Conversion Date. 

  
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 (d) Settlement of Accrued Interest and Deemed Payment of Principal. If a holder converts a
Note, the Issuer will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and the Issuer’s delivery or payment of shares of Common Stock into which a Note is convertible will be deemed to satisfy and
discharge in full the Issuer’s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to, but excluding, the Conversion Date; provided, however, that subject to Section 10.02(f), if a
holder converts a Note after the Close of Business on a Record Date and prior to the Open of Business on the corresponding Interest Payment Date, the Issuer will still be obligated to pay the interest due on such Interest Payment Date to the holder
of such Note on such Record Date. As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest with respect to a converted Note will be deemed to be paid in full rather than
cancelled, extinguished or forfeited. 
 (e) Notices. Whenever a Conversion Date occurs with respect to a Note, the Conversion Agent
will, as promptly as possible, and in no event later than the Open of Business on the Business Day immediately following such Conversion Date, deliver to the Issuer and the Trustee, if it is not then the Conversion Agent, notice that a Conversion
Date has occurred, which notice will state such Conversion Date, the principal amount of Notes converted on such Conversion Date and the names of the holders that converted Notes on such Conversion Date. 

SECTION 10.04 Common Stock Issued Upon Conversion. 

(a) The Issuer shall at all times reserve out of its authorized but unissued shares of Common Stock a number of shares of Common Stock
sufficient to permit the conversion, in accordance herewith, of all of the then-outstanding Notes. 
 (b) Any shares of Common Stock
delivered upon the conversion of the Notes will be newly issued shares or treasury shares, duly and validly issued, fully paid, nonassessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or
adverse claim created by the action or inaction of the holder or other Person to whom such shares of Common Stock will be delivered). In addition, the Issuer will comply with all federal and state securities laws regulating the offer and delivery of
any shares of Common Stock issuable upon conversion of the Notes. The Issuer will also cause any shares of Common Stock issuable upon conversion of a Note to be listed on whatever stock exchange(s) the Common Stock is listed on the date the
converting Holder becomes a record holder of such Common Stock. 
 (c) If any shares of the Common Stock issued upon conversion will, upon
delivery, be “restricted securities” (within the meaning of Rule 144 or any successor provision in effect at such time), such shares of Common Stock (i) will be issued in physical, certificated form; (ii) will not be held in
book-entry form through the facilities of the Depository; and (iii) will bear any restrictive legends the Issuer or the Transfer Agent deem necessary to comply with applicable law. 

SECTION 10.05 Adjustment of Conversion Rate. The Conversion Rate will be adjusted as described in this Section 10.05 from time to
time, except that the Issuer shall not make any adjustment to the Conversion Rate if holders participate (other than in the case of a share split or share combination) at the same time and upon the same terms as holders of the Common Stock and as a
result of holding the Notes, in any of the transactions described below without having to convert their Notes, as if they held a number of shares of Common Stock equal to the applicable Conversion Rate in effect immediately prior to the adjustment
thereof in respect of such transaction, multiplied by the principal amount of Notes held by such holder. 

  
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 (a) Stock Dividends and Share Splits. If the Issuer issues shares of Common Stock
as a dividend or distribution on all shares of Common Stock, or if the Issuer effects a share split or share combination, the Conversion Rate shall be adjusted based on the following formula: 

 

											
		 		  	CR’=CR0 ×  	  	OS’  	  		  	
		 		  	  	OS0  	  		  	

 where 
  

							
		 	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately prior to the Open of Business on the effective date of such share split or share
combination, as the case may be;
				
		 	CR’	  	=	  	the Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately after the Open of Business on the effective date of such share split or share
combination, as the case may be;
				
		 	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately prior to the Open of Business on the effective date of such share
split or share combination, as the case may be; and
				
		 	OS’	  	=	  	the number of shares of Common Stock outstanding immediately after such dividend or distribution, or such share split or share combination, as the case may be.

 Any adjustment made under this Section 10.05(a) shall become effective immediately after the Open of
Business on the Ex-Dividend Date for such dividend or distribution, or immediately after the Open of Business on the effective date for such share split or share combination, as the case may be. If any dividend or distribution of the type described
in this Section 10.05(a) is declared but not so paid or made, or any share split or combination of the type described in this Section 10.05(a) is announced but the outstanding shares of Common Stock are not split or combined, as the case
may be, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, or not to split or combine the outstanding shares of Common Stock, as the case may be,
to the Conversion Rate that would then be in effect if such dividend, distribution, share split or share combination had not been declared or announced. 

(b) Rights, Options and Warrants. If the Issuer distributes to all or substantially all holders of the Common Stock any rights,
options or warrants entitling them, for a period expiring not more than 45 days immediately following the record date of such distribution, to purchase or subscribe for shares of Common Stock, at a price per share less than the average of the Last
Reported Sale Price of the Common Stock over the ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Issuer’s announcement of such distribution, the Conversion Rate shall be increased based on
the following formula: 
  

											
		 		  	CR’=CR0 ×  	  	OS0 + X  	  		  	
		 		  	  	OS0 + Y  	  		  	

 where 
  

							
		 	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;

  
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		 	CR’	  	=	  	the Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such distribution;
				
		 	OS0	  	=	  	the number of shares of Common Stock that are outstanding immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;
				
		 	X   	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
				
		 	Y   	  	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the Issuer’s announcement of such distribution.

 Any increase made under this Section 10.05(b) shall be made successively whenever any such rights,
options or warrants are distributed and shall become effective immediately after the Open of Business on the Ex-Dividend Date for such distribution. The Issuer shall not issue any such rights, options, or warrants in respect of shares of Common
Stock held in treasury by the Issuer. To the extent that shares of Common Stock are not delivered after the expiration of such rights, options or warrants, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect
had the increase with respect to the distribution of such rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so distributed, the
Conversion Rate shall be decreased to be the Conversion Rate that would then be in effect if such Ex-Dividend Date for such distribution had not occurred. 

In determining whether any rights, options or warrants entitle the holders to subscribe for or purchase shares of Common Stock at less than
such average of the Last Reported Sale Prices for the ten consecutive Trading Day period ending on the Trading Day immediately preceding the Issuer’s announcement of such distribution, and in determining the aggregate offering price of such
shares of Common Stock, there shall be taken into account any consideration received by the Issuer for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to
be determined by the Board of Directors. 
 (c) Spin-Offs and Other Distributed Property. If the Issuer distributes shares of
its Capital Stock, evidences of its indebtedness or other of its assets, securities or property, excluding (i) dividends or distributions covered by Sections 10.05(a) and 10.05(b), (ii) dividends or distributions paid exclusively in
cash covered by Section 10.05(d), and (iii) Spin-Offs to which the provisions set forth in the latter portion of this Section 10.05(c) shall apply (any of such shares of Capital Stock, indebtedness or other assets, securities or
property, the “Distributed Property”), to all or substantially all holders of shares of Common Stock, then, in each such case the Conversion Rate shall be increased based on the following formula: 

 

											
		 		  	CR’=CR0 ×  	  	SP0	  		  	
		 		  	  	SP0 – FMV  	  		  	

 where 
  

							
		 	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;

  
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		 	CR’   	  	=	  	the Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such distribution;
				
		 	SP0   	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and
				
		 	FMV	  	=	  	the Fair Market Value (as determined by the Board of Directors) of the shares of Capital Stock, evidences of indebtedness, assets, securities or property distributable with respect to each outstanding shares of Common Stock as of
the Open of Business on the Ex-Dividend Date for such distribution.

 Notwithstanding the foregoing, if “FMV” (as used in the formula above) is equal to or greater than
the “SP0” (as used in the formula above), in lieu of the foregoing increase, each holder of Notes shall receive, for each $1.00 principal amount of Notes it holds, at the same time
and upon the same terms as the holders of the Common Stock, the amount and kind of Distributed Property that such holder would have received as if such holder had owned a number of shares of Common Stock equal to the Conversion Rate in effect on the
record date for such distribution. 
 Any increase made under the portion of this Section 10.05(c) above shall become effective
immediately after the Open of Business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to be the Conversion Rate that would then be in effect if such dividend or
distribution had not been declared. 
 With respect to an adjustment pursuant to this Section 10.05(c) where there has been a payment
of a dividend or other distribution on the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Issuer, where such Capital Stock or similar equity
interest is listed or quoted (or will be listed or quoted upon consummation of the Spin-Off) on a U.S. national securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following formula: 

 

											
		 		  	CR’=CR0 ×  	  	FMV0 + MP0  	  		  	
		 		  	  	MP0	  		  	

 where 
  

							
		 	CR0   	  	=	  	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such Spin-Off;
				
		 	CR’   	  	=	  	the Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such Spin-Off;
				
		 	FMV0	  	=	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock (determined for purposes of the definition of “Last Reported Sale Price” as if such
Capital Stock or similar equity interest were Common Stock) applicable to one share of Common Stock over the first ten consecutive Trading Day period after, but excluding, the effective date of the Spin-Off (the “Valuation Period”);
and
				
		 	MP0   	  	=	  	the average of the Last Reported Sale Prices of Common Stock over the Valuation Period.

  
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 For purposes of the second adjustment formula set forth in this Section 10.05(c),
(i) the Last Reported Sale Price of any Capital Stock or similar equity interest shall be calculated in a manner analogous to that used to calculate the Last Reported Sale Price of the Common Stock in the definition of “Last Reported Sale
Price” set forth in Section 1.01 hereof, (ii) whether a day is a Trading Day (and whether a day is a Scheduled Trading Day and whether a Market Disruption Event has occurred) for such Capital Stock or similar equity interest shall be
determined in a manner analogous to that used to determine whether a day is a Trading Day (or whether a day is a Scheduled Trading Day and whether a Market Disruption Event has occurred) for the Common Stock, and (iii) whether a day is a
Trading Day to be included in a Valuation Period will be determined based on whether a day is a Trading Day for both the Common Stock and such Capital Stock or similar equity interest. 

Subject in all respects to Section 10.05(g), rights, options or warrants distributed by the Issuer to all holders of its Common Stock
entitling the holders thereof to subscribe for or purchase shares of the Issuer’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified
event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the Common Stock, shall be
deemed not to have been distributed for purposes of this Section 10.05(c) (and no adjustment to the Conversion Rate under this Section 10.05(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights,
options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this Section 10.05(c). If any such right, option or warrant, including any such existing
rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other
assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (and a termination or expiration of the existing
rights, options or warrants without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the
preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this Section 10.05(c) was made, (1) in the case of any such rights, options or
warrants that shall all have been redeemed or repurchased without exercise by any holders thereof, the Conversion Rate shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may
be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options
or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the
Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued. 
 For purposes of Section 10.05(a),
Section 10.05(b) and this Section 10.05(c), if any dividend or distribution to which this Section 10.05(c) is applicable also includes one or both of: 

(i) a dividend or distribution of shares of Common Stock to which Section 10.05(a) is applicable (the “Clause A
Distribution”); or 

  
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 (ii) an issuance of rights, options or warrants entitling holders of the Common
Stock to subscribe for or purchase shares of the Common Stock to which Section 10.05(b) is applicable (the “Clause B Distribution”), 

then (1) such dividend or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or
distribution to which this Section 10.05(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 10.05(c) with respect to such Clause C Distribution shall then be made and
(2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Conversion Rate adjustment required by Section 10.05(a) and Section 10.05(b) with respect thereto shall
then be made, except that, if determined by the Board of Directors (I) the Ex-Dividend Date of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any Common
Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution, or the open of business on the
effective date of such share split or share combination, as the case may be” within the meaning of Section 10.05(a) or “outstanding immediately prior to the open of business on the Ex-Dividend Date for such distribution” within
the meaning of Section 10.05(b). 
 (d) Cash Dividends or Distributions. If any cash dividend or distribution is made to
all or substantially all holders of the Common Stock, the Conversion Rate shall be increased based on the following formula: 
  

											
		 		  	CR’=CR0 ×  	  	SP0  	  		  	
		 		  	  	SP0 – C  	  		  	

 where 
  

							
		 	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such dividend or distribution;
				
		 	CR’	  	=	  	the Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such dividend or distribution;
				
		 	SP0	  	=	  	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
				
		 	C   	  	=	  	the amount in cash per share of Common Stock the Issuer distributes to holders of its Common Stock.

 Such increase shall become effective immediately after the Open of Business on the Ex-Dividend Date for such
dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate shall be decreased to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. For the avoidance of
doubt, if the application of the foregoing formula would result in a decrease in the Conversion Rate, no adjustment to the Conversion Rate will be made (other than with respect to the Issuer’s right to readjust the Conversion Rate as described
in the immediately preceding sentence). 

  
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 Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than
“SP0” (as defined above), in lieu of the foregoing increase, each holder of Notes shall receive, for each $1.00 principal amount of Notes, at the same time and upon the same terms as
holders of the Common Stock, the amount of cash such holder would have received as if such holder had owned a number of shares of Common Stock equal to the Conversion Rate on the Ex-Dividend Date for such dividend or distribution. 

(e) Tender Offers or Exchange Offers. If the Issuer or any of its Subsidiaries makes a payment in respect of a tender offer or
exchange offer for the Common Stock (other than an odd-lot tender offer), if the cash and value of any other consideration included in the payment per share of Common Stock exceeds the average of the Last Reported Sale Prices of the Common
Stock over the ten consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “Offer Expiration
Date”), the Conversion Rate shall be increased based on the following formula: 
  

											
		 		  	CR’=CR0 ×  	  	AC + (SP’ × OS’)  	  		  	
		 		  	  	OS0 × SP’	  		  	

 where 
  

							
		 	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Close of Business on the last Trading Day of the ten consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or
exchange offer expires;
				
		 	CR’	  	=	  	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the ten consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange
offer expires;
				
		 	AC	  	=	  	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer;
				
		 	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to such tender offer or exchange offer);
				
		 	OS’	  	=	  	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to such tender offer or exchange offer); and
				
		 	SP’	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.

 The increase to the Conversion Rate under this Section 10.05(e) shall occur at the Close of Business on
the tenth Trading Day immediately following, but excluding, the date such tender or exchange offer expires; provided that, for purposes of determining the Conversion Rate, in respect of any conversion during the ten Trading Days immediately
following, but excluding, the date that any such tender or exchange offer expires, references in this Section 10.05(e) to ten Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between the date that
such tender or exchange offer expires and the Conversion Date for such conversion. If the Issuer or one of its Subsidiaries is obligated to purchase Common Stock pursuant to any such tender or exchange offer but the Issuer or such Subsidiary is
permanently prevented by applicable law from effecting any such purchase or all such purchases are rescinded, the Conversion Rate shall be immediately decreased to the Conversion Rate that would be in effect if such tender or exchange offer had not
been made. 

  
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 (f) Special Settlement Provisions. Notwithstanding this Section 10.05 or any
other provision of this Indenture or the Notes, if a Conversion Rate adjustment becomes effective on any Ex-Dividend Date, and a holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related record date
would be treated as the record holder of Common Stock as of the related Conversion Date as described under Section 10.02 based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment
provisions in this Section 10.05, the Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting holder. Instead, such holder shall be treated as if such holder were the record owner of the Common Stock
on an unadjusted basis and participate, following conversion, as a holder of Common Stock, in the related dividend, distribution or other event giving rise to such adjustment. 

(g) Poison Pill. If a holder converts a Note, to the extent that the Issuer has a rights plan in effect, on the Conversion Date
applicable to such Note the holder converting such Note will receive, in addition to any shares of Common Stock otherwise received in connection with such conversion on such Conversion Date, the rights under the rights plan, unless prior to such
Conversion Date, the rights have separated from the Common Stock, in which case, and only in such case, the Conversion Rate will be adjusted at the time of separation as if the Issuer distributed to all holders of the Common Stock, Distributed
Property as described in Section 10.04(c) hereof, subject to readjustment in the event of the expiration, termination or redemption of such rights. 

(h) Deferral of Adjustments. Notwithstanding anything to the contrary herein or in the Notes, the Issuer will not be required to
adjust the Conversion Rate unless such adjustment would require an increase or decrease of at least one percent; provided, however, that any such minor adjustments that are not required to be made will be carried forward and taken into
account in any subsequent adjustment, and provided, further, that any such adjustment of less than one percent that has not been made shall be made upon the occurrence of (w) the Make-Whole Effective Date for any Make-Whole
Fundamental Change, (x) prior to the Close of Business on the Conversion Date, (y) [Reserved] and (z) prior to the Close of Business on any other date on which the Conversion Rate is referred to for purpose of determining the
consideration deliverable upon settlement of a Note. In addition, the Issuer shall not account for such deferrals when determining whether any of the conditions to conversion have been satisfied or what number of shares of Common Stock a holder
would have held on a given day had it converted its Notes. 
 (i) Limitation on Adjustments. Except as stated in this
Section 10.05, the Issuer will not adjust the Conversion Rate for the issuance of shares of Common Stock or any securities convertible into or exchangeable for shares of Common Stock or the right to purchase shares of Common Stock or such
convertible or exchangeable securities. If, however, the application of the formulas in Sections 10.05(a) through (e) hereof would result in a decrease in the Conversion Rate, then, except to the extent of any readjustment to the
Conversion Rate, no adjustment to the Conversion Rate will be made (other than as a result of a reverse share split or share combination). 

In addition, notwithstanding anything to the contrary herein, and without limiting the foregoing paragraph, the Conversion Rate will not be
adjusted: 
 (i) on account of stock repurchases that are not tender offers referred to in Section 10.05(e) hereof,
including structured or derivative transactions, or transactions pursuant to a stock repurchase program approved by the Board of Directors or otherwise; 

  
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 (ii) upon the issuance of any shares of Common Stock pursuant to any present or
future plan providing for the reinvestment of dividends or interest payable on the Issuer’s securities and the investment of additional optional amounts in shares of Common Stock under any plan; 

(iii) upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or
future employee, director or consultant benefit plan, program or agreement of or assumed by the Issuer or any of its Subsidiaries; 

(iv) upon the issuance of any shares of Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or
convertible security not described in Section 10.05(i)(iii) immediately above and outstanding as of the date the Notes were first issued; 

(v) for a change in the par value of the Common Stock; or 

(vi) for accrued and unpaid interest on the Notes, if any. 

(j) Calculations. All calculations under this Article X shall be made to the nearest cent or to the nearest one-millionth
of a share, as the case may be. Adjustments to the Conversion Rate will be calculated to the nearest 1/10,000th. 
 SECTION 10.06
Discretionary and Voluntary Adjustments. 
 (a) Discretionary Adjustments. Whenever any provision of this Indenture
requires the Issuer to calculate the Last Reported Sale Prices, the Daily VWAPs or any function thereof over a span of multiple days (including during an Observation Period), the Issuer will make appropriate adjustments to each to account for any
adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the effective date, Ex-Dividend Date or Offer Expiration Date of the event occurs, at any time during the period when such
Last Reported Sale Prices, the Daily VWAPs or function thereof is to be calculated. 
 (b) Voluntary Adjustments. To
the extent permitted by applicable law and applicable requirements of the securities exchange on which the Common Stock is then listed, the Issuer is permitted (but not required) to increase the Conversion Rate of the Notes (i) by any amount
for a period of at least 20 Business Days if the Board of Directors determines that such increase would be in the Issuer’s best interest or (ii) to avoid or diminish income tax to holders of Common Stock or rights to purchase shares of
Common Stock in connection with a dividend or distribution of shares (or rights to acquire shares) or similar event. 
 SECTION 10.07
Adjustments Upon Certain Fundamental Changes. 
 (a) Notwithstanding anything herein to the contrary, the Conversion Rate applicable
to each Note that is surrendered for conversion, in accordance with this Article X, at any time during the period (the “Make-Whole Conversion Period”) that begins on, and includes, the effective date of a Make-Whole Fundamental
Change and ends on, and includes, the date that is 35 Business Days after the actual effective date of such Make-Whole Fundamental Change (or, if such Make-Whole Fundamental Change also constitutes a Fundamental Change, the second scheduled Trading
Day immediately preceding the Fundamental Change Purchase Date applicable to such Fundamental Change) shall be increased to an amount equal to the Conversion Rate that would, but for this Section 10.07, otherwise apply to such Note pursuant to
this Article X, plus an amount equal to the Make-Whole Applicable Increase; provided, however, that such increase to the Conversion Rate shall not apply if such Make-Whole Fundamental Change is announced by the Issuer but not
consummated. 

  
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 The additional consideration deliverable or payable hereunder on account of any Make-Whole
Applicable Increase with respect to a Note surrendered for conversion is herein referred to as the “Make-Whole Consideration.” 

(b) As used herein, “Make-Whole Applicable Increase” shall mean, with respect to a Make-Whole Fundamental Change, the number
of shares set forth in the following table, which corresponds to the effective date of such Make-Whole Fundamental Change (the “Make-Whole Effective Date”) and the Applicable Price of such Make-Whole Fundamental Change: 

Number of Additional Shares 
 (per $1.00
principal amount of Notes) 
 Applicable Price 
  

																																									
	Make-Whole
Effective Date	  	$6.52	 	  	$7.19	 	  	$8.15	 	  	$9.78	 	  	$11.41	 	  	$13.04	 	  	$15.65	 	  	$18.26	 	  	$20.87	 	  	$23.48	 
	 October 6, 2017
	  	 	0.046982	 	  	 	0.039689	 	  	 	0.031792	 	  	 	0.022753	 	  	 	0.017029	 	  	 	0.013218	 	  	 	0.009362	 	  	 	0.007017	 	  	 	0.005477	 	  	 	0.004401	 
	 October 1, 2018
	  	 	0.043041	 	  	 	0.035509	 	  	 	0.027444	 	  	 	0.018466	 	  	 	0.013055	 	  	 	0.009662	 	  	 	0.006487	 	  	 	0.004721	 	  	 	0.003638	 	  	 	0.002914	 
	 October 1, 2019
	  	 	0.039388	 	  	 	0.031339	 	  	 	0.022715	 	  	 	0.013344	 	  	 	0.008177	 	  	 	0.005378	 	  	 	0.003236	 	  	 	0.002274	 	  	 	0.001752	 	  	 	0.001420	 
	 October 1, 2020
	  	 	0.036979	 	  	 	0.028415	 	  	 	0.018804	 	  	 	0.006960	 	  	 	0.000140	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 October 1, 2021
	  	 	0.035165	 	  	 	0.026779	 	  	 	0.017560	 	  	 	0.006449	 	  	 	0.000139	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 October 1, 2022
	  	 	0.032147	 	  	 	0.023993	 	  	 	0.015404	 	  	 	0.005566	 	  	 	0.000138	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 October 1, 2023
	  	 	0.026438	 	  	 	0.018417	 	  	 	0.010917	 	  	 	0.003701	 	  	 	0.000138	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 October 1, 2024
	  	 	0.014319	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 

 provided, however, that: 

(i) if the actual Applicable Price of such Make-Whole Fundamental Change is between two (2) prices listed in the table
above under the column titled “Applicable Price,” or if the actual Make-Whole Effective Date of such Make-Whole Fundamental Change is between two dates listed in the table above in the column immediately below the title “Make-Whole
Effective Date,” then the Make-Whole Applicable Increase for such Make-Whole Fundamental Change shall be determined by linear interpolation between the Make-Whole Applicable Increases set forth for such two prices, or for such two dates based
on a three hundred and sixty five (365) day year, as applicable; 
 (ii) if the actual Applicable Price of such
Make-Whole Fundamental Change is greater than $23.48 per share (subject to adjustment as provided in Section 10.07(b)(iii)), or if the actual Applicable Price of such Make-Whole Fundamental Change is less than $6.52 per share (subject to
adjustment as provided in Section 10.07(b)(iii)), then the Make-Whole Applicable Increase shall be equal to zero; 

(iii) if an event occurs that requires, pursuant to this Article X (other than solely pursuant to this
Section 10.07), an adjustment to the Conversion Rate, then, on the date and at the time such adjustment is so required to be made, (A) each price set forth in the table above in the row titled “Applicable Price” shall be deemed
to be adjusted so that such price, at and after such time, shall be equal to the product of (1) such price as in effect immediately before such 

  
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adjustment to such price and (2) a fraction whose numerator is the Conversion Rate in effect immediately before such adjustment to the Conversion Rate and whose denominator is the Conversion
Rate to be in effect, in accordance with this Article X, immediately after such adjustment to the Conversion Rate; and (B) each Make-Whole Applicable Increase amount set forth in the table above shall be deemed to be adjusted so that such
Make-Whole Applicable Increase, at and after such time, shall be equal to the product of (1) such Make-Whole Applicable Increase as in effect immediately before such adjustment to such Make-Whole Applicable Increase and (2) a fraction
whose numerator is the Conversion Rate to be in effect, in accordance with this Article X, immediately after such adjustment to the Conversion Rate and whose denominator is the Conversion Rate in effect immediately before such adjustment to the
Conversion Rate; and 
 (iv) in no event shall the Conversion Rate applicable to any Note be increased pursuant to this
Section 10.07 to the extent, but only to the extent, such increase shall cause the Conversion Rate applicable to such Note to exceed 0.046982 shares per $1.00 principal amount (the “Make-Whole Cap”); provided,
however, that the Make-Whole Cap shall be adjusted in the same manner in which, and for the same events for which, the Conversion Rate is to be adjusted pursuant to this Article X. 

(c) As used herein, “Applicable Price” shall have the following meaning with respect to a Make-Whole Fundamental Change:
(a) if such Make-Whole Fundamental Change is a transaction or series of related transactions described in clause (2) of the definition of “Fundamental Change” and the consideration (excluding cash payments for fractional shares
or pursuant to statutory appraisal rights) for the shares of Common Stock in such Make-Whole Fundamental Change consists solely of cash, then the “Applicable Price” with respect to such Make-Whole Fundamental Change shall be equal to the
cash amount paid per share of Common Stock in such Make-Whole Fundamental Change; and (b) in all other circumstances, the “Applicable Price” with respect to such Make-Whole Fundamental Change shall be equal to the average of the Last
Reported Sale Prices per share of Common Stock for the five consecutive Trading Days immediately preceding the Make-Whole Effective Date of such Make-Whole Fundamental Change, which average shall be appropriately adjusted by the Board of Directors,
in its good faith determination (which determination shall be described in a Board Resolution), to account for any adjustment, pursuant to this Indenture, to the Conversion Rate that shall become effective, or any event requiring, pursuant to this
Indenture, an adjustment to the Conversion Rate where the Ex-Dividend Date of such event occurs, at any time during such five consecutive Trading Days. 

(d) The Make-Whole Consideration due upon a conversion of a Note by a holder shall be paid as soon as practicable after the Conversion Date of
such conversion, but in no event later than the third Business Day after the date such holder surrenders such Note for such conversion. The consideration in which the Make-Whole Consideration is payable shall be determined in accordance herewith,
including, without limitation, in accordance with Section 10.03 and, to the extent applicable, Section 10.08. 
 (e) No later than
the fifth Business Day after the Make-Whole Effective Date of each Make-Whole Fundamental Change, the Issuer shall mail to holders, in accordance with Section 13.02, written notice of, and shall publicly announce, through a reputable national
newswire service, and publish on the Issuer’s website, such Make-Whole Effective Date and the Make-Whole Applicable Increase applicable to such Make-Whole Fundamental Change. 

(f) For avoidance of doubt, the provisions of this Section 10.07 shall not affect or diminish the Issuer’s obligations, if any,
pursuant to Article XI with respect to a Make-Whole Fundamental Change. 

  
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 (g) Nothing in this Section 10.07 shall prevent an adjustment to the Conversion Rate
pursuant to Section 10.05 in respect of a Make-Whole Fundamental Change. 
 SECTION 10.08 Effect of Reclassification, Consolidation,
Merger or Sale. 
 (a) In the case of: 

(i) any reclassification or change in the Common Stock issuable upon conversion of Notes (other than a change in par value, or
from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination of Common Stock), 

(ii) any consolidation, statutory arrangement, merger, combination or binding share exchange involving a third party in which
the Issuer is not the surviving party or 
 (iii) any sale, transfer, lease, conveyance or other disposition of all or
substantially all of the Issuer’s property or assets, 
 in each case pursuant to which the Common Stock would be converted into or exchanged for, or
would constitute solely the right to receive, cash, securities or other property (a “Share Exchange Event”), then the Issuer or such successor or purchasing Person, as the case may be, shall, as a condition precedent to such
reclassification, change, consolidation, statutory arrangement, merger, binding share exchange, sale, transfer, lease, conveyance or disposition, execute and deliver to the Trustee a supplemental indenture in form reasonably satisfactory to the
Trustee providing that, at and after the effective time of such reclassification, change, consolidation, statutory arrangement, merger, binding share exchange, sale, transfer, lease, conveyance or disposition, the holder of each Note then
outstanding shall have the right to convert each $1.00 principal amount of Notes into the kind and amount of cash, securities or other property (collectively, “Reference Property”) receivable upon such reclassification, change,
consolidation, statutory arrangement, merger, binding share exchange, sale, transfer, lease, conveyance or disposition by a holder of a number of shares of Common Stock equal to the Conversion Rate in effect immediately prior to such
reclassification, change, consolidation, merger, binding share exchange, sale, transfer, lease, conveyance or disposition (assuming, if holders of Common Stock shall have the opportunity to elect the form of consideration to be received pursuant to
such reclassification, change, consolidation, merger, binding share exchange, sale, transfer, lease, conveyance or disposition, that the Collective Election shall have been made with respect to such election). In the event that the Issuer is the
surviving party in a consolidation, statutory arrangement, merger or binding share exchange involving a third party, such supplemental indenture shall provide that the Reference Property to be provided for upon conversion, if other than the Common
Stock, would be payable by another party to the transaction; provided that the Issuer shall not enter into such transaction if as a result thereof holders would be subject to a greater risk of not receiving in full the Reference Property upon
conversion. If the Reference Property consists solely of cash, such consideration shall be paid by the Issuer no later than the third Trading Day after the relevant Conversion Date. If holders of Common Stock shall have the opportunity to elect the
form of consideration to be received pursuant to such reclassification, change, consolidation, statutory arrangement, merger, binding share exchange, sale, transfer, lease, conveyance or disposition, the Reference Property shall be deemed to be the
weighted average, per share of Common Stock, of the types and amounts of consideration received by the holders of Common Stock that affirmatively make such an election (or, if no holders of Common Stock make such an election, the types and amounts
of consideration actually received by holders of Common Stock) (the “Collective Election”). The Issuer shall notify holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as
practicable after such determination is made. 

  
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 (b) The supplemental indenture referred to in the clause (a) of this Section shall
provide for adjustments of the Conversion Rate which shall be as nearly equivalent as may be practicable to the adjustments of the Conversion Rate provided for in this Article X. The foregoing, however, shall not in any way affect the right a
holder of a Note may otherwise have, pursuant to Section 10.05(g), to receive rights or warrants upon conversion of a Note. If, in the case of any such consolidation, statutory arrangement, merger, binding share exchange, sale, transfer, lease,
conveyance or disposition, the stock or other securities and property (including cash) receivable thereupon by a holder of Common Stock includes shares of stock or other securities and property of a Person other than the successor or purchasing
Person, as the case may be, in such consolidation, statutory arrangement, merger, binding share exchange, sale, transfer, lease, conveyance or disposition, then such supplemental indenture shall also be executed by such other Person and shall
contain such additional provisions to protect the interests of the holders of the Notes as the Board of Directors in good faith shall reasonably determine necessary by reason of the foregoing (which determination shall be described in a Board
Resolution). The provisions of this Section 10.08 shall similarly apply to successive consolidations, statutory arrangements, mergers, binding share exchanges, sales, transfers, leases, conveyances or dispositions. 

(c) In the event the Issuer shall execute a supplemental indenture pursuant to this Section 10.08, the Issuer shall promptly file with
the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of shares of stock or securities or property (including cash) receivable by holders of the Notes upon the conversion of their Notes after any such
reclassification, change, consolidation, statutory arrangement, merger, binding share exchange, sale, transfer, lease, conveyance or disposition and any adjustment to be made with respect thereto. 

(d) The Issuer shall not become a party to any such reclassification, change, consolidation, statutory arrangement, merger, binding share
exchange, sale, transfer, lease, conveyance or disposition unless the terms thereof are consistent with this Section 10.08. 
 SECTION
10.09 Responsibility of Trustee. Neither the Trustee nor the Conversion Agent has any duty or responsibility to calculate the Conversion Price or to determine when an adjustment under this Article X should be made, how it should be made
or what such adjustment should be, but may accept as conclusive evidence of the correctness of any such adjustment, and shall be protected in relying upon, the Officer’s Certificate with respect thereto which the Issuer is obligated to file
with the Trustee pursuant to Section 10.10 hereof. Neither the Trustee nor the Conversion Agent makes any representation as to the validity or value of any securities or assets issued upon conversion of Notes, and neither the Trustee nor the
Conversion Agent shall be responsible for the failure by the Issuer to comply with any provisions of this Article X. The Trustee shall not be under any responsibility to determine the correctness of any provisions contained in any supplemental
indenture executed pursuant to Section 10.08, but may accept as conclusive evidence of the correctness thereof, and shall be protected in relying upon, the Officer’s Certificate with respect thereto which the Issuer is obligated to file
with the Trustee pursuant to Section 10.08 hereof. 
 Neither the Trustee nor the Conversion Agent shall be responsible for any failure
of the Issuer to make any cash payment or to issue, transfer or deliver any shares of Common Stock or stock or share certificates or other securities or property upon the surrender of any Note for the purpose of conversion; and neither the Trustee
nor the Conversion Agent shall be responsible or liable for any failure of the Issuer to comply with any of the covenants of the Issuer contained in this Article X. Without limiting the generality of the foregoing, neither the Trustee nor the
Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 10.08 relating either to the kind or amount of shares of stock or
securities or other property or assets (including cash) receivable by holders upon the conversion of their Notes after any event referred to in such Section 10.08 or to any adjustment to be made with respect thereto, but may

  
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accept as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officer’s Certificate (which the Issuer shall be obligated to file with
the Trustee prior to the execution of any such supplemental indenture) with respect thereto. 
 SECTION 10.10 Notice of Adjustment.
Whenever the Conversion Rate is adjusted, the Issuer shall promptly mail, cause to be mailed or delivered electronically (if held at DTC) to holders at the addresses appearing on the Registrar’s books a notice of the adjustment and file with
the Trustee an Officer’s Certificate briefly stating the facts requiring the adjustment and the manner of computing it. The certificate shall be conclusive evidence of the correctness of such adjustment. 

SECTION 10.11 Notice of Certain Transactions. The Issuer shall deliver written notices of the events specified below at the times
specified below and containing the information specified below unless, in each case (i) pursuant to this Indenture, the Issuer is already required to deliver notice of such event containing at least the information specified below at an earlier
time or (ii) the Issuer, at the time it is required to deliver a notice, does not have knowledge of all of the information required to be included in such notice, in which case, the Issuer shall (A) deliver notice at such time containing
only the information that it has knowledge of at such time (if it has knowledge of any such information at such time), and (B) promptly upon obtaining knowledge of any such information not already included in a notice delivered by the Issuer,
deliver notice to each Holder containing such information. In each case, the failure by the Issuer to give such notice, or any defect therein, shall not affect the legality or validity of such event. 

(i) Issuances, Distributions, and Dividends and Distributions. If the Issuer (A) announces any issuance of
any rights, options or warrants that would require an adjustment in the Conversion Rate pursuant to Section 10.05(b) hereof; (B) authorizes any distribution that would require an adjustment in the Conversion Rate pursuant to
Section 10.05(c) hereof (including any separation of rights from the Common Stock described in Section 10.05(g) hereof); or (C) announces any dividend or distribution that would require an adjustment in the Conversion Rate pursuant to
Section 10.05(d) hereof, then the Issuer shall deliver to the holders, as promptly as practicable after the holders of the Common Stock are notified of such event, notice describing such issuance, dividend or distribution, as the case may be,
and stating the expected Ex-Dividend Date and record date for such issuance, dividend or distribution, as the case may be. In addition, the Issuer shall deliver to the holders written notice if the consideration included in such issuance, dividend
or distribution, or the Ex-Dividend Date or record date of such issuance, dividend or distribution, as the case may be, changes. 

(ii) Tender and Exchange Offers. If the Issuer announces any tender or exchange offer that could require an
adjustment in the Conversion Rate pursuant to Section 10.05(e) hereof, the Issuer shall deliver a written notice of such tender or exchange offer to the holders on the day it announces such tender or exchange offer. 

(iii) Voluntary Increases. If the Issuer increases the Conversion Rate pursuant to Section 10.06(b), the
Issuer shall deliver notice to the holders at least two Scheduled Trading Days prior to the date on which such increase will become effective, which notice shall state the date on which such increase will become effective and the amount by which the
Conversion Rate will be increased. 
 (iv) Dissolutions, Liquidations and Winding-Ups. If there is a
voluntary or involuntary dissolution, liquidation or winding-up of the Issuer, the Issuer shall deliver notice to the holders at promptly as possible, but in any event prior to the earlier of (A) the date on which such dissolution, liquidation
or winding-up, as the case may be, is expected to become effective 

  
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or occur, and (B) the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable
upon such dissolution, liquidation or winding-up, as the case may be, which notice shall state the expected effective date and record date for such event, as applicable, and the amount and kind of property that a holder of one share of the Common
Stock is expected to be entitled, or may elect, to receive in such event. The Issuer shall deliver an additional written notice to holders, as promptly as practicable, whenever the expected effective date or record date, as applicable, or the amount
and kind of property that a holder of one share of the Common Stock is expect to be entitled to receive in such event, changes. 
 SECTION
10.12 Exchange in Lieu of Conversion. 
 (a) Notwithstanding any other provision of this Article X, when a holder surrenders a
Note for conversion, the Issuer may, at its election, direct the Conversion Agent to surrender, on or prior to the second Business Day immediately following the relevant Conversion Date, such Notes to a financial institution designated by the Issuer
for exchange in lieu of conversion. In order to accept any Notes surrendered for conversion, the designated financial institution must agree to deliver in exchange for such Notes, all of the shares of Common Stock due upon conversion, all in
accordance with Section 10.02. By the Close of Business on the second Business Day immediately following the relevant Conversion Date, the Issuer shall notify the holder surrendering Notes for conversion that the Issuer has directed the
designated financial institution to make an exchange in lieu of conversion. 
 (b) If the designated financial institution accepts any such
Notes, it will deliver the shares of Common Stock due upon conversion to the Conversion Agent, and the Conversion Agent shall deliver such shares of Common Stock (and cash in lieu of fractional shares) to such holder on the third Business Day
immediately following the relevant Conversion Date. Any Notes exchanged by the designated financial institution will remain outstanding. If the designated financial institution agrees to accept any Notes for exchange but does not timely deliver the
related shares of Common Stock or if such designated financial institution does not accept the Notes for exchange, the Issuer shall convert the Notes and deliver the shares or Common Stock due upon conversion on the third Business Day immediately
following the relevant Conversion Date as set forth in Section 10.02. The Issuer’s designation of a financial institution to which the Notes may be submitted for exchange does not require the financial institution to accept any Notes
(unless the financial institution has separately made an agreement with the Issuer to do so). The Issuer may, but will not be obligated to, enter into a separate agreement with any designated financial institution that would compensate it for any
such transaction. 
 SECTION 10.13 Mandatory Conversion. 

(a) The Issuer may elect at its option to cause all (but not less than all) of the Notes to be mandatorily converted (the “Mandatory
Conversion”) at any time following the third anniversary of the Issue Date and prior to the Close of Business on the Business Day immediately preceding the Maturity Date, if the Last Reported Sale Price of the Common Stock equals or exceeds
140% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period (any such period, a “Mandatory Conversion Trigger Period”), ending on the
Trading Day prior to the Mandatory Conversion Notice Date. 
 (b) In order to exercise the Mandatory Conversion pursuant to
Section 10.13(a), the Issuer or, at the written request and expense of the Issuer, the Trustee on behalf of the Issuer, shall deliver to each holder of the Notes a notice (a “Mandatory Conversion Notice”) of exercise of
the Mandatory Conversion within five Business Days after the end of the Mandatory Conversion Trigger Period (the date such Mandatory Conversion Notice is sent to the Holders in the manner herein provided, the “Mandatory

  
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Conversion Notice Date”). The Issuer will select the date on which the Notes will be converted pursuant to the Mandatory Conversion, which shall be not more than 60 calendar days
after the Mandatory Conversion Notice Date (such date, the “Mandatory Conversion Date”). The Issuer shall also deliver a copy of such Mandatory Conversion Notice to the Trustee concurrently with the delivery
thereof to the holders to the extent that the Trustee does not deliver such Mandatory Conversion Notice on behalf of the Issuer. If such Mandatory Conversion Notice is to be given by the Trustee, the Issuer shall prepare and
provide the form and content of such Mandatory Conversion Notice to the Trustee. With respect to Definitive Notes, such delivery shall be by first class mail, and with respect to Global Notes, such delivery shall be pursuant to the
Applicable Procedures of the Depository. The Mandatory Conversion Notice, if sent in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not any holder receives such Mandatory
Conversion Notice. 
 (c) The Mandatory Conversion Notice shall state: 

(i) the Mandatory Conversion Notice Date; 

(ii) the Mandatory Conversion Trigger Period; 

(iii) the aggregate principal amount of Notes to be mandatorily converted; 

(iv) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Notes being converted; 

(v) that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common Code”
number, if any, listed in such notice or printed on the Notes; 
 (vi) the Mandatory Conversion Date; 

(vii) the Conversion Rate and Conversion Price then in effect; 

(viii) that on and after the Mandatory Conversion Date interest on the Notes to be converted will cease to accrue;
and 
 (ix) the name and address of each Paying Agent and Conversion Agent and the place or places where such Notes are to be
surrendered for conversion. 
 (d) Each holder of a Note, by the holder’s acceptance thereof, agrees to take the following actions
prior to the Mandatory Conversion Date in respect of its Notes subject to a Mandatory Conversion: (i) if a Definitive Note, surrender the mandatorily converted Note to the Conversion Agent (or in respect of a Global Note, take any
actions required for the surrender of a beneficial interest in such Note pursuant to the Applicable Procedures), (ii) furnish appropriate endorsements and transfer documents if required by the Registrar, the Conversion Agent or the Applicable
Procedures, (iii) pay any transfer or other tax, if required by Section 10.02(g), (iv) if the Note is a Global Note, complete and deliver to the Depository any required instructions pursuant to the Applicable Procedures and
(v) any other action necessary to effectuate the Mandatory Conversion as may be reasonably requested by the Issuer. In the event that a holder of Notes does not take any of the actions set forth in the immediately preceding sentence prior to
the Mandatory Conversion Date, each holder of a Note, by such holder’s acceptance thereof, authorizes and directs the Issuer to take any action on such holder’s behalf to effectuate the Mandatory Conversion and appoints the
Issuer such holder’s attorney-in-fact for any and all such purposes. 

  
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 (e) The Issuer will deliver to the holders of Notes, on the third Business Day immediately
following the Mandatory Conversion Date for such Notes, (i) a number of shares of Common Stock equal to the product of (A)(x) the aggregate principal amount of such Notes to be converted divided by (y) $1.00 and
(B) the Conversion Rate in effect on such Conversion Date, rounded down to the nearest whole number, (ii) an amount of cash equal to the product of (A) the fraction of a share of Common Stock eliminated by such rounding and
(B) the Last Reported Sale Price of the Common Stock on such Conversion Date (or if such Conversion Date is not a Trading Day, the immediately preceding Trading Day) and (iii) an amount of cash equal to accrued and unpaid interest to
the Mandatory Conversion Date, unless the Mandatory Conversion Date occurs during the period after the Close of Business on any regular Record Date and before the Close of Business on the related Interest Payment Date, in which
case interest will be payable on such Interest Payment Date to the holders of Notes in whose names the Notes are registered at the Close of Business on the relevant regular Record Date. Upon the Mandatory Conversion Date, unless the Issuer
defaults in delivering or paying the amounts due pursuant to the foregoing sentence, interest on the Notes or portion of Notes so called for the Mandatory Conversion shall cease to accrue and the holders thereof shall have no right in respect of
such Notes except the right to receive the shares of Common Stock and cash, if any, to which they are entitled pursuant to this Section 10.13. Upon a conversion pursuant to this Section 10.13, the Person in whose name such shares of Common
Stock will be registered will become the holder of record of such shares of Common Stock at the Close of Business on the Mandatory Conversion Date for such Note. 

(f) If any of the provisions of this Section 10.13 are inconsistent with applicable law at the time of such Mandatory Conversion, such
law shall govern. 
 Article XI. 

REPURCHASE OF NOTES AT OPTION OF HOLDERS 

SECTION 11.01 Purchase at Option of Holders upon a Fundamental Change. In the event any Fundamental Change occurs, the Issuer shall
offer to purchase for cash (a “Fundamental Change Purchase Offer”) all outstanding Notes (portions thereof to be purchased in a minimum denomination of $100 principal amount or integral multiples of $1.00 in excess thereof), on a
date selected by the Issuer (the “Fundamental Change Purchase Date”), which Fundamental Change Purchase Date shall be no later than thirty five (35) calendar days, nor earlier than twenty (20) calendar days, after the date
the Fundamental Change Notice (as defined below) is delivered in accordance with Section 11.02, at a price, payable in cash, equal to one hundred percent (100%) of the principal amount of the Notes (or portions thereof) to be so purchased
(the “Fundamental Change Purchase Price”), plus accrued and unpaid interest, if any, to, but excluding, the Fundamental Change Purchase Date; provided, however, that if the Issuer purchases a Note on a Fundamental
Change Purchase Date that is after a Record Date and on or prior to the Interest Payment Date corresponding to such Record Date, the Issuer shall instead pay the full amount of such accrued and unpaid interest on such Note on the Interest Payment
Date to the holder of record of such Note as of such Record Date and the Fundamental Change Purchase Price shall then be equal to 100% of the principal amount of the Note the Issuer purchases on such Fundamental Change Purchase Date; provided,
further, that the Fundamental Change Purchase Date may be delayed to allow the Issuer to comply with applicable law. Notwithstanding the foregoing, there shall be no purchase of any Notes pursuant to this Section 11.01 if the principal
amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to the Fundamental Change Purchase Date (except in the case of an acceleration resulting from a Default by the Issuer in the payment of the
Fundamental Change Purchase Price with respect to such Notes). The Paying Agent will promptly return to the respective holders thereof any Definitive Notes held by it during the acceleration of the Notes (except in the case of an acceleration
resulting from a Default by the Issuer in the payment of the Fundamental Change Purchase Price with respect to such Notes) and shall deem to be cancelled any 

  
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instructions for book-entry transfer of the Notes in compliance with the Applicable Procedures, in which case, upon such return or cancellation, as the case may be, the Fundamental Change
Purchase Notice with respect thereto shall be deemed to have been withdrawn. 
 SECTION 11.02 Fundamental Change Notice. 

(a) General. Within twenty (20) Business Days after the occurrence of a Fundamental Change, the Issuer shall deliver, or cause to
be delivered, to all holders of record of the Notes at their addresses shown in the register of the Registrar, and to beneficial owners as required by applicable law, a notice (the “Fundamental Change Notice”) of the occurrence of
such Fundamental Change and the purchase right arising as a result thereof. Such notice shall be sent by first class mail or, in the case of any Global Notes, in accordance with the Applicable Procedures for providing notices. Simultaneously with
providing such Fundamental Change Notice, the Issuer shall publish a press release and publish such information on the Issuer’s website. Each Fundamental Change Notice shall specify: 

(i) the events causing the Fundamental Change; 

(ii) the date of such Fundamental Change; 

(iii) the Fundamental Change Purchase Date; 

(iv) the date by which the Fundamental Change Purchase Offer must be accepted; 

(v) the Fundamental Change Purchase Price plus accrued and unpaid interest, if any, to, but excluding, the Fundamental Change
Purchase Date; 
 (vi) the names and addresses of the Paying Agent and the Conversion Agent; 

(vii) a description of the procedures which a holder must follow to accept the Fundamental Change Purchase Offer; 

(viii) that, in order to accept the Fundamental Change Purchase Offer, a holder must surrender the Notes for payment of the
Fundamental Change Purchase Price plus accrued and unpaid interest, if any, payable as provided in this Article XI; 

(ix) that the Fundamental Change Purchase Price, plus accrued and unpaid interest, if any, to, but excluding, the
Fundamental Change Purchase Date, for any Note as to which a Purchase Notice has been given and not withdrawn will be paid as promptly as practicable, but in no event later than the later of such Fundamental Change Purchase Date and the time of
delivery of the Note (together with all necessary endorsements) as described in clause (viii) above; provided, however, that if such Fundamental Change Purchase Date is after a Record Date and on or prior to the Interest Payment
Date corresponding to such Record Date, the Issuer shall instead pay the full amount of such accrued and unpaid interest on such Note on the Interest Payment Date to the holder of record of such Note as of such Record Date and the Fundamental Change
Purchase Price shall then be equal to 100% of the principal amount of the Note the Issuer purchases on such Fundamental Change Purchase Date; 

  
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 (x) that, except as otherwise provided herein, on and after such Fundamental
Change Purchase Date (unless there shall be a Default in the payment of the Fundamental Change Purchase Price plus accrued and unpaid interest, if any, payable as provided in this Article XI), interest on Notes subject to the Fundamental Change
Purchase Offer will cease to accrue, and all rights of the Holders of such Notes shall terminate, other than the right to receive, in accordance herewith, the consideration payable as herein provided pursuant to the Fundamental Change Purchase
Offer; 
 (xi) that a holder will be entitled to withdraw its election in the Purchase Notice prior to the Close of Business
on the Business Day immediately preceding the Fundamental Change Purchase Date, or such longer period as may be required by law; 

(xii) the Conversion Rate and any adjustments to the Conversion Rate that will result from such Fundamental Change; 

(xiii) that Notes with respect to which a Purchase Notice is given by a holder may be converted pursuant to Article X only
if such Purchase Notice has been withdrawn in accordance with Article XI or if there shall be a Default in the payment of the Fundamental Change Purchase Price or in the accrued and unpaid interest, if any, payable as provided in
Article XI; 
 (xiv) the CUSIP number or numbers, as the case may be, of the Notes; and 

(xv) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or
printed on the Notes. 
 (b) No failure of the Issuer to give the foregoing notices and no defect therein shall limit the holders’
repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant to Section 11.01. 
 (c) At
the Issuer’s request, upon five (5) Business Days prior notice (unless a shorter period shall be acceptable to the Trustee), the Trustee shall mail (or deliver if the Notes are held through DTC) such Fundamental Change Notice in the
Issuer’s name and at the Issuer’s expense; provided, however, that the form and content of such Fundamental Change Notice shall be prepared by the Issuer. 

SECTION 11.03 Repurchase Procedures. 

(a) In order to accept such Fundamental Change Purchase Offer, a holder must: 

(i) deliver to the Issuer (if it is acting as its own Paying Agent), or to a Paying Agent designated by the Issuer for such
purpose in the Fundamental Change Notice, no later than the Close of Business on the Business Day immediately preceding the Fundamental Change Purchase Date (the “Fundamental Change Expiration Time”), a Purchase Notice, in the form
set forth in the Notes or any other form of written notice substantially similar thereto, in each case, duly completed and signed, with appropriate signature guarantee, stating: 

(1) the certificate number(s) of the Notes which the holder will deliver to be purchased pursuant to such Fundamental Change
Purchase Offer, if such Notes are in certificated form; 
 (2) the principal amount of Notes to be purchased pursuant to such
Fundamental Change Purchase Offer, which must be $100 or an integral multiple of $1.00 in excess thereof; and 

  
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 (3) that such principal amount of Notes are to be purchased pursuant to such
Fundamental Change Purchase Offer; and 
 (ii) delivery to the Issuer (if it is acting as its own Paying Agent), or to a
Paying Agent designated by the Issuer for such purpose in the Fundamental Change Notice, at any time after the delivery of such Purchase Notice, of such Notes (together with all necessary endorsements) to be purchased pursuant to such Fundamental
Change Purchase Offer; 
 provided, however, that if such Notes are held in book-entry form through the Depository for the Notes, the Purchase
Notice shall comply with the Applicable Procedures and delivery of the Notes, by book-entry transfer, must be in compliance with the Applicable Procedures and the satisfaction of any other requirements of the Depository in connection with delivering
beneficial interests in a Global Note for purchase, by the Fundamental Change Expiration Time. 
 SECTION 11.04 Withdrawal of
Fundamental Change Purchase Notice. Notwithstanding anything herein to the contrary, any holder that has delivered the Purchase Notice contemplated by this Section 11.02(a) to the Issuer (if it is acting as its own Paying Agent) or to a
Paying Agent designated by the Issuer for such purpose in the Fundamental Change Notice shall have the right to withdraw such Purchase Notice by delivery, at any time prior to the Close of Business on the Business Day immediately preceding the
Fundamental Change Purchase Date, of a written notice of withdrawal to the Issuer (if acting as its own Paying Agent) or the Paying Agent, which notice shall contain the following information: 

(i) the name of such holder; 

(ii) a statement that such holder is withdrawing its election to have Notes purchased by the Issuer on such Fundamental Change
Purchase Date pursuant to the Fundamental Change Purchase Offer; 
 (iii) the certificate number(s) of such Notes to be so
withdrawn, if such Notes are in certificated form; 
 (iv) the principal amount of the Notes of such holder to be so
withdrawn, which amount must be $100 or an integral multiple of $1.00 in excess thereof; and 
 (v) the principal amount, if
any, of the Notes of such holder that remain subject to the Purchase Notice delivered by such holder in accordance with this Article XI, which amount must be $100 or an integral multiple of $1.00 in excess thereof; 

provided, however, that if the Notes are Global Notes, the notice must comply with the Applicable Procedures. The Paying Agent will promptly
return to the respective holders thereof any Definitive Notes with respect to which a Fundamental Change Purchase Notice has been withdrawn in compliance with the provisions of this Section 11.04. 

SECTION 11.05 Payment of Fundamental Change Purchase Price. 

(a) Subject to the provisions of this Article XI, the Issuer shall pay, or cause to be paid, the Fundamental Change Purchase
Price, plus accrued and unpaid interest, if any, to, but excluding, the Fundamental Change Purchase Date, with respect to each Note as to which the purchase right shall have been exercised to the holder thereof as promptly as practicable, but in no
event later than the later of the Fundamental Change Purchase Date and the time such Note is surrendered to the Paying Agent; 

  
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provided, however, that if such Fundamental Change Purchase Date is after a Record Date for the payment of an installment of interest and on or before the corresponding Interest
Payment Date, then the accrued and unpaid interest, if any, to, but excluding, such Interest Payment Date will be paid on such Interest Payment Date to the holder of record of such Note at the Close of Business on such Record Date. 

(b) Prior to 11:00 a.m., New York City time, on a Fundamental Change Purchase Date, the Issuer shall deposit with a Paying Agent (or, if
the Issuer is acting as its own Paying Agent, segregate and hold in trust as provided herein) money, in funds immediately available on the Fundamental Change Purchase Date, sufficient to pay the consideration payable as herein provided pursuant to
the Fundamental Change Purchase Offer for all of the Notes that are to be purchased by the Issuer on such Fundamental Change Purchase Date pursuant to the Fundamental Change Purchase Offer. The Paying Agent shall return to the Issuer, as soon as
practicable, any money not required for that purpose. 
 (c) Once the Fundamental Change Notice and the Purchase Notice have been duly given
in accordance with this Article XI, the Notes to be purchased pursuant to the Fundamental Change Purchase Offer shall, on the Fundamental Change Purchase Date, become due and payable in accordance herewith, and, on and after such date (unless
there shall be a Default in the payment of the consideration payable as herein provided pursuant to the Fundamental Change Purchase Offer), except as otherwise herein provided, such Notes shall cease to bear interest, and all rights of the holders
of such Notes shall terminate, other than the right to receive, in accordance herewith, such consideration. 
 SECTION 11.06 Notes
Purchased in Whole or in Part. Any Note which is to be submitted for purchase pursuant to a Fundamental Change Purchase Offer only in part shall be delivered pursuant to this Article XI (with, if the Issuer or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the holder thereof or its attorney duly authorized in writing), and the Issuer shall execute, and the Trustee shall authenticate
and make available for delivery to the holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such holder, of the same tenor and in aggregate principal amount equal to the portion of such Note
not duly submitted for purchase pursuant to such Fundamental Change Purchase Offer. 
 SECTION 11.07 Covenant to Comply with Applicable
Laws upon Purchase of Notes. In connection with any offer to purchase Notes under Section 11.01, the Issuer shall, in each case if required by law (i) comply with Rule 13e-4, Rule 14e-1 and any other tender offer rules under the
Exchange Act that may then be applicable, (ii) file a Schedule TO or any other required schedule under the Exchange Act and (iii) otherwise comply with all U.S. federal or state securities laws applicable to the Issuer in connection
with such purchase offer, in each case, so as to permit the rights and obligations under this Article XI to be exercised in the time and in the manner specified under this Article XI. 

SECTION 11.08 Conversion of Notes Subject to Purchase Notice. Notes with respect to which a Purchase Notice has been duly delivered in
accordance with this Article XI may be converted pursuant to Article X only if such Purchase Notice has been withdrawn in accordance with Section 11.04 or if there shall be a Default in the payment of the consideration payable as
herein provided pursuant to the Fundamental Change Purchase Offer. 

  
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 Article XII. 

[RESERVED] 
 Article
XIII. 
 MISCELLANEOUS 

SECTION 13.01 Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with the duties imposed
by the TIA, the TIA shall control. 
 SECTION 13.02 Notices. 

(a) Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by
first-class mail addressed as follows: 
 if to the Issuer: 

Caesars Entertainment Corporation 

One Caesars Palace Drive 

Las Vegas, Nevada 89101-8969 

Facsimile: (702) 407-6418 

Attn: General Counsel 

if to the Trustee: 

251 Little Falls Drive 

Wilmington, DE 19808 

Facsimile: (302) 636-8666 

Attn: Corporate Trust Administration 

The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

(b) Any notice or communication mailed to a holder shall be mailed, first class mail, to the holder at the holder’s address as it appears
on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 (c) Failure to mail a
notice or communication to a holder or any defect in it shall not affect its sufficiency with respect to other holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it,
except that notices to the Trustee are effective only if received. 
 (d) If a notice or communication is mailed or delivered in the manner
provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except in the case of notices or communications given to the Trustee, which shall be effective only upon actual receipt by the Trustee at its
Corporate Trust Office. 
 SECTION 13.03 Communication by the Holders with Other Holders. The holders may communicate pursuant to
Section 312(b) of the TIA with other holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and other Persons shall have the protection of Section 312(c) of the TIA. 

  
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 SECTION 13.04 Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture (other than the authentication of the Original Notes), the Issuer shall furnish to the Trustee at the request of the Trustee: 

(a) an Officer’s Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers,
all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such
conditions precedent have been complied with. 
 SECTION 13.05 Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.09) shall include: 

(a) a statement that the individual making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such individual, he has made
such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with;
provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

SECTION 13.06 When Notes Disregarded. In determining whether the holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Issuer or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer shall be disregarded and deemed not to be outstanding, except
that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which the Trustee knows are so owned shall be so disregarded. Subject to the foregoing, only Notes
outstanding at the time shall be considered in any such determination. 
 SECTION 13.07 Rules by Trustee, Paying Agent, Conversion Agent
and Registrar. The Trustee may make reasonable rules for action by or a meeting of the holders. The Registrar, a Conversion Agent and a Paying Agent may make reasonable rules for their functions. 

SECTION 13.08 Legal Holidays. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a
Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the intervening period. If a regular Record Date is not a Business Day, the Record Date shall not be
affected. 
 SECTION 13.09 GOVERNING LAW. THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 

  
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 EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

THE ISSUER IRREVOCABLY CONSENTS AND SUBMITS, FOR ITSELF AND IN RESPECT OF ANY OF ITS ASSETS OR PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF
ANY COURT OF THE STATE OF NEW YORK OR ANY UNITED STATES FEDERAL COURT SITTING, IN EACH CASE, IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, NEW YORK, UNITED STATES OF AMERICA, AND ANY APPELLATE COURT THEREOF IN ANY SUIT, ACTION OR PROCEEDING
THAT MAY BE BROUGHT IN CONNECTION WITH THIS INDENTURE OR THE NOTES, AND WAIVES ANY IMMUNITY FROM THE JURISDICTION OF SUCH COURTS. THE ISSUER IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION TO ANY SUCH SUIT, ACTION OR
PROCEEDING THAT MAY BE BROUGHT IN SUCH COURTS WHETHER ON THE GROUNDS OF VENUE, RESIDENCE OR DOMICILE OR ON THE GROUND THAT ANY SUCH SUIT, ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE ISSUER AGREES, TO THE FULLEST EXTENT THAT
IT LAWFULLY MAY DO SO, THAT FINAL JUDGMENT IN ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT SHALL BE CONCLUSIVE AND BINDING UPON THE ISSUER, AND IT WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION TO THE ENFORCEMENT BY ANY
COMPETENT COURT IN THE ISSUER’S JURISDICTION OR ORGANIZATION OF JUDGMENT VALIDLY OBTAINED IN ANY SUCH COURT IN NEW YORK ON THE BASIS OF SUCH SUIT, ACTION OR PROCEEDING. 

SECTION 13.10 No Recourse Against Others. No director, officer, employee, manager, incorporator or holder of any Equity Interests in
the Issuer or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuer under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

SECTION 13.11 Successors. All agreements of the Issuer in this Indenture and the Notes shall bind its successors. All agreements of the
Trustee in this Indenture shall bind its successors. 
 SECTION 13.12 Multiple Originals. The parties may sign any number of copies
of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or
electronic (i.e., “pdf” or “tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of
the parties hereto transmitted by facsimile or electronic (i.e., “pdf” or “tif”) transmission shall be deemed to be their original signatures for all purposes. 

SECTION 13.13 Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 13.14 Indenture Controls. If and to the extent that any provision of the Notes limits, qualifies or conflicts with a provision
of this Indenture, such provision of this Indenture shall control. 

  
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 SECTION 13.15 Severability. In case any provision in this Indenture shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or
unenforceability. 
 SECTION 13.16 Waiver of Jury Trial. EACH OF THE ISSUER AND THE TRUSTEE HEREBY (AND EACH HOLDER OF A NOTE BY ITS
ACCEPTANCE THEREOF) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 SECTION 13.17 Acts of Holders. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such holders in person or by agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 13.17. 
 The fact
and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to such officer the execution thereof. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or
affidavit shall also constitute sufficient proof of such signer’s authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which
the Trustee deems sufficient. 
 The ownership of the Notes shall be proved by the register of the Notes kept by the Registrar. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of the holder of any Note shall bind every future holder
of the same Note and the holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon,
whether or not notation of such action is made upon such Note. 
 If the Issuer shall solicit from the holders any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Issuer may, at its option, by or pursuant to a resolution of the Board of Directors or any committee thereof of the Issuer, fix in advance a record date for the determination of
holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Issuer shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such record date, but only the holders of record at the close of business on such record date shall be deemed to be holders for the purposes of determining whether holders of the requisite
proportion of the outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be

  
 -105- 

 
computed as of such record date; provided that no such authorization, agreement or consent by the holders on such record date shall be deemed effective unless it shall become effective pursuant
to the provisions of this Indenture not later than six months after the record date. 
 SECTION 13.18 Patriot Act. The parties hereto
acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties hereto agree that they will provide the Trustee with such information as it may request in order for the
Trustee to satisfy the requirements of the U.S.A. Patriot Act. 
 [Remainder of page intentionally left blank] 

  
 -106- 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the date
first written above. 
  

					
	CAESARS ENTERTAINMENT CORPORATION, as Issuer
		
	By: 	 	/s/ Eric Hession
		 	Name:	 	Eric Hession
		 	Title:	 	 Executive Vice President and
 Chief Financial
Offer

  

 
					
	DELAWARE TRUST COMPANY, as Trustee
		
	By: 	 	/s/ Alan R. Halpern
		 	Name:	 	Alan R. Halpern
		 	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 APPENDIX A 

PROVISIONS RELATING TO THE NOTES 

1. Definitions. 
 1.1
Definitions. 
 For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Clearstream” means Clearstream Banking, société anonyme or any successor or securities clearing agency. 

“Definitive Note” means a certificated Note that does not include the Global Notes Legend. 

“Depository” means The Depository Trust Company, its nominees and their respective successors. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear Clearance System or any successor securities
clearing agency. 
 “Global Notes Legend” means the legend set forth under that caption in Exhibit A to this
Indenture. 
 “Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depository) or any
successor person thereto, who shall initially be the Trustee. 
 1.2 Other Definitions. 

 

			
	 Term:
	  	Defined in Section:
	 Agent Members
	  	2.1(b)
	 Global Notes
	  	2.1(b)

 2. The Notes. 

2.1 Form and Dating; Global Notes. 

(a) The Original Notes will be issued on the date hereof. Additional Notes offered after the date hereof may be offered and sold by the Issuer
from time to time pursuant to one or more agreements in accordance with applicable law. 
 (b) Global Notes. (i) In the case of
Original Notes, one or more Global Notes in fully registered form without interest coupons and bearing the Global Notes Legend (collectively, the “Global Notes”) shall be issued on the Issue Date, deposited with the Notes Custodian,
and registered in the name of the Depository or a nominee of the Depository, duly executed by the Issuer and authenticated by the Trustee as provided in the Indenture. 

  
 Appendix A-1 

 In the case of Original Notes, the Global Notes initially shall (i) be registered in the
name of the Depository or the nominee of such Depository, in each case for credit to an account of an Agent Member and (ii) be delivered to the Trustee as custodian for such Depository. 

Members of, or direct or indirect participants in, the Depository, Euroclear and Clearstream (“Agent Members”) shall have no
rights under this Indenture with respect to any Global Note held on their behalf by the Depository or the Trustee as its custodian or under the Global Notes. The Depository may be treated by the Issuer, the Trustee and any agent of the Issuer or the
Trustee as the absolute owner of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depository, or impair, as between the Depository, Euroclear or Clearstream and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of
any Note. 
 None of the Issuer, the Trustee, the Paying Agent or the Registrar shall have any responsibility or obligation to any
beneficial owner in a Global Note, an Agent Member or other Person with respect to the accuracy of the records of the Depository or its nominee or of any Agent Member, with respect to any ownership interest in the Notes or with respect to the
delivery to any Agent Member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Securities. All notices and communications to
be given to the holders and all payments to be made to holders under the Notes and this Indenture shall be given or made only to or upon the order of the registered holders (which shall be the Depository or its nominee in the case of the Global
Note). The rights of beneficial owners in the Global Note shall be exercised only through the Depository subject to the Applicable Procedures. The Issuer, the Trustee, the Paying Agent and the Registrar shall be entitled to rely and shall be fully
protected in relying upon information furnished by the Depository with respect to its Agent Members, participants and any beneficial owners. The Issuer, the Trustee, the Paying Agent and the Registrar shall be entitled to deal with the Depository,
and any nominee thereof, that is the registered holder of any Global Note for all purposes of this Indenture relating to such Global Note (including the payment of principal, premium, if any, and interest and additional amounts, if any, and the
giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in such Global Note) as the sole holder of such Global Note and shall have no obligations to the beneficial owners thereof. None of the Issuer, the
Trustee, the Paying Agent or the Registrar shall have any responsibility or liability for any acts or omissions of the Depository with respect to such Global Note, for the records of any such depository, including records in respect of beneficial
ownership interests in respect of any such Global Note, for any transactions between the Depository and any Agent Member or between or among the Depository, any such Agent Member and/or any holder or owner of a beneficial interest in such Global
Note, or for any transfers of beneficial interests in any such Global Note. 
 (ii) Transfers of Global Notes shall be limited to transfers
in whole, but not in part, to the Depository, its successors or its respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the applicable rules and
procedures of the Depository and the provisions of Section 2.2. In addition, a Global Note shall be exchangeable for Definitive Notes if (x) in the case of Original Notes, the Depository (a) notifies the Issuer that it is unwilling or
unable to continue as depository for such Global Note or (b) has ceased to be a clearing agency registered under the Exchange Act and in each case a successor depository is not appointed, (y) the Issuer, at its option and subject to the
procedures of the Depository, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes or (z) there shall have occurred and be continuing an Event of Default with respect to the Notes and a request has been made
for such exchange. In all cases, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depository in
accordance with its customary procedures. 

  
 Appendix A-2 

 (iii) In connection with the transfer of a Global Note as an entirety to beneficial owners
pursuant to subsection (i) of this Section 2.1(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee shall authenticate and make available for delivery, to
each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. 

(iv) The Holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold
interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
 2.2 Transfer
and Exchange. 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set forth
in Section 2.1(b). Global Notes will not be exchanged by the Issuer for Definitive Notes except under the circumstances described in Section 2.1(b)(ii). Global Notes also may be exchanged or replaced, in whole or in part, as provided in
Section 2.08 of this Indenture. Beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b) or 2.2(g). 

(b) Transfer and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial interests in the Global
Notes shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures of the Depository. Beneficial interests in Global Notes shall be transferred or exchanged only for beneficial
interests in Global Notes. Transfers and exchanges of beneficial interests in the Global Notes also shall require compliance with subparagraph (i) below as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. In connection with all transfers and exchanges of
beneficial interests in any Global Note, the transferor of such beneficial interest must deliver to the Registrar (1) a written order from an Agent Member given to the Depository in accordance with the applicable rules and procedures of the
Depository, directing the Registrar to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the
applicable rules and procedures of the Depository, containing information regarding the Agent Member account to be credited with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global
Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note pursuant to Section 2.2(g). 

(c) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. A beneficial interest in a Global Note may not
be exchanged for a Definitive Note except under the circumstances described in Section 2.1(b)(ii). A beneficial interest in a Global Note may not be transferred to a Person who takes delivery thereof in the form of a Definitive Note except
under the circumstances described in Section 2.1(b)(ii). 

  
 Appendix A-3 

 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder
of a Definitive Note may exchange such Definitive Note for a beneficial interest in a Global Note or transfer such Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt
of a request for such an exchange or transfer, the Trustee shall cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. If any such transfer or exchange is effected
pursuant to this subparagraph (i) at a time when a Global Note has not yet been issued, the Issuer shall issue and, upon receipt of a written order of the Issuer in the form of an Officer’s Certificate, the Trustee shall authenticate one or
more Global Notes in an aggregate principal amount equal to the aggregate principal amount of Definitive Notes transferred or exchanged pursuant to this subparagraph (i). 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. 

(f) [Reserved]. 
 (g)
Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not
in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 of this Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement
shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such
increase. 
 (h) Obligations with Respect to Transfers and Exchanges of Notes. 

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate, Definitive
Notes and Global Notes at the Registrar’s request. 
 (ii) No service charge shall be made for any registration of
transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar
governmental charge payable upon exchanges pursuant to Sections 4.06, 9.05 and 11.06 of this Indenture). 
 (iii) Prior to
the due presentation for registration of transfer of any Note, the Issuer, the Trustee, a Paying Agent, Conversion Agent or the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the
purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent, Conversion Agent or the Registrar shall be
affected by notice to the contrary. 
  

  
 Appendix A-4 

 (iv) All Notes issued upon any transfer or exchange pursuant to the terms of this
Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

(i) No Obligation of the Trustee. 

(i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a
participant in the Depository, Euroclear or Clearstream or any other Person with respect to the accuracy of the records of the Depository, Euroclear or Clearstream or any nominee or of any participant or member thereof, with respect to any ownership
interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or
with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to the Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depository or any nominee
thereof in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depository, subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully
protected in relying upon information furnished by the Depository with respect to any members, participants and any beneficial owners thereof. 

(ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among participants, members or beneficial owners of the Depository, Euroclear or Clearstream,
as applicable, in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the
same to determine substantial compliance as to form with the express requirements hereof. 

  
 Appendix A-5 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [Global
Notes Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 SUBJECT TO SECTION 10.03(a)(iv), SHARES OF COMMON STOCK ISSUED
BY CONVERSION OF ALL OR A PORTION OF THIS NOTE ARE SUBJECT TO REGULATORY LIMITATIONS ON OWNERSHIP AS SET FORTH IN THE CERTIFICATE OF INCORPORATION, AS AMENDED, OF THE ISSUER. 

Each Definitive Note shall bear the following additional legends: 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 A-1 

 [FORM OF NOTE] 
  

							
	No.	 		  	 CUSIP No.
 ISIN No.
	  	 [●]
 [●]

 5.00% Convertible Senior Notes due 2024 

CAESARS ENTERTAINMENT CORPORATION, a Delaware corporation, promises to pay to Cede & Co., or registered assigns, the principal sum
set forth on the Schedule of Increases or Decreases in Global Note attached hereto on October 1, 2024. 
 Interest Payment Dates:
April 1 and October 1 
 Record Dates: March 15 and September 15 

Additional provisions of this Note are set forth on the other side of this Note. 

  
 A-2 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	CAESARS ENTERTAINMENT CORPORATION

 
			
		
	By:	 	 
		 	Name:
		 	Title:

 Dated: 

  
 A-3 

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	DELAWARE TRUST COMPANY, as Trustee, certifies that this is one of the Notes referred to in the Indenture.
		
	By:	 	 
		 	Authorized Signatory

  

	*/	If the Note is to be issued in global form, add the Global Notes Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL NOTES—SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE.” 

  
 A-4 

 [FORM OF REVERSE SIDE OF NOTE] 

5.00% Convertible Senior Notes due 2024 
  

	1.	Interest 

 CAESARS ENTERTAINMENT CORPORATION, a Delaware corporation (such Person, and
its successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Issuer shall pay
interest semi-annually on April 1 and October 1 of each year (each an “Interest Payment Date”), commencing April 1, 2018. Interest on the Notes shall accrue from the most recent date to which interest has been paid or
duly provided for or, if no interest has been paid or duly provided for, from the Issue Date, until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuers shall pay interest on
overdue principal at the rate borne by the Notes and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
  

	2.	Method of Payment 

 The Issuer shall pay interest on the Notes (except defaulted
interest) to the Persons who are registered holders at the Close of Business on the March 15 and September 15 (each a “Record Date”) next preceding the Interest Payment Date even if Notes are canceled after the Record Date
and on or before the Interest Payment Date (whether or not a Business Day). Holders must surrender Notes to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if any, and interest in money of the United States
of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of
immediately available funds to the accounts specified by The Depository Trust Company or any successor depository. The Issuer shall make all payments in respect of a certificated Note (including principal, premium, if any, and interest) at the
office of the Paying Agent, except that, at the option of the Issuer, payment of interest may be made by mailing a check to the registered address of each holder thereof; provided, however, that payments on the Notes may also be made,
in the case of a holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by wire transfer by giving written
notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

 

	3.	Paying Agent, Conversion Agent and Registrar 

 Initially, Delaware Trust Company (the
“Trustee”) will act as the Trustee, Paying Agent, and Registrar and Computershare Inc. or one of its affiliates will act as Conversion Agent (the “Conversion Agent”). The Issuer may appoint and change any Paying
Agent, Conversion Agent or Registrar without notice. The Issuer or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Conversion Agent or Registrar. 

 

	4.	Indenture 

 The Issuer issued the Notes under an Indenture dated as of October 6,
2017 (the “Indenture”), among the Issuer and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa 77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture 

  
 A-5 

 
and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture) are
referred to the Indenture and the TIA for a statement of such terms and provisions. 
 The Notes are senior unsecured obligations of the
Issuer. This Note is one of the Original Notes referred to in the Indenture. The Notes include the Original Notes and any Additional Notes issued pursuant to the Indenture. The Original Notes and any Additional Notes are treated as a single class of
securities under the Indenture. The Indenture imposes certain limitations on the ability of the Issuer and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other
distributions, Incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Issuer and such Restricted Subsidiaries,
enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Issuer to consolidate or merge with or into any other Person or convey, transfer or
lease all or substantially all of its property. 
 There are no guarantors of the Notes on the Issue Date. 

 

	5.	No Redemption 

 Except as set forth in Section 2.15 of the Indenture, the Notes are
not subject to redemption or any sinking fund payments. 
  

	6.	Repurchase of Notes at the Option of the Holders 

 In the event any Fundamental Change
occurs, the Issuer shall offer to purchase for cash all outstanding Notes on the Fundamental Change Purchase Date at a price, payable in cash, equal to the Fundamental Change Purchase Price plus accrued and unpaid interest, if any, to, but
excluding, the Fundamental Change Purchase Date, in accordance with Article XI of the Indenture. 
 In accordance with
Sections 4.06 and 11.01 of the Indenture, the Issuer will be required to offer to purchase Notes upon the occurrence of certain events. 
  

	7.	Conversion 

 Subject to, and upon compliance with, the provisions of Article X of
the Indenture, a holder shall have the right, at such holder’s option, to convert all or any portion (if the portion to be converted is $100 principal amount or an integral multiple of $1.00 in excess thereof) of its Notes at any time prior to
the Close of Business on the second Scheduled Trading Day immediately preceding the Maturity Date, at the Conversion Rate, in accordance with Article X of the Indenture. 

The Conversion Rate applicable to each Note that is surrendered for conversion, in accordance with the Note and Article X of the
Indenture, at any time during the Make-Whole Conversion Period with respect to a Make-Whole Fundamental Change shall be increased to an amount equal to the Conversion Rate that would, but for Section 10.07 of the Indenture, otherwise apply to
such Note pursuant to Article X of the Indenture, plus an amount equal to the Make-Whole Applicable Increase; provided, however, that such increase to the Conversion Rate shall not apply if such Make-Whole Fundamental
Change is announced by the Issuer but not consummated. 

  
 A-6 

 The Issuer may elect at its option to cause all (but not less than all) of the Notes to be
mandatorily converted at any time following October 1, 2020 and prior to the Close of Business on the Business Day immediately preceding the Maturity Date, if the Last Reported Sale price of the Common Stock equals or exceeds 140% of the
Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period, upon the terms and conditions set forth in Section 10.13 of the Indenture. 

 

	8.	Denominations; Transfer; Exchange 

 The Notes are in registered form, without coupons, in
denominations of $100 and any integral multiple of $1.00 in excess thereof. A holder shall register the transfer of or exchange of Notes in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee
may require a holder, among other things, to furnish appropriate endorsements or transfer documents. The Issuer may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or
exchange pursuant to Section 2.07 of the Indenture. The Registrar need not register the transfer or exchange of any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed)
or to transfer or exchange any Notes for a period of 15 days before to a selection of Notes to be redeemed. 
  

	9.	Persons Deemed Owners 

 The registered holder of this Note shall be treated as the owner
of it for all purposes. 
  

	10.	Unclaimed Money 

 Subject to any applicable abandoned property law, the Trustee and a
Paying Agent shall pay to the Issuer upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years. After any such payment, the holders entitled to the money must look to the Issuer for
payment as general creditors, and the Trustee and each Paying Agent shall have no further liability with respect to such monies. 
  

	11.	Discharge 

 Subject to certain conditions set forth in Article VIII of the
Indenture, the Issuer at any time may terminate some of or all of its obligations under the Notes and the Indenture if the Issuer deposits with the Trustee money for the payment of principal and interest on the Notes to redemption or maturity, as
the case may be. 
  

	12.	Amendment; Waiver 

 Subject to certain exceptions set forth in the Indenture,
(i) the Indenture or the Notes may be amended with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding Notes voting as a single class (including consents obtained in connection with a
tender offer or exchange for the Notes) and (ii) any past default or compliance with any provisions may be waived with the written consent of the holders of at least a majority in principal amount of the outstanding Notes. Subject to certain
exceptions set forth in the Indenture, without the consent of any holder, the Issuer and the Trustee may amend the Indenture or the Notes, provided that such amendment does not adversely affect the rights of any holder of Notes, it being understood
that the taking of any action otherwise expressly contemplated by the Indenture shall not be adverse to the rights of such holders: (i) to cure any ambiguity, omission, mistake, defect or inconsistency; (ii) to provide for the assumption
by a Successor Issuer of the obligations of the Issuer under the Indenture and the Notes; (iii) to provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated Notes are issued in
registered form for purposes of Section 163(f) of the Code or in a 

  
 A-7 

 
manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code; (iv) to add a guarantor or collateral with respect to the Notes or to secure the Notes;
(v) to permit the Transactions in accordance with their terms; (vi) to add to the covenants of the Issuer for the benefit of the holders or to surrender any right or power herein conferred upon the Issuer; (vii) to comply with any
requirement of the SEC in connection with qualifying or maintaining the qualification of, this Indenture under the TIA; (viii) to make changes to provide for the issuance of any Additional Notes (including, without limitation, to add customary
registration rights, exchange mechanics and related provisions), which shall have terms substantially identical in all material respects to the Original Notes (other than with respect to customary registration rights), and which shall be treated,
together with any outstanding Original Notes, as a single issue of securities; (ix) upon the occurrence of a Share Exchange Event, solely (A) to provide that the Notes are convertible into Reference Property, as required under
Section 10.08, and (B) to effect the related changes to the terms of the Notes required under Section 10.08 of the Indenture, in each case, in accordance with the applicable provisions thereof. 

 

	13.	Defaults and Remedies 

 If an Event of Default occurs and is continuing, the Trustee or
the holders of at least 25% in principal amount of the outstanding Notes, in each case, by notice to the Issuer, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. Under certain
circumstances, the holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 

If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under the
Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction and certain other conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to the Indenture or the
Notes unless (i) such holder has previously given the Trustee notice that an Event of Default is continuing, (ii) the holders of at least 25% in principal amount of the outstanding Notes have requested the Trustee in writing to pursue the
remedy, (iii) such holders have offered the Trustee reasonable security or indemnity satisfactory to the Trustee against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt
of the request and the offer of security or indemnity and (v) the holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to
certain restrictions, the holders of a majority in principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on
the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or if the Trustee being advised by counsel, determines that the action or proceeding so directed may not be lawfully taken or if the
Trustee in good faith determines that the action or proceeding to directed would involve the Trustee in personal liability for which it is not adequately indemnified, or, subject to Section 7.01 of the Indenture, that the Trustee determines is
unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion
against all losses and expenses caused by taking or not taking such action. 

  
 A-8 

	14.	Trustee Dealings with the Issuer 

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

	15.	No Recourse Against Others 

 No director, officer, employee, incorporator or holder of
any equity interests in the Issuer or of any of its Subsidiaries or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuer under the Notes, the Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. 
  

	16.	Authentication 

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

	17.	Abbreviations 

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

 

	18.	Governing Law 

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

	19.	CUSIP Numbers; ISINs 

 The Issuer has caused CUSIP numbers and ISINs to be printed on the
Notes and has directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as a convenience to the holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Issuer will furnish to any holder
of Notes upon written request and without charge to the holder a copy of the Indenture which has in it the text of this Note. 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to: 
  
      

 
 (Print or type assignee’s name,
address and zip code) 
  
      

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint              agent to transfer this Note on the books
of the Issuer. The agent may substitute another to act for him. 
  

									
					
	Date:	 	 	 		 	Your Signature:	 	 

  
      

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

							
	Date:	 	_______________________	 		 	 
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 		 	Signature of Signature Guarantee

  
 A-10 

 CONVERSION NOTICE 
  

	To:	Caesars Entertainment Corporation 

 Computershare Inc. 

480 Washington Blvd, 29th Floor 

Jersey City, NJ 07310 
 Attn: Corp
Actions Relationship Manager 
 The undersigned owner of this Note hereby irrevocably exercises the option to convert this Note, or a portion thereof (that
has a principal amount equal to $100 or an integral multiple of $1.00 in excess thereof) below designated, into a number of shares of Common Stock in accordance with the terms of the Indenture referred to in this Note, and directs that any shares of
Common Stock deliverable upon conversion, together with any Notes representing any unconverted principal amount hereof, be delivered to the registered holder hereof unless a different name is indicated below. 

Subject to certain exceptions set forth in the Indenture, if this notice is being delivered after the Close of Business on a Record Date and prior to the Open
of Business on the Interest Payment Date corresponding to such Record Date, this notice must be accompanied by payment of an amount equal to the interest payable on such Interest Payment Date on the principal amount of this Note to be converted. If
any shares of Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect to such issuance and transfer as set forth in the Indenture. 

 

							
	 Principal amount to be converted
 (if less than
all):
	  	Certificate No.(s)
 (if in certificated form):
	  	 
 
	Beneficial Ownership of Issuer
 Common Stock (prior to conversion):
	 
  

	
$                   
                             

(in an integral multiple of $1.00 in

excess of $100)
	  	                                      
              	  	 	                                    
            shares	 

 If you want the share certificate representing the Common Stock, if any, issuable upon conversion made out in another
person’s name, fill in the form below: 
  
      

 
 (Insert other person’s soc. sec. or tax I.D. no.)

  
      

 
  

     
  

 
      

 
 (Print or type other person’s name, address and
zip code) 
  

									
					
	Dated:	 	 	 		 	Signed:	 	 
		 		 		 	(Sign exactly as your name(s) appear(s) on the other side of this Note)
			
	Signature(s) guaranteed by:	 		 	 
		 		 		 	(All signatures must be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to the Trustee.)

  
 A-11 

 PURCHASE NOTICE 
  

	To:	Caesars Entertainment Corporation 

 Delaware Trust Company 

103 Foulk Road 
 Wilmington, DE
19803 
 Email: trust@delawaretrust.com 

Attn: Corporate Trust Administration 
 The
undersigned registered owner of this Note hereby acknowledges receipt of a notice from Caesars Entertainment Corporation (the “Issuer”) as to the occurrence of a Fundamental Change with respect to the Issuer and specifying the
Fundamental Change Purchase Date and requests and instructs the Issuer to pay to the registered holder hereof in accordance with the applicable provisions of the Indenture referred to in this Note (i) the entire principal amount of this Note,
or the portion thereof (that has a principal amount equal to $100 or an integral multiple of $1.00 in excess thereof) below designated, and (ii) if such Fundamental Change Purchase Date does not occur during the period after a Record Date and
on or prior to the Interest Payment Date corresponding to such Record Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Purchase Date. 

 

					
	Principal amount to be converted (if less than all):	 		 	Certificate Number(s) (if in certificated form):
			
	$                                      
                                         
 	 		 	  

	(in an integral multiple of $1.00 in excess of $100)	 		 	

									
					
	Dated:	 	 	 		 	Signed:	 	 
		 		 		 	(Sign exactly as your name(s) appear(s) on the other side of this Note)

  
 A-12 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $            . The
following increases or decreases in this Global Note have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease

in Principal Amount
 of this
Global Note
	  	 Amount of increase in
Principal Amount of

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

  
 A-13 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 11.01 (Fundamental Change) of the
Indenture, check the box: 
 Asset
Sale  ☐                            Fundamental Change  ☐ 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 11.01 (Fundamental
Change) of the Indenture, state the amount ($100 or any integral multiple of $1.00 in excess thereof): 
 $ 

 

									
					
	Date:	 	 	 		 	Your Signature:	 	 
		 		 		 		 	(Sign exactly as your name appears on the other side of this Note)

  

							
	Signature Guarantee:  	 	 	 	
		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	

  
  

  
 A-14 

 SCHEDULE I 

UNRESTRICTED SUBSIDIARIES 
  

							
	 	  	 Unrestricted Subsidiary
	  	Jurisdiction of Organization	 
	1.	  	Caesars Entertainment Japan, LLC	  	 	Delaware	 
	2.	  	Caesars Korea Holding Company LLC	  	 	Delaware	 
	3.	  	Caesars Korea Services, LLC	  	 	Delaware	 
	4.	  	CR Baltimore Holdings, LLC	  	 	Delaware	 

  
 Schedule I-1EX-10.1

 Exhibit 10.1 

LEASE (CPLV) 
 By
and Between 
 CPLV Property Owner LLC 

(together with its permitted successors and assigns), 

as “Landlord” 

and 
 Desert Palace LLC,
Caesars Entertainment Operating Company, Inc. and CEOC, LLC 
 (collectively, and together with their respective permitted successors
and assigns), 
 as “Tenant” 

dated 
 October 6,
2017 
 for 

Caesars Palace - Las Vegas 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEMISE; TERM
	  	 	1	 
	 1.1
	  	Leased Property	  	 	1	 
	 1.2
	  	Single, Indivisible Lease	  	 	2	 
	 1.3
	  	Term	  	 	3	 
	 1.4
	  	Renewal Terms	  	 	3	 
		
	 ARTICLE II DEFINITIONS
	  	 	4	 
		
	 ARTICLE III RENT
	  	 	47	 
	 3.1
	  	Payment of Rent	  	 	47	 
	 3.2
	  	Variable Rent Determination	  	 	49	 
	 3.3
	  	Late Payment of Rent or Additional Charges	  	 	50	 
	 3.4
	  	Method of Payment of Rent	  	 	50	 
	 3.5
	  	Net Lease	  	 	51	 
		
	 ARTICLE IV ADDITIONAL CHARGES
	  	 	51	 
	 4.1
	  	Impositions	  	 	51	 
	 4.2
	  	Utilities and Other Matters	  	 	53	 
	 4.3
	  	Compliance Certificate	  	 	53	 
	 4.4
	  	Impound Account	  	 	53	 
		
	 ARTICLE V NO TERMINATION, ABATEMENT, ETC.
	  	 	54	 
		
	 ARTICLE VI OWNERSHIP OF REAL AND PERSONAL PROPERTY
	  	 	54	 
	 6.1
	  	Ownership of the Leased Property	  	 	54	 
	 6.2
	  	Ownership of Tenant’s Property	  	 	56	 
	 6.3
	  	Landlord’s Security Interest in Tenant’s Pledged Property	  	 	57	 
		
	 ARTICLE VII PRESENT CONDITION & PERMITTED USE
	  	 	59	 
	 7.1
	  	Condition of the Leased Property	  	 	59	 
	 7.2
	  	Use of the Leased Property	  	 	60	 
	 7.3
	  	Ground Leases	  	 	62	 
	 7.4
	  	Third-Party Reports	  	 	65	 
	 7.5
	  	Operating Standard	  	 	65	 
		
	 ARTICLE VIII REPRESENTATIONS AND WARRANTIES
	  	 	65	 
	 8.1
	  	General	  	 	65	 
	 8.2
	  	Additional Tenant Representations	  	 	65	 
		
	 ARTICLE IX MAINTENANCE AND REPAIR
	  	 	65	 
	 9.1
	  	Tenant Obligations	  	 	65	 
	 9.2
	  	No Landlord Obligations	  	 	66	 
	 9.3
	  	Landlord’s Estate	  	 	66	 
	 9.4
	  	End of Term	  	 	66	 

  
 i 

 TABLE OF CONTENTS (CONT’D) 

 

							
	 	  	 	  	Page	 
	 9.5
	  	FF&E Reserve	  	 	67	 
	 9.6
	  	Security Interest in FF&E Reserve Funds	  	 	68	 
		
	 ARTICLE X ALTERATIONS
	  	 	68	 
	 10.1
	  	Alterations, Capital Improvements and Material Capital Improvements	  	 	68	 
	 10.2
	  	Landlord Approval of Certain Alterations and Capital Improvements	  	 	70	 
	 10.3
	  	Construction Requirements for Alterations and Capital Improvements	  	 	71	 
	 10.4
	  	Landlord’s Right of First Offer to Fund Material Capital Improvements	  	 	72	 
	 10.5
	  	Minimum Capital Expenditures	  	 	76	 
		
	 ARTICLE XI LIENS
	  	 	81	 
		
	 ARTICLE XII PERMITTED CONTESTS
	  	 	83	 
		
	 ARTICLE XIII INSURANCE
	  	 	84	 
	 13.1
	  	General Insurance Requirements	  	 	84	 
	 13.2
	  	Name of Insureds	  	 	87	 
	 13.3
	  	Deductibles or Self-Insured Retentions	  	 	87	 
	 13.4
	  	Waivers of Subrogation	  	 	88	 
	 13.5
	  	Limits of Liability and Blanket Policies	  	 	88	 
	 13.6
	  	Future Changes in Insurance Requirements	  	 	88	 
	 13.7
	  	Notice of Cancellation or Non-Renewal	  	 	89	 
	 13.8
	  	Copies of Documents	  	 	89	 
	 13.9
	  	Certificates of Insurance	  	 	89	 
	 13.10
	  	Other Requirements	  	 	90	 
		
	 ARTICLE XIV CASUALTY
	  	 	91	 
	 14.1
	  	Property Insurance Proceeds	  	 	91	 
	 14.2
	  	Tenant’s Obligations Following Casualty	  	 	92	 
	 14.3
	  	No Abatement of Rent	  	 	93	 
	 14.4
	  	Waiver	  	 	93	 
	 14.5
	  	Insurance Proceeds and Fee Mortgagee	  	 	94	 
		
	 ARTICLE XV EMINENT DOMAIN
	  	 	94	 
	 15.1
	  	Condemnation	  	 	94	 
	 15.2
	  	Award Distribution	  	 	95	 
	 15.3
	  	Temporary Taking	  	 	95	 
	 15.4
	  	Condemnation Awards and Fee Mortgagee	  	 	95	 
		
	 ARTICLE XVI DEFAULTS & REMEDIES
	  	 	96	 
	 16.1
	  	Tenant Events of Default	  	 	96	 
	 16.2
	  	Landlord Remedies	  	 	100	 
	 16.3
	  	Damages	  	 	101	 
	 16.4
	  	Receiver	  	 	102	 
	 16.5
	  	Waiver	  	 	102	 
	 16.6
	  	Application of Funds	  	 	102	 

  
 ii 

 TABLE OF CONTENTS (CONT’D) 

 

							
	 	  	 	  	Page	 
	 16.7
	  	Landlord’s Right to Cure Tenant’s Default	  	 	102	 
	 16.8
	  	Miscellaneous	  	 	103	 
		
	 ARTICLE XVII TENANT FINANCING
	  	 	104	 
	 17.1
	  	Permitted Leasehold Mortgagees	  	 	104	 
	 17.2
	  	Landlord Cooperation with Permitted Leasehold Mortgage	  	 	112	 
		
	 ARTICLE XVIII TRANSFERS BY LANDLORD
	  	 	112	 
	 18.1
	  	Transfers Generally	  	 	112	 
	 18.2
	  	Intentionally Omitted	  	 	114	 
	 18.3
	  	Intentionally Omitted	  	 	114	 
	 18.4
	  	Transfers to Tenant Competitors	  	 	114	 
		
	 ARTICLE XIX HOLDING OVER
	  	 	115	 
		
	 ARTICLE XX RISK OF LOSS
	  	 	115	 
		
	 ARTICLE XXI INDEMNIFICATION
	  	 	116	 
	 21.1
	  	General Indemnification	  	 	116	 
	 21.2
	  	Encroachments, Restrictions, Mineral Leases, etc.	  	 	117	 
		
	 ARTICLE XXII TRANSFERS BY TENANT
	  	 	119	 
	 22.1
	  	Subletting and Assignment	  	 	119	 
	 22.2
	  	Permitted Assignments and Transfers	  	 	120	 
	 22.3
	  	Permitted Sublease Agreements	  	 	123	 
	 22.4
	  	Required Subletting and Assignment Provisions	  	 	124	 
	 22.5
	  	Costs	  	 	126	 
	 22.6
	  	No Release of Tenant’s Obligations; Exception	  	 	126	 
	 22.7
	  	Bookings	  	 	126	 
	 22.8
	  	Merger of CEOC	  	 	126	 
		
	 ARTICLE XXIII REPORTING
	  	 	127	 
	 23.1
	  	Estoppel Certificates and Financial Statements	  	 	127	 
	 23.2
	  	SEC Filings; Offering Information	  	 	133	 
	 23.3
	  	Landlord Obligations	  	 	134	 
		
	 ARTICLE XXIV LANDLORD’S RIGHT TO INSPECT
	  	 	136	 
		
	 ARTICLE XXV NO WAIVER
	  	 	136	 
		
	 ARTICLE XXVI REMEDIES CUMULATIVE
	  	 	136	 
		
	 ARTICLE XXVII ACCEPTANCE OF SURRENDER
	  	 	136	 
		
	 ARTICLE XXVIII NO MERGER
	  	 	137	 
		
	 ARTICLE XXIX INTENTIONALLY OMITTED
	  	 	137	 

  
 iii 

 TABLE OF CONTENTS (CONT’D) 

 

							
	 	  	 	  	Page	 
	 ARTICLE XXX QUIET ENJOYMENT
	  	 	137	 
		
	 ARTICLE XXXI LANDLORD FINANCING
	  	 	137	 
	 31.1
	  	Landlord’s Financing	  	 	137	 
	 31.2
	  	Attornment	  	 	139	 
	 31.3
	  	Compliance with Fee Mortgage Documents	  	 	139	 
		
	 ARTICLE XXXII ENVIRONMENTAL COMPLIANCE
	  	 	144	 
	 32.1
	  	Hazardous Substances	  	 	144	 
	 32.2
	  	Notices	  	 	144	 
	 32.3
	  	Remediation	  	 	144	 
	 32.4
	  	Indemnity	  	 	145	 
	 32.5
	  	Environmental Inspections	  	 	146	 
		
	 ARTICLE XXXIII MEMORANDUM OF LEASE
	  	 	147	 
		
	 ARTICLE XXXIV DISPUTE RESOLUTION
	  	 	147	 
	 34.1
	  	Expert Valuation Process	  	 	147	 
	 34.2
	  	Arbitration	  	 	149	 
		
	 ARTICLE XXXV NOTICES
	  	 	150	 
		
	 ARTICLE XXXVI END OF TERM SUCCESSOR ASSET TRANSFER
	  	 	151	 
	 36.1
	  	Transfer of Tenant’s Successor Assets and Operational Control of the Leased Property	  	 	151	 
	 36.2
	  	Transfer of Intellectual Property	  	 	152	 
	 36.3
	  	Determination of Successor Assets FMV	  	 	152	 
	 36.4
	  	Operation Transfer	  	 	153	 
		
	 ARTICLE XXXVII ATTORNEYS’ FEES
	  	 	153	 
		
	 ARTICLE XXXVIII BROKERS
	  	 	153	 
		
	 ARTICLE XXXIX ANTI-TERRORISM REPRESENTATIONS
	  	 	154	 
		
	 ARTICLE XL LANDLORD REIT PROTECTIONS
	  	 	154	 
		
	 ARTICLE XLI MISCELLANEOUS
	  	 	155	 
	 41.1
	  	Survival	  	 	155	 
	 41.2
	  	Severability	  	 	156	 
	 41.3
	  	Non-Recourse	  	 	156	 
	 41.4
	  	Successors and Assigns	  	 	157	 
	 41.5
	  	Governing Law	  	 	157	 
	 41.6
	  	Waiver of Trial by Jury	  	 	158	 
	 41.7
	  	Entire Agreement	  	 	158	 
	 41.8
	  	Headings	  	 	158	 
	 41.9
	  	Counterparts	  	 	158	 

  
 iv 

 TABLE OF CONTENTS (CONT’D) 

 

							
	 	  	 	  	Page	 
	 41.10
	  	Interpretation	  	 	159	 
	 41.11
	  	Deemed Consent	  	 	159	 
	 41.12
	  	Further Assurances	  	 	159	 
	 41.13
	  	Gaming Regulations	  	 	160	 
	 41.14
	  	Certain Provisions of Nevada Law	  	 	160	 
	 41.15
	  	Intentionally Omitted	  	 	161	 
	 41.16
	  	Intentionally Omitted	  	 	161	 
	 41.17
	  	Savings Clause	  	 	161	 
	 41.18
	  	Integration with Other Documents	  	 	161	 
	 41.19
	  	Manager	  	 	162	 
	 41.20
	  	Non-Consented Lease Termination	  	 	162	 
	 41.21
	  	Intentionally Omitted	  	 	162	 
	 41.22
	  	Confidential Information	  	 	162	 
	 41.23
	  	Time of Essence	  	 	162	 
	 41.24
	  	Consents, Approvals and Notices	  	 	162	 
	 41.25
	  	No Release of Tenant or Guarantor	  	 	163	 
	 41.26
	  	Suretyship Waivers	  	 	163	 
	 41.27
	  	Amendments	  	 	164	 

  
 v 

 TABLE OF CONTENTS (CONT’D) 

 

					
	 	  	 	  	Page

 EXHIBITS AND SCHEDULES 

 

							
	 EXHIBIT A
	  	 	—  	 	  	FACILITY
			
	 EXHIBIT B
	  	 	—  	 	  	LEGAL DESCRIPTION OF LAND
			
	 EXHIBIT C
	  	 	—  	 	  	CAPITAL EXPENDITURES REPORT
			
	 EXHIBIT D
	  	 	—  	 	  	FORM OF SCHEDULE CONTAINING ANY ADDITIONS TO OR RETIREMENTS OF ANY FIXED ASSETS CONSTITUTING LEASED PROPERTY
			
	 EXHIBIT E
	  	 	—  	 	  	GROUND LEASED PROPERTY
			
	 EXHIBIT F
	  	 	—  	 	  	INTENTIONALLY OMITTED
			
	 EXHIBIT G
	  	 	—  	 	  	FORM OF REIT COMPLIANCE CERTIFICATE
			
	 EXHIBIT H
	  	 	—  	 	  	PROPERTY-SPECIFIC IP
			
	 EXHIBIT I
	  	 	—  	 	  	FORM OF PACE REPORT
			
	 EXHIBIT J
	  	 	—  	 	  	NEW TOWER LOCATION
			
	 EXHIBIT K
	  	 	—  	 	  	DESCRIPTION OF TITLE POLICY
			
	 EXHIBIT L
	  	 	—  	 	  	COMMENCEMENT DATE REPRESENTATIONS
			
	 EXHIBIT M
	  	 	—  	 	  	INFORMATION STANDARD
			
	 SCHEDULE 1
	  	 	—  	 	  	GAMING LICENSES
			
	 SCHEDULE 2
	  	 	—  	 	  	GROUND LEASES
			
	 SCHEDULE 3
	  	 	—  	 	  	INITIAL FEE MORTGAGEE REQUIRED REPAIRS
			
	 SCHEDULE 4
	  	 	—  	 	  	SPECIFIED SUBLEASES
			
	 SCHEDULE 5
	  	 	—  	 	  	RENT ALLOCATION
			
	 SCHEDULE 6
	  	 	—  	 	  	LONDON CLUBS

  
 vi 

 LEASE (CPLV) 

THIS LEASE (CPLV) (this “Lease”) is entered into as of October 6, 2017, by and among CPLV Property Owner LLC, a Delaware
limited liability company (together with its successors and assigns, “Landlord”), and Desert Palace LLC, a Nevada limited liability company, Caesars Entertainment Operating Company, Inc., a Delaware corporation, and CEOC, LLC, a
Delaware limited liability company (as successor by merger to Caesars Entertainment Operating Company, Inc.), jointly and severally (collectively, or if the context clearly requires, individually, and together with their respective successors and
permitted assigns, “Tenant”). 
 RECITALS 

A. Commencing on January 15, 2015 and continuing thereafter, Caesars Entertainment Operating Company, Inc., a Delaware corporation, and
certain of its direct and indirect subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Northern
District of Illinois (the “Bankruptcy Court”), jointly administered under Case No. 15-01145, and the Bankruptcy Court has confirmed the “Debtors’ Third Amended Joint Plan of
Reorganization Pursuant to Chapter 11 of the Bankruptcy Code” (as it may be altered, amended, modified, or supplemented from time to time in accordance with the terms of Article X thereof, the “Bankruptcy Plan”). 

B. Pursuant to the Bankruptcy Plan, on the date hereof the Debtors transferred the Leased Property to Landlord, and Landlord hereby leases the
Leased Property to Tenant and Tenant hereby leases the Leased Property from Landlord, upon the terms set forth in this Lease. 
 C.
Immediately following the execution of this Lease, Caesars Entertainment Operating Company, Inc., a Delaware corporation, will merge into CEOC, LLC. 

D. Capitalized terms used in this Lease and not otherwise defined herein are defined in Article II hereof. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as
follows: 
 ARTICLE I 

DEMISE; TERM 
 1.1
Leased Property. Upon and subject to the terms and conditions hereinafter set forth, Landlord demises and leases to Tenant and Tenant accepts and leases from Landlord all of Landlord’s rights and interest in and to the following
(collectively, the “Leased Property”): 
 (a) the real property described in Exhibit B attached hereto,
together with any ownership interests in adjoining roadways, alleyways, strips, gores and the like appurtenant thereto (collectively, the “Land”); 

  
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 (b) the Ground Leases (as defined below), together with the leasehold estates in the Ground
Leased Property (as defined below), as to which this Lease will constitute a sublease, including, without limitation, the Premises as defined in the Octavius Ground Lease (as defined below); 

(c) all buildings, structures, Fixtures and improvements of every kind now or hereafter located on the Land or the improvements located thereon
or permanently affixed to the Land or the improvements located thereon, including, but not limited to, alleyways and connecting tunnels, sidewalks, utility pipes, conduits and lines appurtenant to such buildings and structures (collectively, the
“Leased Improvements”), provided, however, that the foregoing shall not affect or contradict the provisions of this Lease which specify that Tenant shall be entitled to certain rights with respect to or benefits of the Tenant
Capital Improvements as expressly set forth herein; and 
 (d) all easements, development rights and other rights appurtenant to the Land or
the Leased Improvements. 
 The Leased Property is leased subject to all covenants, conditions, restrictions, easements and other matters of any nature
affecting the Leased Property or any portion thereof as of the Commencement Date and such subsequent covenants, conditions, restrictions, easements and other matters as may hereafter arise in accordance with the terms of this Lease or as may
otherwise be agreed to in writing by Landlord and Tenant, whether or not of record, including any matters which would be disclosed by an inspection or accurate survey of the Leased Property or any portion thereof. 

To the extent Landlord’s ownership of any Leased Property or any portion thereof (including any improvement (including any Capital Improvement) or other
property) that does not constitute “real property” within the meaning of Treasury Regulation Section 1.856-3(d), which would otherwise be owned by Landlord and leased to Tenant pursuant to this
Lease, could cause Landlord REIT to fail to qualify as a “real estate investment trust” (within the meaning of Section 856(a) of the Code, or any similar or successor provision thereto), then a portion of such property shall instead
be owned by Propco TRS LLC, a Delaware limited liability company, which is a “taxable REIT subsidiary” (within the meaning of Section 856(l) of the Code, or any similar or successor provision thereto) of Landlord REIT (the
“Propco TRS”), to the extent necessary such that Landlord’s ownership of such Leased Property does not cause Landlord REIT to fail to qualify as a real estate investment trust, provided, there shall be no adjustment in the Rent
as a result of the foregoing. In such event, Landlord shall cause the Propco TRS to make such property available to Tenant in accordance with the terms hereof; however, Landlord shall remain fully liable for all obligations of Landlord under
this Lease and shall retain sole decision-making authority for any matters for which Landlord’s consent or approval is required or permitted to be given and for which Landlord’s discretion may be exercised under this Lease. 

1.2 Single, Indivisible Lease. This Lease constitutes one indivisible lease of the Leased Property and not separate leases
governed by similar terms. The Leased Property constitutes one economic unit, and the Rent and all other provisions have been negotiated and agreed upon based on a demise of all of the Leased Property to Tenant as a single, composite, inseparable
transaction and would have been substantially different had separate leases or a 

  
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divisible lease been intended. Except as expressly provided in this Lease for specific, isolated purposes (and then only to the extent expressly otherwise stated), all provisions of this Lease
apply equally and uniformly to all components of the Leased Property collectively as one unit. The Parties intend that the provisions of this Lease shall at all times be construed, interpreted and applied so as to carry out their mutual objective to
create an indivisible lease of all of the Leased Property and, in particular but without limitation, that, for purposes of any assumption, rejection or assignment of this Lease under 11 U.S.C. Section 365, or any successor or replacement
thereof or any analogous state law, this is one indivisible and non-severable lease and executory contract dealing with one legal and economic unit and that this Lease must be assumed, rejected or assigned as
a whole with respect to all (and only as to all) of the Leased Property. The Parties may elect to amend this Lease from time to time to modify the boundaries of the Land, to exclude one or more components or portions thereof, and/or to include one
or more additional components as part of the Leased Property, and any such future addition to the Leased Property shall not in any way change the indivisible and nonseverable nature of this Lease and all of the foregoing provisions shall continue to
apply in full force. For the avoidance of doubt, the Parties acknowledge and agree that this Section 1.2 is not intended to and shall not be deemed to limit, vitiate or supersede anything contained in
Section 41.17 hereof. 
 1.3 Term. The “Term” of this Lease shall commence on the
Commencement Date and expire on the Expiration Date (i.e., the Term shall consist of the Initial Term plus all Renewal Terms, to the extent exercised as set forth in Section 1.4 below, subject to any earlier termination of
the Term pursuant to the terms hereof). The initial stated term of this Lease (the “Initial Term”) shall commence on October 6, 2017 (the “Commencement Date”) and expire on October 31, 2032 (the
“Initial Stated Expiration Date”). The “Stated Expiration Date” means the Initial Stated Expiration Date or the expiration date of the most recently exercised Renewal Term, as the case may be. 

1.4 Renewal Terms. The Term of this Lease may be extended for four (4) separate “Renewal Terms” of five
(5) years each if (a) at least twelve (12), but not more than eighteen (18), months prior to the then current Stated Expiration Date, Tenant (or, pursuant to Section 17.1(e), a Permitted Leasehold Mortgagee)
delivers to Landlord a “Renewal Notice” stating that it is irrevocably exercising its right to extend this Lease for one (1) Renewal Term; and (b) no Tenant Event of Default shall have occurred and be continuing on the
date Landlord receives the Renewal Notice or on the last day of the then current Term (other than a Tenant Event of Default that is in the process of being cured by a Permitted Leasehold Mortgagee in compliance in all respects with
Section 17.1(d) and Section 17.1(e)). Subject to the provisions, terms and conditions of this Lease, upon Tenant’s timely delivery to Landlord of a Renewal Notice, the Term of this Lease shall
be extended for the then applicable Renewal Term. During any such Renewal Term, except as specifically provided for herein, all of the provisions, terms and conditions of this Lease shall remain in full force and effect. After the last
Renewal Term, Tenant shall have no further right to renew or extend the Term. If Tenant fails to validly and timely exercise any right to extend this Lease, then all subsequent rights to extend the Term shall terminate. 

  
 3 

 ARTICLE II 

DEFINITIONS 
 For all
purposes of this Lease, except as otherwise expressly provided or unless the context otherwise requires, (i) the terms defined in this Article II have the meanings assigned to them in this Article and include the plural as well as the
singular and any gender as the context requires; (ii) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; (iii) all references in this Lease to designated “Articles,”
“Sections,” “Exhibits” and other subdivisions are to the designated Articles, Sections, Exhibits and other subdivisions of this Lease; (iv) the word “including” shall have the same meaning as the phrase
“including, without limitation,” and other similar phrases; (v) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Lease as a whole and not to any particular
Article, Section or other subdivision; (vi) all Exhibits, Schedules and other attachments annexed to the body of this Lease are hereby deemed to be incorporated into and made an integral part of this Lease; (vii) all references to a range
of Sections, paragraphs or other similar references, or to a range of dates or other range (e.g., indicated by “-” or “through”) shall be deemed inclusive of the entire range so referenced; (viii) for the calculation
of any financial ratios or tests referenced in this Lease, this Lease, regardless of its treatment under GAAP, shall be deemed to be an operating lease and the Rent payable hereunder shall be treated as an operating expense and shall not constitute
indebtedness or interest expense; (ix) the fact that CEOC is sometimes named herein as “CEOC” is not intended to vitiate or supersede the fact that CEOC is included as one of the entities constituting Tenant; and (x) wherever
this Lease requires Tenant to perform obligations or comply with terms, conditions or requirements in accordance with this Lease, for avoidance of doubt, such requirement shall be deemed to include, without limitation, any and all applicable
Additional Fee Mortgagee Requirements. 
 “AAA”: As defined in the definition of Appointing Authority. 

“Accepted MCI Financing Proposal”: As defined in Section 10.4(b). 

“Accountant”: Either (i) a firm of independent public accountants designated by Tenant or CEC, as applicable and
reasonably acceptable to Landlord, or (ii) a “big four” accounting firm designated by Tenant. 
 “Accounts”:
All Tenant’s accounts, including deposit accounts (but excluding any impound accounts established pursuant to Section 4.1 or any Fee Mortgage Reserve Accounts), all rents, profits, income, revenues or rights to payment
or reimbursement derived from Tenant’s use of any space within the Leased Property or any portion thereof and/or from goods sold or leased or services rendered by Tenant from the Leased Property or any portion thereof (including, without
limitation, from goods sold or leased or services rendered from the Leased Property or any portion thereof by any Subtenant or Affiliated property manager) and all Tenant’s accounts receivable derived from the use of the Leased Property or
goods or services provided from the Leased Property, in each case whether or not evidenced by a contract, document, instrument or chattel paper and whether or not earned by performance, including without limitation, the right to payment of
management fees and all proceeds of the foregoing. 

  
 4 

 “Acquirer”: As defined in Article XVIII. 

“Additional Charges”: All Impositions and all other amounts, liabilities and obligations (excluding Rent) which Tenant
assumes or agrees or is obligated to pay under this Lease and, in the event of any failure on the part of Tenant to pay any of those items, every fine, penalty, interest and cost which may be added for
non-payment or late payment of such items pursuant to the terms hereof or under applicable law. 

“Additional Fee Mortgagee Requirements”: As defined in Section 31.3. 

“Additional Fee Mortgagee Requirements Period”: As defined in Section 31.3. 

“Affiliate”: When used with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. In no event shall Tenant or any of its Affiliates be deemed to be an Affiliate of Landlord or any of Landlord’s Affiliates as a result of this
Lease, the Other Leases, the MLSA, the Other MLSAs and/or as a result of any consolidation by Tenant or Landlord of the other such party or the other such party’s Affiliates with Tenant or Landlord (as applicable) for accounting purposes. 

“Alteration”: Any construction, demolition, restoration, alteration, addition, improvement, renovation or other physical
changes or modifications of any nature in, on or to the Leased Improvements that is not a Capital Improvement. 
 “Alteration
Security”: As defined in Section 10.1. 
 “Alteration Threshold”: As defined in
Section 10.1. 
 “Annual Minimum Per-Lease B&I Cap Ex
Requirement”: As defined in Section 10.5(a)(ii). 
 “Appointing Authority”: Either
(i) the Institute for Conflict Prevention and Resolution (also known as, and shall be defined herein as, the “CPR Institute”), unless it is unable to serve, in which case the Appointing Authority shall be (ii) the American
Arbitration Association (“AAA”) under its Arbitrator Select Program for non-administered arbitrations or whatever AAA process is in effect at the time for the appointment of arbitrators in
cases not administered by the AAA, unless it is unable to serve, in which case (iii) the Parties shall have the right to apply to any court of competent jurisdiction to appoint an Appointing Authority in accordance with the court’s power
to appoint arbitrators. The CPR Institute and the AAA shall each be considered unable to serve if it no longer exists, or if it no longer provides neutral appointment services, or if it does not confirm (in form or substance) that it will serve as
the Appointing Authority within thirty (30) days after receiving a written request to serve as the Appointing Authority, or if, despite agreeing to serve as the Appointing Authority, it does not confirm appointment within sixty (60) days
after receiving such written request. 
 “Arbitration Provision”: Each of the following: the determination of whether a
Capital Improvement constitutes a Material Capital Improvement; the determination of whether all or a portion of the Leased Property or Other Leased Property constitutes Material Leased 

  
 5 

 
Property; the determination of whether all or a portion of the London/Chester Properties constitutes Material London/Chester Property; the determination of whether the Minimum Facility Threshold
is satisfied; the calculation of Net Revenue; the calculation of Rent (without limitation of the procedures set forth in Section 3.2); the calculation of the Triennial Allocated Minimum Cap Ex Amount B Floor; the
calculation of the Triennial Allocated Minimum Cap Ex Amount B; without limitation of the EBITDAR Calculation Procedures, any EBITDAR calculation made pursuant to this Lease or any determination or calculation made pursuant to this Lease for which
EBITDAR is a necessary component of such determination or calculation and the calculation of any amounts under Sections 10.1(a), 10.3, 10.5(a) and 10.5(b). 

“Architect”: As defined in Section 10.2(b). 

“Award”: All compensation, sums or anything of value awarded, paid or received from the applicable authority on a total or
partial Taking or Condemnation, including any and all interest thereon. 
 “Base Net Revenue Amount”: One Billion Six
Million and No/100 Dollars ($1,006,000,000.00), which amount Landlord and Tenant agree represents Net Revenue for the Fiscal Period immediately preceding the first (1st) Lease Year. 

“Base Rent”: The Base Rent component of Rent, as defined in more detail in clauses (b) and (c) of the definition of
“Rent.” 
 “Beginning CPI”: As defined in the definition of CPI Increase. 

“Bookings”: Reservations, bookings and short-term arrangements with conventions, conferences, hotel guests, tours, vendors
and other groups or individuals (it being understood that whether or not such arrangements or agreements are short-term or temporary shall be determined without regard to how long in advance such arrangements or agreements are entered into), in each
case entered into in the ordinary course consistent with past practices. 
 “Brand” and “Brands”: As
defined in the MLSA. 
 “Business Day”: Each Monday, Tuesday, Wednesday, Thursday and Friday that (i) is not a day on
which national banks in the City of Las Vegas, Nevada or in New York, New York are authorized, or obligated, by law or executive order, to close, and (ii) is not any other day that is not a “Business Day” as defined under an Other
Lease. 
 “Cap Ex Reserve”: As defined in Section 10.5(b)(ii). 

“Cap Ex Reserve Funds”: As defined in Section 10.5(b)(ii). 

“Capital Expenditures”: The sum of (i) all expenditures actually paid by or on behalf of Tenant, on a consolidated
basis, to the extent capitalized in accordance with GAAP and in a manner consistent with Tenant’s annual Financial Statements, plus (ii) all Services Co Capital Expenditures; provided that the foregoing shall exclude capitalized interest.

  
 6 

 “Capital Improvement”: Any construction, restoration, alteration, addition,
improvement, renovation or other physical changes or modifications of any nature (excluding maintenance, repair and replacement in the ordinary course) in, on, or to the Leased Improvements, including, without limitation, structural alterations,
modifications or improvements of one or more additional structures annexed to any portion of the Leased Improvements or the expansion of existing Leased Improvements, in each case, to the extent that the costs of such activity are or would be
capitalized in accordance with GAAP and in a manner consistent with Tenant’s Financial Statements, and any demolition in connection therewith. 

“Capital Lease Obligations”: With respect to any Person, the obligations of such Person to pay rent or other amounts under
any lease of (or other similar arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations have been or should be classified and accounted for as capital leases on a balance sheet of such person
under GAAP (as in effect on the date hereof) and, for purposes hereof, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP (as in effect on the date hereof). 

“Cash”: Cash and cash equivalents and all instruments evidencing the same or any right thereto and all proceeds thereof. 

“Casualty Event”: Any loss, damage or destruction with respect to the Leased Property or any portion thereof. 

“CEC”: Caesars Entertainment Corporation, a Delaware corporation. 

“CEOC”: CEOC, LLC, a Delaware limited liability company, as successor by merger to Caesars Entertainment Operating Company,
Inc., a Delaware corporation. 
 “Change of Control”: With respect to any party, the occurrence of any of the following:
(a) the direct or indirect sale, exchange or other transfer (other than by way of merger, consolidation or amalgamation), in one or a series of related transactions, of all or substantially all the assets of such party and its Subsidiaries,
taken as a whole, to one or more Persons; (b) an officer of such party becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the consummation of
any transaction or series of related transactions (including, without limitation, any merger, consolidation or amalgamation), the result of which is that any “person” or “group” (as used in Section 13(d)(3) of the Exchange
Act) or any successor provision) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act or any successor provision), directly or
indirectly, of more than fifty percent (50%) of the Voting Stock of such party or other Voting Stock into which such party’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of
securities or other ownership interests; (c) the occurrence of a “change of control”, “change in control” (or similar definition) as defined in any indenture, credit agreement or similar debt instrument under which such
party is an issuer, a borrower or other obligor, in each case representing outstanding indebtedness in excess of One Hundred Million and No/100 Dollars ($100,000,000.00); or (d) such party consolidates with, or merges or amalgamates with or
into, any other Person (or any other Person consolidates with, or merges or amalgamates with or into, such party), in any such 

  
 7 

 
event pursuant to a transaction in which any of such party’s outstanding Voting Stock or any of the Voting Stock of such other Person is converted into or exchanged for cash, securities or
other property, other than any such transaction where such party’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, a majority of the outstanding Voting Stock of the surviving
Person or any direct or indirect Parent Entity of the surviving Person immediately after giving effect to such transaction measured by voting power rather than number of securities or other ownership interests. For purposes of the foregoing
definition: (x) a party shall include any Parent Entity of such party; and (y) “Voting Stock” shall mean the securities or other ownership interests of any class or classes having general voting power under ordinary circumstances, in
the absence of contingencies, to elect the directors, managers or trustees (or other similar governing body) of a Person. Notwithstanding the foregoing: (A) the transfer of assets between or among a party’s wholly owned subsidiaries and
such party shall not itself constitute a Change of Control; (B) the term “Change of Control” shall not include a merger, consolidation or amalgamation of such party with, or the sale, assignment, conveyance, transfer or other
disposition of all or substantially all of such party’s assets to, an Affiliate of such party (1) incorporated or organized solely for the purpose of reincorporating such party in another jurisdiction, and (2) the owners of which and
the number and type of securities or other ownership interests in such party, measured by voting power and number of securities or other ownership interests, owned by each of them immediately before and immediately following such transaction, are
materially unchanged; (C) a “person” or “group” shall not be deemed to have beneficial ownership of securities subject to a stock or asset purchase agreement, merger agreement or similar agreement (or voting or option or
similar agreement related thereto) prior to the consummation of the transactions contemplated by such agreement; (D) the Restructuring Transactions (as defined in the Indenture) and any transactions related thereto shall not constitute a Change
of Control; and (E) a transaction will not be deemed to involve a Change of Control in respect of a party if (1) such party becomes a direct or indirect wholly owned subsidiary of a holding company, and (2) the direct or indirect
owners of such holding company immediately following that transaction are the same as the owners of such party immediately prior to that transaction and the number and type of securities or other ownership interests owned by each such direct and
indirect holder immediately following such transaction are materially unchanged from the number and type of securities or other ownership interests owned by such direct and indirect holder in such party immediately prior to that transaction. 

“Chester Property”: Those certain casino, race track and land parcels located at and around 777 Harrah’s Boulevard,
Chester, Pennsylvania, and owned directly or indirectly by CEOC. 
 “Code”: The Internal Revenue Code of 1986 and, to the
extent applicable, the Treasury Regulations promulgated thereunder, each as amended from time to time. 
 “Competitively Sensitive
Information”: Any non-public information that, if disclosed, would reasonably be expected to impair Tenant’s competitive advantage in any markets in which it operates. 

“Commencement Date”: As defined in Section 1.3. 

  
 8 

 “Condemnation”: The exercise of any governmental power, whether by legal
proceedings or otherwise, by any public or quasi-public authority, or private corporation or individual, having such power under Legal Requirements, either under threat of condemnation or while legal proceedings for condemnation are pending. 

“Confidential Information”: In addition to information described in Section 41.22, any information
or compilation of information relating to a business, procedures, techniques, methods, concepts, ideas, affairs, products, processes or services, including source code, information relating to distribution, marketing, merchandising, selling,
research, development, manufacturing, purchasing, accounting, engineering, financing, costs, pricing and pricing strategies and methods, customers, suppliers, creditors, employees, contractors, agents, consultants, plans, billing, needs of customers
and products and services used by customers, all lists of suppliers, distributors and customers and their addresses, prospects, sales calls, products, services, prices and the like, as well as any specifications, formulas, plans, drawings, accounts
or sales records, sales brochures, catalogs, code books, manuals, trade secrets, knowledge, know-how, operating costs, sales margins, methods of operations, invoices or statements and the like. 

“Continuously Operated”: With respect to the Facility, the Facility is continuously used and operated for its Primary
Intended Use and open for business to the public during all business hours usual and customary for such use for comparable properties in the State where the Facility is located. 

“Control”: The possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ownership of voting securities, partnership interests or any other Equity Interests or by contract, and “Controlling” and “Controlled” shall have meanings correlative
thereto. 
 “CPI”: The United States Department of Labor, Bureau of Labor Statistics Revised Consumer Price Index for All
Urban Consumers (1982-84=100), U.S. City Average, All Items, or, if that index is not available at the time in question, then the index designated by such Department as the successor to such index, and if
there is no index so designated, an index for an area in the United States that most closely corresponds to the entire United States, published by such Department, or if none, by any other instrumentality of the United States, all as reasonably
determined by Landlord and Tenant. 
 “CPI Increase”: The greater of (a) zero and (b) a fraction, expressed as a
decimal, determined as of each Escalator Adjustment Date, (x) the numerator of which shall be the difference between (i) the average CPI for the three (3) most recent calendar months (the “Prior Months”) ending prior
to such Escalator Adjustment Date (for which the CPI has been published as of such Escalator Adjustment Date) and (ii) the average CPI for the three (3) corresponding calendar months occurring one (1) year prior to the Prior Months
(such average CPI, the “Beginning CPI”), and (y) the denominator of which shall be the Beginning CPI. 
 “CPLV
Exclusive Customer”: Any customer or guest of the Facility whose gaming theoretical value at the Facility constitutes seventy-five percent (75%) or more of the total gaming theoretical value of such customer or guest at all properties
managed by the Manager during the twenty-four (24) month period immediately preceding the month in which the date of determination occurs. 

  
 9 

 “CPLV Guest Data”: Guest Data of CPLV Exclusive Customers. 

“CPLV Trademark License”: That certain CPLV Trademark License Agreement, dated as of the date hereof, by and between Caesars
License Company, LLC, as licensor and Tenant, as licensee. 
 “CPLV Trademark Security Agreement”: That certain CPLV
Trademark Security Agreement, dated as of the date hereof, by and among Caesars License Company, LLC, Tenant, Landlord, JPMorgan Chase Bank, National Association, Barclay’s Bank PLC, Goldman Sachs Mortgage Company, and Morgan Stanley Bank, N.A.

 “CPR Institute”: As defined in the definition of Appointing Authority. 

“Disclosure Documents” means, collectively, any written materials used or provided to any prospective investors and/or the
rating agencies in connection with any public offering or private placement in connection with a securitization (including, without limitation, a prospectus, prospectus supplement, private placement memorandum, offering memorandum, offering
circular, term sheet, road show presentation materials or other offering documents, marketing materials or information provided to prospective investors), in each case in preliminary or final form and including any amendments, supplements, exhibits,
annexes and other attachments thereto. 
 “Dollars” and “$”: The lawful money of the United States. 

“Domestic Subsidiaries”: As defined in the definition of Qualified Replacement Guarantor. 

“EBITDA”: The same meaning as “EBITDAR” as defined herein but without giving effect to clause (xi) in the
definition thereof. 
 “EBITDAR”: For any applicable twelve (12) month period, the consolidated net income or loss of
a Person on a consolidated basis for such period, determined in accordance with GAAP, provided, however, that without duplication and in each case to the extent included in calculating net income (calculated in accordance with
GAAP): (i) income tax expense shall be excluded; (ii) interest expense shall be excluded; (iii) depreciation and amortization expense shall be excluded; (iv) amortization of intangible assets shall be excluded;
(v) write-downs and reserves for non-recurring restructuring-related items (net of recoveries) shall be excluded; (vi) reorganization items shall be excluded; (vii) any impairment charges or
asset write-offs, non-cash gains, losses, income and expenses resulting from fair value accounting required by the applicable standard under GAAP and related interpretations, and
non-cash charges for deferred tax asset valuation allowances, shall be excluded; (viii) any effect of a change in accounting principles or policies shall be excluded; (ix) any non-cash costs or expense incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement shall
be excluded; (x) any nonrecurring gains or losses (less all fees and expenses relating thereto) shall be excluded; (xi) 

  
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rent expense shall be excluded; and (xii) the impact of any deferred proceeds resulting from failed sale accounting shall be excluded. In connection with any EBITDAR calculation made
pursuant to this Lease or any determination or calculation made pursuant to this Lease for which EBITDAR is a necessary component of such determination or calculation, (i) promptly following request therefor, Tenant shall provide Landlord with
all supporting documentation and backup information with respect thereto as may be reasonably requested by Landlord, (ii) such calculation shall be as reasonably agreed upon between Landlord and Tenant, and (iii) if Landlord and Tenant do
not agree within twenty (20) days of either party seeking to commence discussions, the same may be determined by an Expert in accordance with and pursuant to the process set forth in Section 34.2 hereof (clauses
(i) through (iii), collectively, the “EBITDAR Calculation Procedures”). 
 “EBITDAR Calculation
Procedures”: As defined in the definition of EBITDAR. 
 “Eligible Account”: 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 that has a Moody’s rating of at least “Baa2” and 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 Fifty Million and No/100 Dollars
($50,000,000.00) 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”: Either (a) a depository institution or trust company insured by the Federal Deposit Insurance
Corporation, the short-term unsecured debt obligations or commercial paper of which are rated at least “A-1+” by S&P and “P-1” by Moody’s in
the case of accounts in which funds are held for thirty (30) days or less (or, in the case of Letters of Credit and 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 S&P and “Aa3” by Moody’s), or (b) Wells Fargo Bank, National Association, provided that the rating by S&P and Moody’s for the short term unsecured debt obligations or
commercial paper and long term unsecured debt obligations of the same does not decrease below the ratings set forth in clause (a) hereof. 

“Embargoed Person”: Any person, entity or government subject to trade restrictions under U.S. law, including, but not limited
to, The USA PATRIOT Act (including the anti-terrorism provisions thereof), 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 including those related to Specially Designated Nationals and Specially Designated Global Terrorists, with the result that the
applicable transaction is prohibited by law or in violation of law. 
 “Environmental Costs”: As defined in
Section 32.4. 

  
 11 

 “Environmental Laws”: Any and all federal, state, municipal and local laws,
statutes, ordinances, rules, regulations, orders, decrees or judgments, whether statutory or common law, as amended from time to time, now or hereafter in effect, or promulgated, pertaining to the environment, public health and safety and industrial
hygiene and relating to the use, generation, manufacture, production, storage, release, discharge, disposal, handling, treatment, removal, decontamination, cleanup, transportation or regulation of any Hazardous Substance, including the Industrial
Site Recovery Act, the Clean Air Act, the Clean Water Act, the Toxic Substances Control Act, the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act, the Federal Insecticide, Fungicide,
Rodenticide Act, the Safe Drinking Water Act and relevant provisions of the Occupational Safety and Health Act. 
 “Equity
Interests”: With respect to any Person, any and all shares, interests, participations, equity interests, voting interests or other equivalents, including membership interests (however designated, whether voting or non-voting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or participation that confers on a Person the right to
receive a share of the profit, and losses of, or distributions of assets of, such partnership. 
 “Escalator”: The sum of
(a) one plus (b) the greater of (i) two one-hundredths (0.02) and (ii) the CPI Increase. 

“Escalator Adjustment Date”: The first day of each Lease Year, excluding the first Lease Year of the Initial Term and the
first Lease Year of each Renewal Term. 
 “Estoppel Certificate”: As defined in Section 23.1(a).

 “Exchange Act”: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Excluded Assets”: (i) Motor vehicles and other assets subject to certificates of title and letter of credit
rights (in each case, other than to the extent a lien on such assets or such rights can be perfected by filing a UCC-1), and commercial tort claims with a value of less than Fifteen Million and No/100 Dollars
($15,000,000.00), (ii) pledges and security interests (1) prohibited by Legal Requirements (including Gaming Regulations) or contractual obligation (except to the extent such contractual obligation was entered into with the intent to vitiate
the rights of Landlord hereunder, and provided that Tenant shall use good faith efforts, in its commercially reasonable business judgment, to avoid agreeing to contractual obligations that prohibit pledging of assets that otherwise would constitute
Tenant’s Pledged Property) in each case, except to the extent such prohibition is unenforceable after giving effect to the applicable anti-assignment provisions of Article 9 of the Uniform Commercial Code or (2) which would require
governmental (including Gaming Authority) consent, approval, license or authorization to be pledged (to the extent such consent, approval, license or authorization has not been obtained, it being understood that Tenant shall use commercially
reasonable efforts to obtain such consent, approval, license or authorization, but only to the extent such efforts are reasonably expected to have a reasonable likelihood of resulting in obtaining such consent, approval, license or authorization),
in each case, except to the extent such requirement is unenforceable after giving effect to the applicable anti-assignment provisions of Article 9 of the Uniform Commercial Code, (iii) those assets as to which Landlord and Tenant reasonably
agree 

  
 12 

 
in writing that the costs or other consequence of obtaining or perfecting such a security interest or perfection thereof are excessive in relation to the value of the security to be afforded
thereby, (iv) any lease, license or other agreement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or create a right of termination in favor of any other party thereto
(other than Tenant, CEC or any of their Affiliates) after giving effect to the applicable anti-assignment provisions of Article 9 of the Uniform Commercial Code, (v) any governmental licenses (including gaming licenses) or state or local
franchises, charters and authorizations, to the extent security interests in such licenses, franchises, charters or authorizations are prohibited or restricted thereby or require the consent of any governmental authority (to the extent such consent
has not been obtained, it being understood that Tenant shall use commercially reasonable efforts to obtain such consent, but only to the extent such efforts are reasonably expected to have a reasonable likelihood of resulting in obtaining such
consent) in each case, except to the extent such prohibition or restriction is unenforceable after giving effect to the applicable anti-assignment provisions of Article 9 of the Uniform Commercial Code, (vi) pending United States “intent-to-use” trademark applications for which a verified statement of use or an amendment to allege use has not been filed with and accepted by the United States
Patent and Trademark Office, (vii) any Equity Interests, (viii) other customary exclusions separately agreed in writing between Landlord and Tenant, (ix) any segregated accounts or funds, or any portion thereof, received by Tenant as
agent on behalf of third parties in accordance with a written agreement that imposes a duty upon Tenant to collect and remit those funds to such third parties, (x) any equipment or other asset that is subject to a purchase money debt
arrangement, slot financing arrangement or a personal property lease obligation, if the contract or other agreement providing for such purchase money debt arrangement, slot financing arrangement or personal property lease obligation prohibits or
requires the consent of any Person (other than Tenant, CEC or any of their respective Affiliates) as a condition to the creation of any other security interest on such equipment or asset and, in each case, to the extent such purchase money debt
arrangement, slot financing arrangement or personal property lease obligation is permitted under Section 6.3 hereof, and (xi) proceeds and products of Tenant’s Pledged Property that do not independently qualify as
Tenant’s Pledged Property; provided, that Tenant may in its sole discretion elect to exclude any property from the definition of Excluded Assets. 

“Existing Fee Mortgage”: The Fee Mortgage as in effect on the Commencement Date, together with any amendments, modifications,
and/or supplements thereto after the Commencement Date. 
 “Existing Fee Mortgage Documents”: The Fee Mortgage Documents
with respect to the Existing Fee Mortgage. 
 “Expert”: An independent third party professional, with expertise in respect
of a matter at issue, appointed by the agreement of Landlord and Tenant or otherwise in accordance with Article XXXIV hereof. 

“Expert Valuation Notice”: As defined in Section 34.1. 

“Expiration Date”: The Stated Expiration Date, or such earlier date as this Lease is terminated pursuant to its terms. 

  
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 “Extraordinary Items”: Gains or losses related to events and transactions that
both: (a) possess a high degree of abnormality and are of a type clearly unrelated to, or only incidentally related to, the ordinary and typical activities of the applicable entity, taking into account the environment in which such
entity operates; and (b) are of a type that would not reasonably be expected to recur in the foreseeable future, taking into account the environment in which the applicable entity operates. 

“Facility”: Collectively, (a) the assets comprising (i) a part of the Leased Property as listed on Exhibit A
attached hereto, including the respective Leased Improvements, easements, development rights, and other tangible rights (if any) forming a part thereof or appurtenant thereto, including any and all Capital Improvements (including any Tenant Material
Capital Improvements), and (ii) all of Tenant’s Property, and (b) the business operated by Tenant on or about such Leased Property or Tenant’s Property or any portion thereof or in connection therewith. 

“Fair Market Ownership Value”: The fair market purchase price of the Leased Property, Facility or any applicable part
thereof, as the context requires, as of the estimated transfer date, in its then-condition, that a willing purchaser would pay to a willing seller for Cash on arm’s-length terms (assuming (1) neither
such purchaser nor seller is under any compulsion to sell or purchase and that both have reasonable knowledge of all relevant facts, are acting prudently and knowledgeably in a competitive and open market, and assuming price is not affected by undue
stimulus and (2) neither party is paying any broker a commission in connection with the transaction), taking into account the provisions of Section 34.1(f) if applicable, and otherwise taking all then-relevant factors
into account (whether favorable to one, both or neither Party) and subject to the further factors, as applicable, that are set forth in the definition of “Fair Market Rental Value” herein below as applicable, either (i) as agreed in
writing by Landlord and Tenant, or (ii) as determined in accordance with the procedure specified in Section 34.1 of this Lease. 

“Fair Market Base Rental Value”: The Fair Market Rental Value, as determined with respect to Base Rent only (and not Variable
Rent nor Additional Charges), assuming and taking into account that Variable Rent and Additional Charges shall continue to be paid hereunder during any period in which such Fair Market Base Rental Value shall be paid. 

“Fair Market Property Value”: The fair market purchase price of the applicable personal property (including, solely in the
case of a valuation pursuant to Section 36.3 hereof, rights to or under applicable Intellectual Property), as the context requires, as of the estimated transfer date, in its then-condition, that a willing purchaser would
pay to a willing seller for Cash on arm’s-length terms (assuming (1) neither such purchaser nor seller is under any compulsion to sell or purchase and that both have reasonable knowledge of all
relevant facts, are acting prudently and knowledgeably in a competitive and open market, and assuming price is not affected by undue stimulus and (2) neither party is paying any broker a commission in connection with the transaction), and
otherwise taking all then-relevant factors into account (whether favorable to one, both or neither Party), either (i) as agreed in writing by Tenant and either Landlord or Successor Tenant (as applicable), or (ii) if not agreed upon in
accordance with clause (i) above, as determined in accordance with the procedure specified in Section 34.1. 

  
 14 

 “Fair Market Rental Value”: The annual fixed fair market rental value for the
Leased Property or any applicable part thereof (excluding Tenant Material Capital Improvements), as the context requires, as of the date of commencement of the Renewal Term for which the Fair Market Rental Value is being determined, in its
then-condition, that a willing tenant would pay to a willing landlord on arm’s length terms (assuming (1) neither such tenant nor landlord is under any compulsion to lease and that both have reasonable knowledge of all relevant facts, are
acting prudently and knowledgeably in a competitive and open market, and assuming price is not affected by undue stimulus, (2) such lease contained terms and conditions identical to the terms and conditions of this Lease, other than with
respect to the length of term and payment of Rent, (3) neither party is paying any broker a commission in connection with the transaction, and (4) that the tenant thereunder will pay such Fair Market Rental Value for the entire term of
such demise (i.e., no early termination)), taking into account the provisions of Section 34.1(g), and otherwise taking all then-relevant factors into account (whether favorable to one, both or neither Party), either
(i) as agreed in writing by Landlord and Tenant, or (ii) as determined in accordance with the procedure specified in Section 34.1 of this Lease. In all cases, for purposes of determining the Fair Market Ownership
Value or the Fair Market Rental Value, as the case may be, (A) the Leased Property (or Facility, as applicable) to be valued pursuant hereto (as improved by all then existing Leased Improvements, and all Capital Improvements thereto, but
excluding any Tenant Material Capital Improvements), shall be valued as (or as part of) a fully-permitted Facility operated in accordance with the provisions of this Lease for the Primary Intended Use, free and clear of any lien or encumbrance
evidencing a debt (including any Permitted Leasehold Indebtedness) or judgment (including any mortgage, security interest, tax lien, or judgment lien) (provided, however, for purposes of determining Fair Market Ownership Value of any applicable
Tenant Material Capital Improvements pursuant to Section 10.4(e), the same shall be valued on the basis of the then-applicable status of any applicable permits, free and clear of only such liens and encumbrances that will
be removed if and when conveyed to Landlord pursuant to said Section 10.4(e)), (B) in determining the Fair Market Ownership Value or Fair Market Rental Value with respect to damaged or destroyed Leased Property, such value
shall be determined as if such Leased Property had not been so damaged or destroyed (unless otherwise expressly provided herein), except that such value with respect to damaged or destroyed Tenant Material Capital Improvements shall only be
determined as if such Tenant Material Capital Improvements had been restored if and to the extent Tenant is required to repair, restore or replace such Tenant Material Capital Improvements under this Lease (provided, however, for purposes of
determining Fair Market Ownership Value pursuant to Section 10.4(e), the same shall be valued taking into account any then-existing damage), and (C) the price shall represent the normal consideration for the property
sold (or leased) unaffected by sales (or leasing) concessions granted by anyone associated with the transaction. In addition, the following specific matters shall be factored in or out, as appropriate, in determining Fair Market Ownership Value or
Fair Market Rental Value as the case may be: (i) the negative value of (x) any deferred maintenance or other items of repair or replacement of the Leased Property to the extent arising from breach or failure of Tenant to perform or observe
its obligations hereunder, (y) any then current or prior Gaming or other licensure violations by Tenant, Guarantor or any of their Affiliates, and (z) any breach or failure of Tenant to perform or observe its obligations hereunder (in each
case with respect to the foregoing clauses (x), (y) and (z), without giving effect to any applicable cure periods hereunder), shall, in each case, when determining Fair Market Ownership Value or Fair Market Rental Value, as the case may be, not be
taken into 

  
 15 

 
account; rather, the Leased Property and every part thereof shall be deemed to be in the condition required by this Lease and Tenant shall at all times be deemed to have operated the Facility in
compliance with and to have performed all obligations of Tenant under this Lease (provided, however, for purposes of determining Fair Market Ownership Value under Section 10.4(e), the negative value of the items described
in clauses (x), (y) and (z) shall be taken into account); and (ii) in the case of a determination of Fair Market Rental Value, such determination shall be without reference to any savings Landlord may realize as a result of any extension
of the Term of this Lease, such as savings in free rent and tenant concessions, and without reference to any “start-up” costs a new tenant would incur were it to replace the existing Tenant for any
Renewal Term or otherwise. The determination of Fair Market Rental Value shall be of Base Rent and Variable Rent (but not Additional Charges), and shall assume and take into account that Additional Charges shall continue to be paid hereunder during
any period in which such Fair Market Rental Value shall be paid. For the avoidance of doubt, the annual Fair Market Rental Value shall be calculated and evaluated as a whole for the entire term in question, and may reflect increases in one or more
years during the applicable term in question (i.e., the annual Fair Market Rental Value need not be identical for each year of the term in question). 

“Fee Mortgage”: Any mortgage, pledge agreement, security agreement, assignment of leases and rents, fixture filing or similar
document creating or evidencing a lien on Landlord’s interest in the Leased Property or any portion thereof (or an indirect interest therein, including without limitation, a lien on direct or indirect interests in Landlord) in accordance with
the provisions of Article XXXI hereof. 
 “Fee Mortgage Damages”: As defined in
Section 41.3. 
 “Fee Mortgage Documents”: With respect to each Fee Mortgage and Fee Mortgagee,
the applicable Fee Mortgage, loan agreement, pledge agreement, debt agreement, credit agreement or indenture, lease, note, collateral assignment instruments, guarantees, indemnity agreements and other documents or instruments evidencing, securing or
otherwise relating to the loan made, credit extended, or lease or other financing vehicle entered into pursuant thereto. 
 “Fee
Mortgage Reserve Account”: As defined in Section 31.3. 
 “Fee Mortgagee”: The holder(s)
or lender(s) under any Fee Mortgage or the agent or trustee acting on behalf of any such holder(s) or lender(s). 
 “Fee Mortgagee
Securitization”: Any sale or financing by a Fee Mortgagee (including, without limitation, issuing one or more participations) of all or a portion of the loan secured by a Fee Mortgage, including, without limitation, a public or private
securitization of rated single- or multi-class securities secured by or evidencing ownership interests in all or any portion of the loan secured by a Fee Mortgage or a pool of assets that includes such loan. 

“Fee Mortgagee Securitization Indemnitee”: Any Fee Mortgagee, any Affiliate of a Fee Mortgagee that has filed any
registration statement relating to a Fee Mortgagee Securitization or has acted as the sponsor or depositor in connection with a Fee Mortgagee Securitization, any Affiliate of a Fee Mortgagee that acts as an underwriter, placement agent or

  
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initial purchaser of securities issued in a Fee Mortgagee Securitization, any other co-underwriters, co-placement
agents or co-initial purchasers of securities issued in a Fee Mortgagee Securitization, in each case under or relating to the Existing Fee Mortgage, and each of their respective officers, directors and
Affiliates and each Person or entity who “controls” any such Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act. 

“FF&E”: Collectively, furnishings, fixtures, inventory, 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 Facility, 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, 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 hotel and casino resort equipment, supplies and other tangible
property owned by Tenant, or in which Tenant has or shall have an interest, now or hereafter located at the Leased Property or used or held for use in connection with the present or future operation and occupancy of the Facility; provided,
however, that FF&E shall not include items owned by subtenants that are neither Tenant nor Affiliates of Tenant, by guests or by other third parties. 

“FF&E Reserve”: As defined in Section 9.5(a). 

“FF&E Reserve Funds”: As defined in Section 9.5(a). 

“Financial Statements”: (i) For a Fiscal Year, consolidated statements of a Person’s and its Reporting
Subsidiaries’, if any, income, stockholders’ equity and comprehensive income and cash flows for such period and the related consolidated balance sheet as at the end of such period, together with the notes thereto, all in reasonable detail
and setting forth in comparative form the corresponding figures for the corresponding period in the preceding Fiscal Year and prepared in accordance with GAAP and audited by a “big four” or other nationally recognized accounting firm, and
(ii) for a Fiscal Quarter, consolidated statements of a Person’s and its Reporting Subsidiaries’, if any, income, stockholders’ equity and comprehensive income and cash flows for such period and for the period from the beginning
of the Fiscal Year to the end of such period and the related consolidated balance sheet as at the end of such period, together with the notes thereto, all in reasonable detail and setting forth in comparative form the corresponding figures for the
corresponding period in the preceding Fiscal Year or Fiscal Quarter, as the case may be, and prepared in accordance with GAAP. 

“First Variable Rent Period”: As defined in clause (b)(ii)(A) of the definition of “Rent.” 

“First VRP Net Revenue Amount”: As defined in clause (b)(ii)(A)(x) of the definition of “Rent.” 

  
 17 

 “Fiscal Quarter”: With respect to any Person, for any date of determination, a
fiscal quarter for each Fiscal Year of such Person. In the case of each of Tenant and CEC, “Fiscal Quarter” means each calendar quarter ending on March 31, June 30, September 30 and December 31, for each Fiscal Year of
Tenant. 
 “Fiscal Period”: With respect to any Person, for any date of determination, the period of the four (4) most
recently ended consecutive Fiscal Quarters of such Person for which Financial Statements are available. 
 “Fiscal Year”:
The annual period commencing January 1 and terminating December 31 of each year. 
 “Fixtures”: All equipment,
machinery, fixtures and other items of property, including all components thereof, that are now or hereafter located in or on, or used in connection with, and permanently affixed to or otherwise incorporated into the Leased Improvements or the Land.

 “Foreclosure Purchaser”: As defined in Section 31.1. 

“Foreclosure Successor Tenant”: Either (i) any assignee pursuant to Sections 22.2(i)(b) or (c), or
(ii) any Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee that enters into a New Lease in compliance in all respects with Section 17.1(f) and all other applicable provisions of this Lease.

 “Forum Shops Lease”: That certain Second Amended and Restated Ground Lease, dated February 7, 2003, by and between
Desert Palace LLC (as successor-in-interest to Caesars Palace Realty Corp.), as landlord, and Forum Shops, LLC, as tenant, as amended from time to time. 

“GAAP”: Generally accepted accounting principles in the United States consistently applied in the preparation of financial
statements, as in effect from time to time. 
 “Gaming”: Casino, racetrack, racino, video lottery terminal or other gaming
activities, including, but not limited to, the operation of slot machines, video lottery terminals, table games, pari-mutuel wagering or other applicable types of wagering (including, but not limited to, sports wagering). For avoidance of doubt, the
terms “gaming” and “gambling” as used in this Lease are intended to include the meanings of such terms under NRS Section 463.0153. 

“Gaming Authorities”: Any of the Nevada Gaming Commission, the Nevada State Gaming Control Board, the Clark County Liquor and
Gaming Licensing Board, the City of Las Vegas and any other gaming regulatory body or any agency or governmental authority which has, or may at any time after the Commencement Date have, jurisdiction over the gaming activities at the Leased Property
or any successor to such authority. 
 “Gaming Facility”: A facility at which there are operations of slot machines, video
lottery terminals, blackjack, baccarat, keno operation, table games, any other mechanical or computerized gaming devices, pari-mutuel wagering or other applicable types of wagering (including, but not limited to, sports wagering), or which is
otherwise operated for purposes of Gaming, and all related or ancillary real property. 

  
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 “Gaming License”: Any license, qualification, registration, accreditation,
permit, approval, finding of suitability or other authorization issued by a state or other governmental regulatory agency (including any Native American tribal gaming or governmental authority) or Gaming Authority to operate, carry on or conduct any
gaming, gaming device, slot machine, video lottery terminal, table game, race book or sports pool on the Leased Property or any portion thereof, or to operate a casino at the Leased Property required by any Gaming Regulation, including each of the
licenses, permits or other authorizations set forth on Schedule 1, and including those related to the Leased Property that may be added to this Lease after the Commencement Date. 

“Gaming Regulation(s)”: Any and all laws, statutes, ordinances, rules, regulations, policies, orders, codes, decrees or
judgments, and Gaming License conditions or restrictions, as amended from time to time, now or hereafter in effect or promulgated, pertaining to the operation, control, maintenance, alteration, modification or capital improvement of a Gaming
Facility or the conduct of a person or entity holding a Gaming License, including, without limitation, any requirements imposed by a regulatory agency, commission, board or other governmental body pursuant to the jurisdiction and authority granted
to it under applicable law, including, but not limited to, 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 rules, regulations, orders, ordinances and legal requirements of any Gaming Authority. 

“Gaming Revenues”: As defined in the definition of “Net Revenue.” 

“Government List”: (1) any list or annex to Presidential Executive Order 13224 issued on September 24, 2001
(“EO13224”), including any list of Persons who are determined to be subject to the provisions of EO13224 or any other similar prohibitions contained in the rules and regulations of OFAC (as defined below) or in any enabling
legislation or other Presidential Executive Orders in respect thereof, (2) the Specially Designated Nationals and Blocked Persons Lists maintained by OFAC, (3) any other list of terrorists, terrorist organizations or narcotics traffickers
maintained pursuant to any of the Rules and Regulations of OFAC, or (4) any similar lists maintained by the United States Department of State, the United States Department of Commerce or any other governmental authority or pursuant to any
Executive Order of the President of the United States of America. 
 “Ground Leased Property”: The real property leased
pursuant to the Ground Leases. The Ground Leased Property in respect of the Ground Lease in existence as of the Commencement Date is described in Exhibit E attached hereto. 

“Ground Leases”: Collectively, those certain leases with respect to real property that is a portion of the Leased Property,
pursuant to which Landlord is a tenant and which leases are in existence as of the Commencement Date and listed on Schedule 2 hereto or, subject to Section 7.3, subsequently added to the Leased Property in accordance
with the provisions of this Lease. Each of the Ground Leases is referred to individually herein as a “Ground Lease.” 

  
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 “Ground Lessor”: As defined in Section 7.3. 

“Guarantor”: CEC, together with its successors and permitted assigns, in its capacity as “Lease Guarantor” under
the MLSA. 
 “Guarantor EOD Conditions”: Both (i) a Lease Foreclosure Transaction that complies with the requirements
set forth in Section 22.2(i)(1)(B) and Section 22.2(i)(2) through (5) of this Lease shall have occurred, and (ii) Guarantor is not an Affiliate of Tenant. 

“Guest Data”: Any and all 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 any and all guest or customer profiles,
contact information (e.g., addresses, phone numbers, facsimile numbers and email addresses), histories, preferences, game play and patronage patterns, experiences, results and demographic information, whether or not any of the foregoing constitutes
personally identifiable information, together with any and all other guest or customer information in any database of Tenant, Services Co, Manager or any of their respective Affiliates, regardless of the source or location thereof, and including
without limitation such information obtained or derived by Tenant, Services Co, Manager or any of their respective Affiliates from: (i) guests or customers of the Facility (for the avoidance of doubt, including CPLV Guest Data and Property
Specific Guest Data); (ii) guests or customers of any Other Facility (including any condominium or interval ownership properties) owned, leased, operated, licensed or franchised by Tenant or any of its Affiliates, or any facility associated with any
such Other Facility (including restaurants, golf courses and spas); or (iii) any other sources and databases, including websites, central reservations databases, operational data base (ODS) and any player loyalty programs (e.g., the
Total Rewards Program (as defined in the MLSA)). 
 “Handling”: As defined in Section 32.4. 

“Hazardous Substances”: Collectively, any petroleum, petroleum product or by product or any substance, material or waste
regulated pursuant to any Environmental Law. 
 “Impositions”: Collectively, all taxes, including ad valorem, sales, use,
single business, gross receipts, transaction privilege, rent or similar taxes; assessments, including assessments for public improvements or benefits, whether or not commenced or completed prior to the Commencement Date and whether or not to be
completed within the Term; ground rents pursuant to Ground Leases (in effect as of the Commencement Date or otherwise entered into in accordance with this Lease); water, sewer and other utility levies and charges; excise tax levies; license, permit,
inspection, authorization and similar fees; bonds and all other governmental charges, in each case whether general or special, ordinary or extraordinary, or foreseen or unforeseen, of every character to the extent in respect of the Leased Property
or any portion thereof and/or the Rent and Additional Charges (but not, for the avoidance of doubt, in respect of Landlord’s income (as specified in clause (a) below)) and all interest and penalties thereon

  
 20 

 
attributable to any failure in payment by Tenant, which at any time prior to or during the Term may be assessed or imposed on or in respect of or be a lien upon (i) Landlord or
Landlord’s interest in the Leased Property or any portion thereof, (ii) the Leased Property or any portion thereof or any rent therefrom or any estate, right, title or interest therein, or (iii) any occupancy, operation, use or
possession of, or sales from or activity conducted on or in connection with the Leased Property or any portion thereof or the leasing or use of the Leased Property or any portion thereof; provided, however that nothing contained in
this Lease shall be construed to require Tenant to pay (a) any tax, fee or other charge based on net income (whether denominated as a franchise or capital stock or other tax) imposed on Landlord or any other Person (except Tenant and its
successors), (b) any transfer, or net revenue tax of Landlord or any other Person (except Tenant and its successors), (c) any tax imposed with respect to the sale, exchange or other disposition by Landlord of the Leased Property or any
portion thereof or the proceeds thereof, (d) any principal or interest on or other amount in respect of any indebtedness on or secured by the Leased Property or any portion thereof for which Landlord (or any of its Affiliates) is the obligor,
or (e) any principal or interest on or other amount in respect of any indebtedness of Landlord or its Affiliates that is not otherwise included as “Impositions” hereunder; provided, further, however, that Impositions
shall include (and Tenant shall be required to pay in accordance with the provisions of this Lease) (x) any tax, assessment, tax levy or charge set forth in clause (a) or (b) of the preceding proviso that is levied, assessed or imposed in
lieu of, or as a substitute for, any Imposition (and, without limitation, if at any time during the Term the method of taxation prevailing at the Commencement Date shall be altered so that any new,
non-income-based tax, assessment, levy (including, but not limited to, any city, state or federal levy), imposition or charge, or any part thereof, shall be measured by or be based in whole or in part upon the
Leased Property, or any part thereof, and shall be imposed upon Landlord, then all such new taxes, assessments, levies, impositions or charges, or the part thereof to the extent that they are so measured or based, shall be deemed to be included
within the term “Impositions” for the purposes hereof, to the extent that such Impositions would be payable if the Leased Property were the only property of Landlord subject to such Impositions, and Tenant shall pay and discharge the same
as herein provided in respect of the payment of Impositions), (y) any transfer taxes or other levy or assessment imposed by reason of any assignment of this Lease (other than an assignment of this Lease made by Landlord) or any interest therein
subsequent to the execution and delivery hereof, or any transfer or Sublease or termination thereof and (z) any mortgage tax or mortgage recording tax imposed by reason of any Permitted Leasehold Mortgage or any other instrument creating or
evidencing a lien in respect of indebtedness of Tenant or its Affiliates (but not any mortgage tax or mortgage recording tax imposed by reason of a Fee Mortgage or any other instrument creating or evidencing a lien in respect of indebtedness of
Landlord or its Affiliates). 
 “Incurable Default”: Collectively or individually, as the context may require, the defaults
referred to in Sections 16.1(c), 16.1(d), 16.1(e), 16.1(h) (as to judgments against Guarantor only), 16.1(i), 16.1(n) and 16.1(q) and any other defaults not reasonably susceptible to being cured by a
Permitted Leasehold Mortgagee or a subsequent owner of the Leasehold Estate through foreclosure thereof. 
 “Indenture”:
That certain First-Priority Senior Secured Floating Rate Notes due 2022 Indenture dated October 6, 2017, among Propco I, VICI FC Inc., a Delaware corporation, the Subsidiary Guarantors (as defined therein) party thereto from time to time, and
UMB Bank, National Association, as trustee. 

  
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 “Initial Stated Expiration Date”: As defined in
Section 1.3. 
 “Initial Term”: As defined in Section 1.3. 

“Insurance Requirements”: The terms of any insurance policy required by this Lease and all requirements of the issuer of any
such policy and of any insurance board, association, organization or company necessary for the maintenance of any such policy. 

“Intellectual Property” or “IP”: All rights in, to and under any of the following, as they exist anywhere in
the world, whether registered or unregistered: (i) all patents and applications therefor and all reissues, divisions, divisionals, renewals, extensions, provisionals, continuations and continuations-in-part thereof, and all patents, applications, documents and filings claiming priority to or serving as a basis for priority thereof, (ii) all inventions (whether or not patentable),
invention disclosures, improvements, Business Information, Confidential Information, Software, formulas, drawings, research and development, business and marketing plans and proposals, tangible and intangible proprietary information, and all
documentation relating to any of the foregoing, (iii) all copyrights, works of authorship, copyrightable works, copyright registrations and applications therefor, and all other rights corresponding thereto, (iv) all industrial designs and
any registrations and applications therefor, (v) all trademarks, service marks, trade dress, logos, trade names, assumed names and corporate names, Internet domain names and other numbers, together with all translations, adaptations,
derivations and combinations thereof and including all goodwill associated therewith, and all applications, registrations and renewals in connection therewith (“Trademarks”), (vi) all databases and data collections (including all
Guest Data) and all rights therein, (vii) all moral and economic rights of authors and inventors, however denominated, (viii) all Internet addresses, sites and domain names, numbers, and social media user names and accounts, (ix) any
other similar intellectual property and proprietary rights of any kind, nature or description; and (x) any copies of tangible embodiments thereof (in whatever form or medium). 

“Intercreditor Agreement”: That certain Intercreditor Agreement, dated as of the date hereof, by and among Landlord, Credit
Suisse AG, Cayman Islands Branch, as Credit Agreement Collateral Agent (as defined therein), each additional Tenant Financing Collateral Agent (as defined therein) that becomes a party thereto pursuant to Section 9.6 thereof, Tenant and
JPMorgan Chase Bank, National Association, Barclays Bank PLC, Goldman Sachs Mortgage Company and Morgan Stanley Bank, N.A., collectively as lender under the Landlord Financing Agreement (as defined therein). 

“Joliet Partner”: Des Plaines Development Holdings, LLC. 

“Land”: As defined in clause (a) of the first sentence of Section 1.1.

 “Landlord”: As defined in the preamble. 

“Landlord Indemnified Parties”: As defined in Section 21.1(i). 

  
 22 

 “Landlord MCI Financing”: As defined in
Section 10.4(b). 
 “Landlord Prohibited Person”: As defined in the MLSA. 

“Landlord REIT”: VICI Properties Inc., a Maryland corporation, the indirect parent of Landlord. 

“Landlord Tax Returns”: As defined in Section 4.1(a). 

“Landlord Work”: As defined in Section 10.5(e). 

“Landlord’s Enforcement Condition”: Either (i) there are no Permitted Leasehold Mortgagees or (ii) Landlord
has delivered to each Permitted Leasehold Mortgagee for which notice to Landlord has been properly provided pursuant to Section 17.1(b)(i) hereof, a copy of the applicable notice of default pursuant to
Section 17.1(c) hereof and the Right to Terminate Notice pursuant to Section 17.1(d) hereof, and (solely for purposes of this clause (ii)) either of the following occurred: 

(a) Either (1) no Permitted Leasehold Mortgagee has satisfied the requirements in Section 17.1(d) within the
thirty (30) or ninety (90) day periods, as applicable, described therein, or (2) a Permitted Leasehold Mortgagee satisfied the requirements in Section 17.1(d) prior to the expiration of the applicable period,
but did not cure a default that is required to be so cured by such Permitted Leasehold Mortgagee and such Permitted Leasehold Mortgagee discontinued efforts to cure the applicable default(s) thereby failing to satisfy the conditions for extending
the termination date as provided in Section 17.1(e) or otherwise failed at any time to satisfy the conditions for extending the termination date as provided in Section 17.1(e)(i); or 

(b) Both (1) this Lease is rejected in any bankruptcy, insolvency or dissolution proceeding or is terminated by Landlord following a
Tenant Event of Default, and (2) no Permitted Leasehold Mortgagee has acted in accordance with Section 17.1(f) hereof to obtain a New Lease prior to the expiration of the period described therein. 

“Landlord’s MCI Financing Proposal”: As defined in Section 10.4(a). 

“Landlord Specific Ground Lease Requirements”: As defined in Section 7.3(a). 

“Lease”: As defined in the preamble. 

“Lease Assumption Agreement”: As defined in Section 22.2(i). 

“Lease Foreclosure Transaction”: Either (i) an assignment pursuant to Section 22.2(i)(b) or
(c), or (ii) entry by any Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee into a New Lease in compliance in all respects with Section 17.1(f) and all other applicable provisions of
this Lease. 
 “Lease/MLSA Related Agreements”: Collectively, this Lease, the Other Leases, the MLSA, the Other MLSAs, the
Transition Services Agreement, the Other Transition Services Agreement, the Intercreditor Agreement and the Other Intercreditor Agreement. 

  
 23 

 “Lease Year”: The first Lease Year of the Term shall be the period commencing on
the Commencement Date and ending on the last day of the calendar month in which the first (1st) anniversary of the Commencement Date occurs, and each subsequent Lease Year shall be each period of twelve (12) full calendar months after the last
day of the prior Lease Year, except that the final Lease Year of the Term shall end on the Expiration Date. 
 “Leased
Improvements”: As defined in clause (c) of the first sentence of Section 1.1. 

“Leased Property”: As defined in Section 1.1. For the avoidance of doubt, the Leased Property
includes all Alterations and Capital Improvements, provided, however, that the foregoing shall not affect or contradict the provisions of this Lease which specify that Tenant shall be entitled to certain rights with respect to or
benefits of the Tenant Capital Improvements as expressly set forth herein. Notwithstanding the foregoing, provisions of this Lease that provide for certain benefits or rights to Tenant with respect to Tenant Material Capital Improvements, such as,
by way of example only and not by way of limitation, the payment of the applicable insurance proceeds to Tenant due to a loss or damage of such Tenant Material Capital Improvements pursuant to Section 14.1, shall remain in
effect notwithstanding the preceding sentence. 
 “Leased Property Tests”: Together, the Annual Minimum Per-Lease B&I Cap Ex Requirement and the Triennial Minimum Cap Ex Requirement B. 
 “Leasehold
Estate”: As defined in Section 17.1(a). 
 “Legal Requirements”: All applicable federal,
state, county, municipal and other governmental statutes, laws (including securities laws), rules, policies, guidance, codes, orders, regulations, ordinances, permits, licenses, covenants, conditions, restrictions, judgments, decrees and
injunctions, whether now or hereafter enacted and in force, as applicable to any Person or to the Facility, including those (a) that affect either the Leased Property or any portion thereof and/or Tenant’s Property, all Capital
Improvements and Alterations (including any Material Capital Improvements) or the construction, use or alteration thereof, or otherwise in any way affecting the business operated or conducted thereat, as the context requires, and (b) which may
(i) require repairs, modifications or alterations in or to the Leased Property or any portion thereof and/or any of Tenant’s Property, (ii) without limitation of the preceding clause (i), require repairs, modifications or alterations
in or to any portion of any Capital Improvements (including any Material Capital Improvements), (iii) in any way adversely affect the use and enjoyment of any of the foregoing, or (iv) regulate the transport, handling, use, storage or
disposal or require the cleanup or other treatment of any Hazardous Substance. 
 “Letter of Credit”: An irrevocable,
unconditional, clean sight draft letter of credit reasonably acceptable to Landlord and Fee Mortgagee (as applicable) in favor of Landlord or, at Landlord’s direction, Fee Mortgagee and entitling Landlord or Fee Mortgagee (as applicable) to
draw thereon based solely on a statement executed by an officer of Landlord or Fee Mortgagee (as applicable) stating that it has the right to draw thereon under this Lease in a location in the United States reasonably acceptable to Landlord or Fee
Mortgagee (as applicable), issued by a domestic Eligible Institution or the U.S. agency or branch of a foreign Eligible Institution, and 

  
 24 

 
upon which letter of credit Landlord or Fee Mortgagee (as applicable) shall have the right to draw in full: (a) if Landlord or Fee Mortgagee (as applicable) has not received at least thirty
(30) days prior to the date on which the then outstanding letter of credit is scheduled to expire, a notice from the issuing financial institution that it has renewed the applicable letter of credit; (b) thirty (30) days prior to the
date of termination following receipt of notice from the issuing financial institution that the applicable letter of credit will be terminated; and (c) thirty (30) days after Landlord or Fee Mortgagee (as applicable) has given notice to
Tenant that the financial institution issuing the applicable letter of credit ceases to either be an Eligible Institution or meet the rating requirement set forth above. 

“Licensing Event”: 

(a) With respect to Tenant, (i) a communication (whether oral or in writing) by or from any Gaming Authority to either Tenant or Manager
or any of their respective Affiliates (each, a “Tenant Party”) or to a Landlord Party (as defined below) or other action by any Gaming Authority that indicates that such Gaming Authority may find that the association of a Tenant
Party with Landlord is likely to (A) result in a disciplinary action relating to, or the loss of, inability to reinstate or failure to obtain, any Gaming License or any other rights or entitlements held or required to be held by Landlord or any
of its Affiliates (each, a “Landlord Party”) under any Gaming Regulations or (B) violate any Gaming Regulations to which a Landlord Party is subject; or (ii) a Tenant Party is required to be licensed, registered, qualified
or found suitable under any Gaming Regulations, and such Tenant Party does not remain so licensed, registered, qualified or found suitable or, after becoming so licensed, registered, qualified or found suitable, fails to remain so, and, solely for
purposes of determining whether a Tenant Event of Default has occurred under Section 16.1(l), the same causes cessation of Gaming activity at the Facility and would reasonably be expected to have a material adverse effect
on the Facility; and 
 (b) With respect to Landlord, (i) a communication (whether oral or in writing) by or from any Gaming Authority
to a Landlord Party or to a Tenant Party or other action by any Gaming Authority that indicates that such Gaming Authority may find that the association of a Landlord Party with Tenant is likely to (A) result in a disciplinary action relating
to, or the loss of, inability to reinstate or failure to obtain, any Gaming License or any other rights or entitlements held or required to be held by a Tenant Party under any Gaming Regulations or (B) violate any Gaming Regulations to which a
Tenant Party is subject; or (ii) a Landlord Party is required to be licensed, registered, qualified or found suitable under any Gaming Regulations, and such Landlord Party does not remain so licensed, registered, qualified or found suitable or,
after becoming so licensed, registered, qualified or found suitable, fails to remain so, and, solely for purposes of determining whether a default has occurred under Section 41.13 hereunder, the same causes cessation of
Gaming activity at the Facility and would reasonably be expected to have a material adverse effect on the Facility. 
 “Liquor
Authority”: As defined in Section 41.13. 
 “Liquor Laws”: As defined in
Section 41.13. 
 “London Clubs”: Those certain assets described on Schedule 6 attached
hereto. 

  
 25 

 “London/Chester Properties”: Collectively, the London Clubs and the Chester
Property. 
 “Manager”: CPLV Manager, LLC, a Delaware limited liability company, together with its successors and permitted
assigns, in its capacity as “Manager” under the MLSA. 
 “Market Capitalization”: With respect to any Person, an
amount equal to (i) the total number of issued and outstanding shares of Equity Interests of such Person on the date of determination multiplied by (ii) the arithmetic mean of the closing sale price per share of such Equity Interests as
reported in composite transactions for the principal securities exchange on which such Equity Interests are traded for the thirty (30) consecutive trading days (excluding any such trading day in which a material suspension or limitation was
imposed on trading on such securities exchange) immediately preceding the date of determination. If such Equity Interests are not so traded, are not so reported or such Person’s Market Capitalization is otherwise not readily observable, such
Person’s “Market Capitalization” for purposes of this Lease shall be its equity value based on a valuation by a valuation firm that is acceptable to both Landlord and Tenant and that is not an Affiliate of either Landlord or Tenant.
For the purposes of this definition, the number of issued and outstanding shares of Equity Interests of a person shall not include shares held (a) by a Subsidiary of such person or (b) by such person as treasury stock or otherwise. 

“Material Capital Improvement”: Any single or series of related Capital Improvements that would or does (i) have a total
budgeted or actual cost (as reasonably evidenced to Landlord) (excluding land acquisition costs) in excess of Fifty Million and No/100 Dollars ($50,000,000.00) and (ii) either (a) materially alter the Facility (e.g., shoring,
permanent framework reconfigurations), (b) expand the Facility (i.e., construction of material additions to existing Leased Improvements) or (c) add improvements to undeveloped portion(s) of the Land. 

“Material Leased Property”: Leased Property or Other Leased Property, or any portion thereof, having a value greater than
Fifty Million and No/100 Dollars ($50,000,000.00). 
 “Material London/Chester Property”: All or any portion of the
London/Chester Properties having a value greater than Fifty Million and No/100 Dollars ($50,000,000.00). 
 “Material
Sublease”: A Sublease (excluding a management agreement or similar agreement to operate but not occupy as a tenant a particular space at the Facility) under which the rent and/or fees and other payments payable by the Subtenant (or manager)
exceed Fifty Thousand and No/100 Dollars ($50,000.00) (which amount shall be increased by the Escalator on the first (1st) day of each Lease Year (commencing on the first (1st) day of the second (2nd) Lease Year)) per month. 

“Minimum Cap Ex Amount”: The Triennial Minimum Cap Ex Amount B. 

“Minimum Cap Ex Reduction Amount”: In each instance in which any Material Leased Property is removed from this Lease or any
Other Leases (as applicable), the landlord under an Other Lease disposes of an Other Leased Property with respect to an Other Facility and a third party Severance Lease (as defined in the Other Leases) is executed, Landlord disposes of all of the
Leased Property and this Lease is assigned to a third party Acquirer, an Other Lease 

  
 26 

 
(and all the Other Leased Property thereunder) is assigned to a third party Acquirer (as defined in such Other Lease), or Material London/Chester Property is disposed of, all as described in the
definition of Triennial Minimum Cap Ex Amount B, the product of (i) the applicable Minimum Cap Ex Amount or Triennial Allocated Minimum Cap Ex Amount B Floor in effect immediately prior thereto, multiplied by (ii) a fraction, the numerator
of which shall be equal to the portion of the EBITDAR of Tenant or the Other Tenant (as applicable) for the Trailing Test Period attributable to the Leased Property, Other Leased Property or London/Chester Properties (or portion of any thereof) (as
applicable) being so removed or disposed of (as applicable), and the denominator of which shall be equal to the aggregate EBITDAR of Tenant and Other Tenants for the Trailing Test Period attributable to all assets then included in the calculation of
Capital Expenditures for purposes of the Leased Property Tests (with respect to the Triennial Minimum Cap Ex Amount B and the Triennial Allocated Minimum Cap Ex Amount B Floor) (including, for this purpose, the Leased Property, Other Leased Property
or London/Chester Properties (or portion of any thereof) (as applicable) being so removed or disposed of (as applicable)). 

“Minimum Cap Ex Requirements”: The Annual Minimum Per-Lease B&I Cap Ex
Requirement and the Triennial Minimum Cap Ex Requirement B, as applicable. 
 “Minimum Facility Threshold”: (i) Not less
than two thousand five hundred (2,500) rooms, one hundred thousand (100,000) square feet of casino floor containing no less than one thousand three hundred (1,300) slot machines and one hundred (100) gaming tables, (ii) revenue of no less
than Seventy-Five Million and No/100 Dollars ($75,000,000.00) per year is derived from high limit VVIP and international gaming customers, (iii) extensive operated food and beverage outlets, and (iv) at least one (1) large
entertainment venue; provided, however, that the foregoing clause (ii) may be satisfied if the Qualified Replacement Manager has managed a property that satisfies the requirements of such clause (ii) within the immediately
preceding two (2) years. 
 “MLSA”: That certain Management and Lease Support Agreement (CPLV) dated of even date
herewith by and among Guarantor, Manager, Affiliates of Manager, Tenant and Landlord, as amended, restated or otherwise modified from time to time. 

“Monthly FF&E Reserve Amount”: An amount equal to: (A) with respect to the first (1st) five (5) deposits into
the FF&E Reserve, Three Million One Hundred Eighty-Six Thousand One and No/100 Dollars ($3,186,001.00); and (B) thereafter, the quotient of (i) the sum of (a) five percent (5%) of the Net
Revenue from the Facility attributable to guest rooms, food and beverage for the prior Fiscal Year, plus (b) two percent (2%) of all other Net Revenue from the Facility for the prior Fiscal Year, divided by (ii) twelve (12). 

“Net Revenue”: The net sum of the following, without duplication, over the applicable time period of measurement:
(i) the amount received by Tenant (and its Subsidiaries) from patrons at the Facility for gaming, less, (A) to the extent otherwise included in the calculation of Net Revenue, refunds and free promotional play provided pursuant to a
rewards, marketing, and/or frequent users program (including rewards granted by Affiliates of Tenant) and (B) amounts returned to patrons through winnings at the Facility (the net amount described in this clause (i), “Gaming
Revenues”); plus (ii) the gross receipts of Tenant (and its Subsidiaries) for all goods and merchandise sold, room revenues derived from hotel operations, 

  
 27 

 
food and beverages sold, the charges for all services performed, or any other revenues generated by or otherwise payable to Tenant (and its Subsidiaries) (including, without limitation, use fees,
retail and commercial rent, revenue from rooms, accommodations, food and beverage, and the proceeds of business interruption insurance) in, at or from the Facility for cash, credit or otherwise (without reserve or deduction for uncollected amounts),
but excluding pass-through revenues collected by Tenant to the extent such amounts are remitted to the applicable third party entitled thereto (the net amounts described in this clause (ii), “Retail Sales”); less
(iii) to the extent otherwise included in the calculation of Net Revenue, the retail value of accommodations, merchandise, food and beverage and other services furnished to guests of Tenant at the Facility without charge or at a reduced charge
(and, with respect to a reduced charge, such reduction in Net Revenue shall be equal to the amount of the reduction of such charge otherwise included in Net Revenue) (the amounts described in this clause (iii), “Promotional
Allowances”). Notwithstanding anything herein to the contrary, the following provisions shall apply with respect to the calculation of Net Revenue: 

(a) For purposes of calculating adjustments to Variable Rent, the following provisions shall apply: 

(1) Net Revenue shall not include any amounts received by Tenant or its Subsidiaries under the Forum Shops Lease. 

(2) In the event of expiration, cancellation or termination of any Ground Lease for any reason whatsoever whether voluntary or involuntary (by
operation of law or otherwise) prior to the expiration date of this Lease, including extensions and renewals granted thereunder, then, thereafter, the Net Revenue attributable to the portion of the Leased Property subject to such Ground Lease shall
not be included in the calculation of Net Revenue for the applicable base year, provided, that if Landlord (or any Fee Mortgagee) enters into a replacement lease with respect to substantially the same Ground Leased Property, then the Net Revenue
attributable to such expired, cancelled or terminated Ground Lease shall once again be included in the calculation of Net Revenue for the applicable base year. 

(3) If Tenant enters into a Sublease with a Subtenant that is not wholly-owned by Guarantor (such that, after entering into such Sublease
rather than the Gaming Revenues, Retail Sales and Promotional Allowances generated by the space covered by such Sublease being included in the calculation of Tenant’s Net Revenue, instead the revenue from such Sublease would be governed by
clause (b)(1) or (b)(2) below), then, thereafter, any Gaming Revenues, Retail Sales and Promotional Allowances that would otherwise be included in the calculation of Net Revenue for the applicable base year with respect to the applicable subleased
(or managed) space shall be excluded from the calculation of Net Revenue for the applicable base year, and the rent and/or fees and other consideration to be received by Tenant pursuant to such Sublease shall be substituted therefor. 

(4) If Tenant assumes operation of space that in the applicable base year was operated under a Sublease with a Subtenant that was not
wholly-owned by Guarantor, or if all of the direct or indirect ownership interests in a Person that was a Subtenant in the applicable base year are acquired by Guarantor (in either case, such that after entering into such Sublease revenue that would
otherwise be included in Net Revenue for the applicable base year pursuant 

  
 28 

 
to clause (b)(1) or (b)(2) below is converted to revenue with respect to which Gaming Revenues, Retail Sales and Promotional Allowances are included in Net Revenue for the applicable base year),
then, thereafter the rent and/or fees and other consideration received by Tenant pursuant to such Sublease that would otherwise be included in the calculation of Net Revenue for the applicable base year shall be excluded from the calculation of Net
Revenue for the applicable base year, and the Gaming Revenues, Retail Sales and Promotional Allowances to be received by Tenant pursuant to its operation of such space shall be substituted therefor. 

(5) Notwithstanding the foregoing, the adjustments provided for in clauses (a)(3) and (a)(4) above shall not be implemented in the calculation
of Net Revenue with respect to any transaction involving any space for which aggregate Gaming Revenues, Retail Sales and Promotional Allowances do not exceed Ten Million and No/100 Dollars ($10,000,000.00) in each transaction and Fifteen Million and
No/100 Dollars ($15,000,000.00) in the aggregate per Lease Year. 
 (b) Amounts received pursuant to Subleases shall be included in Net
Revenue as follows: 
 (1) With respect to any Sublease from Tenant to a Subtenant in which Guarantor directly or indirectly owns less than
fifty percent (50%) of the ownership interests, Net Revenue shall not include Gaming Revenues, Retail Sales or Promotional Allowances received by such Subtenant but shall include the rent and/or fees and all other consideration received by Tenant
pursuant to such Sublease. 
 (2) With respect to any Sublease from Tenant to a Subtenant in which Guarantor directly or indirectly owns
fifty percent (50%) or more of the ownership interests, but less than all of the ownership interests, Net Revenue shall not include Gaming Revenues, Retail Sales or Promotional Allowances received by such Subtenant but shall include an amount equal
to the greater of (x) the rent and/or fees and all other consideration actually received by Tenant for such Sublease from such Affiliate and (y) the rent and/or fees and other consideration that would be payable under such Sublease if at
arms-length, market rates. 
 (3) With respect to any Sublease from Tenant to a Subtenant that is directly or indirectly wholly-owned by
Guarantor, Net Revenue shall not include the rent and/or fees or any other consideration received by Tenant pursuant to such Sublease but shall include Gaming Revenues, Retail Sales or Promotional Allowances received by such Subtenant. 

(c) For the avoidance of doubt, gaming taxes and casino operating expenses (such as salaries, income taxes, employment taxes, supplies,
equipment, cost of goods and inventory, rent, office overhead, marketing and advertising and other general administrative costs) will not be deducted in arriving at Net Revenue. 

(d) Net Revenue will be calculated on an accrual basis for purposes of this definition, as required under GAAP. 

“New Lease”: As defined in Section 17.1(f). 

  
 29 

 “New Tower”: A new tower of hotel rooms, with related amenities, contemplated by
Tenant to be constructed on or about one of the portions of the Leased Property set forth on Exhibit J, subject to the provisions, terms and conditions of this Lease. 

“Non-Consented Lease Termination”: As defined in the MLSA. 

“Non-Core Tenant Competitor”: A Person that is engaged or is an Affiliate of a Person
that is engaged in the ownership or operation of a Gaming business so long as (i) such Person’s consolidated annual gross gaming revenues do not exceed Five Hundred Million and No/100 Dollars ($500,000,000.00) (which amount shall be
increased by the Escalator on the first (1st) day of each Lease Year, commencing with the second (2nd) Lease Year) and (ii) such Person does not, directly or indirectly, own or operate a Gaming Facility within thirty (30) miles of a Gaming
Facility directly or indirectly owned or operated by CEC. For purposes of the foregoing, ownership of the real estate and improvements where a Gaming business is conducted, without ownership of the Gaming business itself, shall not be deemed to
constitute the ownership of a Gaming business. 
 “Notice”: A notice given in accordance with Article XXXV. 

“Notice of Termination”: As defined in Section 17.1(f). 

“NRS”: As defined in Section 41.14. 

“Octavius Ground Lease:” The Ground Lease listed on Schedule 2 attached hereto. 

“OFAC”: As defined in Article XXXIX. 

“Omnibus Agreement”: That certain Second Amended and Restated Omnibus Agreement and Enterprise Services Agreement, dated as
of the Commencement Date, by and among Caesars Enterprise Services, LLC, CEOC, Caesars Entertainment Resort Properties LLC, Caesars Growth Properties Holding, LLC, Caesars License Company, LLC, and Caesars World LLC, as further amended, restated,
supplemented or otherwise modified from time to time, subject to Section 20.16 of the MLSA. 
 “Other Capital
Expenditures”: The “Capital Expenditures” as defined in each of the Other Leases, collectively or individually, as the context may require. 

“Other Facility”: A “Facility” as defined in each of the Other Leases, collectively or individually, as the context
may require. 
 “Other Intercreditor Agreement”: The “Intercreditor Agreement” as defined in each of the Other
Leases, collectively or individually, as the context may require. 
 “Other Material Capital Improvements”: The
“Material Capital Improvements” as defined in each of the Other Leases, collectively or individually, as the context may require. 

  
 30 

 “Other Leases”: Collectively or individually, as the context may require,
(i) that certain Lease (Non-CPLV), dated as of the date hereof, by and between various Affiliates of Landlord, as “Landlord,” and various Affiliates of Tenant, as “Tenant,” with
respect to various other Gaming Facilities and other real property assets, as amended, restated or otherwise modified from time to time (the “Non-CPLV Lease”), and (ii) that certain Lease
(Joliet), dated as of the date hereof, by and between Harrah’s Joliet Landco LLC, as “Landlord,” and Des Plaines Development Limited Partnership, as “Tenant,” with respect to the Gaming Facility known as Harrah’s
Joliet, located in Joliet, Illinois, as amended, restated or otherwise modified from time to time (the “Joliet Lease”). 

“Other Leased Property”: The “Leased Property” as defined in each of the Other Leases, collectively or
individually, as the context may require. 
 “Other MLSAs”: Collectively or individually, as the context may require,
(i) that certain Management and Lease Support Agreement (Non-CPLV), dated as of the date hereof, by and among Guarantor, Manager, Affiliates of Manager, Affiliates of Tenant and an Affiliate of Landlord,
as amended, restated or otherwise modified from time to time, and (ii) that certain Management and Lease Support Agreement (Joliet), dated as of the date hereof, by and among Guarantor, Manager, Affiliates of Manager, Des Plaines Development
Limited Partnership and Harrah’s Joliet Landco LLC, as amended, restated or otherwise modified from time to time. 
 “Other
Tenants”: The “Tenant” as defined in each of the Other Leases, collectively or individually, as the context may require. 

“Other Tenant Capital Improvements”: The “Tenant Capital Improvements” as defined in each of the Other Leases,
collectively or individually, as the context may require. 
 “Other Transition Services Agreement”: The “Transition
Services Agreement” as defined in each of the Other Leases, collectively or individually, as the context may require. 

“Overdue Rate”: On any date, a rate equal to five (5) percentage points above the Prime Rate, but in no event greater
than the maximum rate then permitted under applicable law. 
 “Parent Entity”: With respect to any Person, any corporation,
association, limited partnership, limited liability company or other entity which at the time of determination (a) owns or controls, directly or indirectly, more than fifty percent (50%) of the total voting power of shares of capital stock
(without regard to the occurrence of any contingency) entitled to vote in the election of directors, managers or trustees of such Person, (b) owns or controls, directly or indirectly, more than fifty percent (50%) of the capital accounts,
distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, of such Person, whether in the form of membership, general, special or limited partnership interests or otherwise, or (c) is the
controlling general partner or managing member of, or otherwise controls, such entity. 
 “Partial Taking”: As defined in
Section 15.1(b). 
 “Party” and “Parties”: Landlord and/or Tenant, as the
context requires. 

  
 31 

 “Patriot Act Offense”: 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
USA Patriot Act. “Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense. 

“Payment Date”: Any due date for the payment of the installments of Rent or Additional Charges payable under this Lease. 

“Permitted Exception Documents”: (i) Property Documents (x) that are listed on the title policy described on Exhibit
K attached hereto (including the Specified REAs), or (y) that (a) Landlord entered into, as a party thereto, after the date hereof and (b) Tenant is required hereunder to comply with, and (ii) the Specified Subleases (in each case
of clauses (i)(x) and (ii), together with any renewals or modifications thereof made in accordance with the express terms thereof), but excluding Specified Subleases as to which the applicable Subtenant is CEOC, CEC, Manager or any of their
respective Affiliates. For avoidance of doubt, the Permitted Exception Documents do not include any Ground Leases. 
 “Permitted
FF&E Expenditures”: FF&E, maintenance capital expenditures, replacements and/or repairs to the Leased Property in the ordinary course, in accordance with Tenant’s applicable budget. 

“Permitted Leasehold Mortgage”: Any mortgage, pledge agreement, security agreement, assignment of leases and rents, fixture
filing or similar document creating or evidencing a lien on Tenant’s leasehold interest (or subleasehold interest) in the Leased Property, subject to exclusions with respect to items that are not capable of being mortgaged and that, in the
aggregate, are de minimis (or all the direct or indirect interest therein at any tier of ownership, including without limitation, a lien on direct or indirect Equity Interests in Tenant), granted to or for the benefit of a Permitted Leasehold
Mortgagee as security for the indebtedness of Tenant or its Affiliates. 
 “Permitted Leasehold Mortgagee”: The lender or
noteholder or any agent or trustee or similar representative on behalf of one or more lenders or noteholders or other investors in connection with indebtedness secured by a Permitted Leasehold Mortgage, in each case as and to the extent such Person
has the power to act (subject to obtaining the requisite instructions) on behalf of all lenders, noteholders or investors with respect to such Permitted Leasehold Mortgage; provided such lender or noteholder or any agent or trustee or similar
representative (but not necessarily the lenders, noteholders or other investors which it represents) is a banking or other institution that in the ordinary course acts as a lender, agent or trustee or similar representative (in each case, on behalf
of a group of lenders or noteholders) in respect of financings of similar size as the Tenant’s Initial Financing; and provided, further, that, in all events, (i) no agent, trustee or similar representative shall be Tenant,
CEOC, CEC, Guarantor or Manager or any of their Affiliates, respectively (each, a “Prohibited Leasehold Agent”), and (ii) no (A) Prohibited Leasehold Agent, (excluding any Person that is a Prohibited Leasehold Agent

  
 32 

 
as a result of its ownership of publicly-traded shares in any Person), or (B) entity that owns, directly or indirectly (but excluding any ownership of publicly-traded shares in CEC or any of
its Affiliates), higher than the lesser of (1) ten percent (10%) of the Equity Interests in Tenant or (2) a Controlling legal or beneficial interest in Tenant, may collectively hold an amount of the indebtedness secured by a Permitted
Leasehold Mortgage higher than the lesser of (x) twenty-five percent (25%) thereof and (y) the principal amount thereof required to satisfy the threshold for requisite consenting lenders to amend the terms of such indebtedness that affect
all lenders thereunder. 
 “Permitted Leasehold Mortgagee Designee”: An entity (other than a Prohibited Leasehold Agent)
designated by a Permitted Leasehold Mortgagee and acting for the benefit of the Permitted Leasehold Mortgagee, or the lenders, noteholders or investors represented by the Permitted Leasehold Mortgagee. 

“Permitted Operation Interruption”: (i) A material Casualty Event or Condemnation and reasonable periods of restoration of
the Leased Property following the same, (ii) periods of an Unavoidable Delay, and (iii) provided, subject to the terms of the MLSA, Manager is not an Affiliate of Tenant, interruptions arising from Manager’s default or breach of its
obligations under the MLSA. 
 “Person”: Any individual, corporation, limited liability company, partnership, joint
venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other form of entity. 

“Preceding Lease Year”: As defined in clause (c)(i) of the definition of “Rent.” 

“Preliminary Studies”: As defined in Section 10.4(a). 

“Primary Intended Use”: (i) Hotel and resort and related uses, (ii) gaming and/or pari-mutuel use, including, without
limitation, horsetrack, dogtrack and other similarly gaming-related sporting uses, (iii) ancillary retail and/or entertainment use, (iv) such other uses required under any Legal Requirements (including those mandated by any applicable
regulators), (v) such other ancillary uses, but in all events consistent with the current use of the Leased Property or any portion thereof as of the Commencement Date or with then-prevailing hotel, resort and gaming industry use, and/or
(vii) such other use as shall be approved by Landlord from time to time in its reasonable discretion. 
 “Prime Rate”:
On any date, a rate equal to the annual rate on such date publicly announced by JPMorgan Chase Bank, N.A. (provided that if JPMorgan Chase Bank, N.A. ceases to publish such rate, the Prime Rate shall be determined according to the comparable prime
rate of another comparable nationally known money center bank reasonably selected by Landlord), to be its prime rate for ninety (90)-day unsecured loans to its corporate borrowers of the highest credit
standing, but in no event greater than the maximum rate then permitted under applicable law. 
 “Prior Months”: As defined
in the definition of CPI Increase. 

  
 33 

 “Prohibited Leasehold Agent”: As defined in the definition of Permitted
Leasehold Mortgagee. 
 “Prohibited Persons”: As defined in Article XXXIX. 

“Promotional Allowances”: As defined in the definition of “Net Revenue.” 

“PropCo”: VICI Properties L.P., a Delaware limited partnership. 

“PropCo 1”: VICI Properties 1 LLC, a Delaware limited liability company. 

“Propco Opportunity Transaction”: As defined in the ROFR Agreement. 

“Propco ROFR”: As defined in the ROFR Agreement. 

“Propco TRS”: As defined in Section 1.1. 

“Property Documents”: Reciprocal easement and/or operating agreements, easements, covenants, exceptions, conditions and
restrictions in each case affecting the Leased Property or any portion thereof, but excluding, in any event, all Fee Mortgage Documents. 

“Property Related IP”: All System-wide IP that is reasonably necessary to continue to operate the Facility as presently
operated, and which a replacement operator would need to utilize following any replacement of Manager as manager of the Facility; provided, that Property Related IP shall not include (i) the Total Rewards Program, (ii) customer or other
data that is applicable to any properties or Other Facilities other than the Facility and is not applicable to the Facility, or (iii) other System-wide IP as it relates solely to any properties or Other Facilities other than the Facility. 

“Property Specific Guest Data”: Any and all Guest Data, to the extent in or under the possession or control of Tenant,
Services Co, Manager, or their respective Affiliates, identifying, describing, concerning or generated by prospective, actual or past guests, website visitors and/or customers of the Facility, including retail locations, restaurants, bars, casino
and Gaming Facilities, spas and entertainment venues therein, but excluding, in all cases, (i) Guest Data that has been integrated into analytics, reports, or other similar forms in connection with the Total Rewards Program or any other
customer loyalty program of Services Co and its Affiliates (it being understood that this exception shall not apply to such Guest Data itself, i.e., in its original form prior to integration into such analytics, reports, or other similar forms in
connection with the Total Rewards Program or other customer loyalty program), (ii) Guest Data that concerns facilities that are owned or operated by CEC or its Affiliates, other than the Facility and that does not concern the Facility, and
(iii) Guest Data that concerns Proprietary Information and Systems (as defined in the MLSA) and is not specific to the Facility. 

“Property Specific IP”: All Intellectual Property that is both (i) specific to the Facility and (ii) currently or
hereafter owned by CEOC or any of its Subsidiaries, including the Intellectual Property set forth on Exhibit H, attached hereto. 

  
 34 

 “Qualified Replacement Guarantor”: A Person that satisfies the following
requirements: (a) such Person shall Control or be under common Control with the Qualified Transferee; (b) such Person shall have total EBITDA for the most recently ended period of four consecutive fiscal quarters for which financial
statements are available (which shall have been prepared by a certified public accounting firm of national standing and shall cover a period beginning no earlier than eighteen (18) months prior to the date of determination) (including such
financial statements that are not publicly available) of at least Nine Hundred Million and No/100 Dollars ($900,000,000.00) immediately before giving effect to the subject transfer; (c) such Person shall be solvent and have a Market
Capitalization of not less than Four Billion and No/100 Dollars ($4,000,000,000.00); (d) such Person (i) in the case of a Person with a Market Capitalization of less than Eight Billion and No/100 Dollars ($8,000,000,000.00), has a Total
Leverage Ratio of less than or equal to 6.25:1.00 and a Total Net Leverage Ratio of less than or equal to 5.25:1.00, in each case, immediately before giving effect to the subject transfer or (ii) in the case of a Person with a Market
Capitalization greater than or equal to Eight Billion and No/100 Dollars ($8,000,000,000.00), has a Total Leverage Ratio of less than or equal to 7.25:1.00 and a Total Net Leverage Ratio of less than or equal to 6.25:1.00, in each case, immediately
before giving effect to the subject transfer; (e) in the aggregate, (x) such Person’s assets located in the United States, (y) such Person’s Controlled Subsidiaries incorporated in, or organized under the laws of, the United
States or any state or territory thereof or the District of Columbia (“Domestic Subsidiaries”) that are owned directly by such Person or by other Controlled Domestic Subsidiaries of such Person (provided, that, to the extent such
Subsidiaries are not wholly owned by such Person, then unless such Subsidiaries executed joinders to the Replacement Guaranty, for purposes of clause (i) below (but not, for the avoidance of doubt, clause (ii) below), the EBITDA generated
by such Subsidiary shall be limited to such Person’s pro rata ownership interests in such Subsidiary), and (z) assets located in the United States owned directly or indirectly by such Person’s Subsidiaries that are not Domestic
Subsidiaries so long as such non-Domestic Subsidiaries have executed joinders to the Replacement Guaranty, shall (i) generate EBITDA for the most recently ended period of four consecutive fiscal quarters
for which financial statements are available (which shall have been prepared by a certified public accounting firm of national standing and shall cover a period beginning no earlier than eighteen (18) months prior to the date of determination)
of at least Five Hundred Million and No/100 Dollars ($500,000,000.00) and (ii) have a Total Leverage Ratio of less than or equal to 6.75:1.00 and a Total Net Leverage Ratio of less than or equal to 5.75:1.00, in each case in this clause (e),
immediately before giving effect to the subject transfer; and (f) such Person and its equity holders will comply with all customary “know your customer” requirements of any Fee Mortgagee. Any Qualified Replacement Guarantor that is
not organized in the United States (and any Affiliates thereof that executed joinders to the guaranty) shall consent to jurisdiction of and venue in, New York courts with respect to any action or proceeding with respect to this Lease, the MLSA, any
Other Lease, any Other MLSA and any other Lease/MLSA Related Agreements including any Replacement Guaranty. For purposes of hereof, a Person shall be “solvent” if such Person shall (i) not be “insolvent” as such term is
defined in Section 101 of title 11 of the United States Code, (ii) be generally paying its debts (other than those that are in bona fide dispute) when they become due, and (iii) be able to pay its debts as they become due. 

  
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 “Qualified Replacement Manager”: A Person that manages (or is under the Control
of or common Control with an Affiliate that manages) a casino resort property (other than the Leased Property) that (i) satisfies the Minimum Facilities Threshold, (ii) has gross revenues of not less than Seven Hundred Fifty Million and
No/100 Dollars ($750,000,000.00) per year for each of the preceding three (3) years as of the date of determination, and (iii) on the date of determination, is at least of comparable standard of quality as the Leased Property. By way of
example only, and without limitation, as of the date of this Lease, each of the following casino resort properties satisfies the requirements of clause (iii) of the foregoing sentence: Bellagio, Aria, Venetian (Las Vegas), Palazzo, Wynn (Las
Vegas), Encore, City of Dreams (Macau), Galaxy Macau, Sands Cotai, Venetian Macau, MGM Grand Macau, Wynn Macau, and Marina Bay Sands (Singapore). At the time of appointment, such Person (a) shall not be subject to a bankruptcy, insolvency or
similar proceeding, (b) shall have never been convicted of, or pled guilty or no contest to, a Patriot Act Offense and shall not be on any Government List, (c) shall not be, and shall not be controlled by, an Embargoed Person or a person
that has been found “unsuitable,” for any reason, by any applicable Gaming Authority, (d) shall have not been the subject of a material governmental or regulatory investigation which resulted in a conviction for criminal activity
involving moral turpitude, (e) shall have not been found liable pursuant to a non-appealable judgment in a civil proceeding for attempting to hinder, delay or defraud creditors, (f) shall have all
required licenses and approvals required under applicable law (including Gaming Regulations), including all required Gaming Licenses for itself, its officers, directors, and Affiliates (including officers and directors of its Affiliates) to manage
the Facility, and (g) shall not be a Landlord Prohibited Person. 
 “Qualified Transferee”: A transferee that
satisfies all of the following requirements: (a) such transferee, unless the Qualified Replacement Guarantor is CEC, (1) has, collectively with the Qualified Replacement Guarantor, a Market Capitalization (exclusive of the Leased Property)
of no less than Four Billion and No/100 Dollars ($4,000,000,000.00), (2) has or is Controlled by a Person that has demonstrated expertise in owning or operating real estate or gaming properties and (3) shall Control Tenant and shall Control, be
Controlled by or be under common Control with Qualified Replacement Guarantor, (b) such transferee and all of its applicable officers, directors, Affiliates (including the officers and directors of its Affiliates), to the extent required under
applicable Gaming Regulations or other Legal Requirements, (i) are licensed and certified by applicable Gaming Authorities and hold all required Gaming Licenses to operate the Facility in accordance herewith and (ii) are otherwise found
suitable to lease the Leased Property in accordance herewith, (c) such transferee has not been the subject of a material governmental or regulatory investigation which resulted in a conviction for criminal activity involving moral turpitude and
has not been found liable pursuant to a non-appealable judgment in a civil proceeding for attempting to hinder, delay or defraud creditors, (d) such transferee has never been convicted of, or pled guilty
or no contest to, a Patriot Act Offense and is not on any Government List; (e) such transferee has not been the subject of a voluntary or involuntary (to the extent the same has not been discharged) bankruptcy proceeding during the prior five
(5) years from the applicable date of determination; (f) such transferee is not, and is not Controlled by an Embargoed Person or a person that has been found “unsuitable” for any reason or has had any application for a Gaming
License withdrawn “with prejudice” by any applicable Gaming Authority; (g) such transferee and its equity holders comply with any Fee Mortgagee’s customary “know your customer” requirements; (h) such transferee
shall not be a Landlord Prohibited Person and (i) such transferee is not associated with a person who has been found “unsuitable”, denied a Gaming License or otherwise precluded from participation in the Gaming Industry by any Gaming
Authority where such association may adversely affect any of Landlord’s or its Affiliates’ Gaming Licenses or Landlord’s or its Affiliates’ then-current standing with any Gaming Authority; provided, however, so long as CEC
remains the Guarantor and a wholly-owned subsidiary of CEC remains the Manager hereunder, such transferee shall not be required to satisfy requirement (a) to be deemed a Qualified Transferee hereunder. 

  
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 “REIT”: A “real estate investment trust” within the meaning of
Section 856(a) of the Code. 
 “Refinancing: As defined in Section 13.10(a). 

“Rejected ROFR Property”: Any ROFR Property located outside of Las Vegas, Nevada, that was the subject of a Propco
Opportunity Transaction pursuant to the ROFR Agreement and with respect to which (a) either (i) Propco waived (or was deemed to have waived) the Propco ROFR, or (ii) Propco exercised the Propco ROFR but a ROFR Lease with respect to such
ROFR Property was not executed following the conclusion of the procedures set forth in Section 3(e) of the ROFR Agreement, and (b) an Affiliate of CEC subsequently consummated the Propco Opportunity Transaction without Propco’s (or
its Affiliates’) involvement. 
 “Renewal Notice”: As defined in Section 1.4. 

“Renewal Term”: As defined in Section 1.4. 

“Renewal Term Decrease”: As defined in clause (c)(ii)(B) of the definition of “Rent.” 

“Renewal Term Increase”: As defined in clause (c)(ii)(A) of the definition of “Rent.” 

“Rent”: An annual amount payable as provided in Article III, calculated as follows: 

(a) For the first seven (7) Lease Years, Rent shall be equal to One Hundred Sixty-Five Million and No/100 Dollars ($165,000,000.00) per
Lease Year, as adjusted annually as set forth in the following sentence. On each Escalator Adjustment Date during the second (2nd) through and including the seventh (7th) Lease Years, the Rent payable for such Lease Year shall be adjusted to be equal to the Rent payable for the immediately preceding Lease Year, multiplied by the Escalator. For purposes of
clarification, there shall be no Variable Rent (defined below) payable during the first seven (7) Lease Years. 
 (b) From and after the
commencement of the eighth (8th) Lease Year, until the Initial Stated Expiration Date, annual Rent shall be comprised of both a base rent component (“Base Rent”) and a variable rent component (“Variable Rent”), each
such component of Rent calculated as provided below: 
 (i) Base Rent shall equal (x) for the eighth (8th) Lease Year, the product of
eighty percent (80%) of Rent in effect as of the last day of the seventh (7th) Lease Year, multiplied by the Escalator, and (y) for each Lease Year from and after the commencement of the ninth (9th) Lease Year until the Initial Stated
Expiration Date, the Base Rent payable for the immediately preceding Lease Year, as applicable, multiplied by the Escalator in each case. 

  
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 (ii) Variable Rent shall be calculated as further described in this clause (b)(ii). Throughout
the Term, Variable Rent shall not be subject to the Escalator. 
 (A) For each Lease Year from and after commencement of the
eighth (8th) Lease Year through and including the end of the tenth (10th) Lease Year (the “First Variable Rent Period”), Variable Rent shall be a fixed annual amount equal to twenty percent (20%) of the Rent for the
seventh (7th) Lease Year (such amount, the “Variable Rent Base”), adjusted as follows (such resulting annual amount being referred to herein as “Year 8-10 Variable
Rent”): 
 (x) in the event that the annual Net Revenue for the Fiscal Period ending immediately prior to the end of the seventh
(7th) Lease Year (the “First VRP Net Revenue Amount”) exceeds the Base Net Revenue Amount (any such excess, the “Year 8 Increase”), the Year 8-10 Variable Rent shall equal the
Variable Rent Base increased by an amount equal to the product of (a) thirteen percent (13%) and (b) the Year 8 Increase; or 

(y) in the event that the First VRP Net Revenue Amount is less than the Base Net Revenue Amount (any such difference, the “Year 8
Decrease”), the Year 8-10 Variable Rent shall equal the Variable Rent Base decreased by an amount equal to the product of (a) thirteen percent (13%) and (b) the Year 8 Decrease.  

(B) For each Lease Year from and after the commencement of the eleventh (11th) Lease Year until the Initial Stated Expiration Date (the
“Second Variable Rent Period”), Variable Rent shall be equal to a fixed annual amount equal to the Year 8-10 Variable Rent, adjusted as follows (such resulting annual amount being
referred to herein as the “Year 11-15 Variable Rent”): 
 (x) in the event that the
annual Net Revenue for the Fiscal Period ending immediately prior to the end of the tenth (10th) Lease Year exceeds the First VRP Net Revenue Amount (any such excess, the “Year 11 Increase”), the Year 11-15 Variable Rent shall equal the Year 8-10 Variable Rent increased by an amount equal to the product of (a) thirteen percent (13%) and (b) the Year 11 Increase;
or 
 (y) in the event that the annual Net Revenue for the Fiscal Period ending immediately prior to the end of the tenth (10th) Lease
Year is less than the First VRP Net Revenue Amount (any such difference, the “Year 11 Decrease”), the Year 11-15 Variable Rent shall equal the Year 8-10
Variable Rent decreased by an amount equal to the product of (a) thirteen percent (13%) and (b) the Year 11 Decrease. 
 (c) Rent
for each Renewal Term shall be calculated as follows: 
 (i) Base Rent for the first (1st) Lease Year of such Renewal Term shall be adjusted
to be equal to the applicable annual Fair Market Base Rental Value; provided that (A) in no event will the Base Rent be less than the Base Rent in effect as of the last day of the Lease Year immediately preceding the commencement of such
Renewal Term (such immediately 

  
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preceding year, the respective “Preceding Lease Year”), (B) no such adjustment shall cause Base Rent to be increased by more than ten percent (10%) of the Base Rent in effect as
of the last day of the Preceding Lease Year and (C) such Fair Market Base Rental Value shall be determined as provided in Section 34.1. On each Escalator Adjustment Date during such Renewal Term, the Base Rent payable
for such Lease Year shall be equal to the Base Rent payable for the immediately preceding Lease Year, multiplied by the Escalator. 
 (ii)
Variable Rent for each Lease Year during such Renewal Term (for each Renewal Term, the “Renewal Term Variable Rent Period”) shall be equal to the Variable Rent in effect as of the last day of the Preceding Lease Year, adjusted as
follows: 
 (A) in the event that the annual Net Revenue for the Fiscal Period ending immediately prior to the end of the Preceding Lease
Year exceeds the annual Net Revenue for the Fiscal Period ending immediately prior to the Lease Year five (5) years prior to the Preceding Lease Year (i.e., (x) in respect of the first (1st) Renewal Term, the tenth (10th) Lease Year, and
(y) in respect of each subsequent Renewal Term, the Lease Year immediately preceding the first (1st) Lease Year of the immediately preceding Renewal Term) (any such excess, the respective “Renewal Term Increase”), the Variable
Rent for such Renewal Term shall equal the Variable Rent in effect as of the last day of the Preceding Lease Year increased by an amount equal to the product of (a) thirteen percent (13%) and (b) such Renewal Term Increase; or 

(B) in the event that the annual Net Revenue for the Fiscal Period ending immediately prior to the end of the Preceding Lease Year is less
than the annual Net Revenue for the Fiscal Period ending immediately prior to the Lease Year five (5) years prior to the Preceding Lease Year (i.e., (x) in respect of the first (1st) Renewal Term, the tenth (10th) Lease Year and
(y) in respect of each subsequent Renewal Term, the Lease Year immediately preceding the first (1st) Lease Year of the immediately preceding Renewal Term) (any such difference, the respective “Renewal Term Decrease”), the
Variable Rent for such Renewal Term shall equal the Variable Rent in effect as of the last day of the Preceding Lease Year decreased by an amount equal to the product of (a) thirteen percent (13%) and (b) such Renewal Term Decrease. 

Notwithstanding anything herein to the contrary, (i) but subject to any reduction in Rent by the Rent Reduction Amount pursuant to and in accordance with
the terms of this Lease, in no event shall annual Base Rent during any Lease Year after the seventh (7th) Lease Year be less than eighty percent (80%) of the Rent in the seventh (7th) Lease Year, and (ii) in no event shall the Variable Rent be
less than Zero Dollars ($0.00). 
 “Rent Reduction Amount”: (i) With respect to the Base Rent, a proportionate reduction of
Base Rent, which proportionate amount shall be determined by comparing (1) the EBITDAR of the Leased Property for the Trailing Test Period versus (2) the EBITDAR of the Leased Property for the Trailing Test Period calculated to remove the
EBITDAR attributable to the portion of the Leased Property affected by the Partial Taking or that is being removed from this Lease or otherwise excluded from the determination of Rent (as applicable) and (ii) with respect to Variable Rent, a
proportionate reduction of Variable Rent calculated in the same manner as set forth with respect to Base Rent above. Following the application of the Rent 

  
 39 

 
Reduction Amount to the Rent hereunder, for purposes of calculating any applicable adjustments to Variable Rent based on increases or decreases in Net Revenue, such calculations of Net Revenue
shall exclude Net Revenue attributable to the portion of the Leased Property affected by the Partial Taking or that was removed from this Lease or otherwise excluded from the determination of Rent (even if such portion of the Leased Property had not
yet been affected by the Partial Taking nor removed from this Lease as of the applicable Lease Year for which Net Revenue is being measured). 

“Replacement Guaranty”: A guaranty made by a Qualified Replacement Guarantor which shall contain provisions, terms and
conditions similar in substance to the provisions, terms and conditions set forth in Article 17 of the MLSA and all such other portions of the MLSA that comprise the Lease Guaranty (as such term is defined in the MLSA). 

“Replacement Management Agreement”: A management agreement with respect to the management of the Facility, between a
Qualified Replacement Manager and a Qualified Transferee, that provides for the management of the Leased Property on terms and conditions not materially less favorable to Tenant (and the Leased Property), (i) with respect to a Qualified Replacement
Manager that is an Affiliate of the Qualified Transferee, than as provided in the MLSA, or, (ii) with respect to a Qualified Replacement Manager that is not an Affiliate of the Qualified Transferee, than would be obtained in an arm’s-length management agreement with a third party, and, in all events the provisions, terms and conditions thereof shall not be intended to or designed to frustrate, vitiate or reduce the payment of Variable
Rent or the other provisions of this Lease. 
 “Reporting Subsidiary”: Any entity required by GAAP to be consolidated for
financial reporting purposes by a Person, regardless of ownership percentage. 
 “Representatives”: With respect to any
Person, such Person’s officers, employees, directors, accountants, attorneys and other consultants, experts or agents of such Person, and actual or prospective arrangers, underwriters, investors or lenders with respect to indebtedness or Equity
Interests that may be incurred or issued by such Person or such Person’s Affiliates (including any Additional Fee Mortgagee), to the extent that any of the foregoing actually receives non-public
information hereunder. In addition, and without limitation of the foregoing, the term “Representatives” shall include, (a) in the case of Landlord, PropCo 1, PropCo, Landlord REIT and any Affiliate thereof, and (b) in the
case of Tenant, CEOC, CEC and any Affiliate thereof. 
 “Required Capital Expenditures”: The applicable Capital
Expenditures required to satisfy the Minimum Cap Ex Requirements. 
 “Restricted Area”: The geographical area that at any
time during the Term is within a thirty (30) mile radius of the Leased Property. 
 “Retail Sales”: As defined in the
definition of “Net Revenue.” 
 “Right to Terminate Notice”: As defined in
Section 17.1(d). 

  
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 “ROFR Agreement”: That certain Right of First Refusal Agreement, dated as of the
date hereof, by and between CEC and Propco. 
 “ROFR Lease”: As defined in the ROFR Agreement. 

“ROFR Property”: As defined in the ROFR Agreement. 

“SEC”: The United States Securities and Exchange Commission. 

“Second Variable Rent Period”: As defined in clause (b)(ii)(B) of the definition of “Rent.” 

“Section 34.2 Dispute”: As defined in Section 34.2. 

“Securities Act”: The Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated
thereunder. 
 “Services Co”: Caesars Enterprise Services LLC, or any replacement or successor services company engaged in
performing services on behalf of Tenant and related entities similar to those performed by, or contemplated to be performed by, Caesars Enterprise Services LLC on the date hereof. 

“Services Co Capital Expenditures”: All capital expenditures incurred by Services Co to the extent capitalized in accordance
with GAAP and allocated to Tenant by Services Co. Without Landlord’s consent, Tenant shall not permit any changes to be made to the allocation methodology by which Services Co Capital Expenditures are currently allocated to Tenant if such
change could reasonably be expected to materially and adversely affect Landlord. 
 “Software”: As they exist anywhere in
the world, any computer software, firmware, microcode, operating system, embedded application, or other program, including all source code, object code, specifications, databases, designs and documentation related to such programs. 

“SPE Tenant”: Collectively or individually, as the context may require, each Tenant other than CEOC. 

“Specified REAs”: (i) that certain Declaration of Covenants, Restrictions and Easements dated May 20, 2011, recorded as
Instrument No. 201105200002942 in the Official Records, Clark County, Nevada, as amended by that certain First Amendment to the Declaration of Covenants, Restrictions and Easements dated as of October 11, 2013, recorded as Instrument
No. 201310110002342, as amended by that certain Second Amendment to the Declaration of Covenants, Restrictions and Easements dated on or about the date hereof, and (ii) that certain Second Amended and Restated Parking Agreement and Grant
of Reciprocal Easements and Declaration of Covenants dated February 7, 2003, recorded as Document No. 1516 in Book 20031118 in the Official Records, Clark County, Nevada, as amended by that certain Assignment and Assumption of Second
Amended and Restated Parking Agreement and Grant of Reciprocal Easements and Declaration of Covenants dated as of November 14, 2003, as amended by that certain First Amendment to Second Amended and Restated Parking Agreement

  
 41 

 
and Grant of Reciprocal Easements and Declaration of Covenants dated April 29, 2016, recorded as Instrument Number 20160503-0002965 in the Official Records, Clark County, Nevada, and as
amended by that certain Second Amendment to Second Amended and Restated Parking Agreement and Grant of Reciprocal Easements and Declaration of Covenants dated on or about the date hereof. 

“Specified Sublease”: Any Sublease (i) affecting any portion of the Leased Property, and (ii) in effect on the
Commencement Date. A list of all Specified Subleases is annexed as Schedule 4 hereto. 
 “Stated Expiration Date”:
As defined in Section 1.3. 
 “Stub Period”: As defined in
Section 10.5(a)(v). 
 “Stub Period Multiplier”: As defined in
Section 10.5(a)(v). 
 “Sublease”: Any sublease,
sub-sublease, license, management agreement to operate (but not occupy as a tenant) a particular space at the Facility, or other similar agreement in respect of use or occupancy of any portion of the Leased
Property, but excluding Bookings. 
 “Subsidiary”: As to any Person, (i) any corporation more than fifty percent (50%)
of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall
have or might have voting power by reason of the happening of any contingency) is at the time of determination owned by such Person and/or one or more Subsidiaries of such Person, and (ii) any partnership, limited liability company,
association, joint venture or other entity in which such Person and/or one or more Subsidiaries of such Person has more than a fifty percent (50%) Equity Interest at the time of determination. 

“Subtenant”: The tenant under any Sublease. 

“Subtenant Subsidiary”: Any subsidiary of Tenant that is a Subtenant under a Sublease from Tenant. 

“Successor Assets”: As defined in Section 36.1. 

“Successor Assets FMV”: As defined in Section 36.1. 

“Successor Tenant”: As defined in Section 36.1. 

“System-wide IP”: All of the Intellectual Property (in each case, excluding Property Specific IP and Property Specific Guest
Data) that (i) Services Co or any of its Subsidiaries currently license, contemplate to license or otherwise provide to facilitate the provision of services by or on behalf of Services Co or any of its Subsidiaries to any properties owned by
CEOC or its Affiliates, (ii) Services Co or any of its Subsidiaries currently provide or contemplate to provide pursuant to, or is otherwise necessary for the performance of, any Property Management Agreement (as defined in the Omnibus
Agreement), (iii) is necessary for the provision of Enterprise Services (as defined in the Omnibus Agreement) by Services Co, (iv) 

  
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is generally used by CEOC, its Affiliates and their respective Subsidiaries for their respective properties, including any and all Intellectual Property comprising and/or related to the Total
Rewards Program, or (v) is developed, created or acquired by or on behalf of Services Co or any of its Subsidiaries and is not a derivative work of any Intellectual Property licensed to Services Co. 

“Taking”: Any taking of all or any part of the Leased Property and/or the Leasehold Estate or any part thereof, in or by
Condemnation, including by reason of the temporary requisition of the use or occupancy of all or any part of the Leased Property by any governmental authority, civil or military. 

“Tenant”: As defined in the preamble. 

“Tenant Capital Improvement”: A Capital Improvement other than a Material Capital Improvement funded by Landlord pursuant to
a Landlord MCI Financing. The term “Tenant Capital Improvement” shall not include Capital Improvements conveyed by Tenant to Landlord. 

“Tenant Competitor”: As of any date of determination, any Person (other than Tenant and its Affiliates) that is engaged, or
is an Affiliate of a Person that is engaged, in the ownership or operation of a Gaming business; provided, that, (i) for purposes of the foregoing, ownership of the real estate and improvements where a Gaming business is conducted, without
ownership of the Gaming business itself, shall not be deemed to constitute the ownership of a Gaming business, (ii) any investment fund or other Person with an investment representing an equity ownership of fifteen percent (15%) or less in a
Tenant Competitor and no Control over such Tenant Competitor shall not be a Tenant Competitor, (iii) solely for purposes of Section 18.4(c), a Person with an investment representing an equity ownership of twenty-five percent (25%) or less
in a Non-Core Tenant Competitor shall be deemed to not have Control over such Tenant Competitor, and (iv) Landlord shall not be deemed to become a Tenant Competitor by virtue of it or its Affiliate’s
acquiring ownership, or engaging in the ownership or operation of, a Gaming business, if Landlord or any of its Affiliates first offered CEC (or its Subsidiary, as applicable) the opportunity to lease and manage such Gaming business pursuant to the
ROFR Agreement and CEC (or its Subsidiary, as applicable) did not accept such offer. 
 “Tenant Event of Default”: As
defined in Section 16.1. 
 “Tenant Information” means information concerning Tenant, CEC or
their respective Affiliates, including Manager, or any of their respective assets or businesses, including, without limitation, the operation of the Leased Property 

“Tenant Material Capital Improvement”: As defined in Section 10.4(e). 

“Tenant Securitization Certification”: As defined in Section 23.1(b). 

“Tenant Transferee Requirement”: As defined in Section 22.2(i). 

  
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 “Tenant’s Initial Financing”: means the financing provided under that
certain Credit Agreement, dated as of the date hereof, by and among Tenant, as borrower, the Lenders (as defined therein) party thereto from time to time and Credit Suisse AG, Cayman Islands Branch, as administrative agent for the Lenders and
collateral agent for the Secured Parties (as defined therein). 
 “Tenant’s MCI Intent Notice”: As defined in
Section 10.4(a). 
 “Tenant’s Pledged Property”: All now owned and hereafter acquired
FF&E not otherwise part of the Leased Property and all other now owned and hereafter acquired personal property (including all gaming equipment), licenses, permits, subleases, concessions, and contracts, in each case, located at the Leased
Property or primarily related to or used or held for use in connection with the operation of the business conducted on or about the Leased Property as then being operated (including all Property Specific IP and Property Specific Guest Data and
Tenant’s rights under Property-Related IP, other System-wide IP, proprietary operating systems and customer data, including Guest Data) owned by or licensed or granted to Tenant and/or any Subsidiaries of Tenant, all reserve accounts
established hereunder, including the Cap Ex Reserve, CapEx Reserve Funds, FF&E Reserve or FF&E Reserve Funds, and any cash (including all cage cash) located on-site at the Facility but not any other
cash, securities or investments; provided, that, Tenant’s Pledged Property shall exclude all Excluded Assets, all products and proceeds of Tenant’s Pledged Property, and, to the extent required by Gaming Regulations, any Gaming Licenses.

 “Tenant’s Property”: All assets of Tenant and its Subsidiaries (other than the Leased Property and, for purposes of
Article XXXVI only, any Intellectual Property that will not be transferred to a Successor Tenant under Article XXXVI) primarily related to or used in connection with the operation of the business conducted on or about the Leased
Property or any portion thereof, together with all replacements, modifications, additions, alterations and substitutes therefor and including all goodwill and going concern value associated with Tenant’s Property. 

“Term”: As defined in Section 1.3. 

“Third-Party MCI Financing”: As defined in
Section 10.4(c). 
 “Total Leverage Ratio”: With respect to any Person and its Subsidiaries on a
consolidated basis, on any date, the ratio of (i) the aggregate principal amount of (without duplication) all indebtedness consisting of Capital Lease Obligations, indebtedness for borrowed money, unreimbursed obligations in respect of drawn
letters of credit (but excluding contingent obligations under outstanding letters of credit) and other purchase money indebtedness and guarantees of any of the foregoing obligations, of such Person and its Subsidiaries determined on a consolidated
basis on such date in accordance with GAAP to (ii) EBITDA. 
 “Total Net Leverage Ratio”: With respect to any Person
and its Subsidiaries on a consolidated basis, on any date, the ratio of (i) (a) the aggregate principal amount of (without duplication) all indebtedness consisting of Capital Lease Obligations, indebtedness for borrowed money, unreimbursed
obligations in respect of drawn letters of credit (but excluding contingent obligations under outstanding letters of credit) and other purchase money indebtedness and guarantees of any of the foregoing obligations, of such Person and its
Subsidiaries determined on 

  
 44 

 
a consolidated basis on such date in accordance with GAAP less (b) the aggregate amount of all cash or cash equivalents of such Person and its Subsidiaries (provided, that, in the case of
cash or cash equivalents held by Domestic Subsidiaries of a Person that is not incorporated in, or organized under the laws of, the United States or any state or territory thereof or the District of Columbia, such cash must be held at a bank or
other financial institution located in the United States or any territory thereof or the District of Columbia) that would not appear as “restricted” on a consolidated balance sheet of such Person and its Subsidiaries to (ii) EBITDA.

 “Trademarks”: As defined in the definition of Intellectual Property. 

“Trailing Test Period”: For any date of determination, the period of the four (4) most recently ended consecutive
calendar quarters prior to such date of determination for which Financial Statements are available. 
 “Transition Period”:
As defined in the MLSA. 
 “Transition Services Agreement”: That certain Transition of Management Services Agreement
(CPLV), dated as of the date hereof, by and among Tenant, Landlord, Services Co, Caesars License Company, LLC and Manager, as amended, restated, supplemented or otherwise modified from time to time. 

“Tri-Party Agreement”: As defined in Section 9.5(a). 

“Triennial Allocated Minimum Cap Ex Amount B Ceiling”: The difference of (a) the Triennial Minimum Cap Ex Amount B,
minus (b) the Triennial Allocated Minimum Cap Ex Amount B Floor (as defined in the Non-CPLV Lease). Notwithstanding anything herein to the contrary, fifty percent (50%) of all Capital Expenditures
constituting Material Capital Improvements shall be credited toward the Triennial Allocated Minimum Cap Ex Amount B Ceiling applicable to the Triennial Period during which such Capital Expenditures were incurred and the other fifty percent (50%) of
such Capital Expenditures constituting Material Capital Improvements shall not be credited toward the Triennial Allocated Minimum Cap Ex Amount B Ceiling. 

“Triennial Allocated Minimum Cap Ex Amount B Floor”: An amount equal to Eighty-Four Million and No/100 Dollars
($84,000,000.00), as reduced from time to time by the applicable Minimum Cap Ex Reduction Amount in the event that the Triennial Minimum Cap Ex Amount B is reduced by the applicable Minimum Cap Ex Reduction Amount. Notwithstanding anything
herein to the contrary, fifty percent (50%) of all Capital Expenditures constituting Material Capital Improvements shall be credited toward the Triennial Allocated Minimum Cap Ex Amount B Floor applicable to the Triennial Period during which such
Capital Expenditures were incurred and the other fifty percent (50%) of such Capital Expenditures constituting Material Capital Improvements shall not be credited toward the Triennial Allocated Minimum Cap Ex Amount B Floor. 

“Triennial Minimum Cap Ex Amount B”: An amount equal to Three Hundred Fifty Million and No/100 Dollars ($350,000,000.00),
provided, however, that for purposes of calculating the Triennial Minimum Cap Ex Amount B, Capital Expenditures during the applicable Triennial Period shall not include any of the following (without duplication): (a)

  
 45 

 
Services Co Capital Expenditures, (b) Capital Expenditures by any subsidiaries of Tenant that are non-U.S. subsidiaries or are “unrestricted
subsidiaries” as defined under Tenant’s debt documentation, (c) any Capital Expenditures of Tenant related to gaming equipment, (d) any Capital Expenditures of Tenant related to corporate shared services, nor (e) any Capital
Expenditures with respect to properties that are not included in the Leased Property or Other Leased Property. The Triennial Minimum Cap Ex Amount B shall be decreased from time to time (x) in the event of any partial termination of either this
Lease or the Other Leases in connection with any Condemnation or in connection with a Casualty Event, in either case in accordance with the express terms of this Lease or the Other Leases (as applicable), in either case that results in the removal
of Material Leased Property from this Lease or the Other Leases (as applicable); and (y) in connection with either (i) to the extent applicable to any Other Leases, any disposition of Other Leased Property by a landlord under the Other
Leases in accordance with Article XVIII of the Other Leases and the execution of a third party Severance Lease with respect to such removed Other Leased Property, or (ii) any disposition of all of the Other Leased Property under any Other Lease
in accordance with Article XVIII of such Other Lease and the assignment of such Other Lease to a third party Acquirer (as defined in such Other Lease); with such decrease, in each case of clause (x) or (y) above, being equal to the applicable
Minimum Cap Ex Reduction Amount. Notwithstanding anything herein to the contrary, fifty percent (50%) of all Capital Expenditures and Other Capital Expenditures constituting Material Capital Improvements or Other Material Capital Improvements shall
be credited toward the Triennial Minimum Cap Ex Amount B applicable to the Triennial Period during which such Capital Expenditures or Other Capital Expenditures were incurred and the other fifty percent (50%) of such Capital Expenditures and Other
Capital Expenditures constituting Material Capital Improvements or Other Material Capital Improvements shall not be credited toward the Triennial Minimum Cap Ex Amount B. Without limitation of anything set forth in the foregoing, it is acknowledged
and agreed that any Capital Expenditures with respect to any one or more of the London/Chester Properties shall not be included in the calculation of the Triennial Minimum Cap Ex Amount B. 

“Triennial Minimum Cap Ex Requirement B”: A defined in Section 10.5(a)(iv). 

“Triennial Period”: Each period of three (3) full Fiscal Years during the Term. 

“Unavoidable Delay”: Delays due to strikes, lockouts, inability to procure materials, power failure, acts of God,
governmental restrictions, enemy action, civil commotion, fire, unavoidable casualty or other causes beyond the reasonable control of the Party responsible for performing an obligation hereunder; provided, that lack of funds, in and of itself, shall
not be deemed a cause beyond the reasonable control of a Party. 
 “Unsuitable for Its Primary Intended Use”: A state or
condition of the Leased Property such that by reason of a Partial Taking the Leased Property cannot, following restoration thereof (to the extent commercially practical), be operated on a commercially practicable basis for the Primary Intended Use
for which it was primarily being used immediately preceding the taking, taking into account, among other relevant economic factors, the amount of square footage and the estimated revenue affected by such Partial Taking. 

  
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 “Variable Rent”: The Variable Rent component of Rent, as defined in more detail
in clauses (b) and (c) of the definition of “Rent.” 
 “Variable Rent Base”: As defined in
clause (b)(ii)(A) of the definition of “Rent.” 
 “Variable Rent Determination Period”: Each of (i) the
Fiscal Period that ended immediately prior to the Commencement Date, and (ii) the Fiscal Period in each case that ends immediately prior to the commencement of the 8th Lease Year, the 11th Lease Year, and the first (1st) Lease Year of each Renewal Term. 

“Variable Rent Payment Period”: Collectively or individually, each of the First Variable Rent Period, the Second Variable
Rent Period and each of the Renewal Term Variable Rent Periods. 
 “Variable Rent Statement”: As defined in
Section 3.2(a). 
 “Work”: Any and all work in the nature of construction, restoration,
alteration, modification, addition, improvement or demolition in connection with the performance of any Alterations and/or any Capital Improvements. 

“Year 8 Decrease”: As defined in clause (b)(ii)(A) of the definition of “Rent.” 

“Year 8 Increase”: As defined in clause (b)(ii)(A) of the definition of “Rent.” 

“Year 8-10 Variable Rent”: As defined in clause (b)(ii)(A) of the
definition of “Rent.” 
 “Year 11 Decrease”: As defined in clause (b)(ii)(B) of the definition of
“Rent.” 
 “Year 11 Increase”: As defined in clause (b)(ii)(B) of the definition of “Rent.” 

“Year 11-15 Variable Rent”: As defined in clause (b)(ii)(B) of the definition of
“Rent.” 
 ARTICLE III 

RENT 
 3.1 Payment
of Rent. 
 (a) Generally. During the Term, Tenant will pay to Landlord the Rent and Additional Charges in lawful money of the
United States of America and legal tender for the payment of public and private debts, in the manner provided in Section 3.4. 

(b) Payment of Rent until Commencement of Variable Rent. On the Commencement Date, a prorated portion of the first monthly installment
of Rent shall be paid by Tenant for the period from the Commencement Date until the last day of the calendar month in which the Commencement Date occurs, based on the number of days during such period. Thereafter, for

  
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the first seven (7) Lease Years, Rent shall be payable by Tenant in consecutive monthly installments equal to one-twelfth (1/12th) of the Rent amount
for the applicable Lease Year on the first (1st) day of each calendar month (or the immediately preceding Business Day if the first (1st) day of the month is not a Business Day), in advance for such calendar month, during that Lease Year. 

(c) Payment of Rent following Commencement of Variable Rent. From the commencement of the eighth (8th) Lease Year and continuing until
the Expiration Date, both Base Rent and Variable Rent during any Lease Year shall be payable in consecutive monthly installments equal to one-twelfth (1/12th) of the Base Rent and Variable Rent amounts for the
applicable Lease Year on the first (1st) day of each calendar month (or the immediately preceding Business Day if the first (1st) day of the month is not a Business Day), in advance for such calendar month, during that Lease Year; provided,
however, that for each month where Variable Rent is payable but the amount thereof depends upon calculation of Net Revenue not yet known (e.g., the first few months of the eighth (8th) Lease Year, the eleventh (11th) Lease Year, and
(if applicable) the first (1st) Lease Year of each Renewal Term), the amount of the Variable Rent payable monthly in advance shall remain the same as in the immediately preceding month, and provided, further, that Tenant shall make a
payment to Landlord (or be entitled to set off against its Rent payment due, as applicable) on the first (1st) day of the calendar month (or the immediately preceding Business Day if the first (1st) day of the month is not a Business Day) following
the completion of such calculation in the amount necessary to “true-up” any underpayments or overpayments of Variable Rent for such interim period. Tenant shall complete such calculation of Net
Revenue as provided in Section 3.2 of this Lease. 
 (d) Proration for Partial Lease Year. Unless otherwise
agreed by the Parties in writing, Rent and applicable Additional Charges shall be prorated on a per diem basis as to any Lease Year containing less than twelve (12) calendar months, and with respect to any installment thereof due for any
partial months at the beginning and end of the Term. 
 (e) Rent Allocation. 

(i) Rent during the initial seven (7) Lease Years and Rent thereafter for the duration of the Initial Term shall be allocated as specified
in Schedule 5 hereto and such allocations of Rent and Base Rent shall represent Tenant’s accrued liability on account of the use of the Leased Property during the Initial Term. Landlord and Tenant agree that such allocations are intended
to constitute a specific allocation of fixed rent within the meaning of Treasury Regulation § 1.467-1(c)(2)(ii)(A) to the applicable period and in the respective amounts set forth in Schedule 5
hereto. Landlord and Tenant agree, for purposes of federal income tax returns filed by it (or on any income tax returns on which its income is included), (i) to accrue rental income and rental expense, respectively during the Initial Term in the
amounts equal to the Rent for a given period plus or minus the amount set forth under the caption “Section 467 Rent Adjustment” in Schedule 5 hereto, and (ii) to deduct interest expense and accrue interest income,
respectively, in the amounts set forth under the caption “Section 467 Interest” in Schedule 5 hereto. 

  
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 3.2 Variable Rent Determination. 

(a) Variable Rent Statement. Tenant shall, no later than ninety (90) days after the end of each Variable Rent Determination Period
during the Term, furnish to Landlord a statement (the “Variable Rent Statement”), which Variable Rent Statement shall (i) set forth the sum of the Net Revenues realized with respect to the Facility during each of (x) such
just-ended Variable Rent Determination Period and (y) except with respect to the first (1st) Variable Rent Statement, the Variable Rent Determination Period immediately preceding such just-ended Variable Rent Determination Period,
(ii) except with respect to the first (1st) Variable Rent Statement, set forth Tenant’s calculation of the per annum Variable Rent payable hereunder during the next Variable Rent Payment Period, (iii) be accompanied by reasonably
appropriate supporting data and information, and (iv) be certified by a senior financial officer of Tenant and expressly state that such officer has examined the reports of Net Revenue therein and the supporting data and information
accompanying the same, that such examination included such tests of Tenant’s books and records as reasonably necessary to make such determination, and that such statement accurately presents in all material respects the Net Revenues for the
applicable periods covered thereby, so that Tenant shall commence paying the applicable Variable Rent payable during each Variable Rent Payment Period hereunder (in accordance with the calculation set forth in each such Variable Rent Statement) no
later than the first (1st) day of the fourth (4th) calendar month during such Variable Rent Payment Period (or the immediately preceding Business Day if the first (1st) day of such month is not a
Business Day). 
 (b) Maintenance of Records Relating to Variable Rent Statement. Tenant shall maintain, at its corporate offices, for
a period of not less than six (6) years following the end of each Lease Year, adequate records which shall evidence the Net Revenue realized by the Facility during each Lease Year, together with all such records that would normally be examined
by an independent auditor pursuant to GAAP in performing an audit of Tenant’s Variable Rent Statements. The provisions and covenants of this Section 3.2(b) shall survive the expiration of the Term or sooner termination
of this Lease. 
 (c) Audits. At any time within two (2) years of receipt of any Variable Rent Statement, Landlord shall have the
right to cause to be conducted an independent audit of the matters covered thereby, conducted by a nationally-recognized independent public accounting firm mutually reasonably agreed to by the Parties. Such audit shall be limited to items necessary
to ascertain an accurate determination of the calculation of the Variable Rent payable hereunder, and shall be conducted during normal business hours at the principal executive office of Tenant. If it shall be determined as a result of such audit
(i) that there has been a deficiency in the payment of Variable Rent, such deficiency shall become due and payable by Tenant to Landlord, within thirty (30) days after such determination, or (ii) that there has been an excess payment
of Variable Rent, such excess shall become due and payable by Landlord to Tenant, within thirty (30) days after such determination. In addition, if any Variable Rent Statement shall be found to have understated the per annum Variable Rent
payable during any Variable Rent Payment Period by more than two and one-half percent (2.5%), and Landlord is entitled to any additional Variable Rent as a result of such understatement, then (x) Tenant
shall pay to Landlord all reasonable, out-of-pocket costs and expenses which may be incurred by Landlord in determining and collecting the understatement or
underpayment, including the cost of the audit (if applicable) and (y) interest at the Overdue Rate on the amount of the deficiency from the date when said 

  
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payment should have been made until paid. If it shall be determined as a result of such audit that the applicable Variable Rent Statement did not understate the per annum Variable Rent payable
during any Variable Rent Payment Period by more than two and one-half percent (2.5%), then Landlord shall pay to Tenant all reasonable,
out-of-pocket costs and expenses incurred by Tenant in making such determination, including the cost of the audit. In addition, if any Variable Rent Statement shall be
found to have willfully and intentionally understated the per annum Variable Rent by more than five percent (5%), such understatement shall, at Landlord’s option, constitute a Tenant Event of Default under this Lease. Any audit conducted
pursuant to this Section 3.2(c) shall be performed subject to and in accordance with the provisions of Section 23.1(c) hereof. The receipt by Landlord of any Variable Rent Statement or any Variable
Rent paid in accordance therewith for any period shall not constitute an admission of the correctness thereof. 
 3.3 Late Payment of
Rent or Additional Charges. Tenant hereby acknowledges that the late payment by Tenant to Landlord of any Rent or Additional Charges will cause Landlord to incur costs not contemplated hereunder, the exact amount of which is presently
anticipated to be extremely difficult to ascertain. Accordingly, if any installment of Rent or Additional Charges payable directly to Landlord shall not be paid within four (4) days after its due date, Tenant shall pay to Landlord on demand a
late charge equal to the lesser of (a) five percent (5%) of the amount of such installment or Additional Charges and (b) the maximum amount permitted by law. The Parties agree that this late charge represents a fair and reasonable estimate
of the costs that Landlord will incur by reason of late payment by Tenant. The Parties further agree that any such late charge constitutes Rent, and not interest, and such assessment does not constitute a lender or borrower/creditor relationship
between Landlord and Tenant. If any installment of Rent (or Additional Charges payable directly to Landlord) shall not be paid within nine (9) days after its due date, the amount unpaid, including any late charges previously accrued and unpaid,
shall bear interest at the Overdue Rate (from such ninth (9th) day after the due date of such installment until the date of payment thereof) (including interest accruing during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, whether or not a claim for such interest is allowed or allowable in such proceeding), and Tenant shall pay such interest to Landlord on demand. The payment of such late charge or such
interest shall not constitute a waiver of, nor excuse or cure, any default under this Lease, nor prevent Landlord from exercising any other rights and remedies available to Landlord. No failure by Landlord to insist upon strict performance by Tenant
of Tenant’s obligation to pay late charges and interest on sums overdue shall constitute a waiver by Landlord of its right to enforce the provisions, terms and conditions of this Section 3.3. No payment by Tenant nor
receipt by Landlord of a lesser amount than may be required to be paid hereunder shall be deemed to be other than on account of any such payment, nor shall any endorsement or statement on any check or any letter accompanying any check tendered as
payment be deemed an accord and satisfaction and Landlord, in its sole discretion, may accept such check or payment without prejudice to Landlord’s right to recover the balance of such payment due or pursue any other right or remedy in this
Lease provided. 
 3.4 Method of Payment of Rent. Rent and Additional Charges to be paid to Landlord shall be paid by
electronic funds transfer debit transactions through wire transfer, ACH or direct deposit of immediately available federal funds and shall be initiated by Tenant for settlement on or before the applicable Payment Date in each case (or, in respect of
Additional Charges, as applicable, such other date as may be applicable hereunder); provided, however, if 

  
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the Payment Date is not a Business Day, then settlement shall be made on the preceding Business Day. Landlord shall provide Tenant with appropriate wire transfer, ACH and direct deposit
information in a Notice from Landlord to Tenant. If Landlord directs Tenant to pay any Rent or any Additional Charges to any party other than Landlord, Tenant shall send to Landlord, simultaneously with such payment, a copy of the transmittal letter
or invoice and a check whereby such payment is made or such other evidence of payment as Landlord may reasonably require. 
 3.5 Net
Lease. Landlord and Tenant acknowledge and agree that (i) this Lease is and is intended to be what is commonly referred to as a “net, net, net” or “triple net” lease, and (ii) the Rent (including, for avoidance
of doubt, following commencement of the obligation to pay Variable Rent hereunder, the Base Rent and Variable Rent components of the Rent) and Additional Charges shall be paid absolutely net to Landlord, without abatement, deferment, reduction,
defense, counterclaim, claim, demand, notice, deduction or offset of any kind whatsoever, so that this Lease shall yield to Landlord the full amount or benefit of the installments of Rent (including, for the avoidance of doubt, following
commencement of the obligation to pay Variable Rent hereunder, the Base Rent and Variable Rent components of the Rent) and Additional Charges throughout the Term, all as more fully set forth in Article V and except and solely to the extent
expressly provided in Article XIV (in connection with a Casualty Event), in Article XV (in connection with a Condemnation), in Section 3.1 (in connection with the
“true-up”, if any, applicable to the onset of a Variable Rent Payment Period) and in Section 41.17. If Landlord commences any proceedings for
non-payment of Rent, Tenant will not interpose any defense, offset, claim, counterclaim or cross complaint or similar pleading of any nature or description in such proceedings unless Tenant would lose or waive
such claim by the failure to assert it. This shall not, however, be construed as a waiver of Tenant’s right to assert such claims in a separate action brought by Tenant. The covenants to pay Rent and Additional Charges hereunder are independent
covenants, and Tenant shall have no right to hold back, deduct, defer, reduce, offset or fail to pay any such amounts for default by Landlord or for any other reason whatsoever, except solely as and to the extent provided in
Section 3.1 and this Section 3.5. 
 ARTICLE IV 

ADDITIONAL CHARGES 

4.1 Impositions. Subject to Article XII relating to permitted contests, Tenant shall pay, or cause to
be paid, all Impositions as and when due and payable during the Term to the applicable taxing authority or other party imposing the same before any fine, penalty, premium or interest may be added for
non-payment (provided, (i) such covenant shall not be construed to require early or advance payments that would reduce or discount the amount otherwise owed and (ii) Tenant shall not be
required to pay any Impositions that under the terms of any applicable Ground Lease are required to be paid by the Ground Lessor thereunder). Tenant shall make such payments directly to the taxing authorities where feasible, and on a monthly basis
furnish to Landlord a summary of such payments, together, upon the request of Landlord, with copies of official receipts or other reasonably satisfactory proof evidencing such payments. If Tenant is not permitted to, or it is otherwise not feasible
for Tenant to, make such payments directly to the taxing authorities or other applicable party, then Tenant shall make such payments to Landlord at 

  
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least ten (10) Business Days prior to the due date, and Landlord shall make such payments to the taxing authorities or other applicable party prior to the due date. If and to the extent
funds for Impositions are being reserved by Tenant on a regular basis with and held by Fee Mortgagee, Tenant shall be permitted to make a direct request to Fee Mortgagee (contemporaneously providing a copy of such request to Landlord) to cause such
funds to be applied to Impositions when due and payable, unless a Tenant Event of Default exists, and, to the extent Fee Mortgagee fails to make such disbursement, the failure to timely pay such Impositions shall not give rise to any Tenant Event of
Default or other liability or obligation of Tenant hereunder. Landlord shall deliver to Tenant any bills received by Landlord for Impositions, promptly following Landlord’s receipt thereof. Tenant’s obligation to pay Impositions shall be
absolutely fixed upon the date such Impositions become a lien upon the Leased Property to the extent payable during the Term or any part thereof, subject to Article XII. Notwithstanding anything in the first sentence of this
Section 4.1 to the contrary, if any Imposition may, at the option of the taxpayer, lawfully be paid in installments, whether or not interest shall accrue on the unpaid balance of such Imposition, Tenant may pay the same,
and any accrued interest on the unpaid balance of such Imposition, in installments as the same respectively become due and before any fine, penalty, premium or further interest may be added thereto. Nothing in this
Section 4.1 shall limit Tenant’s obligations with respect to funding reserves for Impositions to the extent required under Section 31.3. 

(a) Landlord or Landlord REIT shall prepare and file all tax returns and reports as may be required by Legal Requirements with respect to
Landlord’s net income, gross receipts, franchise taxes and taxes on its capital stock and any other returns required to be filed by or in the name of Landlord (the “Landlord Tax Returns”), and Tenant or Tenant’s applicable
direct or indirect parent shall prepare and file all other tax returns and reports as may be required by Legal Requirements with respect to or relating to the Leased Property (including all Capital Improvements) and Tenant’s Property. If any
property covered by this Lease is classified as personal property for tax purposes, Tenant shall file all required personal property tax returns in such jurisdictions where it is required to file pursuant to applicable Legal Requirements and provide
copies to Landlord upon request. 
 (b) Any refund due from any taxing authority in respect of any Imposition paid by or on behalf of Tenant
shall be paid over to or retained by Tenant, and any refund due from any taxing authority in respect of any Imposition paid by or on behalf of Landlord, if any, shall be paid over to or retained by Landlord. 

(c) Landlord and Tenant shall, upon request of the other, provide such data as is maintained by the Party to whom the request is made with
respect to the Leased Property as may be necessary to prepare any required tax returns and reports. Landlord, to the extent it possesses the same, and Tenant, to the extent it possesses the same, shall provide the other Party, upon request, with
cost and depreciation records necessary for filing returns for any property classified as personal property. Where Landlord is legally required to file personal property tax returns, Landlord shall provide Tenant with copies of assessment notices
indicating a value in excess of the reported value in sufficient time for Tenant to file a protest. 
 (d) Billings for reimbursement by
Tenant to Landlord of personal property or real property taxes and any taxes due under the Landlord Tax Returns, if and to the extent Tenant is responsible for such taxes under the terms of this Section 4.1 (subject to
Article XII), shall be accompanied by copies of a bill therefor and payments thereof which identify in reasonable detail the personal property or real property or other tax obligations of Landlord with respect to which such payments are made.

  
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 (e) Impositions imposed or assessed in respect of the
tax-fiscal period during which the Commencement Date or the Expiration Date occurs shall be adjusted and prorated between Landlord and Tenant; provided, that Tenant’s obligation to pay its prorated
share of Impositions imposed or assessed before the Expiration Date in respect of a tax-fiscal period during the Term shall survive the Expiration Date (and its right to contest the same pursuant to Article
XII shall survive the Stated Expiration Date). Landlord will not enter into agreements that will result in, or consent to the imposition of, additional Impositions without Tenant’s consent, which shall not be unreasonably withheld,
conditioned or delayed; provided, in each case, Tenant is given reasonable opportunity to participate in the process leading to such agreement. Impositions imposed or assessed in respect of any
tax-fiscal period occurring (in whole or in part) prior to the Commencement Date, if any, shall be Tenant’s obligation to pay or cause to be paid. 

4.2 Utilities and Other Matters. Tenant shall pay or cause to be paid all charges for electricity, power, gas, oil, water
and other utilities used in the Leased Property. Tenant shall also pay or reimburse Landlord for all costs and expenses of any kind whatsoever which at any time with respect to the Term hereof may be imposed against Landlord by reason of any
Property Documents, or with respect to easements, licenses or other rights over, across or with respect to any adjacent or other property which benefits the Leased Property or any Capital Improvement, including any and all costs and expenses
associated with any utility, drainage and parking easements relating to the Leased Property (but excluding, for the avoidance of doubt, any costs and expenses under any Fee Mortgage Documents). 

4.3 Compliance Certificate. Landlord shall deliver to Tenant, promptly following Landlord’s receipt thereof, any bills
received by Landlord for items required to be paid by Tenant hereunder, including, without limitation, Impositions, utilities and insurance. Promptly upon request of Landlord (but so long as no Event of Default is continuing no more frequently than
one time per Fiscal Quarter), Tenant shall furnish to Landlord a certification stating that all or a specified portion of Impositions, utilities, insurance premiums or, to the extent specified by Landlord, any other amounts payable by Tenant
hereunder that have, in each case, come due prior to the date of such certification have been paid (or that such payments are being contested in good faith by Tenant in accordance herewith) and specifying the portion of the Leased Property to which
such payments relate. 
 4.4 Impound Account. At Landlord’s option following the occurrence and during the continuation of
a monetary Tenant Event of Default (to be exercised by thirty (30) days’ written notice to Tenant), and provided Tenant is not already being required to impound such payments in accordance with the requirements of
Section 31.3 below, Tenant shall be required to deposit, at the time of any payment of Rent, an amount equal to one-twelfth (1/12th) of the sum of (i) Tenant’s estimated
annual real and personal property taxes required pursuant to Section 4.1 hereof (as reasonably determined by Landlord), (ii) Tenant’s estimated annual insurance premium costs pursuant to Article XIII hereof (as
reasonably determined by Landlord), and (iii) the amount of annual rent payable under the Octavius Ground Lease. Such amounts shall be applied to the payment of the obligations in respect of which said amounts were deposited, on or before the
respective dates on which the same or any of them would become due. The reasonable cost of administering such impound account shall be paid by Tenant. Nothing in this Section 4.4 shall be deemed to affect any other right or
remedy of Landlord hereunder. 

  
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 ARTICLE V 

NO TERMINATION, ABATEMENT, ETC. 

Except as otherwise specifically provided in this Lease, Tenant shall remain bound by this Lease in accordance with its terms. The obligations
of Landlord and Tenant hereunder shall be separate and independent covenants and agreements and the Rent and all other sums payable by Tenant hereunder shall continue to be payable in all events unless the obligations to pay the same shall be
terminated pursuant to the express provisions of this Lease or by termination of this Lease as to all or any portion of the Leased Property other than by reason of an Event of Default. Without limitation of the preceding sentence, the respective
obligations of Landlord and Tenant shall not be affected by reason of, except as expressly set forth in Articles XIV and XV, (i) any damage to or destruction of the Leased Property, including any Capital Improvement or any portion
thereof from whatever cause, or any Condemnation of the Leased Property, including any Capital Improvement or any portion thereof or, discontinuance of any service or utility servicing the same; (ii) the lawful or unlawful prohibition of, or
restriction upon, Tenant’s use of the Leased Property, including any Capital Improvement or any portion thereof or the interference with such use by any Person or by reason of eviction by paramount title; (iii) any claim that Tenant has or
might have against Landlord by reason of any default or breach of any warranty by Landlord hereunder or under any other agreement between Landlord and Tenant or to which Landlord and Tenant are parties; (iv) any bankruptcy, insolvency,
reorganization, consolidation, readjustment, liquidation, dissolution, winding up or other proceedings affecting Landlord or any assignee or transferee of Landlord; or (v) for any other cause, whether similar or dissimilar to any of the
foregoing. Tenant hereby specifically waives all rights arising from any occurrence whatsoever which may now or hereafter be conferred upon it by law (a) to modify, surrender or terminate this Lease or quit or surrender the Leased Property or
any portion thereof, or (b) which may entitle Tenant to any abatement, deduction, reduction, suspension or deferment of or defense, counterclaim, claim or set-off against the Rent or other sums payable by
Tenant hereunder, except in each case as may be otherwise specifically provided in this Lease. 
 ARTICLE VI 

OWNERSHIP OF REAL AND PERSONAL PROPERTY 

6.1 Ownership of the Leased Property. 

(a) Landlord and Tenant acknowledge and agree that they have executed and delivered this Lease with the understanding that (i) the Leased
Property is the property of Landlord, (ii) Tenant has only the right to the possession and use of the Leased Property upon the terms and conditions of this Lease, (iii) this Lease is a “true lease,” is not a financing lease,
mortgage, equitable mortgage, deed of trust, trust agreement, security agreement or other financing or trust arrangement, and the economic realities of this Lease are those of a true lease, (iv) the business relationship created by this Lease
and any related documents is and at all times 

  
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shall remain that of landlord and tenant, (v) this Lease has been entered into by each Party in reliance upon the mutual covenants, conditions and agreements contained herein, and
(vi) none of the agreements contained herein is intended, nor shall the same be deemed or construed, to create a partnership between Landlord and Tenant, to make them joint venturers, to make Tenant an agent, legal representative, partner,
subsidiary or employee of Landlord, or to make Landlord in any way responsible for the debts, obligations or losses of Tenant. Notwithstanding anything to the contrary herein, Landlord is the fee or leasehold (as applicable) and record owner of the
Leased Property. 
 (b) Each of the Parties covenants and agrees, subject to Section 6.1(d), not to (i) file
any income tax return or other associated documents, (ii) file any other document with or submit any document to any governmental body or authority, or (iii) enter into any written contractual arrangement with any Person, in each case that
takes a position other than that this Lease is a “true lease” with Landlord as owner of the Leased Property (except as expressly set forth below) and Tenant as the tenant of the Leased Property. For U.S. federal, state and local
income tax purposes, Landlord and Tenant agree that (x) Landlord shall be treated as the owner of the Leased Property eligible to claim depreciation deductions under Sections 167 or 168 of the Code with respect to the Leased Property excluding
the Leased Property described in clauses (y) and (z) below, (y) Tenant shall be treated as owner of, and eligible to claim depreciation deductions under Sections 167 or 168 of the Code with respect to all Tenant Capital Improvements
(including, for avoidance of doubt and for purposes of this sentence, Tenant Material Capital Improvements) and Material Capital Improvements funded by Landlord pursuant to a Landlord MCI Financing that is treated as a loan for such income tax
purposes, and (z) Tenant shall be treated as owner of, and eligible to claim depreciation deductions under Sections 167 and 168 of the Code with respect to any Leased Improvements (related to any capital improvement projects ongoing as of the
Commencement Date for which fifty percent (50%) or less of the costs of such projects have been paid or accrued as of the Commencement Date (the completion of such capital improvement projects being an obligation of Tenant at no cost or expense to
Landlord). For the avoidance of doubt, Landlord shall be treated as having received from the Debtors on the Commencement Date, as a capital contribution together with the transfer of the Leased Property to Landlord pursuant to the Bankruptcy Plan,
an obligation of Tenant (at no cost or expense to Landlord) to complete any Leased Improvements related to any capital improvement projects ongoing as of the Commencement Date for which more than fifty percent (50%) of the costs of such projects
have been paid or accrued as of the Commencement Date. 
 (c) If, notwithstanding (i) the form and substance of this Lease,
(ii) the intent of the Parties, and (iii) the language contained herein providing that this Lease shall at all times be construed, interpreted and applied to create an indivisible lease of all of the Leased Property, any court of competent
jurisdiction finds that this Lease is a financing arrangement, then this Lease shall be considered a secured financing agreement and Landlord’s title to the Leased Property shall constitute a perfected first priority lien in Landlord’s
favor on the Leased Property to secure the payment and performance of all the obligations of Tenant hereunder (and to that end, Tenant hereby grants, assigns and transfers to Landlord a security interest in all right, title or interest in or to any
and all of the Leased Property, as security for the prompt and complete payment and performance when due of Tenant’s obligations hereunder). In such event, Tenant (and each Permitted Leasehold Mortgagee) authorizes Landlord, at the expense of
Tenant, to make any filings or take other actions as Landlord reasonably determines are necessary or advisable in 

  
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order to effect fully this Lease or to more fully perfect or renew the rights of Landlord, and to subordinate to Landlord the lien of any Permitted Leasehold Mortgagee, with respect to the Leased
Property (it being understood that nothing in this Section 6.1(c) shall affect the rights of a Permitted Leasehold Mortgagee under Article XVII hereof). At any time and from time to time upon the request of Landlord,
and at the expense of Tenant, Tenant shall promptly execute, acknowledge and deliver such further documents and do such other acts as Landlord may reasonably request in order to effect fully this Section 6.1(c) or to more
fully perfect or renew the rights of Landlord with respect to the Leased Property as described in this Section 6.1(c). 

(d) Notwithstanding the foregoing, the Parties acknowledge that, as of the Commencement Date, for GAAP purposes this Lease is not expected to
be treated as a “true lease” and that the Parties will prepare Financial Statements consistent with GAAP (and for purposes of any SEC or other similar governmental filing purposes), as applicable. 

(e) Landlord and Tenant acknowledge and agree that the Rent is the fair market rent for the use of the Leased Property and was agreed to by
Landlord and Tenant on that basis, and the execution and delivery of, and the performance by Tenant of its obligations under, this Lease does not constitute a transfer of all or any part of the Leased Property, but rather the creation of the
Leasehold Estate subject to the terms and conditions of this Lease. 
 (f) Tenant waives any claim or defense based upon the characterization
of this Lease as anything other than a true lease of the Leased Property. Tenant stipulates and agrees (1) not to challenge the validity, enforceability or characterization of this Lease of the Leased Property as a true lease, and (2) not
to assert or take or omit to take any action inconsistent with the agreements and understandings set forth in Section 1.2, Section 3.5 or this Section 6.1. The expressions
of intent, the waivers, the representations and warranties, the covenants, the agreements and the stipulations set forth in this Section 6.1 are a material inducement to Landlord entering into this Lease. 

6.2 Ownership of Tenant’s Property. Tenant shall, during the entire Term, (a) own (or lease) and maintain
(or cause its Subsidiaries, if any, to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, (b) maintain (or cause its Subsidiaries, if any, to maintain) all of such Tenant’s Property in good
order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Leased Property for the Primary Intended Use in material compliance with all applicable licensure and certification requirements and in material
compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations, and (c) abide by (or cause its Subsidiaries, if any, to abide by) the terms and conditions of, and not in any way cause a termination of, the CPLV
Trademark License and the Omnibus Agreement. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality
at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing and the other express terms and conditions of this Lease (including, without limitation, Section 6.3 hereof), Tenant and its
Subsidiaries, if any, may sell, transfer, convey or otherwise dispose of Tenant’s Property in their discretion in the ordinary course of their business and Landlord shall thereafter have no rights to such sold, transferred, conveyed or
otherwise disposed of Tenant’s Property. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries, if any), 

  
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Tenant shall use commercially reasonable efforts to ensure that any agreements entered into after the Commencement Date pursuant to which Tenant (or its Subsidiaries, if any) leases such
Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries, if any) to a replacement lessee or operator at the end of the Term. To the extent not transferred to a Successor Tenant pursuant
to Article XXXVI hereof (and subject to Landlord’s rights under Section 6.3 and the rights of any Permitted Leasehold Mortgagee under Article XVII and the terms and conditions of the Intercreditor
Agreement and the terms and conditions of the Transition Services Agreement), Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term. Any Tenant’s Property left on the Leased Property at the end
of the Term whose ownership was not transferred to a Permitted Leasehold Mortgagee or its designee or assignee that entered into or succeeded to a New Lease pursuant to the terms hereof or to a Successor Tenant pursuant to Article XXXVI
hereof shall be deemed abandoned by Tenant and shall become the property of Landlord. Notwithstanding anything to the contrary contained herein, but without limitation of Tenant’s express rights to effect replacements, make dispositions or
grant liens with respect to Tenant’s Pledged Property under this Section 6.2 and Section 6.3. Tenant shall own, hold and/or lease, as applicable, all of the material Tenant’s Pledged
Property relating to the Leased Property. 
 6.3 Landlord’s Security Interest in Tenant’s Pledged
Property. 
 (a) To secure the performance of Tenant’s obligations under this Lease, including, without limitation,
Tenant’s obligation to pay Rent hereunder, Tenant (on behalf of itself and on behalf of all of its Subsidiaries and Affiliates, as applicable), collectively, as debtor, hereby grants to Landlord, as secured party, a first priority security
interest in all of Tenant’s (and all of Tenant’s Subsidiaries’ and Affiliates’, as applicable) right, title and interest in and to Tenant’s Pledged Property now owned or in which Tenant (or any of Tenant’s Subsidiaries
and Affiliates, as applicable) hereafter acquires an interest or right. This Lease constitutes a security agreement covering all such Tenant’s Pledged Property. The Parties acknowledge that the security interest granted hereunder is subject to
the terms and conditions of the Intercreditor Agreement. 
 (b) The security interest granted to Landlord in Tenant’s Pledged Property
is subordinate to any security interest granted by Tenant (or any Subsidiary or Affiliate of Tenant) in tangible components of Tenant’s Pledged Property for the purpose of securing purchase money financing with respect thereto (including
equipment leases or equipment financing), as long as, (I) with respect to any such purchase money financing entered into from and after the Commencement Date with an initial principal balance in excess of Fifty Million and No/100 Dollars
($50,000,000.00), (a) Tenant provides Landlord (and any Fee Mortgagee of which it is given notice in accordance herewith) with copies of the documentation evidencing such financing or leasing and (b) Tenant shall use commercially
reasonable efforts to have the lessor or financier of such purchase money financing agree to give Landlord (and any such Fee Mortgagee) notice of any default by Tenant under the terms of such arrangement and a reasonable time following such notice
to cure any such default and to consent to Landlord’s (or any such Fee Mortgagee’s) written assumption of such arrangement upon curing such default, in each case prior to exercising any remedies in respect of such default, (II) the
aggregate amount of any purchase money indebtedness in respect of Tenant’s Pledged Property (together with the aggregate amount of any purchase money indebtedness in respect of “Tenant’s Pledged Property” under and as defined in
each of the Other Leases) shall not exceed at any time an 

  
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amount equal to two and one-half percent (2.5%) of the consolidated total assets of CEOC from time to time, and (III) the aggregate amount of any
purchase money indebtedness in respect of Tenant’s Pledged Property shall not exceed at any time an amount equal to two and one-half percent (2.5%) of the consolidated total assets of SPE Tenant from time
to time. 
 (c) Tenant shall pay all filing fees and record search fees and other reasonable costs for such additional security agreements,
financing statements, fixture filings, and other documents as Landlord may reasonably require to perfect or to continue the perfection of Landlord’s security interest in Tenant’s Pledged Property. Landlord shall have the right to
collaterally assign such security interest granted to Landlord in Tenant’s Pledged Property to any Fee Mortgagee. 
 (d) Notwithstanding
the foregoing or anything herein to the contrary, Landlord may not foreclose upon or exercise remedies against Landlord’s security interest in Tenant’s Pledged Property unless and until both (i) the Landlord’s Enforcement
Condition has occurred and (ii) this Lease has either (1) been rejected in bankruptcy (and no Permitted Leasehold Mortgagee is entitled to obtain a New Lease in accordance with Section 17.1(f) hereof) or
(2) terminated by Landlord pursuant to Section 16.2(x) hereof; provided, however, that notwithstanding the foregoing or anything otherwise set forth in this Lease Landlord may, (I) at any time take
such actions as are available to a secured creditor in any bankruptcy, insolvency or dissolution proceeding, and (II) commence foreclosure proceedings and otherwise take steps in connection with exercising its remedies under this
Section 6.3 with respect to Tenant’s Pledged Property after the occurrence and during the continuance of a Tenant Event of Default, so long as (x) Landlord does not consummate such foreclosure and does not
complete any such other exercise of remedies which would, or take any other action which would, effect a transfer of ownership, title or possession of Tenant’s Pledged Property prior to termination or rejection of the Lease (and failure of any
Permitted Leasehold Mortgagee to obtain a New Lease in accordance with Section 17.1(f) hereof), and (y) during any period that any Permitted Leasehold Mortgagee is entitled to cure a Tenant Event of Default or obtain a
New Lease pursuant to and in accordance with Sections 17.1(d), (e) and (f) of this Lease, as the case may be, Landlord does not impair or interfere with the exercise of any rights of Tenant hereunder (including but not
limited to cure rights) or any rights of any Permitted Leasehold Mortgagee (including but not limited to cure rights) with respect to Tenant’s Pledged Property as set forth hereunder or in the Intercreditor Agreement. Notwithstanding anything
herein to the contrary, the lien and security interest granted to Landlord pursuant to this Lease in the Tenant’s Pledged Property and the exercise of any right or remedy by Landlord hereunder against the Tenant’s Pledged Property are
subject to the provisions of the Intercreditor Agreement. Subject to the restriction effected by clause (x) above, in the event of any conflict between the terms of the Intercreditor Agreement and this Lease, the terms of the Intercreditor
Agreement shall govern and control. 
 (e) Any Tenant’s Pledged Property that is sold, transferred, conveyed or otherwise disposed of in
accordance with Section 6.2 shall be automatically released from the security interest granted to Landlord in Tenant’s Pledged Property and Landlord shall, at Tenant’s request, execute such documents and
instruments to evidence such release. Landlord acknowledges that a Permitted Leasehold Mortgagee may have a subordinate lien on Tenant’s Pledged Property, provided that such lien in favor of a Permitted Leasehold Mortgagee is subject and
subordinate to the first-priority lien thereon in favor of Landlord on the terms and conditions set forth in the Intercreditor Agreement. 

  
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 (f) Tenant and each of Tenant’s Subsidiaries and Affiliates that have granted to Landlord a
security interest as described herein acknowledges that this Agreement is being entered into and approved in connection with Tenant’s pending chapter 11 bankruptcy case and agrees that, in the event Tenant or any such Tenant Subsidiary or
Affiliates files or has filed against it another case under Title 11 of the U.S. Code, Landlord shall thereupon be entitled immediately to relief from the automatic stay of Section 362 and from any other stay or restriction on Landlord’s
ability to exercise the rights and remedies available to Landlord as a secured creditor with respect to Tenant’s Pledged Property, and Tenant and each such Tenant Subsidiary and Affiliate hereby waives the benefits of such automatic stay or
restriction and consents and agrees to raise no objection to such relief sought by Landlord. 
 (g) Tenant (and Tenant’s Subsidiaries
and Affiliates, as applicable) shall promptly execute such other separate security agreements consistent with the terms of this Section 6.3 with respect to Tenant’s Pledged Property as Landlord may reasonably request
from time to time to evidence such security interest in Tenant’s Pledged Property created by this Section 6.3. 

ARTICLE VII 
 PRESENT
CONDITION & PERMITTED USE 
 7.1 Condition of the Leased Property. Tenant acknowledges receipt and delivery of
possession of the Leased Property and confirms that Tenant has examined and otherwise has knowledge of the condition of the Leased Property prior to and as of the execution and delivery of this Lease and has found the same to be satisfactory for its
purposes hereunder, it being understood and acknowledged by Tenant that, immediately prior to Landlord’s acquisition of the Leased Property and contemporaneous entry into this Lease, Tenant (or its Affiliates) was the owner of all of
Landlord’s interest in and to the Leased Property and, accordingly, Tenant is charged with, and deemed to have, full and complete knowledge of all aspects of the condition and state of the Leased Property as of the Commencement Date. Without
limitation of the foregoing and regardless of any examination or inspection made by Tenant, and whether or not any patent or latent defect or condition was revealed or discovered thereby, Tenant is leasing the Leased Property “as is” in
its present condition. Without limitation of the foregoing, Tenant waives any claim or action against Landlord in respect of the condition of the Leased Property including any defects or adverse conditions not discovered or otherwise known by Tenant
as of the Commencement Date. LANDLORD MAKES NO WARRANTY OR REPRESENTATION OF ANY KIND, EXPRESS OR IMPLIED, IN RESPECT OF THE LEASED PROPERTY OR ANY PART THEREOF, INCLUDING AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR
PURPOSE OR OTHERWISE, OR AS TO THE NATURE OR QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN, OR THE STATUS OF TITLE TO THE LEASED PROPERTY OR THE PHYSICAL CONDITION OR STATE OF REPAIR THEREOF, OR THE ZONING OR OTHER LAWS, ORDINANCES, BUILDING CODES,
REGULATIONS, RULES AND ORDERS APPLICABLE THERETO OR TO ANY CAPITAL IMPROVEMENTS WHICH MAY BE NOW OR HEREAFTER CONTEMPLATED, THE IMPOSITIONS LEVIED IN RESPECT OF THE LEASED 

  
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PROPERTY OR ANY PART THEREOF, OR THE USE THAT MAY BE MADE OF THE LEASED PROPERTY OR ANY PART THEREOF, THE INCOME TO BE DERIVED FROM THE FACILITY OR THE EXPENSE OF OPERATING THE SAME, OR THE
EXISTENCE OF ANY HAZARDOUS SUBSTANCE, IT BEING AGREED THAT ALL SUCH RISKS, LATENT OR PATENT, ARE TO BE BORNE SOLELY BY TENANT INCLUDING ALL RESPONSIBILITY AND LIABILITY FOR ANY ENVIRONMENTAL REMEDIATION AND COMPLIANCE WITH ALL ENVIRONMENTAL LAWS.
This Section 7.1 shall not be construed to limit Landlord’s express indemnities made hereunder. 
 7.2
Use of the Leased Property. 
 (a) Tenant shall not use (or cause or permit to be used) the Facility, including the Leased
Property, or any portion thereof, including any Capital Improvement, for any use other than the Primary Intended Use without the prior written consent of Landlord, which consent Landlord may withhold in its sole discretion. Landlord acknowledges
that operation of the Leased Property for its Primary Intended Use generally may require a Gaming License under applicable Gaming Regulations and that without such a license, if applicable, neither Landlord nor Landlord REIT may operate, control or
participate in the conduct of the gaming operations at the Facility. Tenant acknowledges that operation of the Facility for its Primary Intended Use generally may require a Gaming License under applicable Gaming Regulations and that without such a
license, if applicable, Tenant may not operate, control or participate in the conduct of the gaming operations at the Facility. 
 (b) Tenant
shall not commit or suffer to be committed any waste with respect to the Facility, including on or to the Leased Property (and, without limitation, to the Capital Improvements) or cause or permit any nuisance thereon or, except as required by law,
knowingly take or suffer any action or condition that will diminish in any material respect, the ability of the Leased Property to be used as a Gaming Facility (or otherwise for the Primary Intended Use) after the Expiration Date. 

(c) Tenant shall not, without the prior written consent of Landlord, which shall not be unreasonably withheld, conditioned or delayed,
(i) initiate or support any limiting change in the permitted uses of the Leased Property (or to the extent applicable, limiting zoning reclassification of the Leased Property); (ii) seek any variance under existing land use restrictions,
laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the Leased Property or the use of the Leased Property in any manner that adversely affects (other than to a de minimis extent) the value or utility of the
Leased Property for the Primary Intended Use; (iii) execute or file any subdivision plat or condominium declaration affecting the Leased Property or any portion thereof, or institute, or permit the institution of, proceedings to alter any tax
lot comprising the Leased Property or any portion thereof; or (iv) permit or suffer the Leased Property or any portion thereof to be used by the public or any Person in such manner as might make possible a claim of adverse usage or possession
or of any implied dedication or easement (provided that the proscription in this clause (iv) is not intended to and shall not restrict Tenant in any way from complying with any obligation it may have under applicable Legal Requirements,
including, without limitation, Gaming Regulations, to afford to the public access to the Leased Property or any portion thereof). Without limiting the foregoing, (1) Tenant will not impose or permit the imposition of any restrictive covenants,
easements or other 

  
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encumbrances upon the Leased Property (including, subject to the last paragraph of Section 16.1, any restriction, covenant, easement or other encumbrance which Tenant
may otherwise impose or permit to be imposed pursuant to the provisions of any Permitted Exception Document) without Landlord’s consent, which shall not be unreasonably withheld, conditioned or delayed, provided, that, Landlord is
given reasonable opportunity to participate in the process leading to such agreement, and (2) other than any liens or other encumbrances granted to a Fee Mortgagee, Landlord will not enter into agreements that will encumber the Leased Property
without Tenant’s consent, which shall not be unreasonably withheld, conditioned or delayed, provided, that, Tenant is given reasonable opportunity to participate in the process leading to such agreement. Landlord agrees it will
not withhold consent to utility easements and other similar encumbrances made in the ordinary course of Tenant’s business conducted on the Leased Property in accordance with the Primary Intended Use, provided the same does not adversely affect
in any material respect the use or utility of the Leased Property for the Primary Intended Use. Nothing in the foregoing is intended to vitiate or supersede Tenant’s right to enter into Permitted Leasehold Mortgages or Landlord’s right to
enter into Fee Mortgages in each case as and to the extent provided herein. 
 (d) Except to the extent resulting from a Permitted Operation
Interruption, Tenant shall cause the Facility to be Continuously Operated during the Term. 
 (e) Subject to
Article XII regarding permitted contests, Tenant, at its sole cost and expense, shall promptly (i) comply in all material respects with all Legal Requirements and Insurance Requirements affecting the Facility and the
business conducted thereat, including those regarding the use, operation, maintenance, repair and restoration of the Leased Property or any portion thereof (including all Capital Improvements) and Tenant’s Property whether or not compliance
therewith may require structural changes in any of the Leased Improvements or interfere with the use and enjoyment of the Leased Property or any portion thereof, and (ii) procure, maintain and comply in all material respects with all Gaming
Regulations and Gaming Licenses, and other authorizations required for the use of the Leased Property (including all Capital Improvements) and Tenant’s Property for the applicable Primary Intended Use and any other use of the Leased Property
(and Capital Improvements then being made) and Tenant’s Property, and for the proper erection, installation, operation and maintenance of the Leased Property and Tenant’s Property. In an emergency involving an imminent threat to human
health and safety or damage to property, or in the event of a breach by Tenant of its obligations under this Section 7.2 which is not cured within any applicable cure period set forth herein, Landlord or its representatives
(and any Fee Mortgagee) may, but shall not be obligated to, enter upon the Leased Property (and, without limitation, all Capital Improvements) (upon reasonable prior written notice to Tenant, except in the case of emergency, and Tenant shall be
permitted to have Landlord or its representatives accompanied by a representative of Tenant) and take such reasonable actions and incur such reasonable costs and expenses to effect such compliance as it deems advisable to protect its interest in the
Leased Property, and Tenant shall reimburse Landlord for all such reasonable out-of-pocket costs and expenses actually incurred by Landlord in connection with such
actions. 
 (f) Tenant shall not, without the prior written consent of Landlord, cease to operate or permit the Facility to cease to be
operated under the “Caesars Palace” Brand. 

  
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 (g) Without limitation of any of the other provisions of this Lease, Tenant shall comply with all
Property Documents (i) that are listed on the title policies described on Exhibit K attached hereto, or (ii) made after the date hereof in accordance with the terms of this Lease or as may otherwise be agreed to in writing by
Tenant. 
 7.3 Ground Leases. 

(a) This Lease, to the extent affecting and solely with respect to the Ground Leased Property, is and shall be subject and subordinate to all
of the terms and conditions of the Ground Leases and to all liens, rights and encumbrances to which the Ground Leases are subject or subordinate. Tenant hereby acknowledges that Tenant has reviewed and agreed to all of the terms and conditions of
the Ground Leases in effect as of the Commencement Date as listed on Schedule 2 attached hereto. Tenant hereby agrees that (x) Tenant shall comply with all provisions, terms and conditions of the Ground Leases in effect as of the
Commencement Date as listed on Schedule 2 and, subject to Section 7.3(g) and Section 7.3(h), any amendments or modifications thereto and any new Ground Leases, in each case except to the
extent such provisions, terms and conditions (1) apply solely to Landlord, (2) are not susceptible of being performed (or if breached, are not capable of being cured) by Tenant, and (3) in the case of the Ground Leases in effect as of
the Commencement Date, are expressly set forth in the copies of such Ground Leases that were furnished to Landlord by Tenant on or prior to the Commencement Date (provisions, terms and conditions satisfying clauses (1) through (3),
“Landlord Specific Ground Lease Requirements”), and (y) Tenant shall not do, or (except with respect to Landlord Specific Ground Lease Requirements) fail to do, anything that would cause any violation of the Ground Leases.
Without limiting the foregoing, (i) Tenant acknowledges that it shall be obligated to (and shall) pay, as part of Tenant’s obligations under this Lease, all monetary obligations imposed upon Landlord as the lessee under any and all of the
Ground Leases, including, without limitation, any rent and additional rent payable thereunder and shall, upon request, provide satisfactory proof evidencing such payments to Landlord, (ii) to the extent Landlord is required to obtain the
written consent of the lessor under any applicable Ground Lease (in each case, the “Ground Lessor”) to alterations of or the subleasing of all or any portion of the Ground Leased Property pursuant to any Ground Lease, Tenant shall
likewise obtain the applicable Ground Lessor’s written consent to alterations of or the sub-subleasing of all or any portion of the Ground Leased Property (in each case, to the extent the same is
permitted hereunder), and (iii) (without limitation of the Insurance Requirements hereunder) Tenant shall carry and maintain general liability, automobile liability, property and casualty, worker’s compensation, employer’s liability
insurance and such other insurance, if any, in amounts and with policy provisions, coverages and certificates as required of Landlord as tenant under any applicable Ground Lease. The foregoing is not intended to vitiate or supersede Landlord’s
rights as lessee under any Ground Lease, and, without limitation of the preceding portion of this sentence or of any other rights or remedies of Landlord hereunder, in the event Tenant fails to comply with its obligations with respect to Ground
Leases as described herein (without giving effect to any notice or cure periods thereunder), Landlord shall have the right (but without any obligation to Tenant or any Liability for failure to exercise such right), following written notice to Tenant
and the passage of a reasonable period of time (except to the extent the failure is of a nature such that it is not practicable for Landlord to provide such prior written notice, in which event Landlord shall provide written notice as soon as
practicable) to cure such failure, in which event Tenant shall reimburse Landlord for Landlord’s reasonable costs and expenses incurred in 

  
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connection with curing such failure. The parties acknowledge that the Ground Leases on the one hand, and this Lease on the other hand, constitute separate contractual arrangements among separate
parties and nothing in this Lease shall vitiate or otherwise affect the obligations of the parties to the Ground Leases, and nothing in the Ground Leases shall vitiate or otherwise affect the obligations of the parties hereto pursuant to this Lease
(except as specifically set forth in this Section 7.3). 
 (b) Subject to Section 7.3(c)
below, in the event of cancellation or termination of any Ground Lease for any reason whatsoever whether voluntary or involuntary (by operation of law or otherwise) prior to the expiration date of this Lease, including extensions and renewals
granted thereunder (other than the cancellation or termination of a Ground Lease entered into in connection with a sale-leaseback transaction by Landlord (other than if such cancellation or termination resulted from Tenant’s default under this
Lease), which cancellation or termination results in the Leased Property leased under such Ground Lease no longer being subject to this Lease), then, this Lease and Tenant’s obligation to pay the Rent and Additional Charges hereunder and all
other obligations of Tenant hereunder (other than such obligations of Tenant hereunder that concern solely the applicable Ground Leased Property demised under the affected Ground Lease) shall continue unabated; provided that if Landlord (or any Fee
Mortgagee) enters into a replacement lease with respect to the applicable Ground Leased Property on substantially similar terms to those of such cancelled or terminated Ground Lease, then such replacement lease shall automatically become a Ground
Lease hereunder and such Ground Leased Property shall remain part of the Leased Property hereunder. Nothing contained in this Lease shall create, or be construed as creating, any privity of contract or privity of estate between Ground Lessor and
Tenant. 
 (c) With respect to any Ground Leased Property, the Ground Lease for which has an expiration date (taking into account any renewal
options exercised thereunder as of the Commencement Date or hereafter exercised) prior to the expiration of the Term (taking into account any exercised renewal options hereunder), this Lease shall expire solely with respect to such Ground Leased
Property concurrently with such Ground Lease expiration date (taking into account the terms of the following sentences of this Section 7.3(c)). There shall be no reduction in Rent nor Required Capital Expenditures by reason
of such expiration with respect to, and the corresponding removal from this Lease of, any such Ground Leased Property. Landlord (as ground lessee) shall be required to exercise all renewal options contained in each Ground Lease so as to extend the
term thereof (provided, that Tenant shall furnish to Landlord written notice of the outside date by which any such renewal option must be exercised in order to validly extend the term of any such Ground Lease; such notice shall be delivered
no earlier than one hundred twenty (120) days prior to the earliest date any such option may be validly exercised and no later than forty-five (45) days prior to the outside date by which such option must be validly exercised, which notice
shall be followed by a second notice from Tenant to Landlord of such outside date, such notice to be furnished to Landlord no later than fifteen (15) days prior to the outside date), and Landlord shall provide Tenant with a copy of
Landlord’s exercise of such renewal option. With respect to any Ground Lease that otherwise would expire during the Term, Tenant, on Landlord’s behalf, shall have the right to negotiate for a renewal or replacement of such Ground Lease
with the third-party ground lessor, on terms satisfactory to Tenant (subject, (i) to Landlord’s reasonable consent with respect to the provisions, terms and conditions thereof which would reasonably be expected to materially and adversely
affect Landlord, and (ii) in the case of any such renewal or replacement that would extend the term of such Ground Lease beyond the Term, to Landlord’s sole right to approve any such provisions, terms and conditions that would be
applicable beyond the Term). 

  
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 (d) Nothing contained in this Lease amends, or shall be construed to amend, any provision of the
Ground Leases. 
 (e) Tenant shall indemnify, defend and hold harmless the Landlord Indemnified Parties, the Ground Lessor, any master lessor
to Ground Lessor and any other party entitled to be indemnified by Landlord pursuant to the terms of any Ground Lease from and against any and all claims arising from or in connection with the Facility and/or this Lease with respect to which such
party is entitled to indemnification by Landlord pursuant to the terms of any Ground Lease, and from and against all costs, attorneys’ fees, expenses and liabilities incurred in the defense of any such claim or any action or proceeding brought
thereon to the extent provided in the applicable Ground Lease; and in case any such action or proceeding be brought against any of the Landlord Indemnified Parties, any Ground Lessor or any master lessor to Ground Lessor or any such party by reason
of any such claim, Tenant, upon notice from Landlord or any of its Affiliates or such other Landlord Indemnified Party, such Ground Lessor or such master lessor to Ground Lessor or any such party, shall defend the same at Tenant’s expense by
counsel reasonably satisfactory to the party or parties indemnified pursuant to this paragraph or the Ground Lease. Notwithstanding the foregoing, in no event shall Tenant be required to indemnify, defend or hold harmless the Landlord Indemnified
Parties, the Ground Lessor, any master lessor to Ground Lessor or any other party from or against any claims to the extent resulting from (i) the gross negligence or willful misconduct of Landlord, or (ii) the actions of Landlord except if
such actions are the result of Tenant’s failure, in violation of this Lease, to act. 
 (f) To the extent required under the applicable
Ground Lease, Tenant hereby waives any and all rights of recovery (including subrogation rights of its insurers) from the applicable Ground Lessor, its agents, principals, employees and representatives for any loss or damage, including consequential
loss or damage, covered by any insurance policy maintained by Tenant, whether or not such policy is required under the terms of the Ground Lease. 

(g) Landlord shall not enter into any new ground leases with respect to the Leased Property or any portion thereof (except as provided by
Section 7.3(h)), or amend, modify or terminate any existing Ground Leases (except as provided by Section 7.3(b) or Section 7.3(c)), in each case without Tenant’s
prior written consent in its reasonable discretion, provided, that, Landlord may amend or modify Ground Leases in a manner that will not adversely affect Tenant (e.g., an amendment relating to a period following the end of the
Term), and Landlord may acquire the fee interest in the property leased pursuant to any Ground Lease, so long as Tenant’s rights and obligations hereunder are not adversely affected thereby. 

(h) Landlord may enter into new Ground Leases with respect to the Leased Property or any portion thereof (including pursuant to a
sale-leaseback transaction), provided that, notwithstanding anything herein to the contrary (other than replacement Ground Lease(s) made pursuant to Section 7.3(b) or Ground Lease(s) made pursuant to the final sentence of
Section 7.3(c)), Tenant shall not be obligated to comply with any additional or more onerous obligations 

  
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under such new ground lease with which Tenant is not otherwise obligated to comply under this Lease (and, without limiting the generality of the foregoing, Tenant shall not be required to incur
any additional monetary obligations (whether for payment of rents under such new Ground Lease or otherwise) in connection with such new Ground Lease) (except to a de minimis extent), unless Tenant approves such additional obligations in its sole and
absolute discretion. 
 7.4 Third-Party Reports. Upon Landlord’s reasonable request from time to time, Tenant shall
provide Landlord with copies of any third-party reports obtained by Tenant with respect to the Leased Property, including, without limitation, copies of surveys, environmental reports and property condition reports. 

7.5 Operating Standard. Tenant shall cause the Facility to be Operated (as defined in the MLSA) in a Non-Discriminatory (as defined in the MLSA) manner, in accordance with the Operating Standard (as defined in the MLSA) and subject to Manager’s Standard of Care (as defined in the MLSA) (in each case as and to
the extent required under the MLSA, including as provided in Section 2.1.1, Section 2.1.2, Section 2.1.3, Section 2.1.4, Section 2.3.1, and Section 2.3.2 of the MLSA, but subject to Section 5.9.1 of the MLSA), in
each case except to the extent failure to do so does not result in a material adverse effect on Landlord or on the Facility. For avoidance of doubt, the provisions of this Section 7.5 and
Section 16.1(f) hereof shall continue to apply even if the Facility is being managed pursuant to a Replacement Management Agreement. 

ARTICLE VIII 

REPRESENTATIONS AND WARRANTIES 

8.1 General. Each Party represents and warrants to the other that as of the Commencement Date: (i) this Lease and all other
documents executed, or to be executed, by it in connection herewith have been duly authorized and shall be binding upon it; (ii) it is duly organized, validly existing and in good standing under the laws of the state of its formation and is
duly authorized and qualified to perform this Lease within the State of Nevada; and (iii) neither this Lease nor any other document executed or to be executed in connection herewith violates the terms of any other agreement of such Party. 

8.2 Additional Tenant Representations. Tenant hereby makes the representations and warranties set forth in Exhibit L to Landlord
as of the Commencement Date. For the avoidance of doubt, the foregoing representations and warranties shall constitute Additional Fee Mortgagee Requirements with respect to the Existing Fee Mortgage. 

ARTICLE IX 
 MAINTENANCE
AND REPAIR 
 9.1 Tenant Obligations. Subject to the provisions of Sections 10.1, 10.2 and 10.3
relating to Landlord’s approval of certain Alterations, Capital Improvements and Material Capital Improvements, Tenant, at its expense and without the prior consent of Landlord, shall maintain the Leased Property, and every portion thereof,
including all of the Leased Improvements and the structural elements and the plumbing, heating, ventilating, air 

  
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conditioning, electrical, lighting, sprinkler and other utility systems thereof, all fixtures and all appurtenances to the Leased Property including any and all private roadways, sidewalks and
curbs appurtenant to the Leased Property, and Tenant’s Property, in each case in good order and repair whether or not the need for such repairs occurs as a result of Tenant’s use, any prior use, the elements or the age of the Leased
Property, and, with reasonable promptness, make all reasonably necessary and appropriate repairs thereto of every kind and nature, including those necessary to ensure continuing compliance with all Legal Requirements (including, without limitation,
all Gaming Regulations and Environmental Laws) (to the extent required hereunder), Insurance Requirements, the Ground Leases and Property Documents whether now or hereafter in effect (other than any Ground Leases or Property Documents (or
modifications to Ground Leases or Property Documents) entered into after the Commencement Date that impose obligations on Tenant (other than de minimis obligations) to the extent (x) entered into by Landlord without Tenant’s consent
pursuant to Section 7.2(c) or (y) Tenant is not required to comply therewith pursuant to Section 7.3(b), Section 7.3(g) or Section 7.3(h))
and, with respect to any Fee Mortgages, the applicable provisions of such Fee Mortgage Documents as and to the extent Tenant is required to comply therewith pursuant to Article XXXI hereof, in each case except to the extent otherwise provided
in Article XIV or Article XV of this Lease, whether interior or exterior, structural or non-structural, ordinary or extraordinary, foreseen or unforeseen or arising by reason of a condition
existing prior to or first arising after the Commencement Date. 
 9.2 No Landlord Obligations. Landlord shall not under any
circumstances be required to (i) build or rebuild any improvements on the Leased Property; (ii) make any repairs, replacements, alterations, restorations or renewals of any nature to the Leased Property, whether ordinary or extraordinary,
structural or non-structural, foreseen or unforeseen, or to make any expenditure whatsoever with respect thereto; or (iii) maintain the Leased Property in any way. Tenant hereby waives, to the extent
permitted by law, the right to make repairs at the expense of Landlord pursuant to any law in effect at the time of the execution of this Lease or hereafter enacted. This Section 9.2 shall not be construed to limit
Landlord’s express indemnities, if any, made hereunder. 
 9.3 Landlord’s Estate. Nothing contained in
this Lease and no action or inaction by Landlord shall be construed as (i) constituting the consent or request of Landlord, expressed or implied, to any contractor, subcontractor, laborer, materialman or vendor to or for the performance of any
labor or services or the furnishing of any materials or other property for the construction, alteration, addition, repair or demolition of or to the Leased Property, or any part thereof, or any Capital Improvement; or (ii) giving Tenant any
right, power or permission to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against Landlord in respect thereof or to make
any agreement that may create, or in any way be the basis for, any right, title, interest, lien, claim or other encumbrance upon the estate of Landlord in the Leased Property, or any portion thereof or upon the estate of Landlord in any Capital
Improvement. 
 9.4 End of Term. Subject to Sections 17.1(f) and 36.1, Tenant shall, upon the expiration or
earlier termination of the Term, vacate and surrender and relinquish in favor of Landlord all rights to the Leased Property (together with all Capital Improvements, including all Tenant Capital Improvements, except to the extent provided in
Section 10.4 in respect of Tenant 

  
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Material Capital Improvements), in each case, in the condition in which such Leased Property was originally received from Landlord and, in the case of Capital Improvements (other than Tenant
Material Capital Improvements to the extent provided in Section 10.4), when such Capital Improvements were originally introduced to the Facility, except as repaired, rebuilt, restored, altered or added to as permitted or
required by the provisions of this Lease and except for ordinary wear and tear and subject to any Casualty Event or Condemnation as provided in Articles XIV and XV. 

9.5 FF&E Reserve. 

(a) Deposits into FF&E Reserve. So long as required by the Fee Mortgage Documents and so long as the corresponding Fee Mortgagee
enters into an agreement with Tenant, in form and substance reasonably acceptable to Tenant and Landlord (the “Tri-Party Agreement”), that provides that Tenant shall be entitled to receive the
disbursements as described below, on the first (1st) day of each calendar month (or the immediately preceding Business Day if the first (1st) day of the month is not a Business Day) during the Term, Tenant shall, concurrent with Tenant’s
payment of Rent in accordance with Article III hereof, deposit an amount equal to the Monthly FF&E Reserve Amount (the “FF&E Reserve Funds”) in an Eligible Account (the “FF&E Reserve”) in the name
of Tenant and under the control of Fee Mortgagee. All interest on FF&E Reserve Funds shall be for the benefit of Tenant and added to and become a part of the FF&E Reserve and shall be disbursed in the same manner as other monies deposited in
the FF&E Reserve. Tenant shall be responsible for payment of any federal, state or local income or other tax applicable to the interest earned on the FF&E Reserve Funds credited or paid to Tenant. 

(b) Disbursements from FF&E Reserve. Tenant shall be entitled to use FF&E Reserve Funds solely for the purpose of paying for (or
reimbursing Tenant for) the cost of Permitted FF&E Expenditures. So long as no Tenant Event of Default exists, Tenant shall be entitled (pursuant to the Tri-Party Agreement) to receive within ten
(10) days of submitting a request in writing directly to Fee Mortgagee (with contemporaneous copy to Landlord) a disbursement of FF&E Reserve Funds from the FF&E Reserve to pay for Permitted FF&E Expenditures or a reimbursement for
Permitted FF&E Expenditures, and any such request shall specify the amount of the requested disbursement and a general description of the type of Permitted FF&E Expenditures to be paid or reimbursed using such FF&E Reserve Funds,
subject, with respect to the Fee Mortgage Documents entered into on the date hereof, to compliance by Tenant with the provisions of all applicable provisions of such Fee Mortgage Documents as in effect on the date hereof and, with respect to any Fee
Mortgages entered into after the date hereof, compliance by Tenant with the corresponding provisions of such Fee Mortgage Documents to the extent Tenant is required to comply therewith pursuant to Article XXXI hereof. Tenant shall not make a
request for disbursement from the FF&E Reserve (x) more frequently than once in any calendar month nor (y) in amounts less than Fifty Thousand and No/100 Dollars ($50,000.00). For the avoidance of doubt, any funds disbursed from the
FF&E Reserve and spent on and/or as reimbursement for the costs of Capital Expenditures that constitute Permitted FF&E Expenditures shall be applied toward the Minimum Cap Ex Requirements. Any FF&E Reserve Funds remaining in the FF&E
Reserve on the Expiration Date or on any earlier date that they are no longer required hereunder shall be returned by Landlord or Fee Mortgagee to Tenant, provided that Landlord shall have the right to offset such payment by any amounts owed by
Tenant to Landlord as of the Expiration Date. 

  
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 9.6 Security Interest in FF&E Reserve Funds. Tenant grants to Landlord a
first-priority security interest in the FF&E Reserve and all FF&E Reserve Funds, as additional security for performance of Tenant’s obligations under this Lease. Landlord shall have the right to collaterally assign the security interest
granted to Landlord in the FF&E Reserve and FF&E Reserve Funds to any Fee Mortgagee. If required by Fee Mortgagee, Landlord and Tenant shall (and Tenant shall cause Manager to) enter into a customary and reasonable control agreement for the
benefit of Fee Mortgagee or Landlord with respect to the FF&E Reserve. Notwithstanding the foregoing or anything herein to the contrary, (i) Landlord may not foreclose upon the lien on the FF&E Reserve and FF&E Reserve Funds, and
Fee Mortgagee, pursuant to the Tri-Party Agreement, shall agree not to apply the FF&E Reserve Funds against the Fee Mortgage, in each case, prior to the occurrence of both (x) Landlord’s
Enforcement Condition and (y) the termination of this Lease by Landlord pursuant to Section 16.2(a) hereof, and (ii) prior to the occurrence of Landlord’s Enforcement Condition, (except as provided in
Section 10.5(e) or Section 16.7) Fee Mortgagee or Landlord may only apply FF&E Reserve Funds toward Permitted FF&E Expenditures incurred by Tenant if and only if a Tenant Event of Default
has occurred and is continuing. 
 ARTICLE X 

ALTERATIONS 
 10.1
Alterations, Capital Improvements and Material Capital Improvements. 
 (a) Tenant shall not be required to obtain Landlord’s
consent or approval to make any Alterations or Capital Improvements (including any Material Capital Improvement) to the Leased Property in its reasonable discretion; provided, however, that all such Alterations and Capital Improvements
(i) shall be of equal quality to or better quality than the applicable portions of the existing Facility, as applicable, except to the extent Alterations or Capital Improvements of lesser quality would not, in the reasonable opinion of Tenant,
result in any diminution of value of the Leased Property (or applicable portion thereof), (ii) shall not have an adverse effect on the structural integrity of any portion of the Leased Property, and (iii) shall not otherwise result in a
diminution of value to the Leased Property. If any Alteration or Capital Improvement would not or does not meet the standards of the preceding sentence, then such Alteration or Capital Improvement shall be subject to Landlord’s written
approval, which written approval shall not be unreasonably withheld, conditioned or delayed. Further, except as set forth in Section 10.1(b), (1) if any Alteration or Capital Improvement (or the aggregate amount of all
related Alterations or Capital Improvements) has a total budgeted cost (as reasonably evidenced to Landlord) in excess of Seventy-Five Million and No/100 Dollars ($75,000,000.00) (the “Alteration Threshold”), then such Alteration or
Capital Improvement (or series of related Alterations or Capital Improvements) shall be subject to the approval of Landlord and, if applicable, subject to Section 31.3, any Fee Mortgagee, in each case which written approval
shall not be unreasonably withheld, conditioned or delayed, and, (2) if the total unpaid amounts due and payable with respect to such Alteration or Capital Improvement (net of such amounts constituting Permitted FF&E Expenditures for which
sufficient FF&E Reserve Funds are on deposit in the FF&E 

  
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Reserve) exceed the Alteration Threshold, Tenant shall promptly deliver to Landlord as security for the payment of such amounts and as additional security for Tenant’s obligations under this
Lease, any of the following, in each case in an amount equal to the amount by which the budgeted cost of such Alteration or Capital Improvement (net of any portion of such Alteration or Capital Improvement consisting of Permitted FF&E
Expenditures to the extent of the FF&E Reserve Funds on deposit in the FF&E Reserve) exceeds the Alteration Threshold: (A) cash, (B) cash equivalents, or (C) a Letter of Credit (the “Alteration Security”). If the
Alteration Security is in the form of cash, if required by Fee Mortgagee, such security may be deposited into the FF&E Reserve. On a monthly basis during the construction of any such Alteration or Capital Improvement for which Alteration
Security has been deposited, Tenant shall be entitled (either pursuant to a separate agreement to be entered into directly between Tenant and Fee Mortgagee, in form and substance reasonably acceptable to Tenant, or, if no such agreement is entered
into, then as an obligation of Landlord hereunder) to receive a portion of such Alteration Security, to be disbursed to Tenant (in the case of cash or cash equivalents) or reduced (in the case of a Letter of Credit), as applicable, on a dollar-for-dollar basis, in the amount required to reimburse Tenant for (or to enable Tenant to pay) the cost of such Alteration or Capital Improvement in amounts equal to the
actual costs incurred by Tenant for such Alteration or Capital Improvement, subject to delivery by Tenant to Landlord of invoices related to the work performed, and subject: (a) to compliance by Tenant with the applicable provisions of any Fee
Mortgage Documents then in effect to the extent Tenant is required to comply therewith pursuant to Article XXXI hereof, and (b) in the event no Fee Mortgage then exists and Landlord is holding the Alteration Security, to the condition
that no Tenant Event of Default exist at the time of determination and subject to the other applicable provisions of this Article X. To the extent a construction consultant is required by any Fee Mortgagee, Landlord shall have the right (in
addition to any construction consultant engaged by Tenant, at Tenant’s sole cost and expense, to satisfy any applicable Additional Fee Mortgagee Requirement) to also select and engage (subject to any Fee Mortgagee requirements), at
Landlord’s cost and expense, construction consultants to conduct inspections of the Leased Property during the construction of any Material Capital Improvements, provided that (x) such inspections shall be conducted in a manner as
to not unreasonably interfere with such construction or the operation of the Facility, (y) prior to entering the Leased Property, such consultants shall deliver to Tenant evidence of insurance reasonably satisfactory to Tenant and (z)
(irrespective of whether the consultant was engaged by Landlord, Tenant or otherwise) Landlord and Tenant shall be entitled to receive copies of such consultants’ work product and shall have direct access to and communication with such
consultants. 
 (b) Notwithstanding the foregoing or anything herein to the contrary, Tenant shall not be required to obtain the consent of
Landlord or any Fee Mortgagee, and shall not be required to deposit the Alteration Security, in connection with the construction of the New Tower, provided that (i) Tenant satisfies the applicable conditions, and complies with the applicable
requirements, for construction of the New Tower as set forth in the Fee Mortgage Documents as in effect on the date hereof, and (ii) Tenant otherwise complies with the terms and conditions of this Lease with respect to the construction of the
New Tower (including, without limitation, the right-of-first-offer procedures set forth in Section 10.4). Without limitation of the preceding
sentence or any other provisions of this Lease pertaining to Additional Fee Mortgagee Requirements, Tenant shall comply with all of the provisions, terms and conditions of the Existing Fee Mortgage and any related Fee Mortgage Documents (in each
case as in effect on the Commencement Date) applicable to the New Tower, and without limitation, upon commencement of any construction 

  
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work on the New Tower, Tenant will proceed with construction, and complete the same, in compliance with all applicable provisions, terms and conditions of the Existing Fee Mortgage and any
related Fee Mortgage Documents (in each case as in effect on the Commencement Date), and all applicable provisions, terms and conditions of this Lease. 

10.2 Landlord Approval of Certain Alterations and Capital Improvements. If Tenant desires to make any Alteration or Capital
Improvement for which Landlord’s approval is required pursuant to Section 10.1 above, Tenant shall submit to Landlord in reasonable detail a general description of the proposal, the projected cost of the applicable
Work and such plans and specifications, permits, licenses, contracts and other information concerning the proposal as Landlord may reasonably request. Such description shall indicate the use or uses to which such Alteration or Capital Improvement
will be put and the impact, if any, on current and forecasted gross revenues and operating income attributable thereto. Landlord may condition any approval of any Alteration or Capital Improvement (including any Material Capital Improvement), to the
extent required pursuant to Section 10.1 above, upon any or all of the following terms and conditions, to the extent reasonable under the circumstances: 

(a) the Work shall be effected pursuant to detailed plans and specifications approved by Landlord, which approval shall not be unreasonably
withheld, conditioned or delayed; 
 (b) the Work shall be conducted under the supervision of a licensed architect or engineer selected by
Tenant (the “Architect”) and, for purposes of this Section 10.2 only, approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed; 

(c) Landlord’s receipt from the general contractor and, if reasonably requested by Landlord, any major subcontractor(s) of a performance
and payment bond for the full value of such Work, which such bond shall name Landlord as an additional obligee and otherwise be in form and substance and issued by a Person reasonably satisfactory to Landlord; 

(d) Landlord’s receipt of reasonable evidence of Tenant’s financial ability to complete the Work without materially and adversely
affecting its cash flow position or financial viability; 
 (e) such Alteration or Capital Improvement will not result in the Leased Property
becoming a “limited use” within the meaning of Revenue Procedure 2001-28 property for purposes of United States federal income taxes; and 

(f) such other requirements as may be required under the Fee Mortgage Documents as in effect as of the date hereof, as set forth in such Fee
Mortgage Documents. 

  
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 10.3 Construction Requirements for Alterations and Capital Improvements. For any
Alteration or Capital Improvement having a budgeted cost in excess of Five Million and No/100 Dollars ($5,000,000.00) (and as otherwise expressly required under subsection (g) below), Tenant shall satisfy the following: 

(a) If and to the extent plans and specifications typically would be (or, in accordance with applicable Legal Requirements, are required to be)
obtained in connection with a project of similar scope and nature to such Alteration or Capital Improvement, Tenant shall, prior to commencing any Work in respect of the same, provide Landlord copies of such plans and specifications. Tenant shall
also supply Landlord with related documentation, information and materials relating to the Property in Tenant’s possession or control, including, without limitation, surveys, property condition reports and environmental reports, as Landlord may
reasonably request from time to time; 
 (b) No Work shall be commenced until Tenant shall have procured and paid for all municipal and other
governmental permits and authorizations required to be obtained prior to such commencement (if any), including those permits and authorizations required pursuant to any Gaming Regulations (if any), and, upon Tenant’s request, Landlord shall
join in the application for such permits or authorizations whenever such action is necessary; provided, however, that (i) any such joinder shall be at no cost or expense to Landlord; and (ii) any plans required to be filed in
connection with any such application which require the approval of Landlord as hereinabove provided shall have been so approved by Landlord; 

(c) Such Work shall not, and, if an Architect has been engaged for such Work, the Architect shall certify to Landlord that such construction
shall not, impair the structural strength of any component of the Facility or overburden the electrical, water, plumbing, HVAC or other building systems of any such component or otherwise violate applicable building codes or prudent industry
practices; 
 (d) If an Architect has been engaged for such Work and if plans and specifications have been obtained in connection with such
Work, the Architect shall certify to Landlord that the plans and specifications conform to, and comply with, in all material respects all applicable building, subdivision and zoning codes, laws, ordinances and regulations imposed by all governmental
authorities having jurisdiction over the Leased Property; 
 (e) During and following completion of such Work, the parking and other
amenities which are located on or at the Leased Property shall remain adequate for the operation of the Facility for its Primary Intended Use and not be less than that which is required by law (including any variances with respect thereto) and any
applicable Property Documents; provided, however, with Landlord’s prior consent, which approval shall not be unreasonably withheld, conditioned or delayed, and at no additional expense to Landlord, (i) to the extent
sufficient additional parking is not already a part of an Alteration or Capital Improvement, Tenant may construct additional parking on or at the Leased Property; or (ii) Tenant may acquire off-site
parking to serve the Leased Property as long as such parking shall be reasonably proximate to, and dedicated to, or otherwise made available to serve, the Leased Property; 

(f) All Work done in connection with such construction shall be done promptly and using materials and resulting in work that is at least as
good product and condition as the remaining areas of the Leased Property and in conformity with all Legal Requirements, including, without limitation, any applicable minority or women owned business requirement; and 

  
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 (g) If applicable in accordance with customary and prudent industry standards, promptly following
the completion of such Work, Tenant shall deliver to Landlord “as built” plans and specifications with respect thereto, certified as accurate by the licensed architect or engineer selected by Tenant to supervise such work, and copies of
any new or revised certificates of occupancy or other licenses, permits and authorizations required in connection therewith. In addition, with respect to any Alteration or Capital Improvement having a budgeted cost equal to or less than Five Million
and No/100 Dollars ($5,000,000.00), Tenant shall endeavor in good faith to (and upon Landlord’s request will) deliver to Landlord any “as-built” plans and specifications actually obtained by
Tenant in connection with such Alteration or Capital Improvement. 
 10.4 Landlord’s Right of First Offer to
Fund Material Capital Improvements. 
 (a) Landlord’s Right to Submit Landlord’s MCI Financing
Proposal. In advance of commencing any Work in connection with any Material Capital Improvement (provided, for purposes of clarification, that preliminary planning, designing, budgeting, evaluating (including environmental and integrity
testing and the like) (collectively, “Preliminary Studies”), permitting and demolishing in preparation for such Material Capital Improvement shall not be considered “commencing” for purposes hereof), Tenant shall provide
written notice (“Tenant’s MCI Intent Notice”) of Tenant’s intent to do so, which notice shall be accompanied by (i) a reasonably detailed description of the proposed Material Capital Improvement, (ii) the
then-projected cost of construction of the proposed Material Capital Improvement, (iii) copies of the plans and specifications, permits, licenses, contracts and Preliminary Studies concerning the proposed Material Capital Improvement, to the
extent then-available, (iv) reasonable evidence that such proposed Material Capital Improvement will, upon completion, comply with all applicable Legal Requirements, and (v) reasonably detailed information regarding the terms upon which
Tenant is considering seeking financing therefor, if any. To the extent in Tenant’s possession or control, Tenant shall provide to Landlord any additional information about such proposed Material Capital Improvements which Landlord may
reasonably request. Landlord (or, with respect to financing structured as a loan rather than as ownership of the real property by Landlord with a lease back to Tenant, Landlord’s Affiliate) may, but shall be under no obligation to, provide all
or any portion of the financing necessary to fund the applicable Material Capital Improvement (along with related fees and expenses, such as title fees, costs of permits, legal fees and other similar transaction costs) by complying with the option
exercise requirements set forth below. Within thirty (30) days of receipt of Tenant’s MCI Intent Notice, Landlord shall notify Tenant in writing as to whether Landlord (or, if applicable, its Affiliate) is willing to provide financing for
such proposed Material Capital Improvement and, if so, the terms and conditions upon which Landlord (or, if applicable, its Affiliate) is willing to do so in reasonable detail, in the form of a proposed term sheet (such terms and conditions,
“Landlord’s MCI Financing Proposal”). Upon receipt, Tenant shall have ten (10) days to accept, reject or commence negotiating Landlord’s MCI Financing Proposal. 

(b) If Tenant Accepts Landlord’s MCI Financing Proposal. If Tenant accepts Landlord’s MCI Financing Proposal (either
initially or, after negotiation, a modified version thereof) (an “Accepted MCI Financing Proposal”) and such financing is actually consummated between Tenant and Landlord (or, if applicable, its Affiliate) as more particularly
provided in Section 10.4(f) below (a “Landlord MCI Financing”), then, as and when constructed, such Material Capital Improvement shall be deemed part of the Leased Property for all purposes except as
specifically provided in Section 6.1(b) hereof (and, without limitation, such Material Capital Improvements shall be surrendered to (and all rights therein shall be relinquished in favor of) Landlord upon the Expiration
Date). 

  
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 (c) If Landlord Declines to Make Landlord’s MCI Financing Proposal. If
Landlord declines or fails to timely submit Landlord’s MCI Financing Proposal, Tenant shall be permitted to either (1) use then-existing available financing or, subject to Article XVII, enter into financing arrangements with any
lender, preferred equity holder and/or other third-party financing source (a “Third-Party MCI Financing”) for such Material Capital Improvement or (2) use Cash to pay for such
Material Capital Improvement, provided, that if Tenant has not used then-existing, or entered into a new, Third-Party MCI Financing (or commenced such Material Capital Improvement utilizing Cash) by the
date that is nine (9) months following delivery of Tenant’s MCI Intent Notice, then, prior to entering into any such Third-Party MCI Financing and/or commencing such Material Capital Improvement,
Tenant shall again be required to send Tenant’s MCI Intent Notice seeking financing from Landlord (on the terms contemplated by this Section 10.4). 

(d) If Tenant Declines Landlord’s MCI Financing Proposal. If Landlord timely submits Landlord’s MCI Financing Proposal
and Tenant rejects or fails to accept or commence negotiating Landlord’s MCI Financing Proposal within the applicable 10-day period (or, following commencing negotiating said proposal, Tenant notifies
Landlord of Tenant’s decision to cease such discussions), then, subject to the remaining terms of this paragraph, Tenant shall be permitted to either (1) use then-existing, or, subject to Article XVII, enter into a new, Third-Party MCI Financing for such Material Capital Improvement (subject to the following proviso) or (2) use Cash to pay for such Material Capital Improvement, provided, that Tenant may not use
then-existing, or enter into a new, Third-Party MCI Financing, except in each case on terms that are, taken as a whole, economically more advantageous to Tenant than those offered under Landlord’s MCI
Financing Proposal. In determining if financing is economically more advantageous, consideration may be given to, among other items, (x) pricing, amortization, length of term and duration of commitment period of such financing;
(y) the cost, availability and terms of any financing sufficient to fund such Material Capital Improvement and other expenditures which are material in relation to the cost of such Material Capital Improvement (if any) which are intended to be
funded in connection with the construction of such Material Capital Improvement and which are related to the use and operation of such Material Capital Improvement and (z) other customary considerations. Tenant shall provide Landlord with
reasonable evidence of the terms of any such financing. If Tenant has not used then-existing, or entered into a new, Third-Party MCI Financing (or commenced such Material Capital Improvement utilizing Cash) by
the date that is nine (9) months following receipt of Landlord’s MCI Financing Proposal, then, prior to entering into any such Third-Party MCI Financing and/or commencing such Material Capital
Improvement after such nine (9) month period, Tenant shall again be required to send Tenant’s MCI Intent Notice seeking financing from Landlord (on the terms contemplated by this Section 10.4). For purposes of
clarification, Tenant may use Cash to finance any applicable Material Capital Improvement (subject to the express terms and conditions hereof, including, without limitation, Tenant’s obligation to provide Tenant’s MCI Intent Notice). 

  
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 (e) Ownership of Material Capital Improvements Not Financed by Landlord. If
Tenant constructs a Material Capital Improvement utilizing Third-Party MCI Financing or Cash in accordance with Sections 10.4(c) or (d) (such Material Capital Improvement being sometimes referred
to in this Lease as a “Tenant Material Capital Improvement”), then, (A) as and when constructed, such Material Capital Improvement shall be owned by Landlord and deemed part of the Leased Property for all purposes except as
specifically provided in Section 6.1(b) hereof, (B) upon any termination of this Lease prior to the Stated Expiration Date as a result of a Tenant Event of Default (except in the event a Permitted Leasehold Mortgagee
has exercised its right to obtain a New Lease and complies in all respects with Section 17.1(f) and any other applicable provisions of this Lease), such Material Capital Improvements shall be owned by Landlord without any
reimbursement by Landlord to Tenant, and, (C) if a foreclosure occurs with respect to any Fee Mortgage (including any mezzanine financing obtained by Affiliates of Landlord that is secured by the direct or indirect equity interests in Landlord)
that results in the Fee Mortgagee thereunder (or its assignee or designee) becoming Landlord hereunder or obtaining ownership of all of the direct or indirect equity interests in Landlord, then, upon the Stated Expiration Date, such Material Capital
Improvements shall be surrendered to (and all rights therein shall be relinquished in favor of) Landlord without any obligation to reimburse Tenant as set forth in this Section 10.4(e), and, (D) except in the
circumstances described in the foregoing clause (C), upon the Stated Expiration Date, such Material Capital Improvements shall be transferred to Tenant; provided, however, upon written notice to Tenant at least one hundred eighty
(180) days prior to the Stated Expiration Date, Landlord shall have the option to reimburse Tenant for such Tenant Material Capital Improvements in an amount equal to the Fair Market Ownership Value thereof, and, if Landlord elects to reimburse
Tenant for such Tenant Material Capital Improvements, any amount due to Tenant for such reimbursement shall be credited against any amounts owed by Tenant to Landlord under this Lease as of the Stated Expiration Date and any remaining portion of
such amount shall be paid by Landlord to Tenant on the Stated Expiration Date. If Landlord fails to deliver such written notice electing to reimburse Tenant for such Tenant Material Capital Improvements at least one hundred eighty (180) days
prior to the Stated Expiration Date, or otherwise does not consummate such reimbursement at least sixty (60) days prior to the Stated Expiration Date (other than as a result of Tenant’s acts or omissions in violation of this Lease), then
Landlord shall be deemed to have elected not to reimburse Tenant for such Tenant Material Capital Improvements. If Landlord elects or is deemed to have elected not to reimburse Tenant for such Tenant Material Capital Improvements in accordance with
the foregoing sentence, Tenant shall have the option to either (1) prior to the Stated Expiration Date, remove such Tenant Material Capital Improvements and restore the affected Leased Property to the same or better condition existing prior to
such Tenant Material Capital Improvement being constructed, at Tenant’s sole cost and expense, in which event such removed Tenant Material Capital Improvements shall be owned by Tenant (except, however, if a foreclosure occurs with respect to
any Fee Mortgage (including any mezzanine financing obtained by Affiliates of Landlord that is secured by the direct or indirect equity interests in Landlord) that results in the Fee Mortgagee thereunder (or its assignee or designee) becoming
Landlord hereunder or obtaining ownership of all of the direct or indirect equity interests in Landlord, then Tenant shall have no such right to remove the Tenant Material Capital Improvements, and the following clause (2) shall apply), or
(2) leave the applicable Tenant Material Capital Improvements at the Leased Property at the Stated Expiration Date, at no cost to Landlord, in which event such Tenant Material Capital Improvements shall be owned by Landlord. 

  
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 (f) Landlord MCI Financing. In the event of an Accepted MCI Financing Proposal,
Tenant shall provide Landlord with the following prior to any advance of funds under such Landlord MCI Financing: 
 (i) any information,
certificates, licenses, permits or documents reasonably requested by Landlord which are necessary and obtainable to confirm that Tenant will be able to use the Material Capital Improvements upon completion thereof in accordance with the Primary
Intended Use, including all required federal, state or local government licenses and approvals; 
 (ii) an officer’s certificate and, if
requested, a certificate from Tenant’s Architect providing appropriate backup information, setting forth in reasonable detail the projected or actual costs related to such Material Capital Improvements; 

(iii) except to the extent covered by the amendment referenced in clause (iv) below, a construction loan and/or
funding agreement (and such other related instruments and agreements), in a form reasonably agreed to by Landlord and Tenant, reflecting the terms of the Landlord MCI Financing, setting forth the terms of the Accepted MCI Financing Proposal, and
without additional requirements on Tenant (including, without limitation, additional bonding or guaranty requirements) except those which are reasonable and customary and consistent in all respects with this Section 10.4
and the terms of the Accepted MCI Financing Proposal; 
 (iv) except to the extent covered by the construction loan and/or funding agreement
referenced in clause (iii) above, an amendment to this Lease, in a form reasonably agreed to by Landlord and Tenant, which may include, among other things, an increase in the Rent (in amounts as agreed upon by the Parties
pursuant to the Accepted MCI Financing Proposal), and other provisions as may be necessary or appropriate; 
 (v) a deed conveying title to
Landlord to any additional Land acquired for the purpose of constructing the Material Capital Improvement, free and clear of any liens or encumbrances except those approved by Landlord, and accompanied by (x) an owner’s policy of title
insurance insuring the Fair Market Ownership Value of fee simple or leasehold (as applicable) title to such Land and any improvements thereon, free of any exceptions other than liens and encumbrances that do not materially interfere with the
intended use of the Leased Property or are otherwise approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed, and (y) an ALTA survey thereof; 

(vi) if Landlord obtains a lender’s policy of title insurance in connection with such Landlord MCI Financing, for each advance,
endorsements to any such policy of title insurance reasonably satisfactory in form and substance to Landlord (i) updating the same without any additional exception except those that do not materially affect the value of such land and do not
interfere with the intended use of the Leased Property, or as may otherwise be permitted under this Lease, or as may be approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed, and (ii) increasing the
coverage thereof by an amount equal to the then-advanced cost of the Material Capital Improvement; and 

  
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 (vii) such other billing statements, invoices, certificates, endorsements, opinions, site
assessments, surveys, resolutions, ratifications, lien releases and waivers and other instruments and information which are reasonable and customary and consistent in all respects with this Section 10.4 and the terms of the
Accepted MCI Financing Proposal. 
 In the event that (1) Tenant is unable, for reasons beyond Tenant’s reasonable control, to satisfy any of the
requirements set forth in this Section 10.4(f) (and Landlord is unable or unwilling to waive the same), (2) Landlord and Tenant are unable (despite good faith efforts continuing for at least sixty (60) days after
agreement on the Accepted MCI Financing Proposal) to agree on any of the requirements of, or the form of any document required under, this Section 10.4(f), or (3) Landlord fails or refuses to consummate the Landlord
MCI Financing and/or advance funds thereunder, then, notwithstanding anything to the contrary in this Section 10.4, Tenant shall be entitled to use then-existing, or, subject to Article XVII, enter into a new, Third-Party MCI Financing for such Material Capital Improvement or use Cash to pay for such Material Capital Improvement, without any requirement to send a further Tenant’s MCI Intent Notice to Landlord,
provided, that such Material Capital Improvement shall be treated hereunder as a Tenant Material Capital Improvement, unless the circumstances described in clause (1) shall have occurred. 

10.5 Minimum Capital Expenditures. 

(a) Minimum Capital Expenditures. 

(i) Intentionally omitted. 
 (ii)
Annual Minimum Per-Lease B&I Cap Ex Requirement. During each full Fiscal Year during the Term, commencing upon the first (1st) full Fiscal Year during the Term, measured as of the last day of
each such Fiscal Year, Tenant shall expend Capital Expenditures with respect to the Leased Property in an aggregate amount equal to at least one percent (1%) of the Net Revenue from the Facility for the prior Fiscal Year, on Capital Expenditures
that constitute installation or restoration and repair or other improvements of items with respect to the Leased Property under this Lease (the “Annual Minimum Per-Lease B&I Cap Ex
Requirement”). In the event of expiration, cancellation or termination of any Ground Lease for any reason whatsoever whether voluntary or involuntary (by operation of law or otherwise), except for a cancellation or termination due to
Landlord’s failure to extend the term thereof where Landlord was required to do so hereunder, prior to the expiration date of this Lease, including extensions and renewals granted thereunder, then, for purposes of calculating the amount of Net
Revenue from the Facility for determining the Annual Minimum Per-Lease B&I Cap Ex Requirement, the Net Revenue attributable to the portion of the Leased Property subject to such Ground Lease for the Lease
Year immediately prior to such expiration, cancellation or termination of such Ground Lease thereafter shall continue to be included in the calculation of Net Revenue (except to the extent such Ground Lease is replaced by a replacement Ground Lease
for all or substantially all of such portion of the Leased Property). 
 (iii) Intentionally Omitted. 

  
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 (iv) Triennial Minimum Cap Ex Requirement B. During each full Triennial Period
during the Term, commencing upon the first (1st) full Triennial Period during the Term, measured as of the last day of each such Triennial Period, Tenant shall expend Capital Expenditures in an aggregate amount equal to no less than the greater of
(a) the amount which, when added to the amount of Other Capital Expenditures expended by the Other Tenants toward the Triennial Minimum Cap Ex Requirement B (as defined in the Other Leases) during the same time period, equals the Triennial
Minimum Cap Ex Amount B, but in no event more than the Triennial Allocated Minimum Cap Ex Amount B Ceiling, and (b) the Triennial Allocated Minimum Cap Ex Amount B Floor (the “Triennial Minimum Cap Ex Requirement B”). 

(v) Partial Periods. If the initial or final portion of the Term of this Lease is a partial calendar year (i.e., the Commencement
Date of this Lease is other than January 1 or the Expiration Date is other than December 31, as applicable; any such partial calendar year, a “Stub Period”), then the Triennial Minimum Cap Ex Amount B shall be adjusted as
follows: (a) the initial (or final, as applicable) Triennial Period under this Lease shall be expanded so that it covers both the Stub Period and the first (1st) (or final, as applicable) full period of three calendar years during the Term,
(b) the Triennial Minimum Cap Ex Amount B for such expanded initial (or final, as applicable) Triennial Cap Ex Calculation Period shall be equal to (x) Three Hundred Fifty Million and No/100 Dollars ($350,000,000.00), plus (y) the
product of the Stub Period Multiplier multiplied by One Hundred Sixteen Million Six Hundred Sixty-Six Thousand Six Hundred Sixty-Six and No/100 Dollars
($116,666,666.00), and (c) the Triennial Allocated Minimum Cap Ex Amount B Floor for such expanded initial (or final, as applicable) Triennial Period shall remain unchanged from the amounts then in effect. Notwithstanding the foregoing, in the
event that the Triennial Minimum Cap Ex Amount B is reduced in accordance with the definition thereof, then (1) the Three Hundred Fifty Million and No/100 Dollars ($350,000,000.00) in the foregoing clause (b)(x) shall be modified to reflect the
Triennial Minimum Cap Ex Amount B then in effect at the time of determination and (2) the One Hundred Sixteen Million Six Hundred Sixty-Six Thousand Six Hundred
Sixty-Six and No/100 Dollars ($116,666,666.00) in the foregoing clause (b)(y) shall be modified to reflect the Triennial Minimum Cap Ex Amount B then in effect divided by three (3). The term “Stub
Period Multiplier” means a fraction, expressed as a percentage, the numerator of which is the number of days occurring in a Stub Period, and the denominator of which is three hundred sixty-five (365). For the avoidance of doubt, if the
Expiration Date of this Lease is other than the last day of a Fiscal Year, then Tenant’s compliance with each of the Minimum Cap Ex Requirements during the applicable periods preceding such Expiration Date that would otherwise end after such
Expiration Date shall be measured as of such Expiration Date and be subject to the prorations set forth above. 
 (vi) Acquisitions of
Material Property. If any real property having a value greater than Fifty Million and No/100 Dollars ($50,000,000.00) is acquired by Landlord or its Affiliate and included in this Lease or an Other Lease as part of the Leased Property or
Other Leased Property (as applicable), then the Minimum Cap Ex Requirements shall be adjusted as may be agreed upon by Landlord and Tenant in connection with such acquisition and the inclusion of such property as Leased Property or Other Leased
Property hereunder or thereunder. 
 (vii) Dispositions of Material Property. In the event of a termination of this Lease or
partial or total termination of an Other Lease or the disposition of any Material Leased Property or Material London/Chester Property, in each case for which the Minimum Cap Ex Amounts are to be decreased in accordance herewith, and such termination
or disposition occurs 

  
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on any day other than the first (1st) day of a Fiscal Year, then, for purposes of determining Required Capital Expenditures and adjusting the Minimum Cap Ex Requirements, as applicable, such
termination or disposition and the associated reduction in the Minimum Cap Ex Requirements each shall be deemed to have occurred on the first (1st) day of the then-current Fiscal Year, such that Capital Expenditures with respect to the applicable
terminated or disposed property shall not be counted toward the calculation of Required Capital Expenditures for such entire Fiscal Year, and the Minimum Cap Ex Requirements shall be adjusted (as applicable) to reflect such termination or
disposition as applicable and the associated reduction in the Minimum Cap Ex Requirements for such entire Fiscal Year. 
 (viii)
Application of Capital Expenditures. For the avoidance of doubt: (A) Required Capital Expenditures counted toward satisfying one of the Minimum Cap Ex Requirements also shall count (to the extent applicable) toward satisfying the
other Minimum Cap Ex Requirements to the extent otherwise provided herein; (B) expenditures with respect to any property that is not included as Leased Property or Other Leased Property under this Lease or an Other Lease (as applicable) shall
not constitute “Capital Expenditures” nor count toward the Minimum Cap Ex Requirements for purposes of the Leased Property Tests; (C) expenditures with respect to any property acquired by CEOC or its subsidiaries after the
Commencement Date which is not included as Leased Property or Other Leased Property under this Lease or an Other Lease (as applicable) shall not constitute “Capital Expenditures” nor count toward the Minimum Cap Ex Requirements for
purposes of the Leased Property Tests, and (D) expenditures with respect to any property (other than the London/Chester Properties) which is not included as Leased Property or Other Leased Property under this Lease or an Other Lease (as
applicable) shall not constitute “Capital Expenditures”. 
 (ix) Unavoidable Delays. In the event an Unavoidable
Delay occurs during any full Fiscal Year or full Triennial Period during the Term that delays Tenant’s ability to perform Capital Expenditures prior to the expiration of such period, the applicable period for satisfying the Minimum Cap Ex
Requirements applicable to such Fiscal Year or Triennial Period (as applicable) during which such Unavoidable Delay occurred shall be extended, on a day-for-day basis,
for the same amount of time that such Unavoidable Delay affects Tenant’s ability to perform the Capital Expenditures, up to a maximum extension in each instance of one (1) Fiscal Year (for the Annual Minimum
Per-Lease B&I Cap Ex Requirement) or one (1) Triennial Period (for the Triennial Minimum Cap Ex Requirement B). For the avoidance of doubt, Tenant’s obligation to satisfy the Minimum Cap Ex
Requirements during any period during which an Unavoidable Delay did not occur shall not be extended as a result of the occurrence of an Unavoidable Delay during a prior period. 

(x) Certain Remedies. The Parties acknowledge that Tenant’s agreement to satisfy the Minimum Cap Ex Requirements as required
in this Lease is a material inducement to Landlord’s agreement to enter into this Lease, the MLSA and the other Lease/MLSA Related Agreements and, accordingly, if Tenant fails to expend Capital Expenditures (or deposit funds into the Cap Ex
Reserve) as and when required by this Lease and then, further, fails to cure such failure within sixty (60) days of receipt of written notice of such failure from Landlord, then the same shall be a Tenant Event of Default hereunder, and without
limitation of any of Landlord’s other rights and remedies, Landlord shall have the right to seek the remedy of specific performance to require Tenant to expend the Required Capital Expenditures (or deposit funds

  
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into the Cap Ex Reserve). Furthermore, for the avoidance of doubt, and without limitation of Guarantor’s obligations under the MLSA (and as more particularly provided therein), Tenant
acknowledges and agrees that the obligation of Tenant to expend the Required Capital Expenditures (or deposit funds into the Cap Ex Reserve) as provided in this Lease in each case constitutes a part of the monetary obligations of Tenant that are
guaranteed by the Guarantor under the MLSA and, with respect to Required Capital Expenditures required to be spent during the Term, shall survive termination of this Lease. 

(b) Cap Ex Reserve. 

(i) Deposits in Lieu of Expenditures. Notwithstanding anything to the contrary set forth in this Lease, if Tenant and Other
Tenants do not expend Capital Expenditures and Other Capital Expenditures sufficient to satisfy the Minimum Cap Ex Requirements, then, so long as, as of the last date when such Minimum Cap Ex Requirements may be satisfied hereunder, there are Cap Ex
Reserve Funds (as defined below) and Cap Ex Reserve Funds (as defined in each Other Lease) on deposit in the Cap Ex Reserve (as defined below) or in the Cap Ex Reserve (as defined in each Other Lease) in an aggregate amount at least equal to such
deficiency, then Tenant shall not be deemed to be in breach or default of its obligations hereunder to satisfy the Minimum Cap Ex Requirements, provided that Tenant (or Other Tenants, as applicable), shall spend such amounts so deposited in the Cap
Ex Reserve (as defined herein or in an Other Lease, as applicable) within six (6) months after the last date when the Minimum Cap Ex Requirements to which such amounts relate may be satisfied hereunder (subject to extension in the event of an
Unavoidable Delay during such six (6) month period, on a day-for-day basis, for the same amount of time that such Unavoidable Delay affects Tenant’s ability to
perform the Capital Expenditures). For the avoidance of doubt, any funds disbursed from the Cap Ex Reserve and spent on Capital Expenditures as described in this Section shall be applied to the Minimum Cap Ex Requirements for the period for which
such funds were deposited (and shall be deemed to be the funds that have been in the Cap Ex Reserve for the longest period of time) and shall not be applied to the Minimum Cap Ex Requirements for the subsequent period in which they are actually
spent. 
 (ii) Deposits into Cap Ex Reserve. Tenant may, at its election, at any time, deposit funds (the “Cap Ex
Reserve Funds”) into an Eligible Account held by Tenant (the “Cap Ex Reserve”). If required by Fee Mortgagee, Landlord and Tenant shall (and, if applicable, Tenant shall cause Manager to) enter into a customary and
reasonable control agreement for the benefit of Fee Mortgagee and Landlord with respect to the Cap Ex Reserve. Tenant shall not commingle Cap Ex Reserve Funds with other monies held by Tenant or any other party. All interest on Cap Ex Reserve Funds
shall be for the benefit of Tenant and added to and become a part of the Cap Ex Reserve and shall be disbursed in the same manner as other monies deposited in the Cap Ex Reserve. Tenant shall be responsible for payment of any federal, state or local
income or other tax applicable to the interest earned on the Cap Ex Reserve Funds credited or paid to Tenant. 
 (iii) Disbursements
from Cap Ex Reserve. Tenant shall be entitled to use Cap Ex Reserve Funds solely for the purpose of paying for (or reimbursing Tenant for) the cost of Capital Expenditures. Subject to compliance by Tenant with the provisions of the Fee
Mortgage Documents to the extent Tenant is required to comply therewith pursuant to Article  

  
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 XXXI hereof, Landlord shall permit disbursements to Tenant of Cap Ex Reserve Funds from the Cap Ex Reserve
to pay for Capital Expenditures or to reimburse Tenant for Capital Expenditures, within ten (10) days following written request from Tenant, which request shall specify the amount of the requested disbursement and a general description of the
type of Capital Expenditures to be paid or reimbursed using such Cap Ex Reserve Funds. Tenant shall not make a request for disbursement from the Cap Ex Reserve (x) more frequently than once in any calendar month nor (y) in amounts less
than Fifty Thousand and No/100 Dollars ($50,000.00). Any Cap Ex Reserve Funds remaining in the Cap Ex Reserve on satisfaction of the Minimum Cap Ex Requirements for which such Cap Ex Reserve Funds were deposited or on the Expiration Date shall be
returned by Landlord to Tenant, provided that Landlord shall have the right to apply Cap Ex Reserve Funds remaining on the Expiration Date against any amounts owed by Tenant to Landlord as of the Expiration Date and/or the sum of any remaining
Required Capital Expenditures required to have been incurred prior to the Expiration Date. 
 (iv) Security Interest in Cap Ex Reserve
Funds. Tenant grants to Landlord a first-priority security interest in the Cap Ex Reserve and all Cap Ex Reserve Funds, as additional security for performance of Tenant’s obligations under this Lease. Landlord shall have the right to
collaterally assign the security interest granted to Landlord in the Cap Ex Reserve and Cap Ex Reserve Funds to any Fee Mortgagee. Notwithstanding the foregoing or anything herein to the contrary, (i) Landlord may not foreclose upon the lien on
the Cap Ex Reserve and Cap Ex Reserve Funds, and Fee Mortgagee may not apply the Cap Ex Reserve Funds against the Fee Mortgage, in each case prior to the occurrence of both (x) Landlord’s Enforcement Condition and (y) the termination
of this Lease by Landlord pursuant to Section 16.2(x) hereof, (ii) any time during which a Tenant Event of Default is continuing, Fee Mortgagee may apply Cap Ex Reserve Funds toward the payment of Capital Expenditures
incurred by Tenant, and (iii) Landlord shall have the right to use Cap Ex Reserve Funds as provided in Section 10.5(e) (in which event, such expenditures of Cap Ex Reserve Funds shall be deemed Capital Expenditures of
Tenant for purposes of the Required Capital Expenditures). Landlord acknowledges that a Permitted Leasehold Mortgagee may have a Lien on the Cap Ex Reserve, provided that such Lien in favor of a Permitted Leasehold Mortgagee is subject and
subordinate to the first priority lien thereon in favor of Landlord as set forth in the Intercreditor Agreement. 
 (c) Capital
Expenditures Report. Within thirty (30) days after the end of each calendar month during the Term, Tenant shall submit to Landlord a report, substantially in the form attached hereto as Exhibit C setting forth, with respect
to such month, on an unaudited, Facility-by-Facility basis, (A) revenues for the Leased Property and the Other Leased Property, (B) Capital Expenditures with
respect to the Leased Property, (C) Other Capital Expenditures with respect to the Other Leased Property, and (D) aggregate Services Co Capital Expenditures on a
year-to-date basis and the portion thereof allocated to Tenant and its subsidiaries (and a description of the methodology by which such allocation was made).
Landlord shall keep each such report confidential in accordance with Section 41.22 of this Lease. 
 (d)
Annual Capital Budget. Tenant shall furnish to Landlord, for informational purposes only, a copy of the annual capital budget for the Facility for each Fiscal Year, in each case (x) contemporaneously with Other Tenant’s
delivery to the applicable landlord of the applicable annual capital budget for such Fiscal Year pursuant to the Other Lease, and (y) not 

  
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later than fifty-five (55) days following the commencement of the Fiscal Year to which such annual capital budget relates. For the avoidance of doubt, without limitation of Tenant’s
Capital Expenditure requirements pursuant to Section 10.5(a), Tenant shall not be required to comply with such annual capital budget and it shall not be a breach or default by Tenant hereunder in the event Tenant deviates
from such annual capital budget. 
 (e) Self Help. In order to facilitate Landlord’s completion of any work, repairs or
restoration of any nature that are required to be performed by Tenant in accordance with any provisions hereof, upon the occurrence of the earlier of (i) an Event of Default by Tenant hereunder and (ii) any default by Tenant in the
performance of such work under this Lease or as required by any applicable Additional Fee Mortgage Requirement, then, so long as (x) Landlord has provided Tenant thirty (30) days’ prior written notice thereof and Tenant has not cured
such default within such thirty day period) and (y) an “Event of Default” has occurred under the Fee Mortgage Documents, Landlord shall have the right, from and after the occurrence of a default beyond applicable notice and cure
periods under any applicable Fee Mortgage Documents, to enter onto the Leased Property and perform any and all such work and labor necessary as reasonably determined by Landlord to complete any work required by Tenant hereunder or expend any sums
therefor and/or employ watchmen to protect the Leased Property from damage (collectively, the “Landlord Work”). In connection with the foregoing, Landlord shall have the right: (i) to use any funds in the FF&E Reserve or
Cap Ex Reserve (as applicable) for the purpose of making or completing such Landlord Work; (ii) to employ such contractors, subcontractors, agents, architects and inspectors as shall be required for such purposes; (iii) to pay, settle or
compromise all existing bills and claims which are or may become Liens against the Leased Property, or as may be necessary or desirable for the completion of such Landlord Work, or for clearance of title; (iv) to execute all applications and
certificates in the name of Tenant which may be required by any of the contract documents; (v) to prosecute and defend all actions or proceedings in connection with the Leased Property or the rehabilitation and repair of the Leased Property;
and (vi) to do any and every act which Tenant might do in its own behalf to complete the Landlord Work. Nothing in this Lease shall: (1) make Landlord responsible for making or completing any Landlord Work; (2) require Landlord to
expend funds in addition to the FF&E Reserve or Cap Ex Reserve (as applicable) to make or complete any Landlord Work; (3) obligate Landlord to proceed with any Landlord Work; or (4) obligate Landlord to demand from Tenant additional
sums to make or complete any Landlord Work. 
 ARTICLE XI 

LIENS 
 Subject to the
provisions of Article XII relating to permitted contests, Tenant will not directly or indirectly create or allow to remain and will promptly discharge at its expense any lien, encumbrance, attachment, title retention agreement or claim upon
the Leased Property or any portion thereof or any attachment, levy, claim or encumbrance in respect of the Rent, excluding, however, (i) this Lease; (ii) the matters that existed as of the Commencement Date with respect to the Leased
Property or any portion thereof; (iii) restrictions, liens and other encumbrances which are consented to in writing by Landlord (such consent not to be unreasonably withheld, conditioned or delayed); (iv) liens for Impositions which Tenant
is not required to pay hereunder (if any); (v) Subleases permitted by Article XXII and any other lien or 

  
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encumbrance expressly permitted under the provisions of this Lease; (vi) liens for Impositions not yet delinquent or being contested in accordance with Article XII, provided
that Tenant has provided appropriate reserves to the extent required under GAAP and any foreclosure or similar remedies with respect to such Impositions have not been instituted and no notice as to the institution or commencement thereof has been
issued except to the extent such institution or commencement is stayed no later than twenty (20) days after such notice is issued; (vii) liens of mechanics, laborers, materialmen, suppliers or vendors for sums either disputed or not yet
due, provided that (1) the payment of such sums shall not be postponed under any related contract for more than sixty (60) days after the completion of the action giving rise to such lien unless being contested in accordance with
Article XII and such reserve or other appropriate provisions as shall be required by law or GAAP shall have been made therefor and no foreclosure or similar remedies with respect to such liens has been instituted and no notice as to the
institution or commencement thereof have been issued except to the extent such institution or commencement is stayed no later than twenty (20) days after such notice is issued; (2) any such liens are in the process of being contested as
permitted by Article XII; or (3) in the event any foreclosure action is commenced under any such lien, Tenant shall immediately remove, discharge or bond over such lien; (viii) any liens created by Landlord; (ix) liens related
to equipment leases or equipment financing for Tenant’s Property which are used or useful in Tenant’s business on the Leased Property or any portion thereof, provided that the payment of any sums due under such equipment leases or
equipment financing shall either (1) be paid as and when due in accordance with the terms thereof, or (2) be in the process of being contested as permitted by Article XII (and provided that a lienholder’s removal of any such
Tenant’s Property from the Leased Property shall be subject to all applicable provisions of this Lease, and, without limitation, Tenant or such lienholder shall restore the Leased Property from any damage effected by such removal);
(x) liens granted as security for the obligations of Tenant and its Affiliates under a Permitted Leasehold Mortgage (and the documents relating thereto); provided, however, in no event shall the foregoing be deemed or construed to
permit Tenant to encumber the Leasehold Estate (or a Subtenant to encumber its subleasehold interest) in the Leased Property or any portion thereof (other than, in each case, to a Permitted Leasehold Mortgagee or otherwise to the extent expressly
permitted hereunder), without the prior written consent of Landlord, which consent may be granted or withheld in Landlord’s sole discretion; and provided further that upon request Tenant shall be required to provide Landlord with
fully executed copies of any and all Permitted Leasehold Mortgages; and (xi) except as otherwise expressly provided in this Lease, easements, rights-of-way,
restrictions (including zoning restrictions), covenants, encroachments, protrusions and other similar charges or encumbrances, and minor title deficiencies on or with respect to the Leased Property or any portion thereof, in each case whether now or
hereafter in existence, not individually or in the aggregate materially interfering with the conduct of the business on the Leased Property for the Primary Intended Use, taken as a whole. For the avoidance of doubt, nothing contained herein shall be
deemed or construed to prohibit the issuance of a lien on the Equity Interests in Tenant (it being agreed that any foreclosure by a lien holder on such interests in Tenant shall be subject to the restrictions on transfers of interests in Tenant and
Change of Control set forth in Article XXII) or to prohibit Tenant from pledging (A) its Tenant’s Property as collateral (1) in connection with financings of equipment and other purchase money indebtedness or
(2) to secure Permitted Leasehold Mortgages, or (B) its Accounts and other property of Tenant (other than Tenant’s Property); provided that, (x) all such pledges (other than those described in the foregoing clause (1)) of
Tenant’s Pledged Property 

  
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shall be subject and subordinate to the security interest granted to Landlord pursuant to Section 6.3, and (y) Tenant shall in no event pledge to any Person that is
not granted a Permitted Leasehold Mortgage hereunder any of Tenant’s Property to the extent that such Tenant’s Property cannot be removed from the Leased Property without (I) damaging or impairing the Leased Property (other than in a
de minimis manner), (II) impairing in any material respect the operation of the Facility for its Primary Intended Use, or (III) impairing in any material respect Landlord’s or any Successor Tenant’s ability to acquire the Successor
Assets at the expiration or termination of the Term in accordance with Section 36.1 (after giving effect to the repayment of any indebtedness encumbering the Successor Assets and release of any liens thereon as required by
such Section 36.1). 
 ARTICLE XII 

PERMITTED CONTESTS 

Tenant, upon prior written notice to Landlord (except that no such notice shall be required to be given by Tenant to Landlord with respect to
matters not exceeding Five Million and No/100 Dollars ($5,000,000.00)), on its own or in Landlord’s name, at Tenant’s expense, may contest, by appropriate legal proceedings conducted in good faith and with due diligence, the amount,
validity or application, in whole or in part, of any licensure or certification decision (including pursuant to any Gaming Regulation), imposition of any disciplinary action, including both monetary and nonmonetary, pursuant to any Gaming
Regulation, Imposition, Legal Requirement, Insurance Requirement, lien, attachment, levy, encumbrance, charge or claim; provided, that (i) in the case of an unpaid Imposition, lien, attachment, levy, encumbrance, charge or claim, the
commencement and continuation of such proceedings shall suspend the collection thereof from Landlord and from the Leased Property; (ii) neither the Leased Property or any portion thereof, the Rent therefrom nor any part or interest in either
thereof would be in any danger of being sold, forfeited, attached or lost pending the outcome of such proceedings; (iii) in the case of a Legal Requirement, neither Landlord nor Tenant would be in any imminent danger of criminal or material
civil liability for failure to comply therewith pending the outcome of such proceedings; (iv) in the case of a Legal Requirement, Imposition, lien, encumbrance or charge, Tenant shall deliver to Landlord security in the form of cash, cash
equivalents or a Letter of Credit, if and as may be reasonably required by Landlord to insure ultimate payment of the same and to prevent any sale or forfeiture of the Leased Property or any portion thereof or the Rent by reason of such non-payment or noncompliance; (v) in the case of an Insurance Requirement, the coverage required by Article XIII shall be maintained; (vi) upon Landlord’s request, Tenant shall keep Landlord
reasonably informed as to the status of the proceedings; and (vii) if such contest be finally resolved against Landlord or Tenant, Tenant shall promptly pay the amount required to be paid, together with all interest and penalties accrued
thereon, or comply with the applicable Legal Requirement or Insurance Requirement. Landlord, at Tenant’s expense, shall execute and deliver to Tenant such authorizations and other documents as may reasonably be required in any such contest,
and, if reasonably requested by Tenant or if Landlord so desires, Landlord shall join as a party therein. The provisions of this Article XII shall not be construed to permit Tenant to contest the payment of Rent or any other amount (other
than Impositions or Additional Charges contested in accordance herewith) payable by Tenant to Landlord hereunder. Tenant shall indemnify, defend, protect and save Landlord harmless from and against any liability, cost or expense of any kind that may
be imposed upon Landlord in connection with any such contest and any loss resulting therefrom, except to the extent resulting from actions independently taken by Landlord (other than actions taken by Landlord at Tenant’s direction or with
Tenant’s consent). 

  
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 ARTICLE XIII 

INSURANCE 
 13.1
General Insurance Requirements. During the Term, Tenant shall, at its own cost and expense, maintain the minimum kinds and amounts of insurance described below. Such insurance shall apply to the ownership, maintenance, use and
operations related to the Leased Property and all property located in or on the Leased Property (including Capital Improvements and Tenant’s Property). Except for policies insured by Tenant’s captive insurers, all policies shall be written
with insurers authorized to do business in all states where Tenant operates and shall maintain A.M Best ratings of not less than “A-” “X” or better in the most recent version of Best’s
Key Rating Guide. In the event that any of the insurance companies’ ratings fall below the requirements set forth above, Tenant shall have one hundred eighty (180) days within which to replace such insurance company with an insurance
company that qualifies under the requirements set forth above. It is understood that Tenant may utilize so called Surplus lines companies and will adhere to the standard above. 

(a) Property Insurance. 
 (i)
Property insurance shall be maintained on the Leased Property, Capital Improvements and Tenant’s Property against loss or damage under a policy with coverage not less than that found on Insurance Services Office (ISO) “Causes of Loss
– Special Form” and ISO “Building and Personal Property Form” or their equivalent forms (e.g., an “all risk” policy), in a manner consistent with the commercially reasonable practices of similarly situated companies
engaged in the same or similar businesses operating in the same or similar locations. Such property insurance policy shall be in an amount not less than the then current Maximum Foreseeable Loss (as defined below); provided, that Tenant shall have
the right (i) to limit maximum insurance coverage for loss or damage by earthquake (including earth movement) to a minimum amount of the projected ground up loss with a 500-year return period (as
determined annually by an independent firm using RMS catastrophe modeling software or equivalent, and taking into account all locations insured under Tenant’s property insurance, including other locations owned, leased or managed by Tenant),
and (ii) to limit maximum insurance coverage for loss or damage by named windstorms per occurrence to a minimum amount of the projected ground up loss (including storm surge) with a 500-year return period
(as determined annually by an independent firm using RMS catastrophe software or equivalent, and taking into account all locations insured under Tenant’s property insurance, including other locations owned, leased or managed by Tenant); (iii)
to limit maximum insurance coverage for loss or damage by flood to a minimum amount of Two Hundred Fifty Million and No/100 Dollars ($250,000,000.00), to the extent commercially available; provided, further, that in the event the premium cost of any
earthquake, flood, named windstorm or terrorism peril (as required by Section 13.1(b)) coverages are available only for a premium that is more than two and one-half (2.5) times the
premium paid by Tenant for the third (3rd) year preceding the date of determination for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum amount of
insurance coverage it reasonably deems 

  
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most efficient and prudent to purchase for such peril and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided,
further, that certain property coverages other than earthquake, flood and named windstorm may be sub-limited as long as each sub-limit is commercially reasonable and
prudent as determined by Tenant and to the extent that the amount of such sub-limit is less than the amount of such sub-limit in effect as of the Commencement Date, such
sub-limit is approved by Landlord, such approval not to be unreasonably withheld. 
 The term “Maximum
Foreseeable Loss” shall mean the largest monetary loss within one area that may be expected to result from a single fire with protection impaired, the control of the fire mainly dependent on physical barriers or separations and a
delayed manual firefighting by public and/or private fire brigades, as determined by a written report from an independent firm engaged by Tenant. If Landlord reasonably believes that the Maximum Foreseeable Loss has increased at any time during
the Term, it shall have the right (unless Tenant and Landlord agree otherwise) to have such Maximum Foreseeable Loss predetermined by an impartial national insurance company reasonably acceptable to both parties (the “Impartial
Appraiser”), or, if the parties cannot agree on an Impartial Appraiser, then by an Expert appointed in accordance with Section 34.2 hereof. The determination of the Impartial Appraiser (or the Expert, as the case may be) shall be
final and binding on the parties hereto, and Tenant shall forthwith adjust the amount of the insurance carried pursuant to this Article XIII to the amount so determined by the Impartial Appraiser (or the Expert, as the case may be), subject to
the approval of the Facility Mortgagee, as applicable. Each party shall pay one-half (1/2) of the fee, if any, of the Impartial Appraiser. If Landlord pays the Impartial Appraiser, fifty percent
(50%) of such costs shall be Additional Charges hereunder and if Tenant pays such Impartial Appraiser, fifty percent (50%) of such costs shall be a credit against the next Rent payment hereunder. If Tenant has undertaken any structural
alterations or additions to the Leased Property having a cost or value in excess of Twenty Five Million Dollars ($25,000,000), Landlord may at Tenant’s expense have the Maximum Foreseeable Loss predetermined at any time after such improvements
are made, regardless of when the Maximum Foreseeable Loss was last determined. 
 (ii) Such property insurance policy shall include, subject
to Section 13.1(a)(i) above: (i) agreed amount coverage and/or a waiver of any co-insurance; (ii) building ordinance coverage (ordinance or law) including loss of the
undamaged portions, the cost of demolishing undamaged portions, and the increased cost of rebuilding; and also including, but not limited to, any non-conforming structures or uses; (iii) equipment
breakdown coverage (boiler and machinery coverage); (iv) debris removal; and (v) business interruption coverage in an amount not less than two (2) years of Rent and containing an Extended Period of Indemnity endorsement for an additional
minimum six months period. Subject to Section 13.1(a)(i), the property policy shall cover: wind/windstorm, earthquake/earth movement and flood and any sub-limits applicable to wind
(e.g. named storms), earthquake and flood are subject to the approval of the Landlord and Fee Mortgagee. Such policy shall (i) name Landlord as required pursuant to Section 13.2 herein for its interests in the Leased
Property and Rent; (ii) name each Fee Mortgagee and Permitted Leasehold Mortgagee as an additional insured, and (iii) include a New York standard mortgagee clause (or its equivalent) in favor of each Fee Mortgagee and Permitted Leasehold
Mortgagee. Except as otherwise set forth herein, any property insurance loss adjustment settlement associated with the Leased Property shall require the written consent of Landlord, Tenant, and each Fee Mortgagee (to the extent required under the
applicable Fee Mortgage Documents) unless the amount of the loss net of the applicable deductible is less than Fifty Million and No/100 Dollars ($50,000,000.00) in which event no consent shall be required. 

  
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 (b) Property Terrorism Insurance. Property Insurance shall be maintained for acts of
terrorism covered by the Terrorism Risk Insurance Program Authorization Act of 2015 (TRIPRA) and acts of terrorism and sabotage not certified by TRIPRA, with limits no less than Two Billion Five Hundred Million and No/100 Dollars ($2,500,000,000.00)
per occurrence for acts of terrorism covered by the Terrorism Risk Insurance Program Authorization Act of 2015 (TRIPRA) and Two Hundred Twenty-Five Million and No/100 Dollars ($225,000,000.00) for acts of terrorism and sabotage not certified by
TRIPRA. Both coverages shall apply to property damage and business interruption. The provisions relating to loss payees, additional insureds and mortgagee clauses set forth in Section 13.1(a) above shall also apply to the
coverages required by this Section 13.1(b). If Tenant uses one or more of its captive insurers to provide this insurance coverage, the captive(s) must secure and maintain reinsurance from one or more reinsurers for those
amounts which are not insured by the Federal Government, and which are in excess of a commercially reasonable policy deductible. Such reinsurers are subject to the same minimum financial ratings set forth in Section 13.1.
In the event TRIPRA is not extended or renewed, Landlord and Tenant shall mutually agree (in accordance with the procedures set forth in Section 13.6) upon replacement insurance requirements applicable to terrorism related
risks. 
 (c) Flood Insurance. With respect to any portion of the Leased Property that is security under a Fee Mortgage, if at any
time the area in which such Leased Property is located is designated a “Special Flood Hazard Area” as designated by the Federal Emergency Management Agency (or any successor agency), Tenant shall obtain separate flood insurance through the
National Flood Insurance Program. Such flood insurance may be provided as part of Section 13.1(a) Property Insurance above. 

(d) Workers Compensation and Employers Liability Insurance. Workers compensation insurance as required by applicable state statutes and
Employers Liability. 
 (e) Commercial General Liability Insurance. For bodily injury, personal injury, advertising injury and
property damage on an occurrence form with coverage no less than ISO Form CG 0001 or equivalent. This policy shall include the following coverages: (i) Liquor Liability; (ii) Named Peril/Time Element Pollution, to the extent commercially
available to operators of properties similar to the subject Leased Property; (iii) intentionally omitted; (iv) Terrorism Liability; and (v) a Separation of Insureds Clause. 

(f) Business Auto Liability Insurance. For bodily injury and property damage arising from the ownership, maintenance or use of owned,
hired and non-owned vehicles (ISO Form CA 00 01 or equivalent). 
 (g) Employment Practices
Liability. Employment Practices Liability insurance in an amount not less than Ten Million and No/100 Dollars ($10,000,000.00). 
 (h)
Crime. Crime insurance coverage in an amount not less than Eight Million and No/100 Dollars ($8,000,000.00). 

  
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 (i) Excess Liability Insurance. Excess Liability coverage shall be maintained over the
required Employers Liability, Commercial General Liability, and Business Auto Liability policies in an amount not less than Three Hundred Fifty Million and No/100 Dollars ($350,000,000.00) per occurrence and in the aggregate annually (where
applicable). The annual aggregate limit applicable to Commercial General Liability shall apply per location. Tenant will use commercially reasonable efforts to obtain coverage as broad as the underlying insurance, including Terrorism Liability
coverage, so long as such coverage is available at a commercially reasonable price. 
 (j) Pollution Liability Insurance. For claims
arising from the discharge, dispersal release or escape or any irritant or contaminant into or upon land, any structure, the atmosphere, watercourse or body of water, including groundwater. This shall include on and
off-site clean up and emergency response costs and claims arising from above ground and below ground storage tanks. If this policy is provided on a “claims made” basis (i) the retroactive date
shall remain as June 26, 1998 for legal liability; and (ii) coverage shall be maintained for two (2) years after the Term. 

13.2 Name of Insureds. Except for the insurance required pursuant to Section 13.1(d), Section 13.1(g) and
Section 13.1(h), all insurance provided by Tenant as required by this Article XIII shall include Landlord (including specified Landlord related entities as directed by Landlord) as a loss payee (solely with respect to the insurance required
pursuant to Section 13.1(a), Section 13.1(b) and Section 13.1(c)), named insured or additional insured without restrictions beyond the restrictions that apply to Tenant and may include any Permitted Leasehold Mortgagee as an
additional insured; provided, however, the insurance required pursuant to Section 13.1(j) shall be permitted to include Landlord (including specified Landlord related entities as directed by Landlord) as an additional insured without the
requirement that such policy expressly include language that such coverage is without restrictions beyond the restrictions that apply to Tenant. The coverage provided to the additional insureds by Tenant’s insurance policies must be at least as
broad as that provided to the first named insured on each respective policy. For avoidance of doubt, Landlord looks exclusively to Tenant’s insurance policies to protect itself from claims arising from the Leased Property and Capital
Improvements. The required insurance policies shall protect Landlord against Landlord’s acts with respect to the Leased Property in the same manner that they protect Tenant against its acts with respect to the Leased Property.
Except for the insurance required pursuant to Section 13.1(d) with respect to Workers Compensation and Employers Liability, the required insurance policies shall be endorsed to include others as additional insureds
as required by Landlord and/or the Fee Mortgage Documents and/or Permitted Leasehold Mortgagee. The insurance protection afforded to all insureds (whether named insureds or additional insureds) shall be primary and shall not contribute with any
insurance or self-insurance programs maintained by such insureds (including deductibles and self-insured retentions). 
 13.3
Deductibles or Self-Insured Retentions. Tenant may self-insure such risks that are customarily self-insured by companies of established reputation engaged in the same general line of business in the same general area. All increases in
deductibles and self-insured retentions (collectively referred to as “Deductibles” in this Article XIII) that apply to the insurance policies required by this Article XIII are subject to approval by Landlord, with such
approval not to be unreasonable withheld, conditioned or delayed. Tenant is solely responsible for all Deductibles related to its insurance policies. The Deductibles Tenant has in effect as of the Commencement Date satisfy the requirements of this
Section as of the Commencement Date. 

  
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 13.4 Waivers of Subrogation. Landlord shall not be liable for any loss or
damage insured by the insurance policies required to be maintained under this Article XIII and policies issued by Tenant’s captive insurers (including related Deductibles), it being understood that (i) Tenant shall look solely to
its insurance for the recovery of such loss or damage; and (ii) such insurers shall have no rights of subrogation against Landlord. Each insurance policy shall contain a clause or endorsement which waives all rights of subrogation against
Landlord, Fee Mortgagees and other entities or individuals as reasonably requested by Landlord. 
 13.5 Limits of Liability and Blanket
Policies. The insured limits of liability maintained by Tenant shall be selected by Tenant in a manner consistent with the commercially reasonable practices of similarly situated tenants engaged in the same or similar businesses operating in
the same or similar location as the Leased Property. The limits of liability Tenant has in effect as of the Commencement Date satisfy the requirements of this Section as of the Commencement Date. The insurance required by this Article XIII
may be effected by a policy or policies of blanket insurance and/or by a combination of primary and excess insurance policies (all of which may insure additional properties owned, operated or managed by Tenant or its Affiliates), provided each
policy shall be satisfactory to Landlord, acting reasonably, including, the form of the policy, provided such policies comply with the provisions of this Article XIII. 

13.6 Future Changes in Insurance Requirements. 

(a) In the event one or more additional locations become Leased Property or Capital Improvements during the Term, whether through acquisition,
lease, new construction or other means, Landlord may reasonably amend the insurance requirements set forth in this Article XIII to properly address new risks or exposures to loss, in accordance with the procedures set forth in this
Section 13.6(a). For example, for construction projects, different forms of insurance may be required, such as builders risk, and Landlord and Tenant shall mutually agree upon insurance requirements applicable to the
construction contractors. Tenant and Landlord shall work together in good faith to exchange information (including proposed construction agreements) and ascertain appropriate insurance requirements prior to Tenant being required to amend its
insurance under this Section 13.6(a); provided, however, that any revision to insurance shall only be required if the revised insurance would be customarily maintained by similarly situated tenants engaged in
the same or similar businesses operating in the same or similar location as the Leased Property. If Tenant and Landlord are unable to reach a resolution within thirty (30) days of the original notice of requested revision, the arbitration
provisions set forth in Section 34.2 shall control. 
 (b) In the event that (1) the operations of Tenant
change in the future, and Tenant believes adjustments in Deductibles, insured limits or coverages are warranted, (2) Tenant desires to increase one or more Deductibles, reduce limits of liability below those in place as of the Commencement Date
or materially reduce coverage, or (3) not more than once during any twelve (12) month period (or more frequently in connection with the requirements of a Fee Mortgage), Landlord reasonably determines that the insurance carried by Tenant is
not, for any 

  
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reason (whether by reason of the type, coverage, deductibles, insured limits, the reasonable requirements of Fee Mortgagees, or otherwise) commensurate with insurance customarily maintained by
similarly situated tenants engaged in the same or similar businesses operating in the same or similar location, the party seeking the change will advise the other party in writing of the requested insurance revision. Tenant and Landlord shall work
together in good faith to determine whether the requested insurance revision shall be made; provided, however, that any revision to insurance shall only be made if the revised insurance would be customarily maintained by similarly
situated tenants engaged in the same or similar businesses operating in the same or similar location as the Leased Property. If Tenant and Landlord are unable to reach a resolution within thirty (30) days of the original notice of requested
revision, the arbitration provisions set forth in Section 34.2 shall control. Solely with respect to the insurance required by Section 13.1(h) above, in no event shall the outcome of an insurance
revision pursuant to this Section 13.6 require Tenant to carry insurance in an amount which exceeds the product of (i) the amounts set forth in Section 13.1(h) hereof and (ii) the CPI
Increase. 
 13.7 Notice of Cancellation or Non-Renewal. Each required insurance policy
shall contain an endorsement requiring thirty (30) days prior written notice to Landlord, Fee Mortgagees and Leasehold Mortgagees of any cancellation or non-renewal. Ten (10) days’ prior written
notice shall be required for cancellation for non-payment of premium. Tenant shall secure replacement coverage to comply with the stated insurance requirements and provide new certificates of insurance to
Landlord and others as directed by Landlord. 
 13.8 Copies of Documents. Tenant shall provide (i) binders evidencing
renewal coverages no later than the applicable renewal date of each insurance policy required by this Article XIII; and (ii) copies of all insurance policies required by this Article XIII (including policies issued by
Tenant’s captive insurers which are in any way related to the required policies, including policies insuring Deductibles), within one hundred and twenty days (120) after inception date of each, and if additionally required, within ten
(10) days of written request by Landlord. In addition, Tenant will supply documents that are related to the required insurance policies on January 1 of each calendar year during the Term and three (3) years afterwards, and as
otherwise requested in writing by Landlord. Such documents shall be in formats reasonably acceptable to Landlord and include, but are not limited to, (i) statements of property value by location, (ii) risk modeling reports (e.g., named
storms and earthquake), (iii) actuarial reports, (iv) loss/claims reports, (v) detailed summaries of Tenant’s insurance policies and, as respects Tenant’s captive insurers the most recent audited financial statements (including
notes therein) and reinsurance agreements. Landlord shall hold the contents of the documents provided by Tenant as confidential; provided that Landlord shall be entitled to disclose the contents of such documents to its insurance consultants,
attorneys, accountants and other agents in connection with the administration and/or enforcement of this Lease, and (ii) to any Fee Mortgagees, Permitted Leasehold Mortgagees and potential lenders and their respective representatives, and
(iii) as may be required by applicable laws. Landlord shall utilize commercially reasonable efforts to cause each such person or entity to enter into a written agreement to maintain the confidentiality thereof for the benefit of Landlord and
Tenant. 
 13.9 Certificates of Insurance. Certificates of insurance, evidencing the required insurance, shall be delivered to
Landlord on the Commencement Date, annually thereafter, and upon written request by Landlord. If required by any Fee Mortgagee, Tenant shall provide endorsements and written confirmations that all premiums have been paid in full. 

  
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 13.10 Other Requirements. Tenant shall comply with the following additional
provisions: 
 (a) Prior to the date of the refinancing of (a) that certain Indenture, dated April 17, 2014, among Caesars Growth
Properties Holdings, LLC, Caesars Growth Properties Finance, Inc., the subsidiary guarantors party thereto, and U.S. Bank National Association, as trustee, (b) that certain First Lien Credit Agreement, dated May 8, 2014, among Caesars
Growth Properties Parent, LLC, Caesars Growth Properties Holdings, LLC, the lenders party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, (c) that certain First Lien Credit Agreement, dated
October 11, 2013, among Caesars Entertainment Resort Properties, LLC, Caesars Entertainment Resort Properties Finance, Inc., Harrah’s Las Vegas, LLC, Harrah’s Atlantic City Holding, Inc., Rio Properties, LLC, Flamingo Las Vegas
Holding, LLC, Harrah’s Laughlin, LLC, Paris Las Vegas Holding, LLC, the lenders party thereto and Citicorp North America, Inc. as administrative agent and collateral agent, (d) that certain Indenture, dated October 11, 2013, among
Caesars Entertainment Resort Properties, LLC, Caesars Entertainment Resort Properties Finance, Inc., Harrah’s Atlantic City Holding, Inc., Harrah’s Las Vegas, LLC, Harrah’s Laughlin, LLC, Flamingo Las Vegas Holding, LLC, Paris Las
Vegas Holding, LLC, Rio Properties, LLC, the subsidiary guarantors party thereto, and U.S. Bank National Association, as trustee, and (e) that certain Indenture, dated October 11, 2013, among Caesars Entertainment Resort Properties, LLC,
Caesars Entertainment Resort Properties Finance, Inc., Harrah’s Atlantic City Holdings, Inc., Harrah’s Las Vegas, LLC, Harrah’s Laughlin, LLC, Flamingo Las Vegas Holding, LLC, Paris Las Vegas Holding, LLC, Rio Properties, LLC, the
subsidiary guarantors party thereto, and U.S. Bank National Association (collectively, the “Refinancing”), in the event of a catastrophic loss or multiple losses (excluding losses covered by the terrorism insurance required
hereunder) at multiple properties owned or leased directly or indirectly by CEC and that are insured by CEC, then in the case that (1) such catastrophic loss or multiple losses exhaust any per occurrence or aggregate insurance limits under the
property insurance policies required by this Article XIII, (2) at least one such property affected by the catastrophic loss(es) is the Facility hereunder or under an Other Lease (in either case, a “Subject Facility”) and
(3) at least one other such property affected by the catastrophic loss(es) is not a Subject Facility, then the property insurance proceeds received in connection with such catastrophic loss(es) shall be allocated amongst the affected properties
pro-rata based on the insured values of the impacted properties, with no property receiving an allocation exceeding the loss suffered by such property. 

(b) From and after the date of the Refinancing, in the event of a catastrophic loss or multiple losses (excluding losses covered by the
terrorism insurance required hereunder) at multiple properties owned or leased directly or indirectly by CEC and that are insured by CEC, then in the case that at least one such property is a Subject Facility and at least one other such property is
not a Subject Facility, if (A) such catastrophic loss or multiple losses exhaust any per occurrence or aggregate insurance limits under the property insurance policies required by this Article XIII and any such property that is not a
Subject Facility is (w) directly or indirectly managed but not directly or indirectly owned by CEC, (x) not wholly owned, directly or indirectly, by CEC, (y) subject to a ground lease with a landlord party that is neither Landlord

  
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nor its affiliates, or (z) is financed on a stand-alone basis, then the insurance proceeds received in connection with such catastrophic loss or multiple losses shall be allocated pro-rata based on the insured values of the impacted properties, with no property receiving an allocation exceeding the loss suffered by such property, and (B) if such catastrophic loss or multiple losses
exhaust any per occurrence or aggregate insurance limits under the property insurance policies required by this Article XIII and no property that is not a Subject Facility is a property described in clauses (w) through (z) above, the
property(ies) that is a Subject Facility shall have first priority to insurance proceeds from the property policy in connection with such catastrophic loss or multiple losses up to the reasonably anticipated amount of loss with respect to the
Subject Facility. Any property proceeds allocable to a Subject Facility pursuant to clause (B) above shall be paid to Landlord (or the landlord under the Other Lease, as applicable) and applied in accordance with the terms of this Lease (or the
Other Lease, as applicable) 
 (c) Tenant shall have the right to cause the terrorism policy or policies required hereunder to be effectuated
through a blanket insurance and/or by a combination of primary and excess insurance policies (all of which may insure additional properties owned, operated or managed by Tenant or its Affiliates), but only if Tenant delivers an endorsement to the
direct blanket insurance policy (and any reinsurance agreements with respect to a captive insurance company shall follow form in this regard) in form and substance acceptable to Landlord, guaranteeing priority payout privilege over any and all other
locations that are (a) within a 1,000 foot radius of the Leased Property and (b) insured under the same policy. 
 (d) In the event
Tenant shall at any time fail, neglect or refuse to insure the Leased Property and Capital Improvements, or is not in full compliance with its obligations under this Article XIII, Landlord may, at its election, procure replacement insurance.
In such event, Landlord shall disclose to Tenant the terms of the replacement insurance. Tenant shall reimburse Landlord for the cost of such replacement insurance within thirty (30) days after Landlord pays for the replacement insurance. The
cost of such replacement insurance shall be reasonable considering the then-current market. 
 ARTICLE XIV 

CASUALTY 
 14.1
Property Insurance Proceeds. All proceeds (except business interruption not allocated to rent expenses, if any) payable by reason of any property loss or damage to the Leased Property, or any portion thereof, under any property policy of
insurance required to be carried hereunder shall be paid to Fee Mortgagee or to an escrow account held by a third party depositary reasonably acceptable to Landlord, Tenant and, if applicable, the Fee Mortgagee (in each case pursuant to an escrow
agreement reasonably acceptable to the Parties and the Fee Mortgagee and intended to implement the terms hereof) and made available to Tenant upon request for the reasonable costs of preservation, stabilization, restoration, reconstruction and
repair, as the case may be, of any damage to or destruction of the Leased Property, or any portion thereof; provided, however, that the portion of any such proceeds that are attributable to Tenant’s obligation to pay Rent shall be
applied against Rent due by Tenant hereunder; and provided, further, that if the total amount of proceeds payable net of the applicable deductibles is Forty Million and No/100 Dollars ($40,000,000.00) or less, and, if no Tenant Event
of Default has 

  
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occurred and is continuing, the proceeds shall be paid to Tenant and, subject to the limitations set forth in this Article XIV used for the repair of any damage to or restoration or
reconstruction of the Leased Property in accordance with Section 14.2. For the avoidance of doubt, any insurance proceeds payable by reason of (i) loss or damage to Tenant’s Property and/or Tenant Material Capital
Improvements, or (ii) business interruption shall be paid directly to and belong to Tenant. Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Leased Property in accordance herewith shall
be provided to Tenant. So long as no Tenant Event of Default is continuing, Tenant shall have the right to prosecute and settle insurance claims, provided that, in connection with insurance claims exceeding Forty Million and No/100 Dollars
($40,000,000.00), Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Article XIV and any final settlement with the insurance company for claims exceeding Forty Million and No/100 Dollars
($40,000,000.00) shall be subject to Landlord’s consent, such consent not to be unreasonably withheld, conditioned or delayed. 

14.2 Tenant’s Obligations Following Casualty 

(a) In the event of a Casualty Event with respect to the Facility or any portion thereof (to the extent the proceeds of insurance in respect
thereof are made available to Tenant as and to the extent required under the applicable escrow agreement), (i) Tenant shall restore such Facility (or any applicable portion thereof, excluding, at Tenant’s election, any Tenant Material
Capital Improvement, unless such Tenant Material Capital Improvement is integrated into the Facility such that the Facility could not practically or safely be operated without restoring such Tenant Material Capital Improvement, provided that with
respect to any Tenant Material Capital Improvement that is not rebuilt, Tenant shall repair and thereafter maintain the portions of the Facility affected by the loss or damage of such Tenant Material Capital Improvement in a condition commensurate
with the quality, appearance and use of the balance of the Facility and satisfying the Facility’s parking requirements) to substantially the same condition as existed immediately before such damage or otherwise in a manner reasonably
satisfactory to Landlord, and (ii) the damage caused by the applicable Casualty Event shall not terminate this Lease; provided, however, that if the applicable Casualty Event shall occur not more than two (2) years prior to
the then-Stated Expiration Date and the cost to restore the Facility (excluding for avoidance of doubt any affected Tenant Material Capital Improvements that Tenant is not required to restore) to the condition immediately preceding the Casualty
Event, as determined by a mutually approved contractor or architect, would equal or exceed twenty-five percent (25%) of the Fair Market Ownership Value of the Facility immediately prior to the time of such damage or destruction, then each of
Landlord and Tenant shall have the option, exercisable in such Party’s sole and absolute discretion, to terminate this Lease, upon written notice to the other Party hereto delivered to such other Party within thirty (30) days of the
determination of the amount of damage and the Fair Market Ownership Value of the Facility and, if such option is exercised by either Landlord or Tenant, this Lease shall terminate and Tenant shall not be required to restore the Facility and any
insurance proceeds payable as a result of the damage or destruction shall be payable in accordance with Section 14.2(c). Notwithstanding anything to the contrary contained herein, if a Casualty Event occurs (and/or if the
determination of the amount of damage and/or the thirty (30) day period referred to in the preceding sentence is continuing) at a time when Tenant could send a Renewal Notice (provided, for this purpose, Tenant shall be permitted to send a
Renewal Notice under Section 1.4 not more than twenty-four (24) months (rather than not 

  
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more than eighteen (18) months) prior to the then current Stated Expiration Date), if Tenant has elected or elects to exercise the same at any time following Tenant’s receipt of such
notice of termination from Landlord, neither Landlord nor Tenant may terminate this Lease under this Section 14.2(a). 

(b) If the cost to restore the Leased Property exceeds the amount of proceeds received from the insurance required to be carried hereunder, (i)
(subject to Section 14.2(e) and Section 14.5) Tenant’s restoration obligations hereunder shall continue unimpaired, and (ii) Tenant shall provide Landlord with evidence reasonably acceptable to Landlord that
Tenant has (or is reasonably expected to have) available to it any excess amounts needed to restore the Leased Property to the condition required hereunder. Such excess amounts shall be paid by Tenant. 

(c) In the event neither Landlord nor Tenant is required or elects to repair and restore the Leased Property, all insurance proceeds (except
business interruption), other than proceeds reasonably attributed to any Tenant Material Capital Improvements (or other property owned by Tenant), which proceeds shall be and remain the property of Tenant, shall be paid to and retained by Landlord
(after reimbursement to Tenant for any reasonably-incurred expenses in connection with the subject Casualty Event) free and clear of any claim by or through Tenant except as otherwise specifically provided below in this Article XIV. 

(d) If Tenant fails to complete the restoration of the Facility and gaming operations do not recommence substantially in the same manner as
prior to the applicable Casualty Event by the date that is the fourth (4th) anniversary of the date of any Casualty Event (subject to extension in the event of an Unavoidable Delay during such four (4) year period, on a day-for-day basis, for the same amount of time that such Unavoidable Delay affects Tenant’s ability to perform such restoration in accordance with this
Section 14.2), then, without limiting any of Landlord’s rights and remedies otherwise, all remaining insurance proceeds shall be paid to and retained by Landlord free and clear of any claim by or through Tenant,
provided, that, so long as no Tenant Event of Default has occurred and is continuing, Landlord agrees to use such remaining proceeds for repair and restoration with respect to such Casualty Event. 

(e) If, and solely to the extent that, the damage resulting from any applicable Casualty Event is not an insured event under the insurance
policies required to be maintained by Tenant under this Lease, then Tenant shall not be obligated to restore the Leased Property in respect of the damage from such Casualty Event. 

14.3 No Abatement of Rent. Except as expressly provided in this Article XIV, this Lease shall remain in full force and
effect and Tenant’s obligation to pay Rent and all Additional Charges required by this Lease shall remain unabated during any period following a Casualty Event.  

14.4 Waiver. Tenant waives any statutory rights of termination which may arise by reason of any damage or destruction of the
Leased Property but such waiver shall not affect any contractual rights granted to Tenant under this Lease. 

  
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 14.5 Insurance Proceeds and Fee Mortgagee. Notwithstanding anything herein
(including, without limitation, Article XXXI hereof) or in any Fee Mortgage Documents to the contrary, in the event that any Fee Mortgagee is entitled to any insurance proceeds, or any portion thereof, under the terms of any Fee Mortgage or
the related Fee Mortgage Documents, such proceeds shall be applied, held and/or disbursed in accordance with the terms of the Fee Mortgage or the related Fee Mortgage Documents. In the event that the Fee Mortgagee elects, or is required under the
related Fee Mortgage Documents, to apply the insurance proceeds to the indebtedness secured by the Fee Mortgage, then Tenant shall not be obligated to repair or restore the Facility and Landlord shall either (i) refinance with a replacement Fee
Mortgage (or otherwise fund) the amount of insurance proceeds applied to Fee Mortgage indebtedness within the earlier of (A) twelve (12) months after such application (in which event Tenant shall be obligated to restore the Facility in
accordance with the terms and provisions of this Lease upon receipt of such proceeds), or (B) if, pursuant to Section 6.4(b)(i)(D) of the loan agreement with respect to the Existing Fee Mortgage (or any similar provision comprising
Additional Fee Mortgagee Requirements as contained in any future Fee Mortgage Documents), Tenant shall be obligated to commence restoration in respect of such Casualty Event prior to the expiration of such twelve (12) month period, the later of
(x) nine (9) months after the applicable Casualty Event, and (y) if Landlord provides Tenant with funds in an amount and within a time sufficient for Tenant to perform such repair or restoration of the Facility solely to the extent
necessary to avoid breaching such Additional Fee Mortgagee Requirement, twelve (12) months after Fee Mortgagee’s application of such insurance proceeds to such indebtedness (and in the case of clause (B)(y),
Section 14.2(b)(ii) shall not apply) (in which event described in clauses (B)(x) and (B)(y), Tenant shall be obligated to restore the Facility in accordance with the terms and provisions of this Lease upon
receipt of such proceeds), or (ii) within the timeframes set forth in clause (i) above (as applicable), sell to Tenant the Leased Property (and Tenant shall be entitled to retain any remaining insurance proceeds) in exchange for a
payment equal to the greater of (1) the difference between (a) the Fair Market Ownership Value of the Leased Property immediately prior to such casualty, and (b) the amount of insurance proceeds retained by the Fee Mortgagee or
Landlord (subject to a credit in favor of Landlord to the extent of any sums provided to Tenant under clause (B)(y) above), and (2) the Fair Market Ownership Value (calculated without giving effect to clause (B) in the definition of
“Fair Market Rental Value”) of the Leased Property after such casualty based on the average fair market value of similar real estate in the areas surrounding the Facility (subject to a credit in favor of Landlord to the extent of any sums
provided to Tenant under clause (B)(y) above). 
 ARTICLE XV 

EMINENT DOMAIN 
 15.1
Condemnation. Tenant shall promptly give Landlord written notice of the actual or threatened Condemnation or any Condemnation proceeding affecting the Leased Property of which Tenant has knowledge and shall deliver to Landlord copies of
any and all papers served in connection with the same. 
 (a) Total Taking. If the Leased Property is subject to a total and permanent
Taking, this Lease shall automatically terminate as of the day before the date of such Taking or Condemnation. 

  
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 (b) Partial Taking. If a portion (but not all) of the Leased Property (and, without
limitation, any Capital Improvements with respect thereto) is subject to a permanent Taking (“Partial Taking”), this Lease shall remain in effect so long as the Facility is not thereby rendered Unsuitable for its Primary Intended
Use, and Rent shall be adjusted in accordance with the Rent Reduction Amount with respect to the subject portion; provided, however, that if the remaining portion of the Facility is rendered Unsuitable for Its Primary Intended Use,
this Lease shall terminate as of the day before the date of such Taking or Condemnation. 
 (c) Restoration. If there is a Partial
Taking and this Lease remains in full force and effect, Landlord shall make available to Tenant the Award to be applied first to the restoration of the Leased Property in accordance with this Lease and, to the extent required hereby, any affected
Tenant Material Capital Improvements, and thereafter as provided in Section 15.2. In such event, subject to receiving such Award, Tenant shall accomplish all necessary restoration in accordance with the following sentence
(whether or not the amount of the Award received by Tenant is sufficient) and the Rent shall be adjusted in accordance with the Rent Reduction Amount. Tenant shall restore the Leased Property (excluding any Tenant Material Capital Improvement,
unless such Tenant Material Capital Improvement is integrated into the Facility such that the Facility could not practically or safely be operated without restoring such Tenant Material Capital Improvement) as nearly as reasonably possible under the
circumstances to a complete architectural unit of the same general character and condition as the Leased Property existing immediately prior to such Taking. 

15.2 Award Distribution. Except as set forth below and in Section 15.1(c) hereof, the Award resulting
from the Taking shall be paid as follows: (i) first, to Landlord to the extent of the Fair Market Ownership Value of Landlord’s interest in the Leased Property subject to the Taking (excluding any Tenant Material Capital Improvements),
(ii) second, to Tenant to the extent of the Fair Market Property Value of Tenant’s Property and any Tenant Material Capital Improvements subject to the Taking (but for avoidance of doubt, not including any amount for any unexpired portion
of the Term), and (iii) third, any remaining balance shall be paid to Landlord. Notwithstanding the foregoing, Tenant shall be entitled to pursue its own claim with respect to the Taking for Tenant’s lost profits value and moving expenses
and, the portion of the Award, if any, allocated to any Tenant Material Capital Improvements and Tenant’s Property, shall be and remain the property of Tenant free of any claim thereto by Landlord. 

15.3 Temporary Taking. The taking of the Leased Property, or any part thereof, shall constitute a Taking by Condemnation only
when the use and occupancy by the taking authority has continued for longer than one hundred eighty (180) consecutive days. During any shorter period, which shall be a temporary taking, all the provisions of this Lease shall remain in full
force and effect (except that Rent shall be adjusted in accordance with the Rent Reduction Amount in proportion to such temporary taking) and the Award allocable to the Term shall be paid to Tenant. 

15.4 Condemnation Awards and Fee Mortgagee. Notwithstanding anything herein (including, without limitation, Article XXXI
hereof) or in any Fee Mortgage Documents to the contrary, in the event that any Fee Mortgagee is entitled to any Award, or any portion thereof, under the terms of any Fee Mortgage or the related Fee Mortgage Documents, such award shall be applied,
held and/or disbursed in accordance with the terms of the Fee Mortgage or the related 

  
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Fee Mortgage Documents. In the event that the Fee Mortgagee elects, or is required under the related Fee Mortgage Documents, to apply the Award to the indebtedness secured by the Fee Mortgage in
the case of a Taking or Condemnation as to which the restoration provisions apply, then Tenant shall not be obligated to restore the Facility and Landlord shall either (i) within six (6) months of the applicable Taking or Condemnation,
make available to Tenant for restoration of the Leased Property funds (either through refinance or otherwise) equal to the amount applied to Fee Mortgage indebtedness (in which case Tenant shall be obligated to restore the Leased Property in
accordance with this Lease upon receipt of such funds), or (ii) sell to Tenant the portion of the Leased Property that is not subject to the Taking or Condemnation (and Tenant shall be entitled to retain the remaining amounts of the Award (if
any) to which Tenant is entitled after giving effect to the provisions concerning distribution of the Award under Section 15.2) in exchange for a payment equal to the greater of (1) the difference between (a) the
Fair Market Ownership Value of the Leased Property immediately prior to such Taking or Condemnation, and (b) the amount of the Award retained by the Fee Mortgagee or Landlord, and (2) the Fair Market Ownership Value (calculated without
giving effect to clause (B) in the definition of “Fair Market Rental Value”, to the extent applicable) of the remaining portion of the Leased Property after such Taking or Condemnation, based on the average fair market value of
similar real estate in the areas surrounding the Facility. 
 ARTICLE XVI 

DEFAULTS & REMEDIES 

16.1 Tenant Events of Default. Any one or more of the following shall constitute a “Tenant Event of Default”:

 (a) Tenant shall fail to pay any installment of Rent when due and such failure is not cured within six (6) days after written notice
from Landlord (which notice for purposes of this provision may be in the form of an email and shall be deemed effective as of transmittal (without requirement that receipt thereof be acknowledged), provided that (without vitiating the effectiveness
of such email notice) a separate notice is separately delivered on the same day or, if such day is not a Business Day, on the following Business Day, which separate notice shall be delivered in accordance with Article XXXV (it being
understood that the delivery of such separate notice shall not vitiate the effectiveness of such email notice)) of Tenant’s failure to pay such installment of Rent when due (and such notice of failure from Landlord may be given any time after
such installment of Rent is one (1) day late); 
 (b) Tenant shall fail to pay any Additional Charge (excluding, for the avoidance of
doubt the Minimum Cap Ex Amount) within seven (7) days after written notice from Landlord of Tenant’s failure to pay such Additional Charge when due (and such notice of failure from Landlord may be given any time after such payment of any
Additional Charge is one (1) day late); 
 (c) Tenant or, unless the Guarantor EOD Conditions exist, Guarantor shall: 

  
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 (i) file a petition in bankruptcy or a petition to take advantage of any insolvency law or
statute under Federal law, specifically including Title 11, United States Code, §§ 101-1532, or analogous state law; 

(ii) make an assignment for the benefit of its creditors; or 

(iii) consent to the appointment of a receiver of itself or of the whole or substantially all of its property; 

(d) (i) Tenant shall be adjudicated as bankrupt or a court of competent jurisdiction shall enter an order or decree appointing, without the
consent of Tenant, a receiver of Tenant or of all or substantially all of Tenant’s property, or approving a petition filed against Tenant seeking reorganization or arrangement of Tenant under Federal law, specifically including Title 11, United
States Code, §§ 101-1532, or analogous state law, and such judgment, order or decree shall not be vacated or set aside or stayed within sixty (60) days from the date of the entry thereof;

 (ii) Unless the Guarantor EOD Conditions exist, Guarantor shall be adjudicated as bankrupt or a court of competent jurisdiction shall
enter an order or decree appointing, without the consent of Guarantor, a receiver of Guarantor or of all or substantially all of Guarantor’s property, or approving a petition filed against Guarantor seeking reorganization or arrangement of
Guarantor under Federal law, specifically including Title 11, United States Code, §§ 101-1532, or analogous state law, and such judgment, order or decree shall not be vacated or set aside or stayed
within sixty (60) days from the date of the entry thereof; or; 
 (e) entry of an order or decree liquidating or dissolving Tenant,
Manager or, unless the Guarantor EOD Conditions exist, Guarantor, provided that the same shall not constitute a Tenant Event of Default if (i) such order or decree shall be vacated, set aside or stayed within ninety (90) days from the date
of the entry thereof, or (ii) with respect to Manager only, (x) Manager is not an Affiliate of Tenant, or (y) another wholly-owned subsidiary of CEC assumes the MLSA and the other Lease/MLSA Related Agreements to which Manager is a
party; 
 (f) Tenant shall fail to cause the Facility to be Operated (as defined in the MLSA) in a
Non-Discriminatory (as defined in the MLSA) manner, in accordance with the Operating Standard (as defined in the MLSA) and subject to Manager’s Standard of Care (as defined in the MLSA) (in each case as
and to the extent required under the MLSA, including as provided in Section 2.1.1, Section 2.1.2, Section 2.1.3, Section 2.1.4, Section 2.3.1, and Section 2.3.2 of the MLSA, but subject to Section 5.9.1 of the
MLSA), which failure would reasonably be expected to have a material and adverse effect on Landlord or on the Facility, and which failure is not cured within thirty (30) days following notice thereof from Landlord to Tenant; provided
that, if: (i) such failure is not susceptible of cure within such thirty (30) day period; and (ii) such failure would not expose Landlord to an imminent and material risk of criminal liability or of material damage to its business
reputation, such 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 such failure so long as Tenant commences to cure such failure or other breach within such
thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure); 

  
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 (g) the estate or interest of Tenant in the Leased Property or any part thereof shall be levied
upon or attached in any proceeding relating to more than Twenty-Five Million and No/100 Dollars ($25,000,000.00), and the same shall not be vacated, discharged or stayed pending appeal (or paid or bonded or otherwise similarly secured payment)
within the later of ninety (90) days after commencement thereof or thirty (30) days after receipt by Tenant of notice thereof from Landlord; provided, however, that such notice shall be in lieu of and not in addition to any
notice required under applicable law; 
 (h) if Tenant or, unless the Guarantor EOD Conditions exist, Guarantor shall fail to pay, bond,
escrow or otherwise similarly secure payment of one or more final judgments aggregating in excess of the amount of Seventy-Five Million and No/100 Dollars ($75,000,000.00), which judgments are not discharged or effectively waived or stayed for
a period of forty-five (45) consecutive days; 
 (i) unless the Guarantor EOD Conditions exist, a Lease Guarantor Event of Default shall
occur under the MLSA; 
 (j) except as a result of a Permitted Operation Interruption, Tenant fails to cause the Facility to be Continuously
Operated during the Term; 
 (k) any applicable Gaming License or other license material to the Facility’s operation for its Primary
Intended Use is at any time terminated or revoked or suspended or placed under a trusteeship (and in each case such termination, revocation, suspension or trusteeship causes cessation of Gaming activity at the Facility) for more than thirty
(30) days and such termination, revocation, suspension or trusteeship is not stayed pending appeal and would reasonably be expected to have a material adverse effect on Tenant or on the Facility; 

(l) if a Licensing Event with respect to Tenant under clause (a) of the definition of Licensing Event shall occur and is not resolved in
accordance with Section 41.13 within the later of (i) thirty (30) days or (ii) such additional time period as may be permitted by the applicable Gaming Authorities; 

(m) Tenant fails to comply with any Additional Fee Mortgagee Requirements (and in the case of any representation or warranty made by Tenant
under Section 8.2 and Exhibit L having been false or misleading as of the date the representation or warranty was made, such false or misleading representation or warranty has had or is reasonably expected to result
in a Material Adverse Effect (as defined in Exhibit L)), which default is not cured within the shortest applicable cure period set forth in the Fee Mortgage Documents (i.e., such default is not cured prior to the same constituting an
“Event of Default” under any Fee Mortgage Document), if the effect of such default is to cause, or to permit the holder or holders of the applicable Fee Mortgage (or a trustee or agent on behalf of such holder or holders) to cause, such
Fee Mortgage to become or be declared due and payable (or redeemable) prior to its stated maturity (without regard to any standstill or forbearance period that might be provided to Landlord with respect to the same); provided, however, that, if any
such standstill or forbearance period shall be provided to Landlord with respect to the same, so long as Tenant is reasonably cooperating with Landlord in connection with a potential refinancing of the defaulted Fee Mortgage(s) by providing
information with respect to the Leased Property, Tenant or its Affiliates (excluding (i) any 

  
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material non-public information, unless the same shall only be provided to potential financing sources in accordance with and subject to Section 41.22
hereof, and (ii) any information subject to bona fide confidentiality restrictions) requested by Landlord in order to satisfy the market standards to which such potential refinancing lenders customarily adhere or which may be reasonably
required by prospective investors and/or rating agencies, such default shall not constitute a Tenant Event of Default hereunder for the first half of the shortest applicable standstill or forbearance period so provided to Landlord, as determined by
Landlord in its sole but good faith discretion; 
 (n) a transfer of Tenant’s interest in this Lease (including pursuant to a Change in
Control) shall have occurred without the consent of Landlord to the extent such consent is required under Article XXII or Tenant is otherwise in default of the provisions set forth in Section 22.1 below; 

(o) if Tenant shall fail to observe or perform any other term, covenant or condition of this Lease and such failure is not cured within thirty
(30) days after written notice thereof from Landlord, provided, however, if such failure cannot reasonably be cured within such thirty (30) day period and Tenant shall have commenced to cure such failure within such thirty
(30) day period and thereafter diligently proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Tenant in the exercise of due diligence to cure such failure, provided that,
with respect to any failure to perform (i) that is still continuing on or after the first day of the sixth (6th) Lease Year such cure period shall not extend beyond the later of such first
day of the sixth (6th) Lease Year or one-hundred and eighty (180) days in the aggregate, and (ii) that is first arising on or after the first day
of the sixth (6th) Lease Year, such cure period shall not exceed one-hundred and eighty (180) days in the aggregate, provided, further however, that no Tenant Event of Default under
this clause (o) or under clause (p) below shall be deemed to exist under this Lease during any time the curing thereof is prevented by an Unavoidable Delay, provided that upon the cessation of the Unavoidable Delay, Tenant remedies
the default within the time periods otherwise required hereunder; 
 (p) the occurrence of a Tenant Event of Default pursuant to
Section 10.5(a)(x); 
 (q) unless the Guarantor EOD Conditions exist, if Guarantor shall, in any judicial or
quasi-judicial case, action or proceeding, contest (or collude with or otherwise affirmatively assist any other Person, or solicit or cause to be solicited any other Person to contest) the validity or enforceability of Guarantor’s obligations
under the MLSA (or any Qualified Replacement Guarantor’s obligations under a Replacement Guaranty); and 
 (r) if Tenant shall fail to
comply with any of the provisions, terms or conditions of the Octavius Ground Lease (or any renewals thereof) as required under Section 7.3 hereof, which failure is not cured within the applicable time period set forth in
the applicable Ground Lease and the effect of such failure is to permit the applicable Ground Lessor to terminate such Ground Lease or to result in the Ground Lease being terminated pursuant to the terms thereof. 

Notwithstanding anything contained herein to the contrary, (x) Landlord shall deliver all notices required pursuant to
Section 16.1 concurrently to Tenant and Guarantor and (y) a default by Tenant under any Permitted Leasehold Mortgage shall not in and of itself be a Tenant Event of 

  
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Default hereunder (it being understood that if the circumstances that cause such default independently comprise a default hereunder that continues beyond all applicable notice and cure periods
hereunder then such circumstances would cause a Tenant Default hereunder). 
 Notwithstanding the foregoing, (i) Tenant shall not be in breach of this
Lease solely as a result of the exercise by the party (other than Tenant, CEC, CEOC or any of their respective Affiliates) to any of the Permitted Exception Documents of such party’s rights thereunder so long as Tenant undertakes commercially
reasonable efforts to cause such party to comply or otherwise minimize such breach, and (ii) in the event that Tenant is required, under the express terms of any Permitted Exception Document(s), to take or refrain from taking any action, and
taking or refraining from taking such action would result in a default under this Lease, then Tenant shall advise Landlord of the same, and Tenant and Landlord shall reasonably cooperate in order to address the same in a mutually acceptable manner,
and so as to minimize any harm or liability to Landlord and to Tenant. For the avoidance of doubt, in no event shall a Permitted Exception Document excuse Tenant from its obligation to pay Rent or Additional Charges. 

16.2 Landlord Remedies. Upon the occurrence and during the continuance of a Tenant Event of Default but subject to the provisions
of Article XVII, Landlord may, subject to the terms of Section 16.3 below, do any one or more of the following: (x) terminate this Lease by giving Tenant no less than ten (10) days’ notice of such
termination and the Term shall terminate and all rights and obligations of Tenant under this Lease shall cease, subject to any provisions that expressly survive the Expiration Date, (y) seek damages as provided in
Section 16.3 hereof or (z) except to the extent expressly otherwise provided under this Lease, exercise any other right or remedy hereunder, at law or in equity available to Landlord as a result of any Tenant Event of
Default. Tenant shall pay as Additional Charges all costs and expenses incurred by or on behalf of Landlord, including reasonable and documented attorneys’ fees and expenses, as a result of any Tenant Event of Default hereunder. Subject to
Article XIX and Section 17.1(f) hereof, at any time upon or following the Expiration Date, Tenant shall, if required by Landlord to do so, immediately surrender to Landlord possession of the Leased
Property and quit the same and Landlord may enter upon and repossess such Leased Property by reasonable force, summary proceedings, ejectment or otherwise, and may remove Tenant and all other Persons and any of Tenant’s Property therefrom.
Landlord shall refrain from exercising any remedies pursuant to this Section during any applicable cure periods of Guarantor to the extent expressly provided in Section 17.2 of the MLSA. 

(a) None of (i) the termination of this Lease, (ii) the repossession of the Leased Property, (iii) the failure of Landlord to
relet the Leased Property or any portions thereof, (iv) the reletting of all or any portion of the Leased Property, or (v) the inability of Landlord to collect or receive any rentals due upon any such reletting, shall relieve Tenant of its
liabilities and obligations hereunder, all of which shall survive any such termination, repossession or reletting. Landlord and Tenant agree that Landlord shall have no obligation to mitigate Landlord’s damages under this Lease. 

(b) If this Lease shall terminate pursuant to Section 16.2(x) or if Landlord shall obtain a court order permitting
reentry following the occurrence of a Tenant Event of Default that is continuing, then, in any such event, Landlord or Landlord’s agents and employees may immediately or at any time thereafter reenter the Leased Property to the extent permitted
by law 

  
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(including applicable Gaming Regulations), either by summary dispossess proceedings or by any suitable action or proceeding at law, without being liable to indictment, prosecution or damages
therefor, and may repossess the same, and may remove any Person therefrom, to the end that Landlord may have, hold and enjoy the Leased Property. The words “enter,” “reenter,” “entry” and “reentry,” as used
herein, are not restricted to their technical legal meanings. 
 (c) Notwithstanding anything herein to the contrary, if this Lease has been
terminated by Landlord pursuant to this Section 16.2 and Manager is performing Transition Services (as defined in the Transition Services Agreement) as elected by Landlord in its sole discretion, then, at Landlord’s
election in accordance with the Transition Services Agreement, Tenant (and its Subsidiaries, as applicable) shall stay in occupancy of the Leased Property following the Expiration Date and continue to operate the Facility, collect and retain revenue
therefrom, and pay Rent and Additional Charges (without duplication of any Rent and Additional Charges required to be paid under Section 16.3), all in the manner required under Section 36.1,
mutatis mutandis, for so long as Manager is performing Transition Services (as defined in the Transition Services Agreement); provided, however, that Tenant shall have no obligation (unless specifically agreed to by Tenant) to
operate the Leased Property (or pay any such Rent) under such arrangement unless the Transition Period is then continuing. 
 16.3
Damages. 
 (a) If Landlord elects to terminate this Lease in writing upon a Tenant Event of Default during the Term, Tenant shall
forthwith (x) pay to Landlord all Rent due and payable under this Lease to and including the date of such termination (together with interest thereon at the Overdue Rate from the date the applicable amount was due), and (y) pay on demand
all damages to which Landlord shall be entitled at law or in equity, provided, however, Landlord’s damages with regard to unpaid Rent from and after the date of termination shall equal, as liquidated and agreed current damages in
respect thereof, the sum of: (A) the worth at the time of award of the amount by which the unpaid Rent that (if the Lease had not been terminated) would have been payable hereunder after termination until the time of award exceeds the amount of
such Rent loss that Tenant proves could have been reasonably avoided; plus (B) (x) the Rent which (if the Lease had not been terminated) would have been payable hereunder from the time of award until the then Stated Expiration Date, discounted
to present value by applying a discount rate equal to the discount rate of the Federal Reserve Bank of New York at the time of award, plus one percent (1%), less (y) the Rent loss from the time of the award until the then Stated Expiration Date
that Tenant proves could be reasonably avoided, discounted to present value by applying a discount rate equal to the discount rate of the Federal Reserve Bank of New York at the time of award, plus one percent (1%). As used in clause (A), the
“worth at the time of award” shall be computed by allowing interest at the Overdue Rate from the date the applicable amount was due. As used in clauses (A) and (B), Variable Rent that would have been payable after termination for the
remainder of the Term shall be determined based on: (1) if the date of termination occurs during a Variable Rent Payment Period, the Variable Rent amount payable during such Variable Rent Payment Period (if the Lease had not been terminated),
and (2) if the date of termination occurs prior to the commencement of any Variable Rent Payment Period, the Variable Rent that (if the Lease had not been terminated) would be payable after termination for the remainder of the Term, assuming
Net Revenue for the balance of the Term equals Net Revenue for the Fiscal Period ending immediately prior to the date of termination (it 

  
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being understood the foregoing calculation of damages for unpaid Rent applies only to the amount of unpaid Rent damages owed to Landlord pursuant to Tenant’s obligation to pay Rent hereunder
and does not prohibit or otherwise shall not limit Landlord from seeking damages for any indemnification or any other obligations of Tenant hereunder, with all such rights of Landlord reserved). 

(b) Notwithstanding anything otherwise set forth herein, if Landlord chooses not to terminate Tenant’s right to possession of the Leased
Property (whether or not Landlord terminates this Lease) and has not been paid damages in accordance with Section 16.3(a), then each installment of Rent and all other sums payable by Tenant to or for the benefit of Landlord
under this Lease shall be payable as the same otherwise becomes due and payable, together with, if any such amount is not paid when due, interest at the Overdue Rate from the date when due until paid, and Landlord may enforce, by action or
otherwise, any other term or covenant of this Lease (and Landlord may at any time thereafter terminate Tenant’s right to possession of the Leased Property and seek damages under Section 16.3(a), to the extent not
already paid for by Tenant under Section 16.3(a) or this Section 16.3(b)). 
 (c) If, as
of the date of any termination of this Lease pursuant to Section 16.2(x), the Leased Property shall not be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration or earlier
termination of this Lease, then Tenant, shall pay, as damages therefor, the cost (as estimated by an independent contractor reasonably selected by Landlord) of placing the Leased Property in the condition in which Tenant is required to surrender the
same hereunder. 
 16.4 Receiver. Subject to the rights of Permitted Leasehold Mortgagees hereunder, upon the occurrence and
continuance of a Tenant Event of Default, and upon commencement of proceedings to enforce the rights of Landlord hereunder, but subject to any limitations of applicable law (including Gaming Regulations), Landlord shall be entitled, as a matter of
right, to the appointment of a receiver or receivers acceptable to Landlord of the Leased Property and of the revenues, earnings, income, products and profits thereof, pending the outcome of such proceedings, with such powers as the court making
such appointment shall confer. 
 16.5 Waiver. If Landlord initiates judicial proceedings or if this Lease is terminated by
Landlord pursuant to this Article XVI, Tenant waives, to the extent permitted by applicable law, (i) any right of redemption, re-entry or repossession or similar laws for the benefit of Tenant; and
(ii) the benefit of any laws now or hereafter in force exempting property from liability for rent or for debt. 
 16.6 Application
of Funds. Any payments received by Landlord under any of the provisions of this Lease during the existence or continuance of any Tenant Event of Default which are made to Landlord rather than Tenant due to the existence of a Tenant Event of
Default shall be applied to Tenant’s obligations in the order which Landlord may reasonably determine or as may be prescribed by applicable Legal Requirements. 

16.7 Landlord’s Right to Cure Tenant’s Default. If Tenant shall fail to make any payment or
to perform any act required to be made or performed hereunder when due including, without limitation, if Tenant fails to expend any Required Capital Expenditures as required 

  
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hereunder or fails to complete any work or restoration or replacement of any nature as required hereunder, or if Tenant shall take any action prohibited hereunder, or if Tenant shall breach any
representation or warranty comprising Additional Fee Mortgagee Requirements (and Landlord reasonably determines that such breach could be expected to give rise to an event of default or an indemnification obligation of Landlord under the applicable
Fee Mortgage Documents), or Tenant fails to comply with any Additional Fee Mortgagee Requirements (other than representations and warranties), in all cases, after the expiration of any cure period provided for herein, Landlord and/or its Affiliates,
without waiving or releasing any obligation or default, may, but shall be under no obligation to, (i) make such payment or perform such act (or reimburse any Fee Mortgagee for making such payment or performing such act) for the account and at
the expense of Tenant (including, in the event of a breach of any such representation or warranty, taking actions to cause such representation or warranty to be true), and may, to the extent permitted by law, enter upon the Leased Property for such
purpose and take all such action thereon as, in Landlord’s reasonable opinion, may be necessary or appropriate therefor, and, (ii) subject to the terms of the applicable Fee Mortgage Documents, use funds in any Fee Mortgage Reserve Account
for the purposes for which they were deposited in making any such payment or performing such act. All sums so paid (or reimbursed) by Landlord and/or any of its Affiliates and all costs and expenses, including reasonable attorneys’ fees and
expenses, so incurred, together with interest thereon at the Overdue Rate from the date on which such sums or expenses are paid or incurred by Landlord and/or any of its Affiliates, shall be paid by Tenant to Landlord on demand as an Additional
Charge. 
 16.8 Miscellaneous. 

(a) Suit or suits for the recovery of damages, or for any other sums payable by Tenant to Landlord pursuant to this Lease, may be brought by
Landlord from time to time at Landlord’s election, and nothing herein contained shall be deemed to require Landlord to await the date whereon this Lease and the Term would have expired by limitation had there been no Tenant Event of Default,
reentry or termination. 
 (b) No failure by either Party to insist upon the strict performance of any agreement, term, covenant or condition
of this Lease or to exercise any right or remedy consequent upon a breach thereof, and no acceptance by Landlord of full or partial Rent during the continuance of any such breach, shall constitute a waiver of any such breach or of such agreement,
term, covenant or condition. No agreement, term, covenant or condition of this Lease to be performed or complied with by either Party, and no breach thereof, shall be or be deemed to be waived, altered or modified except by a written instrument
executed by the Parties. No waiver of any breach shall affect or alter this Lease, but each and every agreement, term, covenant and condition of this Lease shall continue in full force and effect with respect to any other then existing or subsequent
breach thereof. In the event Landlord claims in good faith that Tenant has breached any of the agreements, terms, covenants or conditions contained in this Lease, Landlord shall be entitled to seek to enjoin such breach or threatened breach and
shall have the right to invoke any rights and remedies allowed at law or in equity or by statute or otherwise as though reentry, summary proceedings or other remedies were not provided for in this Lease. 

  
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 (c) Except to the extent otherwise expressly provided in this Lease, each right and remedy of a
Party provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease. 

(d) Nothing contained in this Article XVI or otherwise shall vitiate or limit Tenant’s obligation to pay Landlord’s
attorneys’ fees as and to the extent provided in Article XXXVII hereof, or any indemnification obligations under any express indemnity made by Tenant of Landlord or of any Landlord Indemnified Parties as contained in this Lease. 

ARTICLE XVII 
 TENANT
FINANCING 
 17.1 Permitted Leasehold Mortgagees. 

(a) Tenant May Mortgage the Leasehold Estate. On one or more occasions, without Landlord’s consent, Tenant may mortgage or
otherwise encumber Tenant’s estate in and to the Leased Property (the “Leasehold Estate”) (or encumber the direct or indirect Equity Interests in Tenant) to one or more Permitted Leasehold Mortgagees under one or more Permitted
Leasehold Mortgages and pledge its right, title and interest under this Lease as security for such Permitted Leasehold Mortgages or any related agreement secured thereby, provided, however, that, (i) in order for a Permitted
Leasehold Mortgagee to be entitled to the rights and benefits pertaining to Permitted Leasehold Mortgagees pursuant to this Article XVII, such Permitted Leasehold Mortgagee must hold or benefit from a Permitted Leasehold Mortgage encumbering
all of Tenant’s Leasehold Estate granted to Tenant under this Lease (subject to exclusions with respect to items that are not capable of being mortgaged and that, in the aggregate, are de minimis) or one hundred percent (100%) of the direct or
indirect Equity Interests in Tenant at any tier of ownership, and (ii) no Person shall be deemed to be a Permitted Leasehold Mortgagee hereunder unless and until (a) such Person delivers a written agreement to Landlord providing that in
the event of a termination of this Lease by Landlord pursuant to Section 16.2(x) hereof, such Permitted Leasehold Mortgagee and any Persons for whom it acts as representative, agent or trustee, will not use or dispose of
any Gaming License for use at a location other than at the Facility to which such Gaming License relates as of the date of the closing of a Lease Foreclosure Transaction (or, in the case of any additional facility added to this Lease after such
date, as of the date that such additional facility is added to the Lease), (b) the applicable Permitted Leasehold Mortgage shall include an express acknowledgement that any exercise of remedies thereunder that would affect the Leasehold Estate shall
be subject and subordinate to the terms of this Lease and (c) such Person executes a joinder to the Intercreditor Agreement in form and substance reasonably acceptable to all parties thereto. Tenant represents and warrants that each Permitted
Leasehold Mortgagee as of the Commencement Date has entered into the Intercreditor Agreement. Furthermore, as a condition to being deemed a Permitted Leasehold Mortgagee hereunder, each Permitted Leasehold Mortgagee is deemed to acknowledge and
agree (and hereby does acknowledge and agree) that (x) any rejection of this Lease in any bankruptcy, insolvency, dissolution or other proceeding will be treated as a Non-Consented Lease Termination (as
defined in the MLSA), unless in connection with such rejection of this Lease such Permitted Leasehold Mortgagee has acted in accordance with Section 17.1(f) hereof to obtain a New Lease prior to the expiration of the period
described therein, (y) subject to the 

  
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terms and conditions of the Intercreditor Agreement, such Permitted Leasehold Mortgagee shall not take any action to prevent the rights of Landlord, Manager and Lease Guarantor under Article
XXI of the MLSA, including to effect the actions required in connection with a Replacement Structure (as defined therein), and (z) that any foreclosure or realization by any Permitted Leasehold Mortgagee pursuant to a Permitted Leasehold
Mortgage or upon Tenant’s interest under this Lease or that would result in a transfer of all or any portion of Tenant’s interest in the Leased Property or this Lease shall in any case be subject to the applicable provisions, terms and
conditions of Article XXII hereof. 
 (b) Notice to Landlord. 

(i) If Tenant shall, on one or more occasions, mortgage Tenant’s Leasehold Estate pursuant to a Permitted Leasehold Mortgage and if the
holder of such Permitted Leasehold Mortgage shall provide Landlord with written notice of such Permitted Leasehold Mortgage (which notice with respect to any Permitted Leasehold Mortgage not evidenced by a recorded security instrument, in order to
be effective, shall also state (or be accompanied by a notice of Tenant stating) the relative priority of all then-effective Permitted Leasehold Mortgages noticed to Landlord under this Section and shall be consented to in writing by all
then-existing Permitted Leasehold Mortgagees) together with a true copy of such Permitted Leasehold Mortgage and the name and address of the Permitted Leasehold Mortgagee, Landlord and Tenant agree that, following receipt of such written notice by
Landlord (which notice shall be accompanied by any items required pursuant to Section 17.1(a) above), the provisions of this Section 17.1 shall apply to each such Permitted Leasehold Mortgage. In
the event of any assignment of a Permitted Leasehold Mortgage or in the event of a change of address of a Permitted Leasehold Mortgagee or of an assignee of such Permitted Leasehold Mortgage, written notice of such assignment or change of address
and of the new name and address shall be provided to Landlord, and the provisions of this Section 17.1 shall continue to apply, provided such assignee is a Permitted Leasehold Mortgagee. 

(ii) Landlord shall reasonably promptly following receipt of a communication purporting to constitute the notice provided for by subsection
(b)(i) above (and such additional items requested by Landlord pursuant to the first sentence of Section 17.1(b)(iii)) acknowledge by written notice receipt of such communication as constituting the notice provided for by
subsection (b)(i) above and confirming the status of the Permitted Leasehold Mortgagee as such or, in the alternative, notify Tenant and the Permitted Leasehold Mortgagee of the rejection of such communication and any such items as not conforming
with the provisions of this Section 17.1 and specify the specific basis of such rejection. 
 (iii) After Landlord
has received the notice provided for by subsection (b)(i) above, Tenant shall with reasonable promptness provide Landlord with copies of the Permitted Leasehold Mortgage, note or other obligations secured by such Permitted Leasehold Mortgage and any
other documents pertinent to the Permitted Leasehold Mortgage reasonably requested by Landlord. Tenant shall thereafter also provide Landlord from time to time with a copy of each material amendment or other modification or supplement to such
instruments. All recorded documents shall be accompanied by the appropriate recording stamp or other certification of the custodian of the relevant recording office as to their authenticity as true and correct copies of official records and all
nonrecorded documents shall be accompanied by a 

  
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certification by Tenant that such documents are true and correct copies of the originals. From time to time upon being requested to do so by Landlord, Tenant shall also notify Landlord of the
date and place of recording and other pertinent recording data with respect to such instruments as have been recorded. 
 (iv)
Notwithstanding the requirements of this Section 17.1(b), it is agreed and acknowledged that Tenant’s Initial Financing (and the mortgages, security agreements and/or other loan documents in connection therewith) as of
the date of this Lease shall be deemed a Permitted Leasehold Mortgage (with respect to which notice has been properly provided to Landlord pursuant to Section 17.1(b)(i)) without the requirement that Tenant or Landlord
comply with the initial requirements set forth in clauses (i) through (iii) above, (but, for the avoidance of doubt, Tenant’s Initial Financing is not relieved of the requirement that it satisfy the requirements of
Section 17.1(a), or the last sentence of Section 17.1(b)(i)). In addition, for the avoidance of doubt, the Parties confirm that Tenant shall not be relieved of the requirement to comply with the
final three (3) sentences of Section 17.1(b)(iii)) with respect to Tenant’s Initial Financing or any other financing with a Permitted Leasehold Mortgagee. 

(c) Default Notice to Permitted Leasehold Mortgagee. Landlord, upon providing Tenant any notice of default under this Lease,
shall at the same time provide a copy of such notice to every Permitted Leasehold Mortgagee for which notice has been properly provided to Landlord pursuant to Section 17.1(b)(i) hereof. No such notice by Landlord to Tenant
shall be deemed to have been duly given unless and until a copy thereof has been sent, in the manner prescribed in Article XXXV of this Lease, to every such Permitted Leasehold Mortgagee for which notice has been properly provided to Landlord
pursuant to Section 17.1(b)(i) hereof. From and after the date such notice has been sent to a Permitted Leasehold Mortgagee, such Permitted Leasehold Mortgagee shall have the same period, with respect to its remedying any
default or acts or omissions which are the subject matter of such notice or causing the same to be remedied, as is given Tenant after the giving of such notice to Tenant, plus in each instance, the additional periods of time specified in subsections
(d) and (e) of this Section 17.1 to remedy or cause to be remedied the defaults or acts or omissions which are the subject matter of such notice specified in any such notice. Landlord shall accept such performance by
or at the instigation of such Permitted Leasehold Mortgagee as if the same had been done by Tenant. Tenant authorizes each such Permitted Leasehold Mortgagee (to the extent such action is authorized under the applicable loan documents to which it
acts as a lender, noteholder, investor, agent, trustee or representative) to take any such action at such Permitted Leasehold Mortgagee’s option and does hereby authorize entry upon the Leased Property by the Permitted Leasehold Mortgagee for
such purpose. 
 (d) Right to Terminate Notice to Permitted Leasehold Mortgagee. Anything contained in this Lease to the
contrary notwithstanding, if any Tenant Event of Default shall occur which entitles Landlord to terminate this Lease, Landlord shall have no right to terminate this Lease on account of such Tenant Event of Default unless Landlord shall notify every
Permitted Leasehold Mortgagee for which notice has been properly provided to Landlord pursuant to Section 17.1(b) hereof that the period of time given Tenant to cure such default or act or omission has lapsed and,
accordingly, Landlord has the right to terminate this Lease (“Right to Terminate Notice”). The provisions of subsection (e) below of this Section 17.1 shall apply if, during (x) the thirty
(30) day period following Landlord’s delivery of the Right to Terminate 

  
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Notice if such Tenant Event of Default is capable of being cured by the payment of money, or (y) the ninety (90) day period following Landlord’s delivery of the Right to Terminate
Notice, if such Tenant Event of Default is not capable of being cured by the payment of money, any Permitted Leasehold Mortgagee shall: 

(i) notify Landlord of such Permitted Leasehold Mortgagee’s desire to nullify such Right to Terminate Notice; 

(ii) pay or cause to be paid all Rent, Additional Charges, and other payments (A) then due and in arrears as specified in the Right to
Terminate Notice to such Permitted Leasehold Mortgagee, and (B) which may become due during such thirty (30) or ninety (90) day (as the case may be) period (as and when the same may become due); and 

(iii) comply with or in good faith, with reasonable diligence and continuity, commence to comply with all nonmonetary requirements of this
Lease then in default and reasonably susceptible of being complied with by such Permitted Leasehold Mortgagee (e.g., defaults that are not personal to Tenant hereunder); provided, however, that such Permitted Leasehold Mortgagee shall
not be required during such ninety (90) day period to cure or commence to cure any default consisting of Tenant’s failure to satisfy and discharge any lien, charge or encumbrance against Tenant’s interest in this Lease or the Leased
Property or any of Tenant’s other assets that is/are (x) junior in priority to the lien of the mortgage or other security documents held by such Permitted Leasehold Mortgagee and (y) would be extinguished by the foreclosure of the
Permitted Leasehold Mortgage that is held by such Permitted Leasehold Mortgagee; and 
 (iv) during such thirty (30) or ninety
(90) day period, the Permitted Leasehold Mortgagee shall respond, with reasonable diligence, to requests for information from Landlord as to the Permitted Leasehold Mortgagee’s (and related lender’s) intent to pay such Rent and other
charges and comply with this Lease. 
 If the applicable default shall be cured pursuant to the terms and within the time periods allowed in this
Section 17.1(d), this Lease shall continue in full force and effect as if Tenant had not defaulted under the Lease. If a Permitted Leasehold Mortgagee shall fail to take all of the actions described in this
Section 17.1(d) prior to the deadlines set forth herein, such Permitted Leasehold Mortgagee shall have no further rights under this Section 17.1(d) or Section 17.1(e).

 (e) Procedure on Default. 

(i) If Landlord shall elect to terminate this Lease by reason of any Tenant Event of Default that has occurred and is continuing and a
Permitted Leasehold Mortgagee shall have proceeded in the manner provided for by subsection (d) of this Section 17.1, the applicable cure periods available pursuant to Section 17.1(d) above
shall continue to be extended so long as during such continuance: 
 (1) such Permitted Leasehold Mortgagee shall pay or
cause to be paid the Rent, Additional Charges and other monetary obligations of Tenant under this Lease as the same become due, and continue its good faith efforts to perform or cause to be performed all of Tenant’s other obligations under this
Lease, excepting (A) obligations of 

  
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Tenant to satisfy or otherwise discharge any lien, charge or encumbrance against Tenant’s interest in this Lease or the Leased Property or any of Tenant’s other assets that is/are
(x) junior in priority to the lien of the mortgage or other security documents held by such Permitted Leasehold Mortgagee and (y) would be extinguished by the foreclosure of the Permitted Leasehold Mortgage that is held by such Permitted
Leasehold Mortgagee and (B) past non-monetary obligations then in default and not reasonably susceptible of being cured by such Permitted Leasehold Mortgagee; and 

(2) subject to and in accordance with Section 22.2(i), if not enjoined or stayed pursuant to a
bankruptcy or insolvency proceeding or other judicial order, such Permitted Leasehold Mortgagee shall diligently continue to pursue acquiring or selling Tenant’s interest in this Lease and the Leased Property (or, to the extent applicable, the
direct or indirect interests in Tenant) by foreclosure of the Permitted Leasehold Mortgage or other appropriate means and diligently prosecute the same to completion. 

(ii) Without limitation of Tenant’s right to deliver a Renewal Notice, it is agreed that a Permitted Leasehold Mortgagee also shall have
the right to deliver a Renewal Notice on behalf of Tenant during any period in which such Permitted Leasehold Mortgagee is complying with Section 17.1(d) or 17.1(e). 

(iii) If a Permitted Leasehold Mortgagee is complying with subsection (e)(i) of this Section 17.1, upon the
acquisition of Tenant’s Leasehold Estate (or, to the extent applicable, the direct or indirect interests in Tenant) herein by such Permitted Leasehold Mortgagee, a Permitted Leasehold Mortgagee Designee or an assignee thereof permitted by
Section 22.2(i) hereof, this Lease shall continue in full force and effect as if Tenant had not defaulted under this Lease provided that such successor cures all outstanding defaults that can be cured through the payment of
money and all other defaults that are reasonably susceptible of being cured as provided in said subsection (e)(i). 
 (iv) For the purposes
of this Section 17.1, no Permitted Leasehold Mortgagee shall be deemed to be an assignee or transferee of this Lease or of the Leasehold Estate hereby created by virtue of the Permitted Leasehold Mortgage so as to require
such Permitted Leasehold Mortgagee, as such, to assume the performance of any of the terms, covenants or conditions on the part of Tenant to be performed hereunder; but the purchaser at any sale of this Lease (or, to the extent applicable, the
direct or indirect interests in Tenant) (including a Permitted Leasehold Mortgagee if it is the purchaser at foreclosure) and of the Leasehold Estate hereby created in any proceedings for the foreclosure of any Permitted Leasehold Mortgage, or the
assignee or transferee of this Lease and of the Leasehold Estate hereby created (or, to the extent applicable, the direct or indirect interests in Tenant) under any instrument of assignment or transfer in lieu of the foreclosure of any Permitted
Leasehold Mortgage, shall be subject to all of the provisions, terms and conditions of this Lease including, without limitation, Section 22.2(i) hereof. 

(v) Notwithstanding any other provisions of this Lease, any Permitted Leasehold Mortgagee, Permitted Leasehold Mortgagee Designee or other
acquirer of the Leasehold Estate of Tenant (or, to the extent applicable, the direct or indirect interests in Tenant) in accordance with the requirements of Section 22.2(i) of this Lease pursuant to

  
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foreclosure, assignment in lieu of foreclosure or other similar proceedings of this Lease may, upon acquiring Tenant’s Leasehold Estate (or, to the extent applicable, the direct or indirect
interests in Tenant), without further consent of Landlord, (x) sell and assign interests in the Leasehold Estate (or, to the extent applicable, the direct or indirect interests in Tenant) as and to the extent provided in this Lease, and
(y) enter into Permitted Leasehold Mortgages in the same manner as the original Tenant, as and to the extent provided in this Lease, in each case under clause (x) or (y), subject to the terms of this Lease, including Article XVII
and Section 22.2(i) hereof. 
 (vi) Notwithstanding any other provisions of this Lease, any sale of this Lease and
of the Leasehold Estate hereby created (or, to the extent applicable, the direct or indirect interests in Tenant) in any proceedings for the foreclosure of any Permitted Leasehold Mortgage, or the assignment or transfer of this Lease and of the
Leasehold Estate hereby created (or, to the extent applicable, the direct or indirect interests in Tenant) in lieu of the foreclosure of any Permitted Leasehold Mortgage, shall, solely if and to the extent such sale, assignment or transfer complies
with the requirements of Section 22.2(i) hereof, be deemed to be a permitted sale, transfer or assignment of this Lease; provided, that the foreclosing Permitted Leasehold Mortgagee or purchaser at foreclosure sale
or successor purchaser must either (a) become a party to the MLSA pursuant to Section 11.1 and Section 13.1 of the MLSA (or, in the case of a foreclosure on or transfer of direct or indirect interests in Tenant, Tenant must remain a
party to the MLSA) and satisfy the requirements set forth in Section 22.2(i)(1)(B) and Section 22.2(i)(2) through (5) or (b) satisfy the requirements set forth in
Section 22.2(i)(1)(A) and Sections 22.2(i)(2) through (5). 
 (f) New Lease. In the
event that this Lease is rejected in any bankruptcy, insolvency or dissolution proceeding or is terminated by Landlord following a Tenant Event of Default other than due to a default that is subject to cure by a Permitted Leasehold Mortgagee under
Section 17.1(d) and Section 17.1(e) above, Landlord shall provide each Permitted Leasehold Mortgagee with written notice that this Lease has been rejected or terminated (“Notice of
Termination”), and, for the avoidance of doubt, upon delivery of such Notice of Termination, no Permitted Leasehold Mortgagee shall have the rights as described in Section 17.1(d) and
Section 17.1(e) above, but rather such Permitted Leasehold Mortgagee instead shall have the rights described in this Section 17.1(f)). Following any such rejection or termination, Landlord agrees
to enter into a new lease (“New Lease”) of the Leased Property with such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee for the remainder of the term of this Lease, effective as of the date of
termination, at the rent and additional rent, and upon the terms, covenants and conditions (including all then-remaining options to renew but excluding requirements which have already been fulfilled) of this Lease, provided: 

(i) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall comply with the applicable terms of
Section 22.2; 
 (ii) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall make a
binding, written, irrevocable commitment to Landlord for such New Lease within thirty (30) days after the date such Permitted Leasehold Mortgagee receives Landlord’s Notice of Termination of this Lease given pursuant to this
Section 17.1(f); 

  
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 (iii) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall pay
or cause to be paid to Landlord at the time of the execution and delivery of such New Lease, any and all sums which would at the time of execution and delivery thereof be due pursuant to this Lease but for such rejection or termination (including,
for avoidance of doubt, any amounts that become due prior to and remained unpaid as of the date of the Notice of Termination) and, in addition thereto, all reasonable expenses, including reasonable documented attorney’s fees, which Landlord
shall have incurred by reason of such rejection or such termination and the execution and delivery of the New Lease and which have not otherwise been received by Landlord from Tenant or other party in interest under Tenant; and 

(iv) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall agree to remedy any of Tenant’s defaults of
which said Permitted Leasehold Mortgagee was notified by Landlord’s Notice of Termination (or in any other written notice of Landlord) and which can be cured through the payment of money or, if such defaults cannot be cured through the payment
of money, are reasonably susceptible of being cured by Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee. 
 (g)
New Lease Priorities. If more than one Permitted Leasehold Mortgagee shall request a New Lease pursuant to subsection (f)(i) of this Section 17.1, Landlord shall enter into such New Lease with the
Permitted Leasehold Mortgagee whose mortgage is senior in lien, or with its Permitted Leasehold Mortgagee Designee acting for the benefit of such Permitted Leasehold Mortgagee prior in lien foreclosing on Tenant’s interest in this Lease.
Landlord, without liability to Tenant or any Permitted Leasehold Mortgagee with an adverse claim, may rely upon (i) with respect to any Permitted Leasehold Mortgage evidenced by a recorded security instrument, a title insurance policy (or, if
elected by Landlord in its sole discretion, a title insurance commitment, certificate of title or other similar instrument) issued by a reputable title insurance company as the basis for determining the appropriate Permitted Leasehold Mortgagee who
is entitled to such New Lease or (ii) with respect to any Permitted Leasehold Mortgage not evidenced by a recorded security instrument, the statement with respect to relative priority of Permitted Leasehold Mortgages contained in the applicable
notice delivered pursuant to Section 17.1(b)(i), provided that any such statement that provides that any such Permitted Leasehold Mortgage described in this clause (ii) is senior or prior to any Permitted Leasehold
Mortgage evidenced by a recorded security instrument shall only be effective to the extent it is consented to in writing by the Permitted Leasehold Mortgagee in respect of such Permitted Leasehold Mortgage evidenced by a recorded security
instrument. 
 (h) Permitted Leasehold Mortgagee Need Not Cure Specified Defaults. Nothing herein contained shall require any
Permitted Leasehold Mortgagee to cure any Incurable Default in order to comply with the provisions of Sections 17.1(d) and 17.1(e), or as a condition of entering into the New Lease provided for by
Section 17.1(f). For the avoidance of doubt, upon such foreclosure and/or the effectuation of such a New Lease in accordance with the provisions, terms and conditions hereof, any such defaults are automatically deemed
waived through the effective date of such foreclosure or New Lease as to any such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee, as the new tenant hereunder or under the New Lease, as applicable (it being understood
that the provisions of this sentence shall not be deemed to relieve such new tenant of its obligations to comply with this Lease or such New Lease from and after the effective date of such foreclosure or New Lease). 

  
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 (i) Casualty Loss. A standard mortgagee clause naming each Permitted Leasehold
Mortgagee for which notice has been properly provided to Landlord pursuant to Section 17.1(b) hereof may be added to any and all insurance policies required to be carried by Tenant hereunder on condition that (and, in all
events, Tenant agrees that) the insurance proceeds are to be applied in the manner specified in this Lease and the Permitted Leasehold Mortgage shall so provide; except that the Permitted Leasehold Mortgage may provide a manner for the disposition
of such proceeds, if any, otherwise payable directly to Tenant (but not such proceeds, if any, payable jointly to Landlord and Tenant or to Landlord, to the Fee Mortgagee or to a third-party escrowee) pursuant to the provisions of this Lease. 

(j) Arbitration; Legal Proceedings. Landlord shall give prompt notice to each Permitted Leasehold Mortgagee (for which notice has
been properly provided to Landlord pursuant to Section 17.1(b) hereof) of any arbitration (including a determination of Fair Market Ownership Value or Fair Market Base Rental Value) or legal proceedings between Landlord and
Tenant involving obligations under this Lease. 
 (k) Notices. Notices from Landlord to the Permitted Leasehold Mortgagee for
which notice has been properly provided to Landlord pursuant to Section 17.1(b) hereof shall be provided in the method provided in Article XXXV hereof to the address furnished Landlord pursuant to subsection
(b) of this Section 17.1, and those from the Permitted Leasehold Mortgagee to Landlord shall be mailed to the address designated pursuant to the provisions of Article XXXV hereof. Such notices, demands and
requests shall be given in the manner described in this Section 17.1 and in Article XXXV and shall in all respects be governed by the provisions of those sections. 

(l) Limitation of Liability. Notwithstanding any other provision hereof to the contrary, (i) Landlord agrees that any
Permitted Leasehold Mortgagee’s liability to Landlord in its capacity as Permitted Leasehold Mortgagee hereunder howsoever arising shall be limited to and enforceable only against such Permitted Leasehold Mortgagee’s interest in the
Leasehold Estate and the other collateral granted to such Permitted Leasehold Mortgagee to secure the obligations under the loan secured by the applicable Permitted Leasehold Mortgage, and (ii) each Permitted Leasehold Mortgagee agrees that
Landlord’s liability to such Permitted Leasehold Mortgagee hereunder howsoever arising shall be limited to and enforceable only against Landlord’s interest in the Leased Property, and no recourse against Landlord shall be had against any
other assets of Landlord whatsoever. 
 (m) Sale Procedure. If this Lease has been terminated, the Permitted Leasehold
Mortgagee for which notice has been properly provided to Landlord pursuant to Section 17.1(b) hereof with the most senior lien on the Leasehold Estate shall have the right to make the determinations and agreements on behalf
of Tenant under Article XXXVI, in each case, in accordance with and subject to the terms and provisions of Article XXXVI. 

  
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 (n) Third Party Beneficiary. Each Permitted Leasehold Mortgagee (for so long as
such Permitted Leasehold Mortgagee holds a Permitted Leasehold Mortgage) is an intended third-party beneficiary of this Article XVII entitled to enforce the same as if a party to this Lease. 

(o) The fee title to the Leased Property and the Leasehold Estate of Tenant therein created by this Lease shall not merge but shall remain
separate and distinct, notwithstanding the acquisition of said fee title and said Leasehold Estate by Landlord or by Tenant or by a third party, by purchase or otherwise. 

17.2 Landlord Cooperation with Permitted Leasehold Mortgage. If, in connection with granting any Permitted Leasehold Mortgage or
entering into an agreement relating thereto, Tenant shall request in writing (i) reasonable cooperation from Landlord or (ii) reasonable amendments or modifications to this Lease, in each case required to comply with any reasonable request
made by Permitted Leasehold Mortgagee, Landlord shall reasonably cooperate with such request, so long as (a) no Tenant Event of Default is continuing, (b) all reasonable documented out-of-pocket costs and expenses incurred by Landlord, including, but not limited to, its reasonable documented attorneys’ fees, shall be paid by Tenant, and (c) any requested action, including any
amendments or modification of this Lease, shall not (i) increase Landlord’s monetary obligations under this Lease by more than a de minimis extent, or increase Landlord’s non-monetary
obligations under this Lease in any material respect or decrease Tenant’s obligations in any material respect, (ii) diminish Landlord’s rights under this Lease in any material respect, (iii) adversely impact the value of the
Leased Property by more than a de minimis extent or otherwise have a more than de minimis adverse effect on the Leased Property, Tenant or Landlord, (iv) adversely impact Landlord’s (or any Affiliate of Landlord’s) tax treatment or
position, (v) result in this Lease not constituting a “true lease”, or (vi) result in a default under the Fee Mortgage Documents. 

ARTICLE XVIII 

TRANSFERS BY LANDLORD 

18.1 Transfers Generally. Landlord may sell, assign, transfer or convey, without Tenant’s consent, the Leased Property, in
whole (subject to exclusions for assets that may not be transferred and that, in the aggregate, are de minimis) but not in part (unless in part due to a transaction in which multiple Affiliates of a single Person (collectively, “Affiliated
Persons”) will own the Leased Property as tenants in common, but only if this Lease remains as a single, indivisible Lease and all such Landlord Affiliated Persons execute a joinder to this Lease as “Landlord”, on a joint and
several basis, the form and substance of which joinder shall be reasonably satisfactory to Tenant and Landlord) to a single transferee (such transferee, such tenants in common or any other permitted transferee of this Lease, in each case, (an
“Acquirer”) and, in connection with such transaction, this Lease shall be assigned to the applicable Acquirer such that the Acquirer shall become successor Landlord as if an original party to this Lease. All Acquirers shall execute
a joinder to the Intercreditor Agreement in form and substance reasonably acceptable to all parties thereto. If Landlord (including any permitted successor Landlord) shall convey the entire Leased Property (subject to exclusions for assets that may
not be transferred and that, in the aggregate, are de minimis) in accordance with the terms of this Lease, other than as security for a debt, and the applicable Acquirer expressly assumes all 

  
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obligations of Landlord arising after the date of the conveyance, Landlord shall thereupon be released from all future liabilities and obligations of Landlord under this Lease arising or accruing
from and after the date of such conveyance or other transfer and all such future liabilities and obligations shall thereupon be binding upon such applicable Acquirer. Without limitation of the preceding provisions of this
Section 18.1, any or all of the following shall be freely permitted to occur: (i) any transfer of the Leased Property, in whole but not in part (subject to exclusions for assets that may not be transferred and that, in
the aggregate, are de minimis), to a Fee Mortgagee (in each case, subject to exclusions for assets that may not be transferred and that, in the aggregate, are de minimis) in accordance with the terms of this Lease (including any transfer of the
direct or indirect equity interests in Landlord), which transfer may include, without limitation, a transfer by foreclosure brought by the Fee Mortgagee or a transfer by a deed in lieu of foreclosure, assignment in lieu of foreclosure or other
transaction in lieu of foreclosure; (ii) a merger transaction or other similar disposition affecting Landlord REIT or a sale by Landlord REIT directly or indirectly involving the Leased Property (so long as (x) upon consummation of such
transaction, all of the Leased Property (subject to exclusions for assets that may not be transferred and that, in the aggregate, are de minimis) is owned by a single Person (or multiple Affiliated Persons as tenants in common) and (y) such
surviving Person(s) execute(s) an assumption of this Lease, the MLSA and all Lease/MLSA Related Agreements to which Landlord is a party, assuming all obligations of Landlord hereunder and thereunder) (in the case of multiple Affiliated Persons, on a
joint and several basis), the form and substance of which assumption shall be reasonably satisfactory to Tenant and Landlord); (iii) a sale/leaseback transaction by Landlord with respect to the entire Leased Property (subject to exclusions for
assets that may not be transferred and that, in the aggregate, are de minimis) (provided (x) the overlandlord under the resulting overlease agrees that, in the event of a termination of such overlease, this Lease shall continue in effect as a
direct lease between such overlandlord and Tenant and (y) the overlease shall not impose any new, additional or more onerous obligations on Tenant without Tenant’s prior written consent in Tenant’s sole discretion (and without
limiting the generality of the foregoing, the overlease shall not impose any additional monetary obligations (whether for payment of rents under such overlease or otherwise) on Tenant), subject to and in accordance with all of the provisions, terms
and conditions of this Lease; (iv) any sale of any indirect interest in the Leased Property that does not change the identity of Landlord hereunder, including without limitation a participating interest in Landlord’s interest under this
Lease or a sale of Landlord’s reversionary interest in the Leased Property so long as Landlord remains the only party with authority to bind the Landlord under this Lease, or (v) a sale or transfer to an Affiliate of Landlord or a joint
venture entity in which any Affiliate of Landlord is the managing member or partner, so long as (x) upon consummation of such transaction, all of the Leased Property (subject to exclusions for assets that may not be transferred and that, in the
aggregate, are de minimis) is owned by a single Person or multiple Affiliated Persons as tenants in common and (y) such Person(s) execute(s) an assumption of this Lease, the MLSA and all Lease/MLSA Related Agreements to which Landlord is a
party, assuming all obligations of Landlord hereunder and thereunder (in the case of multiple Affiliated Persons, on a joint and several basis), the form and substance of which assumption shall be reasonably satisfactory to Tenant and Landlord.
Notwithstanding anything to the contrary herein, Landlord shall not sell, assign, transfer or convey the Leased Property, or assign this Lease, to (I) a Tenant Prohibited Person (as defined in the MLSA), (II) a Manager Prohibited Person (as
defined in the MLSA), or (III) any Person that is associated with a Person who has been found “unsuitable”, denied a 

  
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Gaming License or otherwise precluded from participation in the Gaming Industry by any Gaming Authority where such association may adversely affect, any of Tenant’s or its Affiliates’
Gaming Licenses or Tenant’s or its Affiliates’ then-current standing with any Gaming Authority. Any transfer by Landlord under this Article XVIII shall be subject to all applicable Legal Requirements, including any Gaming
Regulations, and no such transfer shall be effective until any applicable approvals with respect to Gaming Regulations, if applicable, are obtained. Tenant shall attorn to and recognize any successor Landlord in connection with any transfer(s)
permitted under this Article XVIII as Tenant’s “landlord”. 
 18.2 Intentionally Omitted. 

18.3 Intentionally Omitted. 

18.4 Transfers to Tenant Competitors. In the event that, and so long as, Landlord is a Tenant Competitor, then, notwithstanding
anything herein to the contrary, the following shall apply: 
 (a) Without limitation of Section 23.1(c) of this
Lease, Tenant shall not be required to deliver the information required to be delivered to such Landlord pursuant to Section 23.1(b) hereof to the extent the same would give such Landlord a “competitive” advantage
with respect to markets in which such Landlord and Tenant or CEC might be competing at any time (it being understood that such Landlord shall retain audit rights with respect to such information to the extent required to confirm Tenant’s
compliance with the terms of this Lease) (and such Landlord shall be permitted to comply with Securities Exchange Commission, Internal Revenue Service and other legal and regulatory requirements with regard to such information) and provided that
appropriate measures are in place to ensure that only such Landlord’s auditors (which for this purpose shall be a “big four” firm designated by such Landlord) and attorneys (as reasonably approved by Tenant) (and not Landlord or any
Affiliates of such Landlord or any direct or indirect parent company of such Landlord or any Affiliate of such Landlord) are provided access to such information or (2) to provide information that is subject to the quality assurance immunity or
is subject to attorney-client privilege or the attorney work product doctrine. 
 (b) Certain of Landlord’s consent or approval rights
set forth in this Lease shall be eliminated or modified, as follows: 
 (i) Clause (vii) of the definition of Primary Intended Use shall
be deleted, and clause (v) of the definition of Primary Intended Use shall be modified to read as follows: “(v) such other ancillary uses, but in all events consistent with the current use of the Leased Property or any portion thereof as
of the Commencement Date or with then-prevailing or innovative or state-of-the-art hotel, resort and gaming industry use,
and/or”. 
 (ii) Without limitation of the other provisions of Section 10.1(a), the approval of Landlord shall
not be required under (1) Section 10.1(a)(1) for Alterations and Capital Improvements in excess of Seventy-Five Million and No/100 Dollars ($75,000,000.00), and (2) Section 10.2(b) for
approval of the Architect thereunder. 

  
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 (c) With respect to all consent, approval and decision-making rights granted to such Landlord
under the Lease relating to competitively sensitive matters pertaining to the use and operation of the Leased Property and Tenant’s business conducted thereat (other than any right of Landlord to grant waivers and amend or modify any of the
terms of this Lease), such Landlord shall establish an independent committee to evaluate, negotiate and approve such matters, independent from and without interference from such Landlord’s management or Board of Directors. Any dispute over
whether a particular decision should be determined by such independent committee shall be submitted for resolution by an Expert pursuant to Section 34.2 hereof. 

Tenant acknowledges and agrees that (x) as of the Commencement Date, Joliet Partner is a minority interest holder in the landlord under the Joliet Lease
and does not Control such landlord; and (y) for so long as the circumstances in clause (x) continue and the Joliet Partner continues to own no more than twenty percent (20%) of the interest in such landlord, neither Landlord nor any of its
Affiliates shall be deemed to be a Tenant Competitor solely as a result of the circumstances in clause (x). 
 ARTICLE XIX 

HOLDING OVER 
 If Tenant
shall for any reason remain in possession of the Leased Property after the Expiration Date without the consent, or other than at the request, of Landlord, such possession shall be as a
month-to-month tenant during which time Tenant shall pay as Rent each month an amount equal to (a) two hundred percent (200%) of the monthly installment of Rent
applicable as of the Expiration Date, and (b) all Additional Charges and all other sums payable by Tenant pursuant to this Lease. During such period of
month-to-month tenancy, Tenant shall be obligated to perform and observe all of the terms, covenants and conditions of this Lease, but shall have no rights hereunder
other than the right, to the extent given by law to month-to-month tenancies, to continue its occupancy and use of the Leased Property. Nothing contained herein shall
constitute the consent, express or implied, of Landlord to the holding over of Tenant after the Expiration Date. This Article XIX is subject to Tenant’s rights and obligations under Article XXXVI below, and it is understood and
agreed that any possession of the Leased Property after the Expiration Date pursuant to such Article XXXVI shall not constitute a hold over subject to this Article XIX. 

ARTICLE XX 
 RISK OF
LOSS 
 The risk of loss or of decrease in the enjoyment and beneficial use of the Leased Property or any part thereof as a consequence
of the damage or destruction thereof by fire, the elements, casualties, thefts, riots, wars or otherwise, or in consequence of foreclosures, attachments, levies or executions (other than by Landlord and Persons claiming from, through or under
Landlord) during the Term is assumed by Tenant, and except as otherwise expressly provided herein no such event shall entitle Tenant to any abatement of Rent. 

  
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 ARTICLE XXI 

INDEMNIFICATION 
 21.1
General Indemnification. 
 (i) In addition to the other indemnities contained herein, and notwithstanding the existence of any
insurance carried by or for the benefit of Landlord or Tenant, and without regard to the policy limits of any such insurance, Tenant shall protect, indemnify, save harmless and defend Landlord and its principals, partners, officers, members,
directors, shareholders, employees, managers, agents and servants (collectively, the “Landlord Indemnified Parties”; each individually, a “Landlord Indemnified Party”), from and against all liabilities, obligations,
claims, damages, penalties, causes of action, costs and expenses, including reasonable documented attorneys’, consultants’ and experts’ fees and expenses, imposed upon or incurred by or asserted against the Landlord Indemnified
Parties (excluding any indirect, special, punitive or consequential damages as provided in Section 41.3) by reason of any of the following (in each case, other than to the extent resulting from Landlord’s gross
negligence or willful misconduct or default hereunder or the violation by Landlord of any Legal Requirement imposed against Landlord (including any Gaming Regulations, but excluding any Legal Requirement which Tenant is required to satisfy pursuant
to the terms hereof or otherwise)): (i) any accident, injury to or death of Persons or loss of or damage to property occurring on or about the Facility (or any part thereof) or adjoining sidewalks under the control of Tenant or any Subtenant;
(ii) any use, misuse, non-use, condition, maintenance or repair by Tenant of the Facility (or any part thereof); (iii) any failure on the part of Tenant to perform or comply with any of the terms of
this Lease; (iv) any claim for malpractice, negligence or misconduct committed by Tenant or any Person on or from the Facility (or any part thereof); (v) the violation by Tenant of any Legal Requirement (including any Gaming Regulations) or
Insurance Requirements; (vi) the non-performance of any contractual obligation, express or implied, assumed or undertaken by Tenant with respect to the Facility (or any part thereof) or any business or
other activity carried on in relation to the Facility (or any part thereof) by Tenant; (vii) any lien or claim that may be asserted against the Facility (or any part thereof) arising from any failure by Tenant to perform its obligations
hereunder or under any instrument or agreement affecting the Facility (or any part thereof); (viii) any third-party claim asserted against Landlord as a result of Landlord being a party to the MLSA or arising from Tenant’s or Manager’s or
CEC’s failure to perform their respective obligations under the MLSA, in each case so long as such claim does not result from Landlord’s actions; and (ix) all amounts actually payable by a Landlord Indemnified Party to any Fee
Mortgagee Securitization Indemnitee under any Existing Fee Mortgage Document as in effect as of the date hereof in the nature of indemnification as a result of any Tenant Securitization Certification being inaccurate. Any amounts which become
payable by Tenant under this Article XXI shall be paid within ten (10) days after liability therefor is determined by a final non appealable judgment or settlement or other agreement of the Parties, or, with respect to amounts payable by
Tenant under the foregoing clause (ix), when such amounts become payable under the applicable Fee Mortgage Document, and if not timely paid shall bear interest at the Overdue Rate from the date of such determination to the date of payment. Tenant,
with its counsel and at its sole cost and expense, shall contest, resist and defend any such claim, action or proceeding asserted or instituted against the Landlord Indemnified Parties. For purposes of this Article XXI, any acts or

  
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omissions of Tenant or any Subtenant or any Subsidiary, as applicable, or by employees, agents, assignees, contractors, subcontractors or others acting for or on behalf of Tenant or any Subtenant
or any Subsidiary, as applicable (including, without limitation, Manager or anyone acting by, through or on behalf of Manager) (whether or not they are negligent, intentional, willful or unlawful), shall be strictly attributable to Tenant. 

(ii) Notwithstanding the existence of any insurance carried by or for the benefit of Landlord or Tenant, and without regard to the policy
limits of any such insurance, Landlord shall protect, indemnify, save harmless and defend Tenant and its principals, partners, officers, members, directors, shareholders, employees, managers, agents and servants (collectively, the “Tenant
Indemnified Parties”; each individually, a “Tenant Indemnified Party”) from and against all liabilities, obligations, claims, damages, penalties, causes of action, costs and expenses, including reasonable documented
attorneys’, consultants’ and experts’ fees and expenses, imposed upon or incurred by or asserted against the Tenant Indemnified Parties (excluding any indirect, special, punitive or consequential damages as provided in
Section 41.3) by reason of (A) Landlord’s gross negligence or willful misconduct hereunder, other than to the extent resulting from Tenant’s gross negligence or willful misconduct or default hereunder, and
(B) the violation by Landlord of any Legal Requirement imposed against Landlord (including any Gaming Regulations, but excluding any Legal Requirement which Tenant is required to satisfy pursuant to the terms hereof or otherwise). Any amounts
which become payable by Landlord under this Article XXI shall be paid within ten (10) days after liability therefor is determined by a final non appealable judgment or settlement or other agreement of the Parties, and if not timely paid
shall bear interest at the Overdue Rate from the date of such determination to the date of payment. Landlord, with its counsel and at its sole cost and expense, shall contest, resist and defend any such claim, action or proceeding asserted or
instituted against the Tenant Indemnified Parties. For purposes of this Article XXI, any acts or omissions of Landlord, or by employees, agents, contractors, subcontractors or others acting for or on behalf of Landlord (whether or not they
are negligent, intentional, willful or unlawful), shall be strictly attributable to Landlord. 
 21.2 Encroachments, Restrictions,
Mineral Leases, etc. If any of the Leased Improvements shall encroach upon any property, street or right-of-way, or shall violate any restrictive covenant or
other similar agreement affecting the Leased Property, or any part thereof, or shall impair the rights of others under any easement or right-of-way to which the Leased
Property is subject, or the use of the Leased Property or any portion thereof is impaired, limited or interfered with by reason of the exercise of the right of surface entry or any other provision of a lease or reservation of any oil, gas, water or
other minerals, then, promptly upon the request of Landlord or any Person affected by any such encroachment, violation or impairment (collectively, a “Title Violation”), Tenant, subject to its right to contest the existence of any such
encroachment, violation or impairment to the extent provided in this Lease, and without limitation of any of Tenant’s obligations otherwise set forth in this Lease (to the extent applicable), shall (i) in the case of any third party claims
(excluding for the avoidance of doubt those made by Affiliates of Landlord) based on or resulting from such Title Violation, protect, indemnify, save harmless and defend the Landlord Indemnified Parties from and against, with respect to matters
first arising from and after the Commencement Date, one hundred percent (100%) of, and with respect to matters existing as of the Commencement Date, fifty percent (50%) of, any and all losses, liabilities, obligations, claims, damages, penalties,
causes of action, 

  
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costs and expenses (including reasonable documented attorneys’, consultants’ and experts’ fees and expenses) based on or arising by reason of any such third party claim based on or
resulting from such Title Violation; provided, however, that Tenant shall be required to so protect, indemnify, save harmless and defend the Landlord Indemnified Parties only to the extent that the proceeds from Landlord’s title insurance
policies are not sufficient to cover such losses, liabilities, obligations, claims, damages, penalties, causes of action, costs and expenses (it being understood that if Tenant pays any such amounts that are contemplated hereunder to be covered by
Landlord’s title insurance policies, then Tenant shall be subrogated to all or fifty percent (50%) of (as applicable) the rights of Landlord against its title insurance carriers and shall be entitled to, with respect to matters first arising
from and after the Commencement Date, one hundred percent (100%) of, and with respect to matters existing as of the Commencement Date, fifty percent (50%) of, the proceeds (net of Landlord’s out-of-pocket costs incurred in obtaining such proceeds) from such title insurance policy related to such Title Violation; except, however, Tenant shall not be entitled to receive proceeds from any such title
insurance policies in excess of amounts actually paid by Tenant in connection therewith) and (ii) to the extent that no third party makes a claim with respect to such Title Violation, Landlord shall not require Tenant to cure any of the
foregoing matters unless it would have a material adverse effect on the Leased Property following expiration or termination of this Lease, and in the event Tenant so cures any such matters, (A) Tenant shall bear with respect to matters first
arising from and after the Commencement Date, one hundred percent (100%) of, and with respect to matters existing as of the Commencement Date, fifty percent (50%) of, the cost of such cure (after giving effect to such title insurance proceeds), and
(B) Tenant shall be subrogated to all or fifty percent (50%) of (as applicable) the rights of Landlord against its title insurance carriers and shall be entitled to, with respect to matters first arising from and after the Commencement Date,
one hundred percent (100%) of, and with respect to matters existing as of the Commencement Date, fifty percent (50%) of, the proceeds (net of Landlord’s
out-of-pocket costs incurred in obtaining such proceeds) from such title insurance policy related to such Title Violation; except, however, Tenant shall not be entitled
to receive proceeds from any such title insurance policies in excess of amounts actually paid by Tenant in connection therewith. In the event of an adverse final determination with respect to any such encroachment, violation or impairment,
(a) either of Tenant or Landlord shall obtain valid and effective waivers or settlements of all claims, liabilities and damages resulting from each such encroachment, violation or impairment, or (b) Tenant shall make such changes in the
Leased Improvements, and take such other actions, in each case reasonably acceptable to Landlord, as Tenant in the good faith exercise of its judgment deems reasonably practicable, to remove such encroachment or to end such violation or impairment,
including, if necessary, the alteration of any of the Leased Improvements, and in any event take all such actions as may be necessary in order to be able to continue the operation of the applicable portion of the Leased Property for the Primary
Intended Use substantially in the manner and to the extent the applicable portion of the Leased Property was operated prior to the assertion of such encroachment, violation or impairment; provided that, (i) unless required under an adverse
final determination of a claim brought by a third party other than Landlord or any Affiliate of Landlord, Tenant shall not be required to obtain any such waivers or settlements, make any such changes or take any such other actions unless such
encroachment, violation or impairment otherwise would have a material adverse effect on the Leased Property following expiration or termination of this Lease, and (ii) Tenant shall bear with respect to matters first arising from and after the
Commencement Date, one hundred percent (100%) of, and with 

  
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respect to matters existing as of the Commencement Date, fifty percent (50%) of, the cost of obtaining such waivers or settlements, making any such changes or taking any such other actions.
Tenant’s obligations under this Section 21.2 shall be in addition to and shall in no way discharge or diminish any obligation of any insurer under any policy of title or other insurance and, to the extent of any recovery under any title
insurance policy, Tenant shall be entitled to, with respect to matters first arising from and after the Commencement Date, one hundred percent (100%) of, and with respect to matters existing as of the Commencement Date, fifty percent (50%) of any
sums recovered by Landlord under any such policy of title or other insurance (net of Landlord’s out-of-pocket costs incurred in seeking such recovery) up to the
maximum amount paid by Tenant in accordance with this Section 21.2 and Landlord, upon request by Tenant, shall pay over to Tenant the applicable portion of such sum paid to Landlord in recovery on such claim. Landlord agrees to use reasonable
efforts to seek recovery under any policy of title or other insurance under which Landlord is an insured party for all losses, liabilities, obligations, claims, damages, penalties, causes of action, costs and expenses (including reasonable
documented attorneys’, consultants’ and experts’ fees and expenses) based on or arising by reason of any such encroachment, violation or impairment as set forth in this Section 21.2; provided, however, that in no event shall
Landlord be obligated to institute any litigation, arbitration or other legal proceedings in connection therewith unless Landlord is reasonably satisfied that Tenant has the financial resources needed to fund all or fifty percent (50%) (as
applicable) of the expenses of such litigation and Tenant and Landlord have agreed upon the terms and conditions on which such funding will be made available by Tenant, including, but not limited to, the mutual approval of a litigation budget. 

ARTICLE XXII 
 TRANSFERS
BY TENANT 
 22.1 Subletting and Assignment. Other than as expressly provided herein (including in respect of Permitted
Leasehold Mortgages under Article XVII, and the permitted Subleases and assignments described in this Article XXII), Tenant shall not, without Landlord’s prior written consent (which, except as specifically set
forth herein, may be withheld in Landlord’s sole and absolute discretion), (w) voluntarily or by operation of law assign (which term includes any transfer, sale, encumbering, pledge or other transfer or hypothecation), directly or indirectly,
in whole or in part, this Lease or Tenant’s Leasehold Estate, (x) let or sublet (or sub-sublet, as applicable) all or any part of the Facility, or (y) other than in accordance with the express
terms of the MLSA, replace Manager or another wholly-owned subsidiary of CEC as Manager under the MLSA (other than with another wholly-owned subsidiary of CEC). Tenant acknowledges that Landlord is relying upon the expertise of Tenant in the
operation (and of Manager or such other Affiliate of CEC in the management) of the Facility hereunder and that Landlord entered into this Lease with the expectation that Tenant would remain in and operate (and Manager or such other Affiliate of CEC
would manage) the Facility during the entire Term. Any Change of Control (or, subject to Section 22.2 below, any transfer of direct or indirect interests in Tenant that results in a Change of Control) shall constitute an
assignment of Tenant’s interest in this Lease within the meaning of this Article XXII and the provisions requiring consent contained herein shall apply thereto. Notwithstanding anything set forth herein, except as expressly provided in
Section 22.2(i) or in Article XI of the MLSA, no assignment or direct or indirect transfer of any nature (whether or not permitted hereunder) shall have the effect of releasing Tenant, Guarantor or Manager from their
respective obligations under the MLSA. 

  
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 22.2 Permitted Assignments and Transfers. Subject to compliance with the provisions
of Section 22.4, as applicable, and Article XL, Tenant (or a third-party as applicable to the extent expressly referenced below), without the consent of Landlord, may: 

(i) (a) subject to and in accordance with Section 17.1, assign this Lease (and/or permit the assignment of direct or
indirect interests in Tenant), in whole, but not in part, to a Permitted Leasehold Mortgagee for collateral purposes pursuant to a Permitted Leasehold Mortgage, (b) assign this Lease (and/or permit the assignment of direct or indirect interests
in Tenant) to such Permitted Leasehold Mortgagee, its Permitted Leasehold Mortgagee Designee or any other purchaser following any foreclosure or transaction in lieu of foreclosure of the Permitted Leasehold Mortgage, and (c) assign this Lease
(and/or direct or indirect interests in Tenant) to any subsequent purchaser thereafter (provided such subsequent purchaser is not CEC, any Affiliate of CEC or any other Prohibited Leasehold Agent), in each case, solely in connection with or
following a foreclosure of, or transaction in lieu of foreclosure of, a Permitted Leasehold Mortgage; provided, however, that immediately upon giving effect to any Lease Foreclosure Transaction, (1) subject to the last sentence of this
Section 22.2, at the option of Foreclosure Successor Tenant, either of the following conditions (A) or (B) shall be satisfied (the “Tenant Transferee Requirement”): (A) (x) a Qualified Transferee
will be the replacement Tenant hereunder or will Control, and own not less than fifty-one percent (51%) of all of the direct and indirect economic and beneficial interests in, Tenant or such replacement
Tenant, (y) a replacement lease guarantor that is a Qualified Replacement Guarantor will have provided a Replacement Guaranty of the Lease, and (z) the Leased Property shall be managed pursuant to a Replacement Management Agreement by a
Qualified Replacement Manager or a manager that is expressly approved in writing by Landlord or (B) (x) a transferee that satisfies the requirements set forth in clauses (b) through (i) in the definition of Qualified Transferee will be the
replacement Tenant or will Control and own not less than fifty-one percent (51%) of all of the direct and indirect economic and beneficial interests in Tenant, (y) the Lease shall continue to be
guaranteed by Guarantor under the MLSA (unless Landlord previously expressly consented in writing to the termination of the MLSA) (it being understood that in any event under this clause (B) Guarantor’s obligations under the MLSA shall
continue in full force and effect, without any reduction or impairment whatsoever, and without the need to reaffirm the same), and (z) the Property shall be managed by the Manager (or a replacement manager previously appointed by Landlord
following a Termination for Cause (as defined under the MLSA)) under the MLSA (or a replacement management agreement previously approved by Landlord); (2) the transferee and any other Affiliates shall have obtained all necessary Gaming Licenses as
required under applicable Legal Requirements (including Gaming Regulations) and all other licenses, approvals, and permits required for such transferee to be Tenant under this Lease; (3) the transferee and its equity holders will comply with
all customary “know your customer” requirements of any Fee Mortgagee; (4) a single Person or multiple Affiliated Persons as tenants in common (each of which satisfy the Tenant Transferee Requirement) (provided such Affiliated Persons
have executed a joinder to this Lease as the “Tenant” on a joint and several basis, the form and substance of which joinder shall be reasonably satisfactory to Landlord) shall own, directly, all of Tenant’s Leasehold Estate and be
Tenant under this Lease; and (5) the Foreclosure Successor Tenant shall (i) provide written notice to Landlord at 

  
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least thirty (30) days prior to the closing of the applicable Lease Foreclosure Transaction, specifying in reasonable detail the nature of such Lease Foreclosure Transaction and such
additional information as Landlord may reasonably request in order to determine that the requirements of this Section 22.2(i) are satisfied, which notice shall be accompanied by proposed forms of the Lease Assumption
Agreement, the amendment to this Lease contemplated by the penultimate paragraph of this Section 22.2, and if clause (1)(A) applies, the forms of proposed Replacement Guaranty and Replacement Management Agreement,
(ii) assume (or, in the case of a foreclosure on or transfer of direct or indirect interests in Tenant, cause Tenant to reaffirm) in writing (in a form reasonably acceptable to Landlord) the obligations of Tenant under this Lease, the MLSA (to
the extent the Property shall continue to be managed by the Manager under the MLSA), and all applicable Lease/MLSA Related Agreements to which Tenant is a party, from and after the date of the closing of the Lease Foreclosure Transaction (a
“Lease Assumption Agreement”), (iii) provide Landlord with a copy of any such Lease Assumption Agreement and all other documents required under this Section 22.2(i) as executed at such closing promptly
following such closing and (iv) provide Landlord with a customary opinion of counsel reasonably satisfactory to Landlord with respect to the execution, authorization, and enforceability and other customary matters; 

(ii) upon prior written notice to Landlord, assign this Lease in entirety to an Affiliate of Tenant, to CEC or an Affiliate of CEC, provided,
that such assignee becomes party to and assumes (in a form reasonably satisfactory to Landlord) this Lease, the MLSA and all applicable Lease/MLSA Related Agreements to which Tenant is a party (it being understood, for the avoidance of doubt,
that none of the foregoing shall result in Tenant being released from this Lease, the MLSA or any of the other Lease/MLSA Related Agreements); 

(iii) transfer direct or indirect interests in Tenant or its direct or indirect parent(s) on a nationally-recognized exchange; provided,
however, that, in the event of a Change of Control of CEC, then the qualifications, quality and experience of the management of Tenant, and the quality of the management and operation of the Facility must in each case be generally consistent
with or superior to that which existed prior to such Change of Control (it being agreed that Tenant shall give no less than thirty (30) days’ prior notice to Landlord of any transaction or series of related transactions which would result
in a Change of Control of CEC and Tenant shall furnish Landlord with such information and materials relating to the proposed transaction as Landlord may reasonably request in connection with making its determination under this clause (iii) (to the
extent in Tenant’s possession or reasonable control, and subject to customary and reasonable confidentiality restrictions in connection therewith), and if Landlord determines that the quality of the management and operation of the Facility will
not meet such requirement, then such determination shall be resolved pursuant to Section 34.2 (except, however, for this purpose, the fifteen (15) day good faith negotiating period contemplated by
Section 34.2 shall not apply)); 
 (iv) transfer any direct or indirect interests in Tenant so long as a Change of
Control does not result, provided Landlord shall be given prior written notice of any transfer of ten percent (10%) or more (in the aggregate) direct or indirect ownership interest in Tenant of which transfer Tenant or CEC has actual knowledge other
than any such transfer on a nationally recognized exchange; 

  
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 (v) transfer direct or indirect interests in CEC; provided, however, that in the
event of a Change of Control of CEC, the qualifications, quality and experience of the management of Tenant, and the quality of the management and operation of the Facility must in each case be generally consistent with or superior to that which
existed prior to such Change of Control (it being agreed that Tenant shall give no less than thirty (30) days’ prior notice to Landlord of any transaction or series of related transactions which would result in a Change of Control of CEC
and Tenant shall furnish Landlord with such information and materials relating to the proposed transaction as Landlord may reasonably request in connection with making its determination under this clause (v) (to the extent in Tenant’s
possession or reasonable control, subject to customary and reasonable confidentiality restrictions in connection therewith), and if Landlord determines that the quality of the management and operation of the Facility will not meet such requirement,
then such determination shall be resolved pursuant to Section 34.2 (except, however, for this purpose, the fifteen (15) day good faith negotiating period contemplated by Section 34.2 shall not
apply)); and/or 
 (vi) transfer direct or indirect interests in Tenant or its direct or indirect parent(s) in connection with a transfer of
all of the assets (other than assets which in the aggregate are de minimis) of CEC; provided, that all requirements of Section 11.3.3 of the MLSA in connection with a Substantial Transfer (as defined in the MLSA) of CEC shall have been
complied with in all respects; provided, however, that CEC shall not be released from its obligations under the MLSA and the applicable transferee shall assume, jointly and severally with CEC (in a form reasonably satisfactory to
Landlord), all of CEC’s obligations under the MLSA. 
 In connection with any transaction permitted pursuant to
Section 22.2(i), the applicable Successor Foreclosure Tenant and Landlord shall make such amendments and other modifications to this Lease as are reasonably requested by either such party as needed to give effect to such
transaction and such technical amendments as may be reasonably necessary or appropriate in connection with such transaction including technical changes in the provisions of this Lease regarding delivery of Financial Statements from Tenant and CEC to
reflect the changed circumstances of Tenant, any interest holders in Tenant or Guarantor (provided, that, in all events, any such amendments or modifications shall not increase any Party’s monetary obligations under this Lease by
more than a de minimis extent or any Party’s non-monetary obligations under this Lease in any material respect or diminish any Party’s rights under this Lease in any material respect; provided,
further, it is understood that delivery by any applicable Qualified Replacement Guarantor or parent of a replacement Tenant of Financial Statements and other reporting consistent with the requirements of Article XXIII hereof shall not be
deemed to increase Tenant’s obligations or decrease Tenant’s rights under this Lease). After giving effect to any such transaction, unless the context otherwise requires, references to Tenant shall be deemed to refer to the Successor
Foreclosure Tenant permitted under this Section 22.2. 
 Notwithstanding anything otherwise contained in this
Lease, Landlord and Tenant acknowledge that Landlord entered into this Lease with the expectation that (x) the Leased Property and the Other Leased Property would be under common management by the Manager pursuant to the MLSA and the Other
MLSA, respectively, and (y) the Leased Property would be operated under the CPLV Brand and Trademark and other CPLV Trademark and the other Licensed Trademarks (each as defined in the CPLV Trademark License), and the Other Leased

  
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Property would be operated under the Brands (as defined in the Other Leases). Accordingly, absent Landlord’s express written consent, no assignment or other transfer shall be permitted under
Section 22.2(i)(1)(A) or Section 22.2(i)(1)(B) unless, upon giving effect to such assignment or other transfer, (i) unless the Manager of the Leased Property or the manager of the Other Leased
Property has been terminated pursuant to a Termination for Cause under and as defined in the MLSA or applicable Other MLSA, the manager of the Leased Property is the same Person (or an Affiliate of such Person) that is then managing the Other Leased
Property, (ii) the Leased Property continues to be operated under the “Caesars Palace” Brand (including pursuant to the CPLV Trademark License) and all other Property Specific IP, and (iii) so long as the Leased Property is
managed by Manager or any other Affiliate of CEC, the Leased Property continues to be granted access to the System-wide IP and Property Related IP at least consistent with the access granted to the Leased Property prior to any such assignment or
other transfer. 
 Notwithstanding anything to the contrary herein, any transfer of Tenant’s interest in this Lease or the Leasehold
Estate shall be subject to compliance with all Gaming Regulations, including receipt of all applicable Gaming Licenses and shall not result in the loss or violation of any Gaming License for the Leased Property. 

22.3 Permitted Sublease Agreements. Notwithstanding the provisions of Section 22.1, but subject to
compliance with the provisions of this Section 22.3 and of Section 22.4 and Article XL, provided that no Tenant Event of Default shall have occurred and be continuing,
Tenant may enter into any Sublease (including sub-subleases, license agreements and other occupancy arrangements, but excluding any Sublease for all or substantially all of the Leased Property) without the
consent of Landlord, provided, that, (i) Tenant is not released from any of its obligations under this Lease, (ii) such Sublease is made for bona fide business purposes in the normal course of the Primary Intended Use, and is not
designed with the intent to avoid payment of Variable Rent or otherwise avoid any of the requirements or provisions of this Lease, (iii) such transaction is not designed with the intent to frustrate Landlord’s ability to enter into a new
Lease of the Leased Property with a third Person following the Expiration Date, (iv) such transaction shall not result in a violation of any Legal Requirements (including Gaming Regulations) relating to the operation of the Facility, including
any Gaming Facilities, (v) any Sublease of all or substantially all of the Facility shall be subject to the consent of Landlord and the applicable Fee Mortgagee, and (vi) the Subtenant and any other Affiliates shall have obtained all
necessary Gaming Licenses as required under applicable Legal Requirements (including Gaming Regulations) in connection with such Sublease; provided, further, that, notwithstanding anything otherwise set forth herein, the following are
expressly permitted without such consent: (A) the Specified Subleases and any renewals or extensions in accordance with their terms, respectively, or non-material modifications thereto and (B) any
Subleases to Affiliates of Tenant that are necessary or appropriate for the operation of the Facility, including any Gaming Facilities, in connection with licensing requirements (e.g., gaming, liquor, etc.) (provided the same are expressly subject
and subordinate to this Lease); provided, further, however, that, notwithstanding anything otherwise set forth herein, the portion(s) of the Leased Property subject to any Subleases (other than the Specified Subleases and other
than Subleases to Affiliates of CEC) shall not be used for Gaming purposes or other core functions or spaces at the Facility (e.g., hotel room areas) (and any such Subleases to persons that are not Affiliates of CEC in respect of Leased Property
used or to be used in whole or in part for Gaming purposes or other core functions or spaces (e.g., hotel room areas) shall be subject to Landlord’s prior written 

  
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consent not to be unreasonably withheld). If reasonably requested by Tenant in respect of a Subtenant (including any sub-sublessee, as applicable)
permitted hereunder that is neither a Subsidiary nor an Affiliate of Tenant or Guarantor, with respect to a Material Sublease, Landlord and any such Subtenant (or sub-sublessee, as applicable) shall enter into
a subordination, non-disturbance and attornment agreement with respect to such Material Sublease in a form reasonably satisfactory to Landlord, Tenant and the applicable Subtenant (or sub-sublessee, as applicable) (and if a Fee Mortgage is then in effect, Landlord shall use reasonable efforts to seek to cause the Fee Mortgagee to enter into a subordination,
non-disturbance and attornment agreement substantially in the form customarily entered into by such Fee Mortgagee at the time of request with similar subtenants (subject to adjustments and modifications
arising out of the specific nature and terms of this Lease and/or the applicable Sublease)). After a Tenant Event of Default has occurred and while it is continuing, Landlord may collect rents from any Subtenant and apply the net amount collected to
the Rent, but no such collection shall be deemed (A) a waiver by Landlord of any of the provisions of this Lease, (B) the acceptance by Landlord of such Subtenant as a tenant or (C) a release of Tenant from the future performance of
its obligations hereunder. Notwithstanding anything otherwise set forth herein, Landlord shall have no obligation to enter into a subordination, non-disturbance and attornment agreement with any Subtenant with
respect to a Sublease, (1) the term of which extends beyond the then Stated Expiration of this Lease, unless the applicable Sublease is on commercially reasonable terms at the time in question taking into consideration, among other things, the
identity of the Subtenant, the extent of the Subtenant’s investment into the subleased space, the term of such Sublease and Landlord’s interest in such space (including the resulting impact on Landlord’s ability to lease the Leased
Property on commercially reasonable terms after the Term of this Lease), or (2) that constitutes a management arrangement. Tenant shall furnish Landlord with a copy of each Material Sublease that Tenant enters into promptly following the making
thereof (irrespective of whether Landlord’s prior approval was required therefor). In addition, promptly following Landlord’s request therefor, Tenant shall furnish to Landlord (to the extent in Tenant’s possession or under
Tenant’s reasonable control) copies of all other Subleases with respect to the Leased Property specified by Landlord. Without limitation of the foregoing, Tenant acknowledges it has furnished to Landlord a subordination agreement of even date
herewith that is binding on all Subtenants that are Subsidiaries or Affiliates of Tenant or Guarantor, pursuant to which subordination agreement, among other things, all such Subtenants have subordinated their respective Subleases to this Lease and
all of the provisions, terms and conditions hereof. Further, Tenant hereby represents and warrants to Landlord that as of the effective date of the Lease, there exists no Sublease other than the Specified Subleases. 

22.4 Required Subletting and Assignment Provisions. Any Sublease permitted hereunder and entered into after the Commencement
Date must provide that: 
 (i) the use of the Leased Property (or portion thereof) thereunder shall not conflict with any Legal Requirement
or any other provision of this Lease; 
 (ii) in the case of a Sublease, in the event of cancellation or termination of this Lease for any
reason whatsoever or of the surrender of this Lease (whether voluntary, involuntary or by operation of law) prior to the expiration date of such Sublease, including extensions and renewals granted thereunder without replacement of this Lease by a
New Lease pursuant to Section 17.1(f), then, subject to Article XXXVI, (a) upon the request of Landlord 

  
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(in Landlord’s discretion), the Subtenant shall make full and complete attornment to Landlord for the balance of the term of the Sublease, which attornment shall be evidenced by an agreement
in form and substance reasonably satisfactory to Landlord and which the Subtenant shall execute and deliver within five (5) days after request by Landlord and the Subtenant shall waive the provisions of any law now or hereafter in effect which
may give the Subtenant any right of election to terminate the Sublease or to surrender possession in the event any proceeding is brought by Landlord to terminate this Lease and (b) to the extent such Subtenant (and each subsequent subtenant
separately permitted hereunder) is required to attorn to Landlord pursuant to subclause (a) above, the aforementioned attornment agreement shall recognize the right of the subtenant (and such subsequent subtenant) under the applicable Sublease
and contain commercially reasonable, customary non-disturbance provisions for the benefit of such subtenant, so long as such Subtenant is not in default thereunder; and 

(iii) in the case of a Sublease, in the event the Subtenant receives a written notice from Landlord stating that this Lease has been cancelled,
surrendered or terminated and not replaced by a New Lease pursuant to Section 17.1(f), then the Subtenant shall thereafter be obligated to pay all rentals accruing under said Sublease directly to Landlord (or as Landlord
shall so direct); all rentals received from the Subtenant by Landlord shall be credited against the amounts owing by Tenant under this Lease. 

(iv) in the case of a Sublease (other than the Specified Subleases), it shall be subject and subordinate to all of the terms and conditions of
this Lease (subject to the terms of any applicable subordination, non-disturbance agreement made pursuant to Section 22.3); 

(v) no Subtenant shall be permitted to further sublet all or any part of the Leased Property or assign its Sublease except insofar as the same
would be permitted if it were a Sublease by Tenant under this Lease (it being understood that any Subtenant under Section 22.3 may pledge and mortgage its subleasehold estate (or allow the pledge of its equity interests) to
its lenders or noteholders; 
 (vi) in the case of a Sublease, the Subtenant thereunder will, upon request, furnish to Landlord and each Fee
Mortgagee an estoppel certificate of the same type and kind as is required of Tenant pursuant to Section 23.1(a) hereof (as if such Sublease was this Lease); and 

(vii) the Facility shall be operated under the CPLV Trademark and the other Licensed Trademarks (each as defined in the CPLV Trademark
License), and all of Tenant’s rights in, to and under Property Specific IP, Property Specific Guest Data and the CPLV Brand and Trademark License and, in the case of an assignment where the Leased Property continues to be managed by Manager or
any other Affiliate of CEC, Property Related IP and other System-wide IP, shall also be assigned to the applicable assignee, in each case, to the fullest extent assignable. 

Any assignment of the Leased Property permitted hereunder and entered into after the Commencement Date must provide that all of Tenant’s rights in, to
and under Property Specific IP and Property Specific Guest Data and, in the case of an assignment where the Leased Property continues to be managed by Manager or any other Affiliate of CEC, System-wide IP, shall also be assigned to the applicable
assignee, in each case, to the fullest extent applicable. 

  
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 Any assignment, transfer or Sublease under this Article XXII shall be subject to all applicable Legal
Requirements, including any Gaming Regulations, and no such assignment, transfer or Sublease shall be effective until any applicable approvals with respect to Gaming Regulations, if applicable, are obtained. 

22.5 Costs. Tenant shall reimburse Landlord for Landlord’s reasonable out-of-pocket costs and expenses actually incurred in conjunction with the processing and documentation of any assignment, subletting or management arrangement (including in connection with any request for a
subordination, non-disturbance and attornment agreement), including reasonable documented attorneys’, architects’, engineers’ or other consultants’ fees whether or not such Sublease,
assignment or management agreement is actually consummated. 
 22.6 No Release of Tenant’s Obligations;
Exception. No assignment, subletting or management agreement shall relieve Tenant of its obligation to pay the Rent and to perform all of the other obligations to be performed by Tenant hereunder. The liability of Tenant and any immediate
and remote successor in interest of Tenant (by assignment or otherwise), and the due performance of the obligations of this Lease on Tenant’s part to be performed or observed, shall not in any way be discharged, released or impaired by any
(i) stipulation which extends the time within which an obligation under this Lease is to be performed, (ii) waiver of the performance of an obligation required under this Lease that is not entered into by Landlord in a writing executed by
Landlord and expressly stated to be for the benefit of Tenant or such successor, or (iii) failure to enforce any of the obligations set forth in this Lease provided that Tenant shall not be responsible for any additional obligations or
liability arising as the result of any modification or amendment of this Lease by Landlord and any assignee of Tenant that is not an Affiliate of Tenant. 

22.7 Bookings. Tenant may enter into any Bookings that do not cover periods after the expiration of the term of this Lease
without the consent of Landlord. Tenant may enter into any Bookings that cover periods after the expiration of the term of this Lease without the consent of Landlord, provided, that, (i) such transaction is in each case made for bona
fide business purposes in the normal course of the Primary Intended Use; (ii) such transaction shall not result in a violation of any Legal Requirements (including Gaming Regulations) relating to the operation of the Facility, including any
Gaming Facilities, (iii) such Bookings are on commercially reasonable terms at the time entered into; and (iv) such transaction is not designed with the intent to frustrate Landlord’s ability to enter into a new lease of the Leased
Property or any portion thereof with a third person following the Expiration Date; provided, further, that, notwithstanding anything otherwise set forth herein, any such Bookings in effect as of the Commencement Date are expressly
permitted without such consent. Landlord hereby agrees that in the event of a termination or expiration of this Lease, Landlord hereby recognizes and shall keep in effect such Booking on the terms agreed to by Tenant with such Person and shall not
disturb such Person’s rights to occupy the Facility in accordance with the terms of such Booking. 
 22.8 Merger of CEOC.
The Parties acknowledge that, immediately following the execution of this Lease, Caesars Entertainment Operating Company, Inc., a Delaware corporation, will merge into CEOC, LLC. Notwithstanding anything herein to the contrary, Landlord consents to
such merger. 

  
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 ARTICLE XXIII 

REPORTING 
 23.1
Estoppel Certificates and Financial Statements. 
 (a) Estoppel Certificate. Each of Landlord and Tenant shall, at any time
and from time to time upon receipt of not less than ten (10) Business Days’ prior written request from the other Party, furnish a certificate (an “Estoppel Certificate”) certifying (i) that this Lease is unmodified
and in full force and effect, or that this Lease is in full force and effect and, if applicable, setting forth any modifications; (ii) the Rent and Additional Charges payable hereunder and the dates to which the Rent and Additional Charges
payable have been paid; (iii) that the address for notices to be sent to the Party furnishing such Estoppel Certificate is as set forth in this Lease (or, if such address for notices has changed, the correct address for notices to such party);
(iv) whether or not, to its actual knowledge, such Party or the other Party is in default in the performance of any covenant, agreement or condition contained in this Lease (together with back-up
calculation and information reasonably necessary to support such determination) and, if so, specifying each such default of which such Party may have knowledge; (v) that Tenant is in possession of the Leased Property; and (vi) responses to
such other questions or statements of fact as such other Party may reasonably request. Any such Estoppel Certificate may be relied upon by the receiving Party and any current or prospective Fee Mortgagee (and their successors and assigns), Permitted
Leasehold Mortgagee, or purchaser of the Leased Property, as applicable. 
 (b) Statements. Tenant shall furnish or cause to be
furnished the following to Landlord: 
 (i) As to SPE Tenant: (a) Within ninety (90) days after the end of each Fiscal Year
(commencing with the Fiscal Year ending December 31, 2017), annual financial statements audited by an Accountant in accordance with GAAP covering such Fiscal Year and containing statement of profit and loss, a balance sheet, and statement of
cash flows for SPE Tenant, plus a calculation of EBITDAR for such Fiscal Year; and (b) within sixty (60) days after the end of each of the first three Fiscal Quarters of each Fiscal Year (commencing with the Fiscal Quarter ending
March 31, 2018), SPE Tenant’s quarterly unaudited financial statements, consisting of a statement of profit and loss, a balance sheet, and statement of cash flows, plus a calculation of EBITDAR for such Fiscal Quarter and the applicable
prior year Fiscal Quarter, in each case, to the extent required as an Additional Fee Mortgagee Requirement, together with a certificate, executed by the chief financial officer or treasurer of SPE Tenant, certifying that such financial statements
fairly present, in all material respects, the financial position and results of operations of SPE Tenant and its Subsidiaries on a consolidated basis in accordance with GAAP (subject, in the case of quarterly financial statements, to normal year-end audit adjustments and the absence of footnotes); 
 (ii) As to CEOC: 

  
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 (A) annual financial statements audited by CEOC’s Accountant in accordance with GAAP
covering such Fiscal Year and containing statement of profit and loss, a balance sheet, and statement of cash flows for CEOC, together with (1) a report thereon by such Accountant which report shall be unqualified as to scope of audit of CEOC
and its Subsidiaries and shall provide in substance that (A) such Financial Statements present fairly the consolidated financial position of CEOC and its Subsidiaries as at the dates indicated and the results of their operations and cash flow
for the periods indicated in conformity with GAAP and (B) that the audit by such Accountant in connection with such Financial Statements has been made in accordance with GAAP and (2) a certificate, executed by the chief financial officer
or treasurer of CEOC certifying that no Tenant Event of Default has occurred or, if a Tenant Event of Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, all of
which shall be provided within ninety (90) days after the end of each Fiscal Year (commencing with the Fiscal Year ending December 31, 2017); 

(B) quarterly unaudited financial statements, consisting of a statement of profit and loss, a balance sheet, and statement of cash flows for
CEOC, together with a certificate, executed by the chief financial officer or treasurer of CEOC (A) certifying that no Tenant Event of Default has occurred or, if a Tenant Event of Default has occurred, specifying the nature and extent thereof
and any corrective action taken or proposed to be taken with respect thereto, and (B) certifying that such Financial Statements fairly present, in all material respects, the financial position and results of operations of CEOC and its
Subsidiaries on a consolidated basis in accordance with GAAP (subject to normal year-end audit adjustments and the absence of footnotes), all of which shall be provided (x) within sixty (60) days
after the end of each of the first three Fiscal Quarters of each Fiscal Year (commencing with the Fiscal Quarter ending March 31, 2018); and 

(C) such additional information and unaudited quarterly financial information concerning the Leased Property and Tenant, which information
shall be limited to balance sheets, income statements, and statements of cash flow, as Landlord, PropCo 1, PropCo or Landlord REIT may require for any ongoing filings with or reports to (i) the SEC under both the Securities Act and the Exchange
Act, including, but not limited to 10-Q Quarterly Reports, 10-K Annual Reports and registration statements to be filed by Landlord, PropCo 1, PropCo or Landlord REIT
during the Term of this Lease, (ii) the Internal Revenue Service (including in respect of Landlord REIT’s qualification as a “real estate investment trust” (within the meaning of Section 856(a) of the Code)) and
(iii) any other federal, state or local regulatory agency with jurisdiction over Landlord, PropCo 1, PropCo or Landlord REIT, in each case of clause (i), (ii) and (iii), subject to Section 23.1(c) below; 

(iii) As to CEC: 
 (A) annual
financial statements audited by CEC’s Accountant in accordance with GAAP covering such Fiscal Year and containing statement of profit and loss, a balance sheet, and statement of cash flows for CEC, including the report thereon by such
Accountant which shall be unqualified as to scope of audit of CEC and its Subsidiaries and shall provide in substance that (a) such consolidated financial statements present fairly the consolidated financial position of CEC and its Subsidiaries
as at the dates indicated and the results of their operations and cash flow for the periods indicated in conformity with GAAP and (b) that the audit by CEC’s Accountant in connection with such Financial Statements has been made in accordance
with GAAP, which shall be provided within ninety (90) days after the end of each Fiscal Year (commencing with the Fiscal Year ending December 31, 2017); 

  
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 (B) quarterly unaudited financial statements, consisting of a statement of profit and loss, a
balance sheet, and statement of cash flows for CEC, together with a certificate, executed by the chief financial officer or treasurer of CEC certifying that such Financial Statements fairly present, in all material respects, the financial position
and results of operations of CEC and its Subsidiaries on a consolidated basis in accordance with GAAP (subject to normal year-end audit adjustments and the absence of footnotes) which shall be provided within
sixty (60) days after the end of each of the first three Fiscal Quarters of each Fiscal Year (commencing with the Fiscal Quarter ending September 30, 2017); 

(C) such additional information and unaudited quarterly financial information concerning the Leased Property and Tenant, which information
shall be limited to balance sheets, income statements, and statements of cash flow, as Landlord, PropCo 1, PropCo or Landlord REIT may require for any ongoing filings with or reports to (i) the SEC under both the Securities Act and the Exchange
Act, including, but not limited to 10-Q Quarterly Reports, 10-K Annual Reports and registration statements to be filed by Landlord, PropCo 1, PropCo or Landlord REIT
during the Term of this Lease, (ii) the Internal Revenue Service (including in respect of Landlord REIT’s qualification as a “real estate investment trust” (within the meaning of Section 856(a) of the Code)) and
(iii) any other federal, state or local regulatory agency with jurisdiction over Landlord, PropCo 1, PropCo or Landlord REIT subject to Section 23.1(c) below; 

(iv) As soon as it is prepared and in no event later than sixty (60) days after the end of each Fiscal Year, a statement of Net Revenue
with respect to the Facility with respect to the prior Lease Year (subject to the additional requirements as provided in Section 3.2 hereof in respect of the periodic determination of the Variable Rent hereunder); 

(v) Prompt Notice to Landlord of any action, proposal or investigation by any agency or entity, or complaint to such agency or entity (any of
which is called a “Proceeding”), known to Tenant, the result of which Proceeding would reasonably be expected to be to revoke or suspend or terminate or modify in a way adverse to Tenant, or fail to renew or fully continue in
effect, (x) any Gaming License, or (y) any other license or certificate or operating authority pursuant to which Tenant carries on any part of the Primary Intended Use of all or any portion of the Leased Property which, in any case under
this clause (y) (individually or collectively), would be reasonably expected to cause a material adverse effect on Tenant or in respect of the Facility (and, without limitation, Tenant shall (A) keep Landlord apprised of (1) the status of
any annual or other periodic Gaming License renewals, and (2) the status of non-routine matters before any applicable gaming authorities, and (B) promptly deliver to Landlord copies of any and all non-routine notices received (or sent) by Tenant (or Manager) from (or to) any Gaming Authorities); 

  
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 (vi) Within ten (10) Business Days after the end of each calendar month, a schedule
containing any additions to or retirements of any fixed assets constituting Leased Property, describing such assets in summary form, their location, historical cost, the amount of depreciation and any improvements thereto, substantially in the form
attached hereto as Exhibit D, and such additional customary and reasonable financial information with respect to such fixed assets constituting Leased Property as is reasonably requested by Landlord, it being understood that Tenant may
classify any asset additions in accordance with the fixed asset methodology for propco-opco separation used as of the Commencement Date; 

(vii) Within three (3) Business Days of obtaining actual knowledge of the occurrence of a Tenant Event of Default (or of the occurrence of
any facts or circumstances which, with the giving of notice or the passage of time would ripen into a Tenant Event of Default and that (individually or collectively would be reasonably expected to result in a material adverse effect on Tenant or in
respect of the Facility), a written notice to Landlord regarding the same, which notice shall include a detailed description of the Tenant Event of Default (or such facts or circumstances) and the actions Tenant has taken or shall take, if any, to
remedy such Tenant Event of Default (or such facts or circumstances); 
 (viii) Such additional customary and reasonable financial
information related to the Facility, Tenant, CEOC, CEC and their Affiliates which shall be limited to balance sheets and income statements (and, without limitation, all information concerning Tenant, CEOC, CEC and any of their Affiliates,
respectively, or the Facility or the business of Tenant conducted thereat required pursuant to the Fee Mortgage Documents, within the applicable timeframes required thereunder), in each case as may be required by any Fee Mortgagee as an Additional
Fee Mortgagee Requirement hereunder to the extent required by Section 31.3. Without limitation of the foregoing, in connection with the Existing Fee Mortgage, Tenant will furnish, or cause to be furnished, to Landlord on or
before twenty-five (25) days after the end of each calendar month the following items as they pertain to SPE Tenant: (A) a rent roll for the subject month, an occupancy report for the subject month, including an average daily rate and
revenue per available room and entertainment operating metrics for the subject month; (B) monthly and year-to-date operating statements prepared for each calendar
month, noting gross revenue, net revenue, operating expenses and operating income (not including any contributions to the FF&E Reserve), and other information reasonably necessary and sufficient to fairly represent the financial position and
results of operations of SPE Tenant during such calendar month, and containing a comparison of budgeted income and expenses and the actual income and expenses; (C) a calculation of EBITDAR; and (D) PACE reports, in the form attached hereto
as Exhibit I; 
 (ix) The compliance certificates, as and when required pursuant to Section 4.3; 

(x) The Annual Capital Budget as and when required in Section 10.5; 

(xi) The monthly revenue and Capital Expenditure reporting required pursuant to Section 10.5(b); 

(xii) Together with the monthly reporting required pursuant to the preceding clause (xi), an updated rent roll and a summary of all leasing
activity then taking place at the Facility; 

  
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 (xiii) Operating budget for each SPE Tenant for each Fiscal Year, which shall be delivered to
Landlord no later than fifty-five (55) days following the commencement of the Fiscal Year to which such operating budget relates; 

(xiv) Within five (5) Business Days after request (or as soon thereafter as may be reasonably possible), such further detailed information
reasonably available to Tenant with respect to each SPE Tenant as may be reasonably requested by Landlord; 
 (xv) The quarterly reporting in
respect of Bookings required pursuant to Section 22.7 of this Lease; 
 (xvi) The reporting/copies of Subleases
made by Tenant in accordance with Section 22.3; 
 (xvii) Any notices or reporting required pursuant to Article
XXXII hereof or otherwise pursuant to any other provision of this Lease; 
 (xviii) The monthly reporting required pursuant to
Section 4.1 hereof; and 
 (xix) In connection with any Fee Mortgagee Securitization, Tenant shall, upon the
written request of Landlord: 
 (A) at the sole cost and expense of Landlord (except with respect to the Existing Fee Mortgage, which shall
be at the sole cost and expense of Tenant as provided in the final sentence of this clause (xix)), reasonably cooperate with Landlord in providing information with respect to the Property, Tenant or its Affiliates (excluding (i) any
material non-public information, (ii) any Competitively Sensitive Information, and (iii) any information subject to bona fide confidentiality restrictions; provided, however, that the
information described on Exhibit M shall not be so excluded even if such information qualifies within clauses (i), (ii) or (iii) of this parenthetical), to the extent reasonably requested by such Fee Mortgagee in order to satisfy the
market standards to which such Fee Mortgagee customarily adheres or which may be reasonably required by prospective investors and/or rating agencies; 

(B) review, re-review and, to the extent accurate, approve (and to the extent inaccurate, identify the
same with particularity) portions of any Disclosure Document (or any other similar material required to be reviewed by Landlord under a Fee Mortgage) identified by Landlord to be reviewed by Tenant, which portions shall be limited to any portions
relating solely to Tenant Information; provided that, except with respect to the Existing Fee Mortgage, such Disclosure Document shall not contain any Tenant Information (other than Tenant Information described on Exhibit M hereto)
that includes any material non-public information, Competitively Sensitive Information or any information subject to bona fide confidentiality restrictions; and 

(C) with respect to the Existing Fee Mortgage, deliver a certification to Landlord (i) certifying that the information set forth in such
portions of any Disclosure Document approved by Tenant pursuant to the above clause (B) does not at the time furnished contain any untrue statement of any material fact and (ii) certifying as to the accuracy of the representations made by
Tenant to Landlord under Section 8.2 and Exhibit L as of the date of the 

  
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closing of such Fee Mortgage Securitization, except (x) to the extent that any such representation is made as of a specific date, in which case such representation is accurate and complete
in all material respects as of such specific date, and (y) to the extent any such representations require qualification on such date, setting forth such qualifications in reasonable detail (a “Tenant Securitization
Certification”). 
 In connection with a Fee Mortgagee Securitization in connection with the Existing Fee Mortgage, Tenant shall (I) be
responsible for the costs of the Existing Fee Mortgagee in connection therewith to the extent Landlord is required under the Existing Fee Mortgage Documents to pay such costs, and (II) reimburse Landlord for any such costs paid by Landlord
within twenty (20) days of Landlord’s written request therefor. 
 The Financial Statements provided pursuant to
Section 23.1(b)(iii) shall be prepared in compliance with applicable federal securities laws, including Regulation S-X (and for any prior periods required thereunder), if and to the
extent such compliance with federal securities laws, including Regulation S-X (and for any prior periods required thereunder), is required to enable Landlord, PropCo 1, PropCo or Landlord REIT to (x) file
such Financial Statements with the SEC if and to the extent that Landlord, PropCo 1, PropCo or Landlord REIT is required to file such Financial Statements with the SEC pursuant to Legal Requirements or (y) include such Financial Statements in
an offering document if and to the extent that Landlord, PropCo 1, PropCo or Landlord REIT is reasonably requested or required to include such Financial Statements in any offering document in connection with a financing contemplated by and to the
extent required by Section 23.2(b). 
 (c) Notwithstanding the foregoing, Tenant shall not be obligated (1) to
provide information or assistance that would give Landlord or its Affiliates a “competitive” advantage with respect to markets in which Landlord REIT and Tenant or CEC might be competing at any time (it being understood that Landlord shall
retain audit rights with respect to such information to the extent required to confirm Tenant’s compliance with the terms of this Lease (and Landlord, PropCo 1, PropCo or Landlord REIT shall be permitted to comply with Securities Exchange
Commission, Internal Revenue Service and other legal and regulatory requirements with regard to such information) and provided that appropriate measures are in place to ensure that only Landlord’s auditors and attorneys (and not Landlord or
Landlord REIT or any other direct or indirect parent company of Landlord) are provided access to such information) or (2) to provide information that is subject to the quality assurance immunity or is subject to attorney-client privilege or the
attorney work product doctrine. 
 (d) For purposes of this Section 23.1, the terms “CEC”,
“CEOC”, “PropCo 1”, “PropCo” and “Landlord REIT” shall mean, in each instance, each of such parties and their respective successors and permitted assigns. 

(e) Notwithstanding the foregoing, except to the extent necessary to comply with the requirements of an Existing Fee Mortgage or the related
Existing Fee Mortgage Documents or as otherwise permitted pursuant to Section 23.2(a), Landlord shall not furnish any information it receives under this Section 23.1 to any actual or prospective
placement agents, arrangers, underwriters, initial purchasers, investors or lenders, except that Landlord may furnish such information in accordance with and subject to Section 41.22 unless (1) the same constitutes any

  
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of the following and is so identified by Tenant: (i) material non-public information or (ii) information subject to bona fide confidentiality
restrictions (provided, however, that the information described on Exhibit M shall not be so excluded even if such information qualifies within clauses (i) or (ii) of this clause (1)); or (2) the same constitutes
Competitively Sensitive Information and is so identified by Tenant (provided, however, that the information described on Exhibit M shall not be so excluded even if such information is identified as Competitively Sensitive
Information so long as such recipients do not furnish (and are not permitted to furnish) such information to any Tenant Competitor). 

23.2 SEC Filings; Offering Information. 

(a) Tenant specifically agrees that Landlord, PropCo 1, PropCo or Landlord REIT may file with the SEC or incorporate by reference the Financial
Statements referred to in Section 23.1(b)(ii) and (iii) (and Financial Statements referred to in Section 23.1(b)(ii) and (iii) for any prior annual or quarterly periods as
required by any Legal Requirements) in Landlord’s, PropCo 1’s PropCo’s or Landlord REIT’s filings made under the Securities Act or the Exchange Act to the extent it is required to do so pursuant to Legal Requirements. In
addition, Landlord, PropCo 1, PropCo or Landlord REIT may include, cross-reference or incorporate by reference the Financial Statements (and for any prior annual or quarterly periods as required by any Legal Requirements) and other financial
information and such information concerning the operation of the Leased Property (1) which is publicly available or (2) the inclusion of which is approved by Tenant in writing, which approval may not be unreasonably withheld, conditioned
or delayed, in offering memoranda or prospectuses or confidential information memoranda, or similar publications or marketing materials, rating agency presentations, investor presentations or disclosure documents in connection with syndications,
private placements or public offerings of Landlord’s, PropCo 1’s, PropCo’s or Landlord REIT’s securities or loans. Unless otherwise agreed by Tenant, neither Landlord, PropCo 1, PropCo nor Landlord REIT shall revise or change the
wording of information previously publicly disclosed by Tenant and furnished to Landlord, PropCo 1, PropCo or Landlord REIT pursuant to Section 23 or this Section 23.2, and Landlord’s, PropCo
1’s PropCo’s or Landlord REIT’s Form 10-Q or Form 10-K (or amendment or supplemental report filed in connection therewith) shall not disclose the
operational results of the Leased Property prior to CEC’s, Tenant’s or its Affiliate’s public disclosure thereof so long as CEC, Tenant or such Affiliate reports such information in a timely manner in compliance with the reporting
requirements of the Exchange Act, in any event, no later than ninety (90) days after the end of each Fiscal Year. Landlord agrees to use commercially reasonable efforts to provide a copy of the portion of any public disclosure containing the
Financial Statements, or any cross-reference thereto or incorporation by reference thereof (other than cross-references to or incorporation by reference of Financial Statements that were previously publicly filed), or any other financial information
or other information concerning the operation of the Leased Property received by Landlord under this Lease, at least two (2) Business Days in advance of any such public disclosure. Without vitiating any other provision of this Lease, the
preceding sentence is not intended to restrict Landlord from disclosing such information to any Fee Mortgagee pursuant to the express terms of the Fee Mortgage Documents or in connection with other ordinary course reporting under the Fee Mortgage
Documents. 

  
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 (b) Tenant understands that, from time to time, Landlord, PropCo 1, PropCo or Landlord REIT may
conduct one or more financings (including for the avoidance of doubt, any securitization in connection with any such financing), which financings may involve the participation of placement agents, underwriters, initial purchasers or other persons
deemed underwriters under applicable securities law. In connection with any such financings, Tenant shall, upon the request of Landlord, use commercially reasonable efforts to furnish to Landlord, to the extent reasonably requested or required in
connection with any such financings, the information referred to in Section 23.1(b) (subject to Section 23.1(c) and Section 23.1(e) as and to the extent applicable), as
applicable and in each case including for any prior annual or quarterly periods as required by any Legal Requirements, as promptly as reasonably practicable after the request therefor (taking into account, among other things, the timing of any such
request and any Legal Requirements applicable to Tenant, CEOC or CEC at such time). In addition, Tenant shall, upon the request of Landlord, use commercially reasonable efforts to provide Landlord and its Representatives with such management
representation letters, comfort letters and consents of applicable certified independent auditors to the inclusion of their reports in applicable financing disclosure documents as may be reasonably requested or required in connection with the sale
or registration of securities by Landlord, PropCo 1, PropCo or Landlord REIT. Landlord shall reimburse Tenant, CEOC and CEC, their respective Subsidiaries and their respective Representatives as promptly as reasonably practicable after the request
therefor, for any reasonable and actual, documented expenses incurred in connection with any cooperation provided pursuant to this Section 23.2(b) (and, unless any non-compliance with
this Lease to more than a de minimis extent is revealed, any exercise by Landlord of audit rights pursuant to Section 23.1(c)) (including, without limitation, reasonable and documented fees and expenses of accountants and
attorneys, but excluding, for the avoidance of doubt, any such fees and expenses incurred in the preparation of the Financial Statements). In addition, Landlord shall indemnify and hold harmless Tenant, CEOC and CEC, their respective Subsidiaries
and their respective Representatives from and against any and all liabilities, losses, damages, claims, costs, expenses, interest, awards, judgments and penalties suffered or incurred by them (collectively, “Losses”) in connection
with any cooperation provided pursuant to this Section 23.2(b) or Section 23.1(b)(xix) (including in connection with any Fee Mortgagee Securitization), except to the extent (i) such Losses
were suffered or incurred as a result of the bad faith, gross negligence or willful misconduct of any such indemnified person, (ii) such Losses were caused by any untrue statement or alleged untrue statement of a material fact contained in any
Financial Statements delivered by Tenant to Landlord hereunder, or caused by any omission or alleged omission to state therein a material fact necessary to make the statements therein in the light of the circumstances under which they were made not
misleading or (iii) such Losses relate to a Fee Mortgagee Securitization in connection with an Existing Fee Mortgage. 
 This
Section 23.2 (except the last sentence hereof) shall not be applicable to a Fee Mortgage Securitization. 

23.3 Landlord Obligations. 

(a) Landlord agrees that, upon request of Tenant, it shall from time to time provide such information as may be reasonably requested by Tenant
with respect to Landlord’s, PropCo 1’s, PropCo’s and Landlord REIT’s capital structure and/or any financing secured by this Lease or the Leased Property in connection with Tenant’s review of the treatment of this Lease under
GAAP. 

  
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 (b) Landlord further understands and agrees that, from time to time, Tenant, CEOC, CEC or their
respective Affiliates may conduct one or more financings (including, for the avoidance of doubt, any securitization in connection with any such financing), which financings may involve the participation of placement agents, underwriters, initial
purchasers or other persons deemed underwriters under applicable securities law. In connection with any such financings, Landlord shall, upon the request of Tenant, use commercially reasonable efforts to furnish to Tenant, to the extent reasonably
requested or required in connection with any such financings, the Financial Statements (and for any prior annual or quarterly periods as required by any Legal Requirements), other financial information and cooperation as promptly as reasonably
practicable after the request therefor (taking into account, among other things, the timing of any such request and any Legal Requirements applicable to Landlord, PropCo 1, PropCo or Landlord REIT at such time) (it being understood that the
disclosure of any such information (excluding for the avoidance of doubt the terms of any agreement to which Tenant or any of its Affiliates is a party) to any such Persons by Tenant shall be subject to Section 41.22 hereof
as if such Persons were Representatives of Tenant hereunder). In addition, Landlord shall, upon the request of Tenant, use commercially reasonable efforts to provide Tenant and its Representatives with such management representation letters, comfort
letters and consents of applicable certified independent auditors to the inclusion of their reports in applicable financing disclosure documents as may be reasonably requested or required in connection with the sale or registration of securities by
Tenant, CEOC, CEC or any of their respective Affiliates. Tenant shall reimburse Landlord, PropCo 1, PropCo, Landlord REIT, their respective Subsidiaries and their respective Representatives as promptly as reasonably practicable after the
request therefor, for any reasonable and actual, documented expenses incurred in connection with any cooperation provided pursuant to this Section 23.3(b) (including, in each case, without limitation, reasonable and
documented fees and expenses of accountants and attorneys and allocated costs of internal employees but excluding, for the avoidance of doubt, any such fees, expenses and allocated costs incurred in the preparation of the Financial Statements). In
addition, Tenant shall indemnify and hold harmless Landlord, PropCo 1, PropCo, Landlord REIT, their respective Subsidiaries and their respective Representatives from and against any and all Losses in connection with any cooperation provided
pursuant to this Section 23.3(b) (including in connection with any securitization), except to the extent (i) such Losses were suffered or incurred as a result of the bad faith, gross negligence or willful misconduct of
any such indemnified person or (ii) such Losses were caused by any untrue statement or alleged untrue statement of a material fact contained in any Financial Statements delivered by Landlord to Tenant hereunder, or caused by any omission or
alleged omission to state therein a material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading. 

(c) The Financial Statements provided pursuant to Section 23.3(b) shall be prepared in compliance with applicable
federal securities laws, including Regulation S-X (and for any prior periods required thereunder), if and to the extent such compliance with federal securities laws, including Regulation S-X (and for any prior periods required thereunder), is required to enable Tenant, CEOC or CEC or their respective Affiliates to (x) file such Financial Statements with the SEC if and to the extent that Tenant,
CEOC or CEC is required to file such Financial Statements with the SEC pursuant to Legal Requirements or (y) include such Financial Statements in an offering document if and to the extent that Tenant, CEOC or CEC or their respective affiliates
is reasonably requested or required to include such Financial Statements in any offering document in connection with a financing contemplated by and to the extent required by Section 23.3(b). 

  
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 ARTICLE XXIV 

LANDLORD’S RIGHT TO INSPECT 

Upon reasonable advance written notice to Tenant, Tenant shall permit Landlord and its authorized representatives (including any Fee Mortgagee
and its representatives) to inspect the Leased Property or any portion thereof during reasonable times (or at such time and with such notice as shall be reasonable in the case of an emergency) (and Tenant shall be permitted to have any such
representatives of Landlord accompanied by a representative of Tenant). Landlord shall take reasonable care to minimize disturbance of the operations on the applicable portion of the Leased Property. 

ARTICLE XXV 
 NO WAIVER

 No delay, omission or failure by Landlord to insist upon the strict performance of any term hereof or to exercise any right, power or
remedy hereunder and no acceptance of full or partial payment of Rent during the continuance of any default or Tenant Event of Default shall impair any such right or constitute a waiver of any such breach or of any such term. No waiver of any breach
shall affect or alter this Lease, which shall continue in full force and effect with respect to any other then existing or subsequent breach. 

ARTICLE XXVI 
 REMEDIES
CUMULATIVE 
 To the extent permitted by law, each legal, equitable or contractual right, power and remedy of Landlord now or hereafter
provided either in this Lease or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power and remedy and the exercise or beginning of the exercise by Landlord of any one or more of such rights,
powers and remedies shall not preclude the simultaneous or subsequent exercise by Landlord of any or all of such other rights, powers and remedies. 

ARTICLE XXVII 

ACCEPTANCE OF SURRENDER 

No surrender to Landlord of this Lease or of the Leased Property or any part thereof, or of any interest therein, shall be valid or effective
unless agreed to and accepted in writing by Landlord, and no act by Landlord or any representative or agent of Landlord, other than such a written acceptance by Landlord, shall constitute an acceptance of any such surrender. 

  
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 ARTICLE XXVIII 

NO MERGER 
 There shall be
no merger of this Lease or of the Leasehold Estate created hereby by reason of the fact that the same Person may acquire, own or hold, directly or indirectly, (i) this Lease or the Leasehold Estate created hereby or any interest in this Lease
or such Leasehold Estate and (ii) the fee estate in the Leased Property or any portion thereof. If Landlord or any Affiliate of Landlord shall purchase any fee or other interest in the Leased Property or any portion thereof that is superior to
the interest of Landlord, then the estate of Landlord and such superior interest shall not merge. 
 ARTICLE XXIX 

INTENTIONALLY OMITTED 

ARTICLE XXX 
 QUIET
ENJOYMENT 
 So long as no Tenant Event of Default shall have occurred and be continuing, Tenant shall peaceably and quietly have, hold
and enjoy the Leased Property for the Term, free of any claim or other action by Landlord or anyone claiming by, through or under Landlord, but subject (i) to the provisions, terms and conditions of this Lease, and (ii) to all liens and
encumbrances existing as of the Commencement Date, or thereafter as provided for in this Lease or consented to by Tenant. No failure by Landlord to comply with the foregoing covenant shall give Tenant any right to cancel or terminate this Lease or
abate, reduce or make a deduction from or offset against the Rent or any other sum payable under this Lease, or to fail to perform any other obligation of Tenant hereunder. Notwithstanding the foregoing, Tenant shall have the right, by separate and
independent action to pursue any claim it may have against Landlord as a result of a breach by Landlord of the covenant of quiet enjoyment contained in this Article XXX. 

ARTICLE XXXI 
 LANDLORD
FINANCING 
 31.1 Landlord’s Financing. 

(a) Without the consent of Tenant (but subject to the remainder of this Section 31.1), Landlord may from time to
time, directly or indirectly, create or otherwise cause to exist any Fee Mortgage upon all of the Leased Property (other than de minimis portions thereof that are not capable of being assigned or transferred) (or upon interests in Landlord which are
pledged pursuant to a mezzanine loan or similar financing arrangement). Except with respect to any financing that is not secured by any of Landlord’s assets and with respect to which Landlord is not an obligor, Landlord shall cause all Fee
Mortgagees to execute a joinder to the Intercreditor Agreement in a form reasonably acceptable to all parties thereto. This Lease is and at all times shall be subordinate to any Existing Fee Mortgage and any other Fee Mortgage which may

  
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hereafter affect the Leased Property or any portion thereof or interest therein and in each case to all renewals, modifications, consolidations, replacements, restatements and extensions thereof
or any parts or portions thereof; provided, however, that the subordination of this Lease and Tenant’s leasehold interest hereunder to any new Fee Mortgage made after the date hereof, shall be conditioned upon the execution and
delivery to Tenant by the respective Fee Mortgagee of a commercially reasonable subordination, nondisturbance and attornment agreement, which will bind Tenant and such Fee Mortgagee and its successors and assigns as well as any person who acquires
any portion of the Leased Property in a foreclosure or similar proceeding or in a transfer in lieu of any such foreclosure or a successor owner of the Leased Property (each, a “Foreclosure Purchaser”) and which shall provide, among
other things, that so long as there is no outstanding and continuing Tenant Event of Default under this Lease (or, if there is a continuing Tenant Event of Default, subject to the rights granted to a Permitted Leasehold Mortgagee as expressly set
forth in this Lease), the holder of such Fee Mortgage, and any Foreclosure Purchaser shall not disturb Tenant’s leasehold interest or possession of the Leased Property, subject to and in accordance with the terms hereof, and shall give effect
to this Lease, including, but not limited to, the provisions of Article XVII which benefit any Permitted Leasehold Mortgagee (as if such Fee Mortgagee or Foreclosure Purchaser were the landlord under this Lease (it being understood that if a
Tenant Event of Default has occurred and is continuing at such time, such parties shall be subject to the terms and provisions hereof concerning the exercise of rights and remedies upon such Tenant Event of Default including the provisions of
Articles XVI, XVII and XXVI)). In connection with the foregoing and at the request of Landlord, Tenant shall promptly execute a subordination, nondisturbance and attornment agreement that contains commercially reasonable
provisions, terms and conditions, in all events complying with this Section 31.1 (it being understood that a subordination, non-disturbance and attornment agreement substantially in
the form executed by Tenant and the Fee Mortgagee in connection with the Existing Fee Mortgage shall be deemed to satisfy this Section). In connection with any subsequent Fee Mortgage after the date hereof, as a condition to the Fee Mortgagee
holding any of the Fee Mortgage Reserve Accounts, Tenant and such Fee Mortgagee shall have entered into a subordination, nondisturbance and attornment agreement as provided in this Section 31.1(a). 

(b) If, in connection with obtaining any Fee Mortgage or entering into any agreement relating thereto, Landlord shall request in writing
(i) reasonable cooperation from Tenant or (ii) reasonable amendments or modifications to this Lease, in each case required to comply with any reasonable request made by Fee Mortgagee, Tenant shall reasonably cooperate with such request, so
long as (I) no default in any material respect by Landlord beyond applicable cure periods is continuing, (II) all reasonable documented out-of-pocket costs and
expenses incurred by Tenant in connection with such cooperation, including, but not limited to, its reasonable documented attorneys’ fees, shall be paid by Landlord and (III) any requested action, including any amendments or modification
of this Lease, shall not (a) increase Tenant’s monetary obligations under this Lease by more than a de minimis extent, or increase Tenant’s non-monetary obligations under this Lease in any
material respect or decrease Landlord’s obligations in any material respect, (b) diminish Tenant’s rights under this Lease in any material respect, (c) adversely impact the value of the Leased Property by more than a de minimis
extent or otherwise have a more than de minimis adverse effect on the Leased Property, Tenant or Landlord, or (d) result in this Lease not constituting a “true lease”, or (e) result in a default under any Permitted Leasehold
Mortgage. The foregoing is not intended to vitiate or supersede the provisions, terms and conditions of Section 31.1 hereof. 

  
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 (c) To secure Landlord’s obligations under any Fee Mortgage, including the Existing Fee
Mortgage, Landlord shall have the right to collaterally assign to Fee Mortgagee, all rights title and interest of Landlord in and under this Lease, including in the Tenant’s Pledged Property. 

31.2 Attornment. If either (a) Landlord’s interest in the Leased Property or any portion thereof or interest therein
is sold, conveyed or terminated upon the exercise of any remedy provided for in any Fee Mortgage Documents (or in lieu of such exercise) or (b) equity interests in Landlord are sold or conveyed upon the exercise of any remedy provided for in
any Fee Mortgage Documents (or in lieu of such exercise), or otherwise by operation of law, then, at the request and option of the new owner or superior lessor, as the case may be, Tenant shall attorn to and recognize the new owner or superior
lessor as Tenant’s “landlord”. 
 31.3 Compliance with Fee Mortgage Documents. 

(a) Tenant acknowledges that any Fee Mortgage Documents executed by Landlord or any Affiliate of Landlord may impose certain obligations on the
“borrower” or other counterparty thereunder to comply with, or cause the operator and/or lessee of the Leased Property to comply with, certain reasonable covenants contained therein, including, without limitation, covenants relating to
(i) the alteration, maintenance, repair and restoration of the Leased Property; (ii) maintenance and submission of financial records and accounts of the operation of the Leased Property and financial and other information regarding the
operator and/or lessee of the Leased Property and the Leased Property itself; (iii) the procurement of insurance policies with respect to the Leased Property; (iv) removal of liens and encumbrances; (v) subleasing, management and
related activities; and (vi) without limiting the foregoing, compliance with all applicable Legal Requirements (including Gaming Regulations) relating to the Leased Property and the operation of the business thereon or therein. From and after
the date any Fee Mortgage encumbers the Leased Property (or any portion thereof or interest therein) and Landlord has provided Tenant with true and complete copies thereof and, if Landlord elects, of any applicable Fee Mortgage Documents (for
informational purposes only, but not for Tenant’s approval), accompanied by a written request for Tenant to comply with the Additional Fee Mortgagee Requirements (hereinafter defined) (which request shall expressly reference this
Section 31.3 and expressly identify the Fee Mortgage Documents and sections thereof containing the Additional Fee Mortgagee Requirements), and continuing until the first to occur of (1) such Fee Mortgage Documents
ceasing to remain in full force and effect by reason of satisfaction in full of the indebtedness thereunder or foreclosure or similar exercise of remedies or otherwise, (2) the Expiration Date, (3) such time as Tenant’s compliance
with the Additional Fee Mortgagee Requirements would constitute or give rise to a breach or violation of (x) this Lease or the MLSA, in either case not waived by Landlord and, if applicable, Manager, (y) Legal Requirements (including
Gaming Regulations and Liquor Laws), or (z) any Permitted Leasehold Mortgage (not waived by the applicable Permitted Leasehold Mortgagee), provided, however, with respect to this clause (z), (I) Tenant shall not be relieved of its obligation to
comply with (A) the terms of the Additional Fee Mortgagee Requirements in effect as of the Commencement Date (whether embodied in the Existing Fee Mortgage or related Fee Mortgage Documents or in any future Fee Mortgage or related Fee Mortgage
Documents containing the applicable corresponding terms), nor (B) unless the applicable terms of the Permitted Leasehold Mortgage were customary at the time entered into, any Additional Fee Mortgagee Requirements (other than any Additional Fee
Mortgagee Requirements covered under the preceding clause (A)) in effect 

  
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as of the time when the Permitted Leasehold Mortgage was obtained, and (II) such Permitted Leasehold Mortgage shall have been entered into by Tenant without any intent to vitiate or
supersede the terms of any applicable Additional Fee Mortgagee Requirements, and (4) Tenant receives written direction from Landlord, any Fee Mortgagee or any governmental authority requesting or instructing Tenant to cease complying with the
Additional Fee Mortgagee Requirements, (provided, prior to ceasing compliance with any Additional Fee Mortgagee Requirements under the preceding clauses (3) and (4), Tenant shall first provide Landlord with prior written notice together
with, (x) if acting pursuant to clause (3), reasonably detailed materials evidencing that such compliance constitutes such a breach, and (y) if acting pursuant to clause (4), a copy of the applicable communication(s) from such Fee
Mortgagee or governmental authority, as applicable, and Tenant shall in such event only cease compliance with the specific Additional Fee Mortgage Requirements in question under clause (3) or that are covered by the written direction under
clause (4), as applicable) (such time period, the “Additional Fee Mortgagee Requirements Period”), Tenant covenants and agrees, at its sole cost and expense and for the express benefit of Landlord (and not, for the avoidance of
doubt, any Fee Mortgagee, which shall not be construed to be a third-party beneficiary of this Lease, provided, however, this parenthetical provision is not intended to vitiate Tenant’s obligation to perform any or all of the Additional Fee
Mortgagee Requirements directly for the benefit of any Fee Mortgagee as and to the extent agreed to by Tenant in an agreement entered into directly between Tenant and such Fee Mortgagee), to operate the Leased Property (or cause the Leased Property
to be operated) in compliance with the Additional Fee Mortgagee Requirements of which it has received written notice. For the avoidance of doubt, notwithstanding anything to the contrary herein, Tenant shall not be required to comply with and shall
not have any other obligations with respect to any terms or conditions of, or amendments or modifications to, any Fee Mortgage or other Fee Mortgage Documents that do not constitute Additional Fee Mortgagee Requirements; provided,
however, that the foregoing shall not be deemed to release Tenant from its obligations under this Lease that do not derive from the Fee Mortgage Documents, whether or not such obligations are duplicative of those set forth in the Fee Mortgage
Documents. 
 (b) As used herein, “Additional Fee Mortgagee Requirements” means those customary representations, warranties,
covenants, agreements and requirements as to the operation of the Leased Property and the business thereon or therein which the Fee Mortgage Documents impose (x) directly upon, or require Landlord (or Landlord’s Affiliate borrower
thereunder) to impose upon, the tenant(s) and/or operator(s) of the Leased Property or (y) directly upon Landlord, but which, by reason of the nature of the obligation(s) imposed and the nature of Tenant’s occupancy and operation of the
Leased Property and the business conducted thereupon, are not reasonably susceptible of being represented to or performed by Landlord and are reasonably susceptible of being represented to or performed by Tenant (excluding, for the avoidance of
doubt, payment of any indebtedness or other obligations evidenced or secured thereby) and, except with respect to the Existing Fee Mortgage (of which Tenant is deemed to have received written notice) of which Tenant has received written notice;
provided, however, that, notwithstanding the foregoing, Additional Fee Mortgagee Requirements shall not include or impose on Tenant (and Tenant will not be subject to) obligations which (i) are not customary for the type of
financing provided under the applicable Fee Mortgage Documents, (ii) increase Tenant’s monetary obligations under this Lease to more than a de minimis extent (it being agreed that (1) funding and maintaining Fee Mortgage Reserve
Accounts in the same amounts (as increased, for purposes of this clause (1), by the Escalator on the first (1st) day of each Lease 

  
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Year (commencing on the first (1st) day of the second (2nd) Lease Year)) as required pursuant to the Existing Fee Mortgage Documents and (2) making payments otherwise payable to Landlord
into a “lockbox” account designated by a Fee Mortgagee shall not be deemed to increase Tenant’s monetary obligations under the Lease), (iii) increase Tenant’s non-monetary obligations under
this Lease in any material respect (it being agreed that funding and maintaining Fee Mortgage Reserve Accounts in amounts described in clause (ii)(1) above and making payments otherwise payable to Landlord into a “lockbox” account
designated by a Fee Mortgagee shall not be deemed to increase Tenant’s non-monetary obligations under the Lease), or (iv) diminish Tenant’s rights under this Lease in any material respect (it
being agreed that none of the provisions, terms and conditions of the Existing Fee Mortgage Documents that would otherwise constitute Additional Fee Mortgagee Requirements pursuant to clause (x) and (y) above violate any of the preceding
clauses (i) through (iv)). Notwithstanding the foregoing, the Parties agree that (A) with respect to any provision of any Fee Mortgage or related Fee Mortgage Documents entered into after the Commencement Date that is not intended to be
included, in whole or in a part, in a public or private securitization of rated single- or multi-class securities secured by or evidencing ownership interests in all or any portion of the loan secured by a Fee Mortgage or a pool of assets that
includes such loan, which provision corresponds to Section 5.2.10(e)(i) of the loan agreement entered into in connection with the Existing Fee Mortgage, such provision shall not require CEC or the applicable controlling entity or surviving
entity to remain a “Public Vehicle” (as defined in such loan agreement (or any corresponding term in such Fee Mortgage or Fee Mortgage Documents)) or satisfy the requirements to be a “Qualified CPLV Replacement Guarantor” (as
defined in such loan agreement (or any corresponding term in such Fee Mortgage or Fee Mortgage Documents)) as a condition to consummating the transactions described therein and (B) the Additional Fee Mortgagee Requirements, to the extent
arising out of any Fee Mortgage and the related Fee Mortgage Documents, in each case, entered into after the Commencement Date, shall not include any requirements or obligations that arise out of the representations or warranties made under such Fee
Mortgage or Fee Mortgage Documents (but, for the avoidance of doubt, this clause (B) is not intended to (i) exclude from the Additional Fee Mortgage Requirements hereunder subsequent to the Commencement Date any such requirements or
obligations to the extent arising out of any provisions, terms or conditions of such Fee Mortgage or such Fee Mortgage Documents other than such representations and warranties, or (ii) vitiate or supersede Tenant’s obligation to cooperate
with Landlord in connection with Landlord obtaining any Fee Mortgage or entering into any arrangement relating thereto as provided in Section 31.1(b) hereof). 

(c) Notwithstanding the foregoing, prior to Tenant being required to fund reserves for taxes and insurance or any other Fee Mortgage Reserve
Accounts in accordance with the preceding Section 31.1(b), Tenant shall have received from Landlord and the applicable Fee Mortgagee, an agreement reasonably acceptable to Tenant providing that such sums deposited by Tenant
must, unless and until both (x) the Landlord’s Enforcement Condition has occurred and (y) this Lease has been terminated by Landlord pursuant to Section 16.2(x) hereof, be used for the payment, when due and
payable, of the actual applicable tax and insurance bills or other applicable amounts for which they were reserved (and may not be used by such Fee Mortgagee (or by Landlord) as collateral for sums due under the applicable Fee Mortgage Documents or
for any other purpose). Any proposed implementation of any additional financial covenants (i.e., a requirement that Tenant must meet certain specified performance tests of a financial nature, e.g., meeting a threshold EBITDAR, Net Revenue, financial
ratio or similar test) that are imposed on 

  
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Tenant shall not constitute Additional Fee Mortgagee Requirements (it being understood that Landlord may agree to such financial covenants being imposed in any Fee Mortgage Documents so long as
such financial covenants will not impose additional obligations on Tenant to comply therewith). For the avoidance of doubt, Additional Fee Mortgagee Requirements may include (to the extent consistent with the foregoing definition of Additional Fee
Mortgagee Requirements) requirements of Tenant to: 
 (i) fund and maintain reasonably required and customary impound, escrow or other
reserve or similar accounts as security for or otherwise relating to any operating expenses of the Leased Property, including any fixture, furniture and equipment, capital repair or replacement reserves and/or impounds or escrow accounts for taxes,
ground rent and/or insurance premiums (each a “Fee Mortgage Reserve Account”); provided, however, without Tenant’s prior written consent, the Additional Fee Mortgagee Requirements shall not impose obligations to
fund or maintain Fee Mortgage Reserve Accounts in excess of amounts otherwise required to be reserved under the Fee Mortgage Documents as in effect on the Commencement Date; and provided further that (A) any amounts which Tenant
is required to fund into a Fee Mortgage Reserve Account pursuant to Additional Fee Mortgagee Requirements shall be credited on a dollar for dollar basis against the respective applicable expenditure obligations of Tenant for the Leased Property
under this Lease at such time that such funds are used or (subject to satisfaction of the applicable disbursement conditions in the Fee Mortgage Documents as in effect on the Commencement Date or in any future Fee Mortgage Documents, in each case to
the extent Tenant is required to comply therewith pursuant to this Article XXXI) requested by Tenant to be used for their intended purpose (e.g., payment of funds into a Fee Mortgage Reserve Account on account of Impositions shall be deemed
satisfaction of Tenant’s obligation under this Lease to pay such amount of Impositions at such time that such funds are used or (subject to satisfaction of the applicable disbursement conditions in the Fee Mortgage Documents as in effect on the
Commencement Date or in any future Fee Mortgage Documents, in each case to the extent Tenant is required to comply therewith pursuant to this Article XXXI) requested by Tenant to be used to pay the applicable Impositions (whether such
Impositions are paid directly by Tenant or by the Fee Mortgagee in accordance with the terms of the Fee Mortgage Documents)), and (B) unless and until both (x) the Landlord’s Enforcement Condition has occurred and (y) this Lease
has been terminated by Landlord pursuant to Section 16.2(x) hereof, (i) Tenant shall, subject to the terms hereof (and, to the extent consisting of Additional Fee Mortgagee Requirements, the terms and conditions
applicable to the Fee Mortgage Reserve Accounts under the related Fee Mortgage Documents), have the right to apply or use (including for reimbursement) all amounts held in each such Fee Mortgage Reserve Account for payment or reimbursement of
amounts for which such reserve was established, without regard to any default by Landlord under the Fee Mortgage or other condition beyond the control of Tenant, and (ii) such amounts may not be applied against the Fee Mortgage. Landlord hereby
further acknowledges that funds deposited by Tenant in any Fee Mortgage Reserve Account are, subject to the applicable provisions, terms and conditions of this Lease, the property of Tenant and accordingly, so long as no Tenant Event of Default is
continuing, except as may be agreed to by Tenant in its sole discretion in respect of any other applicable Additional Fee Mortgagee Requirements, the applicable Fee Mortgagee shall agree to return the portion of such funds not previously released to
Tenant within fifteen (15) days following the expiration of the Additional Fee Mortgagee Requirements Period and may not apply such funds against the Fee Mortgage. 

  
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 (ii) make Rent payments into “lockbox accounts” maintained for the benefit of Fee
Mortgagee; and/or 
 (iii) subject to this Section 31.3, perform other actions consistent with the obligations
described in the first sentence of this Section 31.3. 
 (d) Tenant shall perform the repairs at the Facility
described on Schedule 3 attached hereto (the “Initial Fee Mortgagee Required Repairs”). Tenant shall complete the Initial Fee Mortgagee Required Repairs on or before the required deadline for each such repair as set forth on
Schedule 3. It shall be a Tenant Event of Default if the Initial Fee Mortgagee Required Repairs are not completed by the required deadline for each repair as set forth on Schedule 3. 

(e) In the event Tenant breaches its obligations to comply with Additional Fee Mortgagee Requirements as described herein (without regard to
any notice or cure period under the Fee Mortgage Documents and without regard to whether a default or event of default has occurred as a result thereof under the Fee Mortgage Documents), Landlord shall have the right, following the failure of Tenant
to cure such breach within twenty (20) days from receipt of written notice to Tenant from Landlord of such breach (except to the extent the breach is of a nature such that it is not practicable for Landlord to provide such prior written notice,
in which event Landlord shall provide written notice as soon as practicable), to cure such breach, in which event Tenant shall reimburse Landlord for Landlord’s reasonable costs and expenses incurred in connection with curing such breach. 

(f) Landlord and Tenant acknowledge that, in connection with the implementation of the Bankruptcy Plan, CEC and Affiliates of Tenant were
involved in the negotiations concerning the Existing Fee Mortgage Documents and reviewed the provisions, terms and conditions of the Existing Fee Mortgage Documents, and, accordingly, Tenant hereby consents and agrees to all provisions, terms and
conditions of the Existing Fee Mortgage Documents as in effect as of the date hereof that comprise Additional Fee Mortgagee Requirements. If Landlord or its Affiliate anticipates entering into new or modified Fee Mortgage Documents that would modify
or impose new Additional Fee Mortgagee Requirements, Landlord shall (x) provide copies of the same to Tenant with reasonably sufficient time prior to the execution and delivery thereof by Landlord or any Affiliate of Landlord to enable Tenant
to timely comply with any such changes to the, or new, Additional Fee Mortgagee Requirements and (y) promptly upon the execution and delivery thereof by Landlord or any Affiliate of Landlord, deliver to Tenant an updated description thereof in
accordance with the second sentence of this Section 31.3. 
 (g) To the extent of any conflict between the terms
and provisions of any agreement to which Landlord, Tenant and Fee Mortgagee are parties and the terms and provisions of this Section 31.3, the terms and provisions of such agreement shall govern and control in accordance
with its terms. 
 (h) Notwithstanding anything otherwise set forth in this Lease, Landlord shall have no obligation or liability to Tenant
in connection with any approval, consent or other determination which is to be given by Fee Mortgagee in respect of any Additional Fee Mortgagee Requirements, so agreed to by Tenant, except in any case solely as and to the extent expressly provided
in this Lease. 

  
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 ARTICLE XXXII 

ENVIRONMENTAL COMPLIANCE 

32.1 Hazardous Substances. Tenant shall not allow any Hazardous Substance to be located in, on, under or about the Leased
Property or any portion thereof or incorporated into the Facility; provided however that Hazardous Substances may be (i) brought, kept, used or disposed of in, on or about the Leased Property in quantities and for purposes similar
to those brought, kept, used or disposed of in, on or about similar facilities used for purposes similar to the Primary Intended Use or in connection with the construction of facilities similar to the Leased Property and (ii) disposed of in
strict compliance with Legal Requirements (other than Gaming Regulations). Tenant shall not allow the Leased Property or any portion thereof to be used as a waste disposal site or for the manufacturing, handling, storage, distribution or disposal of
any Hazardous Substance other than in the ordinary course of the business conducted at the Leased Property and in compliance with applicable Legal Requirements (other than Gaming Regulations). 

32.2 Notices. Tenant shall provide to Landlord, as soon as reasonably practicable but in no event later than fifteen
(15) days after Tenant’s receipt thereof, a copy of any notice, notification or request for information with respect to, (i) any violation of a Legal Requirement (other than Gaming Regulations) relating to, or Release of, Hazardous
Substances located in, on, or under the Leased Property or any portion thereof or any adjacent property; (ii) any enforcement, cleanup, removal, or other governmental or regulatory action instituted, completed or threatened in writing with
respect to the Leased Property or any portion thereof; (iii) any material claim made or threatened in writing by any Person against Tenant or the Leased Property or any portion thereof relating to damage, contribution, cost recovery,
compensation, loss, or injury resulting from or claimed to result from any Hazardous Substance; and (iv) any reports made to any federal, state or local environmental agency arising out of or in connection with any Hazardous Substance in, on,
under or removed from the Leased Property or any portion thereof, including any written complaints, notices, warnings or assertions of violations in connection therewith 

32.3 Remediation. If Tenant becomes aware of a violation of any Legal Requirement (other than Gaming Regulations) relating to
any Hazardous Substance in, on, under or about the Leased Property or any portion thereof or any adjacent property, or if Tenant, Landlord or the Leased Property or any portion thereof becomes subject to any order of any federal, state or local
agency to repair, close, detoxify, decontaminate or otherwise remediate the Leased Property, Tenant shall promptly notify Landlord of such event and, at its sole cost and expense, cure such violation or effect such repair, closure, detoxification,
decontamination or other remediation. If Tenant fails to diligently pursue, implement and complete any such cure, repair, closure, detoxification, decontamination or other remediation, which failure continues after notice and expiration of
applicable cure periods, Landlord shall have the right, but not the obligation, to carry out such action and to recover from Tenant all of Landlord’s costs and expenses incurred in connection therewith. 

  
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 32.4 Indemnity. Each of the Persons comprising Tenant shall jointly and severally
indemnify, defend, protect, save, hold harmless, and reimburse Landlord or any Affiliate of Landlord for, from and against any and all actual out-of-pocket costs, losses
(including, losses of use or economic benefit or diminution in value), liabilities, damages, assessments, lawsuits, deficiencies, demands, claims and expenses (collectively, “Environmental Costs”) (whether or not arising out of
third-party claims and regardless of whether liability without fault is imposed, or sought to be imposed, on Landlord) incurred in connection with, arising out of, resulting from or incident to, directly or indirectly, in each case before or during
(but not if first occurring after) the Term (i) the production, use, generation, storage, treatment, transporting, disposal, discharge, Release or other handling or disposition of any Hazardous Substances from, in, on or under the Leased
Property or any portion thereof (collectively, “Handling”), including the effects of such Handling of any Hazardous Substances on any Person or property within or outside the boundaries of the Leased Property, (ii) the presence
of any Hazardous Substances in, on or under the Leased Property and (iii) the violation of any Environmental Law. “Environmental Costs” include interest, costs of response, removal, remedial action, containment, cleanup,
investigation, design, engineering and construction, damages (including actual and consequential damages) for personal injuries and for injury to, destruction of or loss of property or natural resources, relocation or replacement costs, penalties,
fines, charges or expenses, reasonable attorney’s fees, reasonable expert fees, reasonable consultation fees, and court costs, and all amounts actually paid in investigating, defending or settling any of the foregoing, as applicable, including,
without duplication, any amounts paid by Landlord or its Affiliates pursuant to that certain Environmental Indemnity Agreement, that certain Mezzanine A Environmental Indemnity Agreement, that certain Mezzanine B Environmental Indemnity Agreement or
that certain Mezzanine C Environmental Indemnity Agreement, each entered into in connection with an Existing Fee Mortgage as in effect on the Commencement Date. Tenant’s indemnity hereunder shall survive the termination of this Lease, but in no
event shall Tenant’s indemnity apply to Environmental Costs incurred in connection with, arising out of, resulting from or incident to matters first occurring after the later of (x) the end of the Term and (y) the date upon which
Tenant shall have vacated the Leased Property and surrendered the same to Landlord, in each case to the extent such matters are not or were not caused by the acts or omissions of Tenant in breach of this Lease. Tenant’s indemnity set forth in
this Section 32.4 shall remain in effect for the benefit of the entity constituting Landlord following divestment of such entity’s interest in the Leased Premises as a result of the foreclosure of a Fee Mortgage by a
Fee Mortgagee; provided, however, Tenant’s liability under this sentence shall be (A) limited to an amount equal to any Environmental Costs required to be paid to Fee Mortgagee by such entity (or any environmental indemnitor of such entity
with respect to such Fee Mortgage), and (B) shall be without duplication of any amounts required to be paid by Tenant to such foreclosing Fee Mortgagee (or its designee) as the new Landlord under this Lease attributable to the same
Environmental Costs. 
 Without limiting the scope or generality of the foregoing, Tenant expressly agrees that, in the event of a breach by
Tenant in its obligations under Sections 32.1 through 32.3 that is not cured within any applicable cure period, Tenant shall reimburse Landlord for any and all reasonable costs and expenses incurred by Landlord in connection with,
arising out of, resulting from or incident to (directly or indirectly, before or during (but not if first occurring after) the Term) the following: 

(a) investigating any and all matters relating to the Handling of any Hazardous Substances, in, on, from or under the Leased Property or any
portion thereof; 

  
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 (b) bringing the Leased Property into compliance with all Legal Requirements, and 

(c) removing, treating, storing, transporting, cleaning-up and/or disposing of any Hazardous Substances
used, stored, generated, released or disposed of in, on, from, under or about the Leased Property or off-site other than in the ordinary course of the business conducted at the Leased Property and in
compliance with applicable Legal Requirements. 
 If any claim is made by Landlord for reimbursement for Environmental Costs incurred by it
hereunder, Tenant agrees to pay such claim promptly, and in any event to pay such claim within sixty (60) calendar days after receipt by Tenant of written notice thereof and any amount not so paid within such sixty (60) calendar day period
shall bear interest at the Overdue Rate from the date due to the date paid in full. 
 32.5 Environmental Inspections. In the
event Landlord has a reasonable basis to believe that Tenant is in breach of its obligations under Sections 32.1 through 32.4, Landlord shall have the right, from time to time, during normal business hours and upon not less than five
(5) Business Days written notice to Tenant (except in the case of an emergency of imminent threat to human health or safety or damage to property, in which event Landlord shall undertake reasonable efforts to notify a representative of Tenant
as soon as practicable under the circumstances), to conduct an inspection of the Leased Property or any portion thereof (and Tenant shall be permitted to have Landlord or its representatives accompanied by a representative of Tenant) to determine
the existence or presence of Hazardous Substances on or about the Leased Property or any portion thereof. In the event Landlord has a reasonable basis to believe that Tenant is in breach of its obligations under Sections 32.1 through
32.4, Landlord shall have the right to enter and inspect the Leased Property or any portion thereof, conduct any testing, sampling and analyses it reasonably deems necessary and shall have the right to inspect materials brought into the
Leased Property or any portion thereof. Landlord may, in its discretion, retain experts to conduct the inspection, perform the tests referred to herein, and to prepare a written report in connection therewith if Landlord has a reasonable basis to
believe that Tenant is in breach of its obligations under Sections 32.1 through 32.4. All costs and expenses incurred by Landlord under this Section 32.6 shall be the responsibility of
Landlord, except solely to the extent Tenant has breached its obligations under Sections 32.1 through 32.5, in which event such reasonable costs and expenses shall be paid by Tenant to Landlord as provided in
Section 32.4. Failure to conduct an environmental inspection or to detect unfavorable conditions if such inspection is conducted shall in no fashion constitute a release of any liability for environmental conditions
subsequently determined to be associated with or to have occurred during Tenant’s tenancy. Tenant shall remain liable for any environmental condition related to or having occurred during its tenancy regardless of when such conditions are
discovered and regardless of whether or not Landlord conducts an environmental inspection at the termination of this Lease. The obligations set forth in this Article XXXII shall survive the expiration or earlier termination of this Lease but
in no event shall Article XXXII apply to matters first occurring after the later of (x) the end of the Term and (y) the date upon which Tenant shall have vacated the Leased Property and surrendered the same to Landlord, in each case
to the extent such matters are not or were not caused by the acts or omissions of Tenant in breach of this Lease. 

  
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 ARTICLE XXXIII 

MEMORANDUM OF LEASE 

Landlord and Tenant shall, promptly upon the request of either Party, enter into a short form memoranda of this Lease, in form suitable for
recording in the county or other applicable location in which the Leased Property is located. Each Party shall bear its own costs in negotiating and finalizing such memoranda, but Tenant shall pay all costs and expenses of recording any such
memorandum and shall fully cooperate with Landlord in removing from record any such memorandum upon the Expiration Date. 
 ARTICLE XXXIV

 DISPUTE RESOLUTION 

34.1 Expert Valuation Process. Whenever a determination of Fair Market Ownership Value or Fair Market Base Rental Value or Fair
Market Property Value is required pursuant to any provision of this Lease, and where Landlord and Tenant have not been able to reach agreement on such Fair Market Ownership Value or Fair Market Base Rental Value or Fair Market Property Value either
(i) with respect to Fair Market Base Rental Value applicable to a Renewal Term, within three hundred seventy (370) days prior to the commencement date of a Renewal Term or (ii) for all other purposes, after at least fifteen (15)
days of good faith negotiations, then either Party shall each have the right to seek, upon written notice to the other Party (the “Expert Valuation Notice”), which notice clearly identifies that such Party seeks, to have such Fair
Market Ownership Value or Fair Market Base Rental Value or Fair Market Property Value determined in accordance with the following Expert Valuation Process: 

(a) Within twenty (20) days of the receiving Party’s receipt of the Expert Valuation Notice, Landlord and Tenant shall provide notice
to the other Party of the name, address and other pertinent contact information, and qualifications of its selected appraiser (which appraiser must be an independent qualified MAI appraiser (i.e., a Member of the Appraisal Institute)). 

(b) As soon as practicable following such notice, and in any event within twenty (20) days following their selection, each appraiser shall
prepare a written appraisal of Fair Market Ownership Value or Fair Market Base Rental Value or Fair Market Property Value (as the case may be) as of the relevant date of valuation, and deliver the same to its respective client. Representatives of
the Parties shall then meet and simultaneously exchange copies of such appraisals. Following such exchange, the appraisers shall promptly meet and endeavor to agree upon Fair Market Ownership Value or Fair Market Base Rental Value or Fair Market
Property Value (as the case may be) based on a written appraisal made by each of them (and given to Landlord by Tenant). If such two appraisers shall agree upon a Fair Market Ownership Value or Fair Market Base Rental Value or Fair Market Property
Value, as applicable, such agreed amount shall be binding and conclusive upon Landlord and Tenant. 
 (c) If such two appraisers are unable
to agree upon a Fair Market Ownership Value or Fair Market Base Rental Value or Fair Market Property Value (as the case may be) within five (5) Business Days after the exchange of appraisals as aforesaid, then such appraisers shall

  
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advise Landlord and Tenant of the same and, within twenty (20) days of the exchange of appraisals, select a third appraiser (which third appraiser, however selected, must be an independent
qualified MAI appraiser) to make the determination of Fair Market Ownership Value or Fair Market Base Rental Value or Fair Market Property Value. The selection of the third appraiser shall be binding and conclusive upon Landlord and Tenant. 

(d) If such two appraisers shall be unable to agree upon the designation of a third appraiser within the twenty (20) day period referred
to in clause (c) above, or if such third appraiser does not make a determination of Fair Market Ownership Value or Fair Market Base Rental Value or Fair Market Property Value (as the case may be) within thirty (30) days after his or
her selection, then such third appraiser (or a substituted third appraiser, as applicable) shall, at the request of either Party, be appointed by the Appointing Authority and such appointment shall be final and binding on Landlord and Tenant. The
determination of Fair Market Ownership Value or Fair Market Base Rental Value or Fair Market Property Value (as the case may be) made by the third appraiser appointed pursuant hereto shall be made within twenty (20) days after such appointment.

 (e) If a third appraiser is selected, Fair Market Ownership Value or Fair Market Base Rental Value or Fair Market Property Value (as the
case may be) shall be the average of (x) the determination of Fair Market Ownership Value or Fair Market Base Rental Value or Fair Market Property Value (as the case may be) made by the third appraiser and (y) the determination of Fair
Market Ownership Value or Fair Market Base Rental Value or Fair Market Property Value (as the case may be) made by the appraiser (selected pursuant to Section 34.1(b)) whose determination of Fair Market Ownership Value or
Fair Market Base Rental Value or Fair Market Property Value (as the case may be) is nearest to that of the third appraiser. Such average shall be binding and conclusive upon Landlord and Tenant as being the Fair Market Ownership Value or Fair Market
Base Rental Value or Fair Market Property Value (as the case may be). 
 (f) In determining Fair Market Ownership Value of the Leased
Property or the Facility, the appraisers shall (in addition to taking into account the criteria set forth in the definition of Fair Market Ownership Value), add (i) the present value of the Rent for the remaining Term, assuming the Term has
been extended for all Renewal Terms provided herein (with assumed increases in CPI to be determined by the appraisers) using a discount rate (which may be determined by an investment banker retained by each appraiser) based on the credit worthiness
of Tenant and any guarantor of Tenant’s obligations hereunder and (ii) the present value of the Leased Property or Facility as of the end of such Term (assuming the Term has been extended for all Renewal Terms provided herein). The
appraisers shall further assume that no default then exists under the Lease, that Tenant has complied (and will comply) with all provisions of the Lease, and that no default exists under any guaranty of Tenant’s obligations hereunder. 

(g) In determining Fair Market Base Rental Value, the appraisers shall (in addition to the criteria set forth in the definition thereof and of
Fair Market Rental Value) take into account: (i) the age, quality and condition (as required by the Lease) of the Improvements; (ii) that the Leased Property will be leased as a whole or substantially as a whole to a single user;
(iii) when determining the Fair Market Base Rental Value for any Renewal Term, a lease term of five (5) years together with such options to renew as then remains hereunder; (iv) an absolute triple net lease; and (v) such other items
that professional real estate appraisers customarily consider. 

  
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 (h) In determining Fair Market Property Value pursuant to Section 36.3
hereof, each appraiser shall have the right to sub-engage an appraiser or other Person with specialized experience in valuing Intellectual Property assets, to work with such appraiser for purposes of
appraising, and assisting with preparation of a written report detailing, such Intellectual Property assets. Notice of any such sub-engagement shall be given to the other Party consistent with the requirements
of Section 34.1(a). 
 (i) If, by virtue of any delay, Fair Market Base Rental Value is not determined by the first
(1st) day of the applicable Renewal Term, then until Fair Market Base Rental Value is determined, Tenant shall continue to pay Rent during the succeeding Renewal Term in the same amount which
Tenant was obligated to pay prior to the commencement of the Renewal Term. Upon determination of Fair Market Base Rental Value, Rent shall be calculated retroactive to the commencement of the Renewal Term and Tenant shall either receive a refund
from Landlord (in the case of an overpayment) or shall pay any deficiency to Landlord (in the case of an underpayment) within thirty (30) days of the date on which the determination of Fair Market Base Rental Value becomes binding. 

(j) The cost of the procedure described in this Section 34.1 shall be borne equally by the Parties and the Parties
will reasonably coordinate payment; provided, that if Landlord pays such costs, fifty percent (50%) of such costs shall be Additional Charges hereunder and if Tenant pays such costs, fifty percent (50%) of such costs shall be a credit against
the next Rent payment hereunder. 
 34.2 Arbitration. In the event of a dispute with respect to this Lease pursuant to an
Arbitration Provision, or in any case when this Lease expressly provides for the settlement or determination of a dispute or question by an Expert pursuant to this Section 34.2 (in any such case, a
“Section 34.2 Dispute”) such dispute shall be determined in accordance with an arbitration proceeding as set forth in this Section 34.2. 

(a) Any Section 34.2 Dispute shall be determined by an arbitration panel comprised of three members, each of whom
shall be an Expert (the “Arbitration Panel”). No more than one panel member may be with the same firm and no panel member may have an economic interest in the outcome of the arbitration. 

The Arbitration Panel shall be selected as set forth in this Section 34.2(b). If a
Section 34.2 Dispute arises and if Landlord and Tenant are not able to resolve such dispute after at least fifteen (15) days of good faith negotiations, then either Party shall each have the right to submit the dispute
to the Arbitration Panel, upon written notice to the other Party (the “Arbitration Notice”). The Arbitration Notice shall identify one member of the Arbitration Panel who meets the criteria of the above paragraph. Within five
(5) Business Days after the receipt of the Arbitration Notice, the Party receiving such Arbitration Notice shall respond in writing identifying one member of the Arbitration Panel who meets the criteria of the above paragraph. Such notices
shall include the name, address and other pertinent contact information, and qualifications of its member of the Arbitration Panel. If a Party fails to timely select its 

  
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respective panel member, the other Party may notify such Party in writing of such failure, and if such Party fails to select its respective panel member within three (3) Business Days after
receipt of such notice, then such other Party may select and identify to such Party such panel member on such Party’s behalf. The third member of the Arbitration Panel will be selected by the two (2) members of the Arbitration Panel who
were selected by Landlord and Tenant; provided, that if, within five (5) Business Days after they are identified, they fail to select a third member, or if they are unable to agree on such selection, Landlord and Tenant shall cause the
third member of the Arbitration Panel to be appointed by the managing officer of the American Arbitration Association. 
 (b) Within ten
(10) Business Days after the selection of the Arbitration Panel, Landlord and Tenant each shall submit to the Arbitration Panel a written statement identifying its summary of the issues. Landlord and Tenant may also request an evidentiary
hearing on the merits in addition to the submission of written statements. The Arbitration Panel shall make its decision within twenty (20) days after the later of (i) the submission of such written statements, and (ii) the conclusion
of any evidentiary hearing on the merits. The Arbitration Panel shall reach its decision by majority vote and shall communicate its decision by written notice to Landlord and Tenant. 

(c) The decision by the Arbitration Panel shall be final, binding and conclusive and shall be
non-appealable and enforceable in any court having jurisdiction. All hearings and proceedings held by the Arbitration Panel shall take place in New York, New York unless otherwise mutually agreed by the
Parties and the Arbitration Panel. 
 (d) The resolution procedure described herein shall be governed by the Commercial Rules of the American
Arbitration Association and the Procedures for Large, Complex, Commercial Disputes in effect as of the Commencement Date. 
 (e) Landlord and
Tenant shall bear equally the fees, costs and expenses of the Arbitration Panel in conducting any arbitration described in this Section 34.2. 

ARTICLE XXXV 
 NOTICES

 Any notice, request, demand, consent, approval or other communication required or permitted to be given by either Party hereunder to
the other Party shall be in writing and shall be sent by registered or certified mail, postage prepaid and return receipt requested, by hand delivery or express courier service, by email transmission or by an overnight express service to the
following address: 

  
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	To Tenant:	  	To Landlord:
		
	 CEOC, LLC
 One Caesars Palace Drive

Las Vegas, NV 89109
 Attention: General Counsel

Email: corplaw@caesars.com
	  	 c/o VICI Properties Inc.
 8329 West Sunset Road,
Suite 210
 Las Vegas, NV 89113
 Attention: General Counsel

Email: corplaw@viciproperties.com

 or to such other address as either Party may hereafter designate. Notice shall be deemed to have been given on the date of
delivery if such delivery is made on a Business Day, or if not, on the first Business Day after delivery. If delivery is refused, Notice shall be deemed to have been given on the date delivery was first attempted. Notice sent by email shall be
deemed given only upon an independent, non-automated confirmation from the recipient acknowledging receipt. 

ARTICLE XXXVI 
 END OF
TERM SUCCESSOR ASSET TRANSFER 
 36.1 Transfer of Tenant’s Successor Assets and Operational Control of the
Leased Property. Upon the written request of Landlord, upon the Stated Expiration Date (or earlier (x) termination of this Lease in its entirety pursuant to Section 14.2(a) or (y) consensual termination of
this Lease) Landlord and Tenant shall comply with the remainder of this Article XXXVI, pursuant to which, among other things, (i) Tenant (and its Subsidiaries, as applicable) shall transfer (or cause to be transferred), upon the date
required under this Article XXXVI, all of Tenant’s Pledged Property, subject to Section 36.2 with respect to Intellectual Property (collectively, the “Successor Assets”), to a successor lessee
(or lessees) of the Leased Property (collectively, the “Successor Tenant”) designated by Landlord, in exchange for a sum (the “Successor Assets FMV”) which shall be paid by the Successor Tenant to Tenant and be
determined in accordance with the penultimate sentence of this Section 36.1 and/or (ii) Tenant (and its Subsidiaries, as applicable) shall stay in occupancy of the Leased Property following the Expiration Date and
continue to operate the Facility, collect and retain revenue therefrom, and pay Rent, all in the manner required under this Section 36.1, for so long as Landlord is seeking a Successor Tenant in good faith; provided,
however, that Tenant shall have no obligation (unless specifically agreed to by Tenant) to operate the Leased Property (or pay any such Rent) under such arrangement for more than two (2) years after the Expiration Date. For purposes of
clarification, a termination of this Lease in accordance with Section 16.2 and/or the execution of a New Lease in accordance with Section 17.1(f) hereof shall not trigger the provisions set forth
in this Article XXXVI and this Article XXXVI shall not apply in such circumstance. Notwithstanding the occurrence of the Expiration Date, to the extent that this Section 36.1 applies, until such time that
Tenant transfers the Successor Assets to a Successor Tenant (or, to the extent applicable pursuant to clause (ii) hereinabove), Tenant shall (or shall cause its Subsidiaries, if applicable, to) continue to possess and operate the
Facility (and Landlord shall permit Tenant to maintain possession of the Leased Property (including, if necessary, by means of a written extension of this Lease or license agreement or other written agreement) to the extent necessary to operate the
Facility) in accordance with the applicable terms of this Lease and the course and manner in which Tenant (or its Subsidiaries, if any) had operated the Facility prior to the end of the Term (including, but not limited to, the payment of Rent
hereunder which shall be 

  
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calculated as provided in this Lease, except, that for any period following the last day of the calendar month in which the thirty-fifth
(35th) anniversary of the Commencement Date occurs, the Rent shall be a per annum amount equal to the sum of (A) the amount of the Base Rent hereunder during the Lease Year in which the
Expiration Date occurs, multiplied by the Escalator, and increased on each anniversary of the Expiration Date to be equal to the Rent payable for the immediately preceding year, multiplied by the Escalator, plus (B) the amount of the Variable
Rent hereunder during the Lease Year in which the Expiration Date occurs. If Tenant, on the one hand, and Landlord and/or a Successor Tenant designated by Landlord, on the other hand, cannot agree on the Successor Assets FMV within a reasonable time
not to exceed thirty (30) days after the delivery of the notice described in the first sentence of this Section 36.1, then such Successor Assets FMV shall be determined, and Tenant’s transfer of the Successor
Assets to a Successor Tenant in consideration for a payment in such amount shall be made, in accordance with the provisions of Section 36.3. For avoidance of doubt, it is acknowledged and agreed that if Landlord does not
deliver such notice, then from and after the later of (X) the Expiration Date or (Y) when Tenant shall have vacated the Leased Property in accordance with the requirements of this Lease, Landlord shall have no right in or to any of the
Successor Assets, and the lien granted to Landlord in Tenant’s Pledged Property pursuant to Section 6.3 of this Lease shall terminate. 

36.2 Transfer of Intellectual Property. The Successor Assets shall include the Property Specific IP, the CPLV Trademark License,
the CPLV Trademark Security Agreement and Successor Tenant’s access to the System-wide IP, which access shall be governed by that certain Transition and Management Services Agreement (CPLV). Without limiting the foregoing, Tenant shall, within
thirty (30) days after the occurrence of the notice described in the first sentence of Section 36.1, deliver to Landlord a copy of all CPLV Guest Data and all Property Specific Guest Data; provided, however, that
Tenant shall have the right to retain and use copies of the Property Specific Guest data as required by Legal Requirements, including applicable Gaming Regulations, and with respect to any CPLV Guest Data, Tenant will have no further right, title,
or interest to such CPLV Guest Data and will not be permitted to access such data for marketing, research or other activities by Tenant and unless such data cannot be expunged without destruction of any data that may be retained by the Tenant, must
expunge such data, except that Tenant may retain and deliver to any governmental authority, copies of any such data to the extent required to comply with Legal Requirements, including applicable Gaming Regulations. 

36.3 Determination of Successor Assets FMV. If not effected pursuant to the penultimate sentence of
Section 36.1, then the Successor Assets FMV shall be equal to the applicable Fair Market Property Value thereof. Notwithstanding anything in the contrary in this Article XXXVI, the transfer of the Successor Assets
will be conditioned upon the approval of the applicable regulatory agencies of the transfer of the Gaming Licenses and any other Gaming assets to the Successor Tenant and/or the issuance of new Gaming Licenses as required by applicable Gaming
Regulations and the relevant regulatory agencies both with respect to operating and suitability criteria, as the case may be. 

  
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 36.4 Operation Transfer. Upon designation of a Successor Tenant by Landlord
(pursuant to this Article XXXVI), Tenant shall reasonably cooperate and take all actions reasonably necessary (including providing all reasonable assistance to Successor Tenant) to effectuate the transfer of the Successor Assets and
operational control of the Facility to Successor Tenant in an orderly manner so as to minimize to the maximum extent feasible any disruption to the continued orderly operation of the Facility for its Primary Intended Use. Concurrently with the
transfer of the Successor Assets to Successor Tenant, (i) Tenant shall assign to Successor Tenant (and Successor Tenant shall assume) any then-effective Subleases or other agreements (to the extent such other agreements are assignable) relating
to the Leased Property, and (ii) Tenant shall vacate and surrender the Leased Property to Landlord and/or Successor Tenant in the condition required under this Lease. Notwithstanding the expiration of the Term and anything to the contrary
herein, to the extent that this Article XXXVI applies, unless Landlord consents to the contrary, until such time that Tenant transfers the Successor Assets and operational control of the Facility to a Successor Tenant in accordance with the
provisions of this Article XXXVI, Tenant shall (or shall cause its Subsidiaries to) continue to (and Landlord shall permit Tenant to maintain possession of the Leased Property to the extent necessary to) operate the Facility in accordance
with the applicable terms of this Lease and the course and manner in which Tenant (or its Subsidiaries) has operated the Facility prior to the end of the Term (including, but not limited to, the payment of Rent hereunder at the rate provided in
Section 36.1 (and not subject to Article XIX)); provided, however, that Tenant shall have no obligation (unless specifically agreed to by Tenant) to operate the Facility (or pay any such Rent) under
such arrangement for more than two (2) years after the Expiration Date. 
 ARTICLE XXXVII 

ATTORNEYS’ FEES 
 If
Landlord or Tenant brings an action or other proceeding against the other to enforce or interpret any of the terms, covenants or conditions hereof or any instrument executed pursuant to this Lease, or by reason of any breach or default hereunder or
thereunder, the Party substantially prevailing in any such action or proceeding and any appeal thereupon shall be paid all of its costs and reasonable documented outside attorneys’ fees incurred therein. In addition to the foregoing and other
provisions of this Lease that specifically require Tenant to reimburse, pay or indemnify against Landlord’s attorneys’ fees, Tenant shall pay, as Additional Charges, all of Landlord’s reasonable documented outside attorneys’ fees
incurred in connection with the enforcement of this Lease (except to the extent provided above), including reasonable documented attorneys’ fees incurred in connection with the review, negotiation or documentation of any subletting, assignment,
or management arrangement or any consent requested in connection with such enforcement, and the collection of past due Rent. 
 ARTICLE
XXXVIII 
 BROKERS 

Tenant warrants that it has not had any contact or dealings with any Person or real estate broker which would give rise to the payment of any
fee or brokerage commission in connection with this Lease, and Tenant shall indemnify, protect, hold harmless and defend Landlord from and against any liability with respect to any fee or brokerage commission arising out of any act or omission of
Tenant. Landlord warrants that it has not had any contact or dealings with any Person or real estate broker which would give rise to the payment of any fee or brokerage commission in connection with this Lease, and Landlord shall indemnify, protect,
hold harmless and defend Tenant from and against any liability with respect to any fee or brokerage commission arising out of any act or omission of Landlord. 

  
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 ARTICLE XXXIX 

ANTI-TERRORISM REPRESENTATIONS 

Each Party hereby represents and warrants to the other Party that neither such representing Party nor, to its knowledge, any persons or
entities holding any Controlling legal or beneficial interest whatsoever in it are (i) the target of any sanctions program that is established by Executive Order of the President or published by the Office of Foreign Assets Control, U.S.
Department of the Treasury (“OFAC”); (ii) designated by the President or OFAC pursuant to the Trading with the Enemy Act, 50 U.S.C. App. § 5, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06, the Patriot Act, Public Law 107-56, Executive Order 13224 (September 23, 2001) or any Executive Order of the President issued pursuant to such statutes; or
(iii) named on the following list that is published by OFAC: “List of Specially Designated Nationals and Blocked Persons” (collectively, “Prohibited Persons”). Each Party hereby represents and warrants to the other
Party that no funds tendered to such other Party by such tendering Party under the terms of this Lease are or will be directly or indirectly derived from activities that may contravene U.S. federal, state or international laws and regulations,
including anti-money laundering laws. Neither Party will during the Term of this Lease knowingly engage in any transactions or dealings, or knowingly be otherwise associated with, any Prohibited Persons in connection with the Leased Property. 

ARTICLE XL 
 LANDLORD
REIT PROTECTIONS 
 The Parties intend that Rent and other amounts paid by Tenant hereunder will qualify as “rents from real
property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto and this Lease shall be interpreted consistent with this intent. 

(a) Anything contained in this Lease to the contrary notwithstanding, Tenant shall not without Landlord’s advance written consent
(i) sublet, assign or enter into a management arrangement for the Leased Property on any basis such that the rental or other amounts to be paid by the subtenant, assignee or manager thereunder would be based, in whole or in part, on either
(x) the income or profits derived by the business activities of the subtenant, assignee or manager or (y) any other formula such that any portion of any amount received by Landlord could reasonably be expected to cause any portion of the
amounts to fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto; (ii) furnish or render any services to the subtenant, assignee or manager
or manage or operate the Leased Property so subleased, assigned or managed; (iii) sublet, assign or enter into a management arrangement for the Leased Property to any Person (other than a “taxable REIT subsidiary” (within the meaning
of Section 856(l) of the Code, or any similar or successor provision thereto) of Landlord REIT) in which Tenant, Landlord or PropCo owns an interest, directly or indirectly (by applying constructive ownership rules set forth in Section

  
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856(d)(5) of the Code, or any similar or successor provision thereto); or (iv) sublet, assign or enter into a management arrangement for the Leased Property in any other manner which could
reasonably be expected to cause any portion of the amounts received by Landlord pursuant to this Lease or any Sublease to fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar
or successor provision thereto, or which could reasonably be expected to cause any other income of Landlord to fail to qualify as income described in Section 856(c)(2) of the Code, or any similar or successor provision thereto. As of the end of
each Fiscal Quarter during the Term, Tenant shall deliver to Landlord a certification, in the form attached hereto as Exhibit G, stating that Tenant has reviewed its transactions during such Fiscal Quarter and certifying that Tenant is in
compliance with the provisions of this Article XL. The requirements of this Article XL shall likewise apply to any further sublease, assignment or management arrangement by any subtenant, assignee or manager. 

(b) Anything contained in this Lease to the contrary notwithstanding, the Parties acknowledge and agree that Landlord, in its sole discretion,
may assign this Lease or any interest herein to another Person (including without limitation, a “taxable REIT subsidiary” (within the meaning of Section 856(l) of the Code, or any similar or successor provision thereto)) in order to
maintain Landlord REIT’s status as a “real estate investment trust” (within the meaning of Section 856(a) of the Code, or any similar or successor provision thereto); provided however. Landlord shall be required to
(i) comply with any applicable Legal Requirements related to such transfer and (ii) give Tenant notice of any such assignment; and provided further, that any such assignment shall be subject to all of the rights of Tenant
hereunder. 
 (c) Anything contained in this Lease to the contrary notwithstanding, upon request of Landlord, Tenant shall cooperate with
Landlord in good faith and at no cost or expense (other than de minimis cost) to Tenant, and provide such documentation and/or information as may be in Tenant’s possession or under Tenant’s control and otherwise readily available to Tenant
as shall be reasonably requested by Landlord in connection with verification of Landlord REIT’s “real estate investment trust” (within the meaning of Section 856(a) of the Code, or any similar or successor provision thereto)
compliance requirements. Anything contained in this Lease to the contrary notwithstanding, Tenant shall take such action as may be requested by Landlord from time to time in order to ensure compliance with the Internal Revenue Service requirement
that Rent allocable for purposes of Section 856 of the Code to personal property, if any, at the beginning and end of a calendar year does not exceed fifteen percent (15%) of the total Rent due hereunder as long as such compliance does not
(i) increase Tenant’s monetary obligations under this Lease by more than a de minimis extent or (ii) materially increase Tenant’s nonmonetary obligations under this Lease or (iii) materially diminish Tenant’s rights
under this Lease. 
 ARTICLE XLI 

MISCELLANEOUS 
 41.1
Survival. Anything contained in this Lease to the contrary notwithstanding, all claims against, and liabilities, obligations and indemnities of Tenant or Landlord arising or in respect of any period prior to the Expiration Date shall
survive the Expiration Date. 

  
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 41.2 Severability. Subject to Section 1.2, if any term or
provision of this Lease or any application thereof shall be held invalid or unenforceable, the remainder of this Lease and any other application of such term or provision shall not be affected thereby. 

41.3 Non-Recourse. Tenant specifically agrees to look solely to the Leased Property for
recovery of any judgment from Landlord (and Landlord’s liability hereunder shall be limited solely to its interest in the Leased Property, and no recourse under or in respect of this Lease shall be had against any other assets of Landlord
whatsoever). The provision contained in the foregoing sentence is not intended to, and shall not, limit any right that Tenant might otherwise have to obtain injunctive relief against Landlord, or any action not involving the personal liability of
Landlord. In no event shall either Party ever be liable to the other Party for any indirect, consequential, lost profits, punitive, exemplary, statutory or treble damages suffered from whatever cause (other than, as to all such forms of damages,
(i) if Landlord has terminated this Lease, any damages with respect to Rent or Additional Charges as provided under Section 16.3(a) hereof, (ii) if Landlord has not terminated this Lease, any damages with respect
to Rent or Additional Charges as provided for herein, (iii) any amount of any Required Capital Expenditures not made pursuant to Section 10.5(a)(x) hereof, (iv) damages as provided under
Section 16.3(c) hereof, (v) a claim (including an indemnity claim) for recovery of any such forms of damages that the claiming party is required by a court of competent jurisdiction or the expert to pay to a third
party (other than any damages under or relating to any Fee Mortgage or Fee Mortgage Documents (excluding claims under Section 32.4)) other than to the extent resulting from the claiming party’s gross negligence,
willful misconduct or default hereunder, (vi) to the extent expressly provided under Section 32.4 and (vii) Fee Mortgage Damages), and the Parties acknowledge and agree that the rights and remedies in this Lease,
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. For the avoidance of doubt, (I) any damages of Landlord under or relating to any Fee
Mortgage or Fee Mortgage Documents shall be deemed to be consequential damages hereunder, provided, however that, notwithstanding the foregoing clause (I), it is expressly agreed that the following shall constitute direct damages hereunder:
(w) amounts payable by Tenant pursuant to Section 16.7 resulting from the breach by Tenant of any Additional Fee Mortgagee Requirements, (x) amounts payable by Tenant pursuant to
Section 21.1(i)(iii) in respect of out of pocket costs and expenses (including reasonable legal fees) incurred by a Landlord Indemnified Party (or, to the extent required to be reimbursed by a Landlord Indemnified Party
under a Fee Mortgage Document, incurred by or on behalf of any other Person) to defend (but not to settle or pay any judgment resulting from) any investigative, administrative or judicial proceeding commenced or threatened as a result of a breach by
Tenant of any Additional Fee Mortgagee Requirement, (y) amounts payable by Tenant pursuant to Section 21.1(i)(iii) in respect of any default interest or late fees actually paid by a Landlord Indemnified Party to a Fee
Mortgagee under a Fee Mortgage Document as a result of a payment default by Tenant hereunder (provided that Tenant shall be entitled to a credit against amounts payable under this clause (y) to the extent of any amounts otherwise paid hereunder
in respect of the Overdue Rate or the late charge under Section 3.3 in connection with such payment default) and (z) amounts payable by Tenant pursuant to Section 21.1(i)(ix) (clauses
(w) through (z), collectively, “Fee Mortgage Damages”); provided that, notwithstanding the foregoing but subject to clause (y) above, in no event shall Tenant be required to pay any amounts to repay (or that are
applied to reduce) the principal amount of any loan secured by a Fee Mortgage or any interest or fees on any such loan, and (II) any damages of Tenant under or relating to any Permitted 

  
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Leasehold Mortgage and any related agreements or instruments shall be deemed to be consequential damages hereunder. It is specifically agreed that no constituent member, partner, owner, director,
officer or employee of a Party shall ever be personally liable for any judgment (in respect of obligations under or in connection with this Lease) against, or for the payment of any monetary obligation under or in respect of this Lease, such Party,
to the other Party (provided, this sentence shall not limit the obligations of Guarantor expressly set forth in the MLSA). 
 41.4
Successors and Assigns. This Lease shall be binding upon Landlord and its permitted successors and assigns and, subject to the provisions of Article XXII, upon Tenant and its successors and assigns. 

41.5 Governing Law. (a) THIS LEASE WAS NEGOTIATED IN THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL
RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY. ACCORDINGLY, IN ALL RESPECTS THIS LEASE (AND ANY AGREEMENT FORMED PURSUANT TO THE TERMS HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO PRINCIPLES OR CONFLICTS OF LAW) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA, EXCEPT THAT ALL PROVISIONS HEREOF RELATING TO THE CREATION OF THE LEASEHOLD ESTATE AND ALL REMEDIES
SET FORTH IN ARTICLE XVI RELATING TO RECOVERY OF POSSESSION OF THE LEASED PROPERTY (SUCH AS AN ACTION FOR UNLAWFUL DETAINER, IN REM ACTION OR OTHER SIMILAR ACTION) SHALL BE CONSTRUED AND ENFORCED ACCORDING TO, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEVADA. 
 (b) EXCEPT FOR (x) DISPUTES SPECIFICALLY PROVIDED IN THIS LEASE TO BE REFERRED TO AN EXPERT VALUATION PROCESS
PURSUANT TO SECTION 34.1 OR ARBITRATION PURSUANT TO SECTION 34.2 AND (y) PROCEEDINGS PERTAINING TO THE PROVISIONS HEREOF RELATING TO THE CREATION OF THE LEASEHOLD ESTATE AND THE EXERCISE OF REMEDIES SET FORTH IN ARTICLE XVI
RELATING TO RECOVERY OF POSSESSION OF THE LEASED PROPERTY (SUCH AS AN ACTION FOR UNLAWFUL DETAINER, IN REM ACTION OR OTHER SIMILAR ACTION), ALL CLAIMS, DEMANDS, CONTROVERSIES, DISPUTES, ACTIONS OR CAUSES OF ACTION OF ANY NATURE OR CHARACTER ARISING
OUT OF OR IN CONNECTION WITH, OR RELATED TO, THIS LEASE, WHETHER LEGAL OR EQUITABLE, KNOWN OR UNKNOWN, CONTINGENT OR OTHERWISE SHALL BE RESOLVED IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURTS
THERETO, OR IF FEDERAL JURISDICTION IS LACKING, THEN IN NEW YORK STATE SUPREME COURT, NEW YORK COUNTY (COMMERCIAL DIVISION) AND ANY APPELLATE COURTS THERETO. 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 NEW YORK, BUT MAY BE SERVED WITH THE SAME EFFECT AS IF THE PARTY IN QUESTION WERE SERVED WITHIN THE STATE OF NEW YORK, BY GIVING NOTICE CONTAINING SUCH SERVICE TO THE INTENDED
RECIPIENT (WITH COPIES TO COUNSEL) IN THE MANNER PROVIDED IN ARTICLE XXXV. THIS PROVISION SHALL SURVIVE AND BE BINDING UPON THE PARTIES AFTER THIS LEASE IS NO LONGER IN EFFECT. 

  
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 41.6 Waiver of Trial by Jury. EACH OF LANDLORD AND TENANT ACKNOWLEDGES THAT IT HAS
HAD THE ADVICE OF COUNSEL OF ITS CHOICE WITH RESPECT TO ITS RIGHTS TO TRIAL BY JURY UNDER THE CONSTITUTION OF THE UNITED STATES AND THE STATES OF NEVADA AND NEW YORK. EACH OF LANDLORD AND TENANT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF
ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (i) ARISING UNDER THIS LEASE (OR ANY AGREEMENT FORMED PURSUANT TO THE TERMS HEREOF) OR (ii) IN ANY MANNER CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF LANDLORD AND TENANT WITH
RESPECT TO THIS LEASE (OR ANY AGREEMENT FORMED PURSUANT TO THE TERMS HEREOF) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH; OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREINAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; EACH OF LANDLORD AND TENANT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY,
AND THAT EITHER PARTY MAY FILE A COPY OF THIS SECTION WITH ANY COURT AS CONCLUSIVE EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

41.7 Entire Agreement. This Lease (including the Exhibits and Schedules hereto), together with the other Lease/MLSA Related
Agreements, collectively constitute the entire and final agreement of the Parties with respect to the subject matter hereof, and may not be changed or modified except by an agreement in writing signed by the Parties. In addition to the foregoing, it
is agreed to by the Parties that no modification to this Lease shall be effective without the written consent of (i) any applicable Fee Mortgagee, to the extent that such a modification would adversely affect such Fee Mortgagee, and
(ii) any applicable Permitted Leasehold Mortgagee, to the extent that such a modification would adversely affect such Permitted Leasehold Mortgagee. Landlord and Tenant hereby agree that all prior or contemporaneous oral understandings,
agreements or negotiations relative to the leasing of the Leased Property (other than the other Lease/MLSA Related Agreements) are merged into and revoked by this Lease (together with the related agreements referenced above). 

41.8 Headings. All captions, titles and headings to sections, subsections, paragraphs, exhibits or other divisions of this
Lease, and the table of contents, are only for the convenience of the Parties and shall not be construed to have any effect or meaning with respect to the other contents of such sections, subsections, paragraphs, exhibits or other divisions, such
other content being controlling as to the agreement among the Parties. 
 41.9 Counterparts. This Lease may be executed in any
number of counterparts, each of which shall be a valid and binding original, but all of which together shall constitute one and the same instrument. This Lease may be effectuated by the exchange of electronic copies of signatures (e.g.,
..pdf), with electronic copies of this executed Lease having the same force and effect as original counterpart signatures hereto for all purposes. 

  
 158 

 41.10 Interpretation. Both Landlord and Tenant have been represented by counsel and
this Lease and every provision hereof has been freely and fairly negotiated. Consequently, all provisions of this Lease shall be interpreted according to their fair meaning and shall not be strictly construed against any party. 

41.11 Deemed Consent. Each request for consent or approval under Sections 9.1, 10.2, 10.3(e),
13.1(a), 13.5, 14.1, 22.1, 22.2 and 22.3 and Article XI of this Lease shall be made in writing to either Tenant or Landlord, as applicable, and shall include all information necessary for Tenant or
Landlord, as applicable, to make an informed decision, and shall include the following in capital, bold and block letters: “FIRST NOTICE - THIS IS A REQUEST FOR CONSENT UNDER THAT CERTAIN LEASE (CPLV). THE FOLLOWING REQUEST REQUIRES A
RESPONSE WITHIN FIFTEEN (15) BUSINESS DAYS OF RECEIPT.” If the party to whom such a request is sent does not approve or reject the proposed matter within fifteen (15) Business Days of receipt of such
notice and all necessary information, the requesting party may request a consent again by delivery of a notice including the following in capital, bold and block letters: “SECOND NOTICE - THIS IS A SECOND REQUEST FOR CONSENT UNDER THAT
CERTAIN LEASE (CPLV). THE FOLLOWING REQUEST REQUIRES A RESPONSE WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT.” If the party to whom such a request is sent does not approve or reject the proposed matter within
five (5) Business Days of receipt of such notice and all necessary information, the requesting party may request a consent again by delivery of a notice including the following in capital, bold and block letters: “FINAL NOTICE -
THIS IS A THIRD REQUEST FOR CONSENT UNDER THAT CERTAIN LEASE (CPLV). THE FOLLOWING REQUEST REQUIRES A RESPONSE WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT. FAILURE TO RESPOND WITHIN FIVE (5) BUSINESS DAYS HEREOF
WILL BE DEEMED AN APPROVAL OF THE REQUEST.” If the party to whom such a request is sent still does not approve or reject the proposed matter within five (5) Business Days of receipt of such final notice, such party shall be
deemed to have approved the proposed matter. Notwithstanding the foregoing, if the MLSA is in effect at the time any such notice is provided to Tenant hereunder, Tenant shall not be deemed to have approved such proposed matter if such notice was not
also addressed and delivered to Manager and CEC in accordance with the MLSA. 
 41.12 Further Assurances. The Parties agree to
promptly sign all documents reasonably requested to give effect to the provisions of this Lease. In addition, Landlord agrees to, at Tenant’s sole cost and expense, reasonably cooperate with all applicable Gaming Authorities and Liquor
Authorities in connection with the administration of their regulatory jurisdiction over Tenant, Tenant’s direct and indirect parent(s) and their respective Subsidiaries, if any, including the provision of such documents and other information as
may be requested by such Gaming Authorities or Liquor Authorities relating to Tenant, Tenant’s direct and indirect parent(s) or any of their respective Subsidiaries, if any, or to this Lease and which are within Landlord’s reasonable
control to obtain and provide. 

  
 159 

 41.13 Gaming Regulations. Notwithstanding anything to the contrary in this Lease,
this Lease and any agreement formed pursuant to the terms hereof are subject to all applicable Gaming Regulations and all applicable laws involving the sale, distribution and possession of alcoholic beverages (the “Liquor Laws”).
Without limiting the foregoing, each of Tenant and Landlord acknowledges that (i) it is subject to being called forward by any applicable Gaming Authority or governmental authority enforcing the Liquor Laws (the “Liquor
Authority”) with jurisdiction over this Lease or the Facility, in each of their discretion, for licensing or a finding of suitability or to file or provide other information, and (ii) all rights, remedies and powers under this Lease
and any agreement formed pursuant to the terms hereof, including with respect to the entry into and ownership and operation of a Gaming Facility, and the possession or control of Gaming equipment, alcoholic beverages or a Gaming License or liquor
license, may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of the Gaming Regulations and Liquor Laws and only to the extent that required approvals (including prior approvals) are obtained from
the requisite governmental authorities. 
 Notwithstanding anything to the contrary in this Lease or any agreement formed pursuant to the
terms hereof, (subject to Section 41.12) each of Tenant, Landlord, and each of Tenant’s or Landlord’s successors and assigns agree to cooperate with each Gaming Authority and each Liquor Authority in connection
with the administration of their regulatory jurisdiction over the Parties, including, without limitation, the provision of such documents or other information as may be requested by any such Gaming Authorities and/or Liquor Authorities relating to
Tenant, Landlord, Tenant’s or Landlord’s successors and assigns or to this Lease or any agreement formed pursuant to the terms hereof. 

If there shall occur a Licensing Event, then the Party with respect to which such Licensing Event occurs shall notify the other Party, 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, the Party with respect to which such Licensing Event has occurred,
shall and shall cause any applicable Affiliates to use commercially reasonable efforts to resolve such Licensing Event within the time period required by the 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 the Party with respect to which such Licensing Event has occurred
cannot otherwise resolve the Licensing Event within the time period required by the applicable Gaming Authorities and any aspect of such Licensing Event is attributable to any Person(s) other than such Party, then such Party shall disassociate with
the applicable Persons to resolve the Licensing Event. It shall be a material breach of this Lease by Landlord if a Licensing Event with respect to Landlord shall occur and is not resolved in accordance with this
Section 41.13 within the later of (i) thirty (30) days or (ii) such additional time period as may be permitted by the applicable Gaming Authorities. 

41.14 Certain Provisions of Nevada Law. Landlord shall, pursuant to Section 108.2405(1)(b) of the Nevada Revised Statutes
(“NRS”), record a written notice of waiver of Landlord’s rights set forth in NRS 108.234 with the office of the recorder of Clark County, Nevada, before the commencement of construction of each work of improvement with respect to the
Leased Property by Tenant or caused by Tenant. Pursuant to NRS 108.2405(2), Landlord shall serve such notice by certified mail, return receipt requested, upon the prime contractor of such work of improvement and all other lien claimants who may
give the owner a notice of right to lien pursuant to NRS 108.245, within ten (10) days after Landlord’s receipt of a notice of right to lien or ten (10) days after the date on which the notice of waiver is recorded. 

  
 160 

 41.15 Intentionally Omitted. 

41.16 Intentionally Omitted. 

41.17 Savings Clause. If for any reason this Lease is determined by a court of competent jurisdiction to be invalid as to any
space that would otherwise be a part of the Leased Property and that is subject to a pre-existing lease as of the Effective Date (between Tenant’s predecessor in interest prior to the Effective Date, as
landlord, and a third party as tenant), then Landlord shall be deemed to be the landlord under such pre-existing lease, and the Parties agree that Tenant shall be deemed to be the collection agent for Landlord
for purposes of collecting rent and other amounts payable by the tenant under such pre-existing lease and shall remit the applicable collected amounts to Landlord. In such event, the Rent payable hereunder
shall be deemed to be reduced by any amounts so collected by Tenant and remitted to Landlord with respect to any such pre-existing lease. 

41.18 Integration with Other Documents. Each of Tenant and Landlord acknowledge and agree that certain operating efficiencies
and value will be achieved as a result of Tenant’s and Other Tenants’ lease of the Leased Property and the Other Leased Property and the engagement by Tenant and Other Tenants of Manager under the MLSA and “Manager” under and as
defined in each Other MLSA and the engagement of Manager and/or its Affiliates to operate and manage the Facility, the Other Leased Property and the Other Managed Resorts (as defined in each of the MLSA and the Other MLSA) that would not be possible
to achieve if unrelated managers were engaged to operate each of the Leased Property, the Other Leased Property and the Other Managed Resorts. Each of Tenant and Landlord acknowledge and agree that the Parties would not enter into this Lease (or the
MLSA or the Other MLSA) absent the understanding and agreement of the Parties that the entire ownership, operation, management, lease and lease guaranty relationship with respect to the Leased Property, including (without limitation) the lease of
the Leased Property pursuant to this Lease, the use of the Managed Facilities IP (as defined in the MLSA) and the use of the Total Rewards Program, together with the other related intellectual property arrangements contemplated under the MLSA and
the other covenants, obligations and agreements of the Parties hereunder and under the MLSA, form part of a single integrated transaction. Accordingly, it is the express intention and agreement of each of Tenant and Landlord that (i) each of
the provisions of the MLSA, including the management and lease guaranty rights and obligations thereunder, form part of a single integrated agreement and shall not be or deemed to be separate or severable agreements and (ii) the Parties would
not be entering into this Lease without entering into the MLSA (and vice versa) (or into any of the other Lease/MLSA Related Agreements without entering into all of the Lease/MLSA Related Agreements) and in the event of any bankruptcy, insolvency or
dissolution proceedings in respect of any Party, no Party will reject, move to reject, or join or support any other Party in attempting to reject any one of this Lease or the MLSA or any other Lease/MLSA Related Agreement without rejecting the other
agreement as if each of this Lease and the MLSA and each other Lease/MLSA Related Agreement were one integrated agreement and not separable. 

  
 161 

 41.19 Manager. Each of Tenant and Landlord acknowledge and agree that Manager may
not be terminated as the manager of the Leased Property for any reason except as permitted under the MLSA. 
 41.20 Non-Consented Lease Termination. Each of Tenant and Landlord acknowledge and agree that in the event of a Non-Consented Lease Termination, Article XXI of the
MLSA shall apply and each of the parties shall comply with such Article XXI of the MLSA. 
 41.21 Intentionally
Omitted. 
 41.22 Confidential Information. Each Party hereby agrees to, and to cause its Representatives to, maintain
the confidentiality of all non-public financial, operational or contractual information received pursuant to this Lease; provided that nothing herein shall prevent any Party from disclosing any such non-public information (a) in the case of Landlord, to PropCo 1, PropCo and Landlord REIT and any Affiliate thereof, (b) in the case of Tenant, to CEOC, CEC and any Affiliate thereof, (c) in any
legal, judicial or administrative proceeding or other compulsory process or otherwise as required by applicable Legal Requirements (in which case the disclosing Party shall promptly notify the other Parties, in advance, to the extent permitted by
law), (d) upon the request or demand of any regulatory authority having jurisdiction over a Party or its affiliates (in which case the disclosing Party shall, other than with respect to routine, periodic inspections by such regulatory
authority, promptly notify the other Parties, in advance, to the extent permitted by law), (e) to its Representatives who are informed of the confidential nature of such information and have agreed to keep such information confidential (and the
disclosing Party shall be responsible for such Representatives’ compliance therewith), or to comply with the requirements of an Existing Fee Mortgage or the related Existing Fee Mortgage Documents, in each case as in effect as of the date
hereof (and giving effect to any amendments to such Existing Fee Mortgage Documents that (1) do not increase reporting obligations and do not affect confidentiality requirements or (2) are consented to in writing by Tenant), (f) to
the extent any such information becomes publicly available other than by reason of disclosure by the disclosing Party or any of its respective Representatives in breach of this Section 41.22, (g) to the extent that
such information is received by such Party from a third party that is not, to such Party’s knowledge, subject to confidentiality obligations owing to the other Parties or any of their respective affiliates or related parties, (h) to the
extent that such information is independently developed by such Party or (i) as permitted under the first sentence of Section 23.2(a). Each of the Parties acknowledges that it and its Representatives may receive
material non-public information with respect to the other Party and its Affiliates and that each such Party is aware (and will so advise its Representatives) that federal and state securities laws and other
applicable laws may impose restrictions on purchasing, selling, engaging in transactions or otherwise trading in securities of the other Party and its Affiliates with respect to which such Party or its Representatives has received material non-public information so long as such information remains material non-public information. 

41.23 Time of Essence. TIME IS OF THE ESSENCE OF THIS LEASE AND EACH PROVISION HEREOF IN WHICH TIME OF PERFORMANCE IS
ESTABLISHED. 
 41.24 Consents, Approvals and Notices. 

  
 162 

 (a) All consents and approvals that may be given under this Lease shall, as a condition of their
effectiveness, be in writing. The granting of any consent or approval by Landlord or Tenant to the performance of any act by Tenant or Landlord requiring the consent or approval of Landlord or Tenant under any of the terms or provisions of this
Lease shall relate only to the specified act or acts thereby consented to or approved and, unless otherwise specified, shall not be deemed a waiver of the necessity for such consent or approval for the same or any similar act in the future, and/or
the failure on the part of Landlord or Tenant to object to any such action taken by Tenant or Landlord without the consent or approval of the other Party, shall not be deemed a waiver of their right to require such consent or approval for any
further similar act; and Tenant hereby expressly covenants and agrees that as to all matters requiring Landlord’s consent or approval under any of the terms of this Lease, Tenant shall secure such consent or approval for each and every
happening of the event requiring such consent or approval, and shall not claim any waiver on the part of Landlord of the requirement to secure such consent or approval. 

(b) Each Party acknowledges that in granting any consents, approvals or authorizations under this Lease, and in providing any advice,
assistance, recommendation or direction under this Lease, neither such Party nor any Affiliates thereof guarantee success or a satisfactory result from the subject of such consent, approval, authorization, advice, assistance, recommendation or
direction. Accordingly, each Party agrees that neither such Party nor any of its Affiliates shall have any liability whatsoever to any other Party or any third person by reason of: (i) any consent, approval or authorization, or advice,
assistance, recommendation or direction, given or withheld; or (ii) 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. 

(c) Any notice, report or information required to be delivered by Tenant hereunder may be delivered collectively with any other notices,
reports or information required to be delivered by Tenant hereunder as part of a single report, notice or communication. Any such notice, report or information may be delivered to Landlord by Tenant providing a representative of Landlord with access
to Tenant’s or its Affiliate’s electronic databases or other information systems containing the applicable information and notice that information has been posted on such database or system. 

41.25 No Release of Tenant or Guarantor. Notwithstanding anything to the contrary set forth in this Lease, neither Tenant nor
Guarantor shall be released from their respective obligations under the MLSA, except as and to the extent expressly provided in the MLSA. 

41.26 Suretyship Waivers. Each applicable entity comprising Tenant that is a party hereto hereby irrevocably waives and agrees
not to assert or take advantage of any of the following defenses to any obligation under this Lease or under any other document executed, or to be executed, by it in connection herewith: (i) any defense that may arise by reason of the
incapacity, lack of authority, death or disability of any Person, or revocation or repudiation hereof by any Person, or the failure of any entity comprising Landlord or Tenant to file or enforce a claim or cause of action against any other Person or
the estate (either in administration, 

  
 163 

 
bankruptcy, or any other proceeding) of any other Person; (ii) diligence, presentment, notice of acceptance, notice of dishonor, notice of presentment, or demand for payment of or
performance of the obligations under this Lease or under any other document executed, or to be executed, in connection herewith and all other suretyship defenses generally; (iii) any defense that may arise by reason of any action required by
any statute to be taken against any other entity comprising Tenant; (iv) any defense that may arise by reason of the dissolution or termination of the existence of any other entity comprising Tenant; (v) any defense that may arise by
reason of the voluntary or involuntary liquidation, sale, or other disposition of all or substantially all of the assets of any other entity comprising Tenant; (vi) any defense that may arise by reason of the voluntary or involuntary
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, assignment, composition, or readjustment of, or any similar proceeding affecting, any other entity comprising Tenant, or any of the assets of any other
entity comprising Tenant; (vii) any right of subrogation, indemnity or reimbursement against any other entity comprising Tenant at any time during which a Tenant Event of Default has occurred and is continuing or until all obligations to
Landlord have been irrevocably paid and satisfied in full; (viii) any and all rights and defenses arising out of an election of remedies by Landlord, even though that election of remedies might impair or destroy any right, if any, of any other
entity comprising tenant of subrogation, indemnity or reimbursement; (ix) any defense based upon Landlord’s failure to disclose to any entity comprising Tenant any information concerning any other entity comprising Tenant’s financial
condition or any other circumstances bearing on Tenant’s ability to pay all sums payable under or in respect of this Lease or any other document executed, or to be executed, by it in connection herewith; and (x) any defense based upon any
statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal. Additionally, to the extent permitted by Legal Requirements, each entity
comprising Tenant waives all rights, legal and equitable, it may now or hereafter have to require marshaling of assets or to require foreclosure sales of assets in a particular order, including any rights provided by NRS 100.040 and 100.050, as such
sections may be amended or recodified from time to time. Each successor and assign of each entity comprising Tenant agrees that it shall be bound by the above waiver, as if it had given the waiver itself. 

41.27 Amendments. This Lease may not be amended except by a written agreement executed by all Parties hereto. 

SIGNATURES ON FOLLOWING PAGES 

  
 164 

 IN WITNESS WHEREOF, this Lease (CPLV) has been executed by Landlord and Tenant as of the date
first written above. 
  

			
	LANDLORD:
	
	 CPLV PROPERTY OWNER LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ John Payne

Name: John Payne
 Title:  President

 [Signatures continue on following pages] 

  
 Signature Page to Lease
(CPLV) 

			
	TENANT:
	
	DESERT PALACE LLC,
	a Nevada limited liability company
		
	By:	 	 /s/ Randall Eisenberg

		 	Name: Randall Eisenberg
		 	Title:   Chief Restructuring Officer

  

	
	[Signatures continue on following pages]

  
 Signature Page to Lease
(CPLV) 

			
	CAESARS ENTERTAINMENT
	OPERATING COMPANY, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Randall Eisenberg

		 	Name: Randall Eisenberg
		 	Title:   Chief Restructuring Officer

  

	
	[Signatures continue on following page]

  
 Signature Page to Lease
(CPLV) 

			
	CEOC LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Eric Hession

		 	Name: Eric Hession
		 	Title:   Treasurer

  

  
 Signature Page to Lease
(CPLV) 

 EXHIBIT A 

FACILITY 
  

	1.	Caesar’s Palace Las Vegas (including leasehold interest Octavius Tower), Las Vegas, Nevada. 

  

 EXHIBIT B 

LEGAL DESCRIPTION OF LAND 
 PARCEL 1: 

All of Lot One (1) of Caesars Palace, a Commercial Subdivision, as shown by map thereof on file in Book 46 of Plats, Page 22, in the Office of the County
Recorder, Clark County, Nevada. 
 EXCEPTING THEREFROM that portion as conveyed to Clark County by Deed recorded December 30, 1988, in Book 881230 as
Document No. 00924, of Official Records. 
 FURTHER EXCEPTING THEREFROM that portion of land as conveyed to the State of Nevada by that certain
Quitclaim Deed recorded September 29, 1994 in Book 940929 as Document No. 00684, of Official Records. 
 FURTHER EXCEPTING THEREFROM that portion
of said land as conveyed to the State of Nevada by that Deed recorded September 29, 1994, in Book 940929 as Document No. 00685, of Official Records. 

FURTHER EXCEPTING THEREFROM that portion of said land conveyed to the County of Clark by that Deed recorded November 4, 1997, in Book 971104 as Document
No. 00712, of Official Records. 
 FURTHER EXCEPTING THEREFROM that portion of said land as conveyed to the County of Clark by Deed recorded
June 26, 2003 in Book 20030626 as Document No. 00076, of Official Records. 
 FURTHER EXCEPTING THEREFROM that portion of said land as conveyed to
the County of Clark by Deed recorded November 12, 2003 in Book 20031112 as Document No. 01302, of Official Records. 
 Together with that portion
of Industrial Road as vacated by that certain Order of Vacation recorded April 4, 1996, in Book 960404 as Document No. 00840, of Official Records. 

Together with that portion of Interstate 15 (I-15) and Flamingo Road as described in Quitclaim Deed recorded
May 20, 2005 in Book 20050520 as Document No. 02250 and re-recorded May 31, 2005 in Book 20050531 as Document No. 05514 of Official Records. 

FURTHER EXCEPTING THEREFROM that portion of said land as conveyed to the Clark County by Deed recorded February 13, 2009, in Book 20090213 as Document
No. 03437, of Official Records. 
 FURTHER EXCEPTING THEREFROM that portion of said land as conveyed by Deed recorded May 20, 2011, in Book
20110520 as Document No. 02940, of Official Records. 

  

 TOGETHER WITH that portion as vacated by that certain Order of Vacation, recorded September 11, 2014 as
Document No. 20140911-0001948, of Official Records. 
 PARCEL 2: 

Non exclusive easements and other rights as established and granted by that certain Second Amended and Restated Parking Agreement and Grant of Reciprocal
Easements and Declaration of Covenants dated as February 7, 2003 by and between Caesars Palace Realty Corp., a Nevada corporation, Desert Palace, Inc., a Nevada corporation and Forum Developers Limited Partnership, a Nevada limited partnership
recorded November 18, 2003 as Document No. 1516 in Book 20031118 and by that Assignment and Assumption of by Second Amended and Restated Parking Agreement and Grant of Reciprocal Easements and Declaration of Covenants dated
November 14, 2003, recorded November 18, 2003 as Document No. 1518 in Book 20031118, and amended by that First Amendment to Second Amended and Restated Parking Agreement and Grant of Reciprocal Easements and Declaration of Covenants,
recorded May 3, 2016, in Book 20160503 as Document No. 0002965 in the Official Records, Clark County, Nevada, and amended by that Second Amendment to Second Amended and Restated Parking Agreement and Grant of Reciprocal Easements and
Declaration of Covenants, recorded         , in Book          as Document No.         , in the Official Records, Clark County,
Nevada. 
 PARCEL 3: 

Non-exclusive easements as set forth and created by that certain Declaration of Covenants, Restrictions and Easements,
recorded May 20, 2011, in Book 20110520 as Document No. 002942, for ingress and egress over, under and across the land described therein. Subject to the terms, provisions and conditions set forth in said instrument. 

APN: 162-17-710-002, 004, 005, 162-17-810-002, 003, 004,
162-17-810-009 
 OCTAVIUS TOWER 

PARCEL 1: 
 BEING A PORTION OF LOT 1 AS SHOWN ON A MAP RECORDED
IN BOOK 46, PAGE 22 OF PLATS, CLARK COUNTY, NEVADA OFFICIAL RECORDS, LYING WITHIN PORTIONS OF THE SOUTHEAST QUARTER (SE 1/4) OF SECTION 17 AND NORTHEAST QUARTER (NE 1/4) OF SECTION 20, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M, FURTHER DESCRIBED AS
FOLLOWS: 
 COMMENCING AT THE SOUTHERN MOST PROPERTY CORNER OF SAID LOT 1, SAID CORNER BEING A POINT ON THE NORTHERLY RIGHT-OF-WAY OF FLAMINGO ROAD, FROM WHICH POINT THE SOUTHWEST CORNER OF SOUTHEAST QUARTER (SE 1/4) OF SAID SECTION 17 BEARS NORTH 82°11’42” WEST, 1466.24 FEET; THENCE ALONG THE BOUNDARY OF SAID
LOT 1 AND SAID RIGHT-OF-WAY, NORTH 01°31’56” EAST, 48.00 FEET; THENCE NORTH 88°28’04” WEST, 92.55 FEET; THENCE DEPARTING SAID BOUNDARY AND RIGHT-OF-WAY, NORTH 01°31’56” EAST, 64.36 FEET TO THE POINT OF BEGINNING; 

  

 THENCE NORTH 88°25’15” WEST, 81.28 FEET; THENCE SOUTH 01°34’45” WEST, 9.75 FEET;
THENCE NORTH 88°25’15” WEST, 20.92 FEET; THENCE NORTH 01°34’45” EAST, 9.75 FEET; THENCE NORTH 88°25’15” WEST, 44.74 FEET; THENCE SOUTH 01°34’45” WEST, 21.67 FEET; THENCE NORTH
88°25’15” WEST, 65.60 FEET; THENCE NORTH 01°34’45” EAST, 21.67 FEET; THENCE NORTH 88°25’15” WEST, 44.73 FEET; THENCE SOUTH 01°34’45” WEST, 9.75 FEET; THENCE NORTH 88°25’15” WEST,
20.93 FEET; THENCE NORTH 01°34’45” EAST, 9.75 FEET; THENCE NORTH 88°25’15” WEST, 82.67 FEET; THENCE NORTH 01°34’45” EAST, 124.63 FEET; THENCE SOUTH 88°25’15” EAST, 55.51 FEET; THENCE SOUTH
01°34’45” WEST, 26.49 FEET; THENCE SOUTH 88°25’15” EAST, 11.92 FEET; THENCE NORTH 01°34’45” EAST, 10.41 FEET; THENCE SOUTH 88°25’15” EAST, 19.42 FEET; THENCE SOUTH 01°34’45” WEST,
10.41 FEET; THENCE SOUTH 88°25’15” EAST, 11.92 FEET; THENCE NORTH 01°34’45” EAST, 26.49 FEET; THENCE SOUTH 88°25’15” EAST, 52.75 FEET; THENCE SOUTH 01°34’45” WEST, 28.32 FEET; THENCE SOUTH
88°25’15” EAST, 12.83 FEET; THENCE NORTH 01°34’45” EAST, 31.99 FEET; THENCE SOUTH 88°25’15” EAST, 53.58 FEET; THENCE SOUTH 01°34’45” WEST, 31.99 FEET; THENCE SOUTH 88°25’15” EAST,
8.83 FEET; THENCE NORTH 01°34’45” EAST, 25.82 FEET; THENCE SOUTH 88°25’15” EAST, 37.04 FEET; THENCE SOUTH 01°34’45” WEST, 23.99 FEET; THENCE SOUTH 88°25’15” EAST, 12.29 FEET; THENCE NORTH
01°34’45” EAST, 2.92 FEET; THENCE SOUTH 88°25’15” EAST, 3.42 FEET; THENCE SOUTH 01°34’45” WEST, 4.79 FEET; THENCE SOUTH 88°25’15” EAST, 13.82 FEET; THENCE NORTH 01°34’45” EAST,
4.46 FEET; THENCE SOUTH 88°25’15” EAST, 30.09 FEET; THENCE NORTH 01°34’45” EAST, 2.32 FEET; 
 THENCE SOUTH
88°25’15” EAST, 34.71 FEET; THENCE SOUTH 01°34’45” WEST, 94.32 FEET; THENCE SOUTH 88°25’15” EAST, 0.67 FEET; THENCE SOUTH 01°34’45” WEST, 2.26 FEET; THENCE SOUTH 88°25’15” EAST,
2.08 FEET; THENCE SOUTH 01°34’45” WEST, 6.46 FEET TO THE POINT OF BEGINNING. 
 ALSO KNOWN AS THE PROPERTY DESCRIBED IN THAT CERTAIN RECORD OF
SURVEY MAP, AS SHOWN BY MAP THEREOF ON FILE IN FILE 184 OF SURVEYS, PAGE 17, AS RECORDED IN THE OFFICE OF THE COUNTY RECORDER, CLARK COUNTY, NEVADA. 

PARCEL 2: 
 NON EXCLUSIVE EASEMENTS AND OTHER RIGHTS AS
ESTABLISHED AND GRANTED BY THAT CERTAIN SECOND AMENDED AND RESTATED PARKING AGREEMENT AND GRANT OF RECIPROCAL EASEMENTS AND DECLARATION OF COVENANTS DATED AS FEBRUARY 7, 2003 BY AND BETWEEN CAESARS PALACE REALTY CORP., A NEVADA CORPORATION,
DESERT PALACE, INC., A NEVADA CORPORATION AND FORUM DEVELOPERS LIMITED PARTNERSHIP, A NEVADA LIMITED PARTNERSHIP RECORDED NOVEMBER 18, 2003 AS DOCUMENT NO. 1516 IN BOOK 20031118 AND BY THAT ASSIGNMENT AND ASSUMPTION OF BY SECOND AMENDED AND
RESTATED PARKING AGREEMENT AND GRANT OF RECIPROCAL EASEMENTS AND DECLARATION OF COVENANTS DATED NOVEMBER 14, 2003, RECORDED NOVEMBER 18, 2003 AS DOCUMENT NO. 1518 IN BOOK 20031118, AND AMENDED BY THAT FIRST AMENDMENT TO SECOND AMENDED AND
RESTATED 

  

 
PARKING AGREEMENT AND GRANT OF RECIPROCAL EASEMENTS AND DECLARATION OF COVENANTS, RECORDED MAY 3, 2016, IN BOOK 20160503 AS DOCUMENT NO. 0002965, IN THE OFFICIAL RECORDS, CLARK COUNTY,
NEVADA, AND AMENDED BY THAT SECOND AMENDMENT TO SECOND AMENDED AND RESTATED PARKING AGREEMENT AND GRANT OF RECIPROCAL EASEMENTS AND DECLARATION OF COVENANTS, RECORDED         , IN BOOK
         AS DOCUMENT NO.         , IN THE OFFICIAL RECORDS, CLARK COUNTY, NEVADA. 

PARCEL 3: 
 NON-EXCLUSIVE
EASEMENTS AS SET FORTH IN THAT CERTAIN “DECLARATION OF COVENANTS, RESTRICTIONS AND EASEMENTS”, RECORDED MAY 20, 2011, IN BOOK 20110520 AS DOCUMENT NO. 0002942, OF OFFICIAL RECORDS. 

APN: 162-17-810-010 

  

 EXHIBIT C 

CAPITAL EXPENDITURES REPORT 
 [SEE
ATTACHED] 

  

			
	  
 DRAFT
	  	
		  	

  

																																																																													
	Proposed Form of
Monthly CapEx
Reporting	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Monthly CapEx
Spending and Annual
and Triennial
Covenant Tracking	 	FYE
Dec-18	 	 	FYE
Dec-19	 	 	FYE
Dec-20	 	 	First
Triennial	 	 	Oct-17	 	 	Nov-17	 	 	Dec-17	 	 	Jan-18	 	 	Feb-18	 	 	Mar-18	 	 	Apr-18	 	 	May-18	 	 	Jun-18	 	 	Jul-18	 	 	Aug-18	 	 	Sep-18	 	 	Oct-18	 	 	Nov-18	 	 	Dec-18	 
	 CLV - Caesars Palace LV (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 TAH - Lake Tahoe (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 REN - Harrah’s Reno (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 BAC - Bally’s Atlantic City (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 CAC - Caesars Atlantic City (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 JOL - Harrah’s Joliet (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UHA - Horseshoe Hammond (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UEL - Horseshoe Southern Indiana (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 MET - Harrah’s Metropolis (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 NKC - Harrah’s North Kansas City (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 COU - Harrah’s Council Bluffs (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 HBR - Horseshoe Council Bluffs (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 GBI - Harrah’s Gulf Coast (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UTU - Horseshoe Tunica (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 STU - Tunica Roadhouse (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 LAD - Harrah’s Louisiana Downs (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UBC - Horseshoe Bossier City (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subtotal Leased Properties (Including Gaming Equipment)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
																				
	 CCR - Harrah’s Philadelphia
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 LCI - London Clubs International
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subtotal Non-Leased Properties CapEx
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Excess Over Maximum
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subtotal Non-Leased Properties Applied to Covenant
($10MM A / $30MM T Towards Cap)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
																				
	 Subtotal Property CapEx
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
																				
	 Services Co. CapEx ($25MM A / $75MM T Towards Cap)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: Amount Allocated to CLV, if Any
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: Amount Allocated to Non-CLV, if Any
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
																				
	 Other Corporate / Shared Services CapEx
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: Amount Allocated to CLV, if Any
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: Amount Allocated to Non-CLV, if Any
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
																				
	 Less: 50% of Any Property Spending Constituting MCI (Enter as Negative Value)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: CLV Amount, if Any (Enter as Negative Value)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: Non-CLV Amount, if Any (Enter as Negative
Value)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Amount Towards Annual / Triennial Covenant A (Min $100MM / $495MM + Stub Period
Adj.)
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Less: Services Co. CapEx (Links to Above)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: Amount Allocated to CLV, if Any (Enter as Negative Value)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: Amount Allocated to Non-CLV, if Any (Enter as
Negative Value)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
																				
	 Less: Other Corporate / Shared Services CapEx (Links to Above)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: Amount Allocated to CLV, if Any (Links to Above)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: Amount Allocated to Non-CLV, if Any (Links to
Above)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
																				
	 Less: Non-Leased Properties Applied to Triennial Covenant
A
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
																				
	 Less: Other CapEx Attributable to Non-US or Unrestricted
Subs (Enter as Negative Value)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: CLV Amount, if Any (Enter as Negative Value)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: Non-CLV Amount, if Any (Enter as Negative
Value)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Less: Gaming Equipment CapEx (Enter as Negative Value)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: CLV Amount, if Any (Enter as Negative Value)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Memo: Non-CLV Amount, if Any (Enter as Negative
Value)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		 				 				 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total CapEx Spending Towards Triennial Covenant B (Min $350MM + Stub Period Adj.)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		 				 				 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Triennial Covenant B Amount Attributable to CLV (Min $84MM + Stub Period Adj.)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Triennial Covenant B Amount Attributable to Non-CLV (Min
$255MM + Stub Period Adj.)
	 				 				 				 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 

 Page 1 of 3 

			
	DRAFT	  	
		  	

  

																																																															
	Proposed Form of Monthly CapEx
Reporting	 	FYE	 	 	FYE	 	 	FYE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B&I PORTION OF CAPEX ONLY	 	Dec-18	 	 	Dec-19	 	 	Dec-20	 	 	 	 	Jan-18	 	 	Feb-18	 	 	Mar-18	 	 	Apr-18	 	 	May-18	 	 	Jun-18	 	 	Jul-18	 	 	Aug-18	 	 	Sep-18	 	 	Oct-18	 	 	Nov-18	 	 	Dec-18	 
	 CLV - Caesars Palace LV - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subtotal CLV Lease - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 TAH - Lake Tahoe - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 REN - Harrah’s Reno - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 BAC - Bally’s Atlantic City - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 CAC - Caesars Atlantic City - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 JOL - Harrah’s Joliet - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UHA - Horseshoe Hammond - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UEL - Horseshoe Southern Indiana - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 MET - Harrah’s Metropolis - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 NKC - Harrah’s North Kansas City - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 COU - Harrah’s Council Bluffs - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 HBR - Horseshoe Council Bluffs - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 GBI - Harrah’s Gulf Coast - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UTU - Horseshoe Tunica - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 STU - Tunica Roadhouse - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 LAD - Harrah’s Louisiana Downs - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UBC - Horseshoe Bossier City - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subtotal Non-CLV Lease - B&I CapEx Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 

  

	*	For each lease, annual B&I capex must be equal to or greater than 1% of prior year net revenues. 

Page 2 of 3 

			
	DRAFT	  	
		  	

  

																																																																															
	Proposed Form
of Monthly
CapEx
Reporting	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Revenue
Only	 	QE
Dec-17	 	 	FYE
Dec-18	 	 	FYE
Dec-19	 	 	FYE
Dec-20	 	 	 	 	Oct-17	 	 	Nov-17	 	 	Dec-17	 	 	Jan-18	 	 	Feb-18	 	 	Mar-18	 	 	Apr-18	 	 	May-18	 	 	Jun-18	 	 	Jul-18	 	 	Aug-18	 	 	Sep-18	 	 	Oct-18	 	 	Nov-18	 	 	Dec-18	 
	 CLV - Caesars Palace LV - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subtotal CLV Lease - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
																					
	 TAH - Lake Tahoe - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 REN - Harrah’s Reno - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 BAC - Bally’s Atlantic City - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 CAC - Caesars Atlantic City - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 JOL - Harrah’s Joliet - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UHA - Horseshoe Hammond - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UEL - Horseshoe Southern Indiana - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 MET - Harrah’s Metropolis - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 NKC - Harrah’s North Kansas City - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 COU - Harrah’s Council Bluffs - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 HBR - Horseshoe Council Bluffs - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 GBI - Harrah’s Gulf Coast - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UTU - Horseshoe Tunica - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 STU - Tunica Roadhouse - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 LAD - Harrah’s Louisiana Downs - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 UBC - Horseshoe Bossier City - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subtotal Non-CLV Lease - Net Revenue Only
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 

  

	*	For each lease, annual B&I capex must be equal to or greater than 1% of prior year net revenues.     

Page 3 of 3 

 EXHIBIT D 

FORM OF SCHEDULE CONTAINING ANY ADDITIONS TO OR RETIREMENTS OF 

ANY FIXED ASSETS CONSTITUTING LEASED PROPERTY 

DISPOSAL REPORT 
  

																													
	 Company

Code
	  	 System

Number
	  	 Ext
	  	 Asset
ID
	  	 Asset Description
	  	 Class
	  	 In Svc

Date
	  	 Disposal

Date
	  	 DM
	  	 Acquired

Value
	  	 Current

Accum
	  	 Net

Proceeds
	  	 Gain/Loss

Adjustment
	  	 Realized

Gain/Loss
	  	 GL

ADDITIONS REPORT 
  

																					
	 Project/Job
Number
	  	 System

Number
	  	 GL Asset
Account
	  	 Asset ID
	  	 Accounting
Location
	  	 Asset Description
	  	 PIS Date
	  	 Enter Date
	  	 Est Life
	  	 Acq Value
	  	 Current
Accum

NOTES 

  

 EXHIBIT E 

GROUND LEASED PROPERTY 
 THE LAND REFERRED TO
HEREIN BELOW IS SITUATED IN THE CITY OF LAS VEGAS, IN THE COUNTY OF CLARK, STATE OF NEVADA, AND IS DESCRIBED AS FOLLOWS: 
 PARCEL 1: 

BEING A PORTION OF LOT 1 AS SHOWN ON A MAP RECORDED IN BOOK 46, PAGE 22 OF PLATS, CLARK COUNTY, NEVADA OFFICIAL RECORDS, LYING WITHIN PORTIONS OF THE SOUTHEAST
QUARTER (SE 1/4) OF SECTION 17 AND NORTHEAST QUARTER (NE 1/4) OF SECTION 20, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M, FURTHER DESCRIBED AS FOLLOWS: 

COMMENCING AT THE SOUTHERN MOST PROPERTY CORNER OF SAID LOT 1, SAID CORNER BEING A POINT ON THE NORTHERLY RIGHT-OF-WAY OF FLAMINGO ROAD, FROM WHICH POINT THE SOUTHWEST CORNER OF SOUTHEAST QUARTER (SE 1/4) OF SAID SECTION 17 BEARS NORTH 82°11’42” WEST, 1466.24 FEET; THENCE ALONG THE BOUNDARY OF SAID
LOT 1 AND SAID RIGHT-OF-WAY, NORTH 01°31’56” EAST, 48.00 FEET; THENCE NORTH 88°28’04” WEST, 92.55 FEET; THENCE DEPARTING SAID BOUNDARY AND RIGHT-OF-WAY, NORTH 01°31’56” EAST, 64.36 FEET TO THE POINT OF BEGINNING; 

THENCE NORTH 88°25’15” WEST, 81.28 FEET; THENCE SOUTH 01°34’45” WEST, 9.75 FEET; THENCE NORTH 88°25’15” WEST, 20.92
FEET; THENCE NORTH 01°34’45” EAST, 9.75 FEET; THENCE NORTH 88°25’15” WEST, 44.74 FEET; THENCE SOUTH 01°34’45” WEST, 21.67 FEET; THENCE NORTH 88°25’15” WEST, 65.60 FEET; THENCE NORTH
01°34’45” EAST, 21.67 FEET; THENCE NORTH 88°25’15” WEST, 44.73 FEET; THENCE SOUTH 01°34’45” WEST, 9.75 FEET; THENCE NORTH 88°25’15” WEST, 20.93 FEET; THENCE NORTH 01°34’45” EAST,
9.75 FEET; THENCE NORTH 88°25’15” WEST, 82.67 FEET; THENCE NORTH 01°34’45” EAST, 124.63 FEET; THENCE SOUTH 88°25’15” EAST, 55.51 FEET; THENCE SOUTH 01°34’45” WEST, 26.49 FEET; THENCE SOUTH
88°25’15” EAST, 11.92 FEET; THENCE NORTH 01°34’45” EAST, 10.41 FEET; THENCE SOUTH 88°25’15” EAST, 19.42 FEET; THENCE SOUTH 01°34’45” WEST, 10.41 FEET; THENCE SOUTH 88°25’15” EAST,
11.92 FEET; THENCE NORTH 01°34’45” EAST, 26.49 FEET; THENCE SOUTH 88°25’15” EAST, 52.75 FEET; THENCE SOUTH 01°34’45” WEST, 28.32 FEET; THENCE SOUTH 88°25’15” EAST, 12.83 FEET; THENCE NORTH
01°34’45” EAST, 31.99 FEET; THENCE SOUTH 88°25’15” EAST, 53.58 FEET; THENCE SOUTH 01°34’45” WEST, 31.99 FEET; THENCE SOUTH 88°25’15” EAST, 8.83 FEET; THENCE NORTH 01°34’45” EAST,
25.82 FEET; THENCE SOUTH 88°25’15” EAST, 37.04 FEET; THENCE SOUTH 01°34’45” WEST, 23.99 FEET; THENCE SOUTH 88°25’15” EAST, 12.29 FEET; THENCE NORTH 01°34’45” EAST, 2.92 FEET; THENCE SOUTH
88°25’15” EAST, 3.42 FEET; THENCE SOUTH 01°34’45” WEST, 4.79 FEET; THENCE SOUTH 88°25’15” EAST, 13.82 FEET; THENCE NORTH 01°34’45” EAST, 4.46 FEET; THENCE SOUTH 88°25’15” EAST,
30.09 FEET; THENCE NORTH 01°34’45” EAST, 2.32 FEET; 

  

 THENCE SOUTH 88°25’15” EAST, 34.71 FEET; THENCE SOUTH 01°34’45” WEST, 94.32 FEET;
THENCE SOUTH 88°25’15” EAST, 0.67 FEET; THENCE SOUTH 01°34’45” WEST, 2.26 FEET; THENCE SOUTH 88°25’15” EAST, 2.08 FEET; THENCE SOUTH 01°34’45” WEST, 6.46 FEET TO THE POINT OF BEGINNING. 

ALSO KNOWN AS THE PROPERTY DESCRIBED IN THAT CERTAIN RECORD OF SURVEY MAP, AS SHOWN BY MAP THEREOF ON FILE IN FILE 184 OF SURVEYS, PAGE 17, AS RECORDED IN THE
OFFICE OF THE COUNTY RECORDER, CLARK COUNTY, NEVADA. 
 PARCEL 2: 

NON-EXCLUSIVE EASEMENTS FOR INGRESS AND EGRESS AND PARKING AS ESTABLISHED AND GRANTED BY THAT CERTAIN PARKING AGREEMENT
AND GRANT OF RECIPROCAL EASEMENTS AND DECLARATION OF COVENANTS DATED JUNE 1, 1990 AND RECORDED AS DOCUMENT NO. 00862 IN BOOK 900706 IN THE OFFICIAL RECORDS, CLARK COUNTY, NEVADA, AS AMENDED BY FIRST AMENDMENT TO PARKING AGREEMENT AND GRANT OF
RECIPROCAL EASEMENTS AND DECLARATION OF COVENANTS DATED APRIL 11, 1994 AND RECORDED MAY 17, 1994 AS DOCUMENT NO. 01253 IN BOOK 940517 IN THE OFFICIAL RECORDS, CLARK COUNTY, NEVADA, AS AMENDED BY FIRST AMENDED AND RESTATED PARKING AGREEMENT
AND GRANT OF RECIPROCAL EASEMENTS AND DECLARATION OF COVENANTS DATED AS OF MARCH 31, 1996 BY AND BETWEEN CAESARS PALACE REALTY CORP., A NEVADA CORPORATION, DESERT PALACE, INC., A NEVADA CORPORATION, AND FORUM DEVELOPERS LIMITED PARTNERSHIP, A
NEVADA LIMITED PARTNERSHIP, RECORDED APRIL 26, 1996 AS DOCUMENT NO. 02634 IN BOOK 960426 IN THE OFFICIAL RECORDS, CLARK COUNTY, NEVADA, AS AMENDED BY SECOND AMENDED AND RESTATED PARKING AGREEMENT AND GRANT OF RECIPROCAL EASEMENTS AND
DECLARATION OF COVENANTS DATED AS FEBRUARY 7, 2003 BY AND BETWEEN CAESARS PALACE REALTY CORP., A NEVADA CORPORATION, DESERT PALACE, INC., A NEVADA CORPORATION AND FORUM DEVELOPERS LIMITED PARTNERSHIP, A NEVADA LIMITED PARTNERSHIP RECORDED
NOVEMBER 18, 2003 AS DOCUMENT NO. 1516 IN BOOK 20031118 IN THE OFFICIAL RECORDS, CLARK COUNTY, NEVADA. 
 PARCEL 3: 

NON-EXCLUSIVE EASEMENTS AS SET FORTH IN THAT CERTAIN “DECLARATION OF COVENANTS, RESTRICTIONS AND EASEMENTS”,
RECORDED MAY 20, 2011, IN BOOK 20110520 AS DOCUMENT NO. 0002942, OF OFFICIAL RECORDS. 

  

 EXHIBIT F 

INTENTIONALLY OMITTED 

  

 EXHIBIT G 

FORM OF REIT COMPLIANCE CERTIFICATE 

REIT COMPLIANCE CERTIFICATE 

Date:                     ,
20         
 This REIT Compliance Certificate (this “Certificate”) is given by
Tenant (as defined in that certain Lease (CPLV) (the “Lease”) dated as of [                    , 2017], by and among CPLV Property
Owner LLC, a Delaware limited liability company (together with its successors and assigns, “Landlord”), and Desert Palace LLC, a Nevada limited liability company, Caesars Entertainment Operating Company, Inc., a Delaware
corporation, and CEOC, LLC, a Delaware limited liability company (as successor by merger to Caesars Entertainment Operating Company, Inc.) (collectively, and together with their respective successors and permitted assigns,
“Tenant”), pursuant to Article XL of the Lease. Capitalized terms used herein without definition shall have the meanings set forth in the Lease. 

By executing this Certificate, Tenant hereby certifies to Landlord that Tenant has reviewed its transactions during the Fiscal Quarter
ending [                    ] and for such Fiscal Quarter Tenant is in compliance with the provisions of Article XL of the Lease. Without limiting
the generality of the foregoing, Tenant hereby certifies that for such Fiscal Quarter, Tenant has not, without Landlord’s advance written consent: 
  

	 	(i)	sublet, assigned or entered into a management arrangement for the Leased Property on any basis such that the rental or other amounts to be paid by the subtenant, assignee or manager thereunder would be based, in whole
or in part, on either (x) the income or profits derived by the business activities of the subtenant, assignee or manager or (y) any other formula such that any portion of any amount received by Landlord could reasonably be expected to
cause any portion of the amounts to fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto; 

 

	 	(ii)	furnished or rendered any services to the subtenant, assignee or manager or managed or operated the Leased Property so subleased, assigned or managed; 

 

	 	(iii)	sublet or assigned to, or entered into a management arrangement for the Leased Property with any Person (other than a “taxable REIT subsidiary” (within the meaning of Section 856(l) of the Code, or any
similar or successor provision thereto) of Landlord REIT) in which Tenant, Landlord or PropCo owns an interest, directly or indirectly (by applying constructive ownership rules set forth in Section 856(d)(5) of the Code, or any similar or
successor provision thereto); or 

  

	 	(iv)	sublet, assigned or entered into a management arrangement for the Leased Property in any other manner which could reasonably be expected to cause any portion of the amounts received by Landlord pursuant to the Lease or
any Sublease to fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto, or which could reasonably be expected to cause any other income of Landlord
to fail to qualify as income described in Section 856(c)(2) of the Code, or any similar or successor provision thereto. 

[Remainder of Page Intentionally Left Blank; Signature Page Follows] 

  

 IN WITNESS WHEREOF, this Certificate has been executed by Tenant on
                 day of                         ,
20        . 
  

	
	[                    ]
	
	 Name:
                                         
                   

	 Title:
                                         
                    

  

 EXHIBIT H 

PROPERTY-SPECIFIC IP 
 [SEE
ATTACHED] 

  

																											
	 Mark
	 	 Jurisdiction
	 	Brand	 	Specific/
Enterprise	 	Property	 	App. No. 	 	 	App. Date	 	 	Reg. No. 	 	 	Reg. Date	 	 	Status
	Beijing Noodle No. 9	 	United States of America	 	Caesars	 	Specific	 	CPLV	 	 	77/269189	 	 	 	8/31/2007	 	 	 	3738566	 	 	 	1/19/2010	 	 	Registered
	Seahorse	 	United States of America	 	Caesars	 	Specific	 	CPLV	 	 	78/368060	 	 	 	2/13/2004	 	 	 	2961555	 	 	 	6/7/2005	 	 	Registered
	Color - A Salon	 	Nevada	 	Caesars	 	Specific	 	CPLV	 	 	E0331812009-0	 	 	 	6/11/2009	 	 	 	E0331812009-0	 	 	 	6/11/2009	 	 	Registered
	Alto Bar (Design)	 	United States of America	 	Caesars	 	Specific	 	CPLV	 	 	87/205632	 	 	 	10/17/2016	 	 				 				 	Pending
	Alto	 	Nevada	 	Caesars	 	Specific	 	CPLV	 	 	20170323096-53	 	 	 	7/28/2017	 	 	 	20170323096-53	 	 	 	7/28/2017	 	 	Registered
	Apostrophe	 	United States of America	 	Caesars	 	Specific	 	CPLV	 	 	85/918927	 	 	 	4/30/2013	 	 	 	4557182	 	 	 	6/24/2014	 	 	Registered
	Laurel Collection (Block)	 	United States of America	 	Caesars	 	Specific	 	CPLV	 	 	85/492653	 	 	 	12/12/2011	 	 	 	4,231,389	 	 	 	10/23/2012	 	 	Registered
	Resplendence Starts Here	 	United States of America	 	Caesars	 	Specific	 	CPLV	 	 	85/959040	 	 	 	6/13/2013	 	 	 	4614679	 	 	 	9/30/2014	 	 	Registered
	Roman Plaza	 	United States of America	 	Caesars	 	Specific	 	CPLV	 	 	78/472414	 	 	 	8/24/2004	 	 	 	3106029	 	 	 	6/20/2006	 	 	Registered
	Stripside Cafe & Bar	 	United States of America	 	Caesars	 	Specific	 	CPLV	 	 	87/207585	 	 	 	10/18/2016	 	 	 	5273062	 	 	 	8/22/2017	 	 	Registered
	Tiger Wok & Ramen	 	United States of America	 	Caesars	 	Specific	 	CPLV	 	 	86/401608	 	 	 	9/22/2014	 	 	 	4759136	 	 	 	6/23/2015	 	 	Registered
	Vista Cocktail Lounge (Logo)	 	United States of America	 	Caesars	 	Specific	 	CPLV	 	 	86/562485	 	 	 	3/12/2015	 	 	 	4976084	 	 	 	6/14/2016	 	 	Registered

  

							
	 Domain Name
	  	 Brand
	  	Reg. Date	  	Registry Expiry Date
	vistaloungelasvegas.com	  	Caesars - CPLV	  	2015-03-13	  	2019-03-13
	vistaloungevegas.com	  	Caesars - CPLV	  	2015-03-13	  	2019-03-13
	venuspoolclub.com	  	Caesars - CPLV	  	2008-04-01	  	2020-04-01

 EXHIBIT I 

FORM OF PACE REPORT 
 [SEE
ATTACHED] 

  

					
	

	  		  	Confidential - Subject to Protective Order
	  	 Form of Meeting Sales Pace Report
	  	Property:        Caesars Palace Las Vegas

 Purpose: Contracted convention room nights for specified dates compared to same time in previous years. 

 

																																																																																																																													
	 	 	JAN	 	 	FEB	 	 	MAR	 	 	APR	 	 	MAY	 	 	JUN	 	 	JUL	 	 	AUG	 	 	SEP	 	 	OCT	 	 	NOV	 	 	DEC	 	 	TOTAL	 
	 CURRENT
YEAR
PACE
	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Rate	 	 	Rm
Rev	 	 	Bqt/Rm
Nt	 	 	Bqt
Min	 	 	Rev/Rm
Nt	 	 	Total
Rev	 
	 04/01/2010 for 2010
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2011 for 2011
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2012 for 2012
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2013 for 2013
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2014 for 2014
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2015 for 2015
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2016 for 2016
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2017 for 2017
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 2016 - 2015 % Variance
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
														
	 	 	JAN	 	 	FEB	 	 	MAR	 	 	APR	 	 	MAY	 	 	JUN	 	 	JUL	 	 	AUG	 	 	SEP	 	 	OCT	 	 	NOV	 	 	DEC	 	 	TOTAL	 
	 1 YEAR
PACE
	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Rate	 	 	Rm
Rev	 	 	Bqt/Rm
Nt	 	 	Bqt
Min	 	 	Rev/Rm
Nt	 	 	Total
Rev	 
	 04/01/2010 for 2011
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2011 for 2012
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2012 for 2013
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2013 for 2014
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2014 for 2015
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2015 for 2016
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2016 for 2017
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2017 for 2018
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 2017 - 2016 % Variance
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 	 	  

JAN
	 	 	  

FEB
	 	 	  

MAR
	 	 	  

APR
	 	 	  

MAY
	 	 	  

JUN
	 	 	  

JUL
	 	 	  

AUG
	 	 	  

SEP
	 	 	  

OCT
	 	 	  

NOV
	 	 	  

DEC
	 	 	  

TOTAL
	 
	 2 YEAR
PACE
	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Rate	 	 	Rm
Rev	 	 	Bqt/Rm
Nt	 	 	Bqt
Min	 	 	Rev/Rm
Nt	 	 	Total
Rev	 
	 04/01/2010 for 2012
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2011 for 2013
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2012 for 2014
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2013 for 2015
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2014 for 2016
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2015 for 2017
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2016 for 2018
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2017 for 2019
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 2018 - 2017 % Variance
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
														
	 	 	JAN	 	 	FEB	 	 	MAR	 	 	APR	 	 	MAY	 	 	JUN	 	 	JUL	 	 	AUG	 	 	SEP	 	 	OCT	 	 	NOV	 	 	DEC	 	 	TOTAL	 
	 3 YEAR
PACE
	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Total
Rev	 	 	Rm
Nts	 	 	Rate	 	 	Rm
Rev	 	 	Bqt/Rm
Nt	 	 	Bqt
Min	 	 	Rev/Rm
Nt	 	 	Total
Rev	 
	 04/01/2010 for 2013
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2011 for 2014
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2012 for 2015
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2013 for 2016
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2014 for 2017
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2015 for 2018
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2016 for 2019
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 04/01/2017 for 2020
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 2019 - 2018 % Variance
	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			

 EXHIBIT J 

NEW TOWER LOCATION 
 On file with
the Company. 

  

 EXHIBIT K 

DESCRIPTION OF TITLE POLICY 
 On
file with the Company. 

  

 EXHIBIT L 

Tenant represents and warrants to Landlord as of the Commencement Date that: 
  

	1.	No statement of fact made by Tenant in this Lease or in any of the other Lease/MSLA Related Agreement 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 in any material respect. There is no material fact presently known to Tenant which has not been disclosed to Landlord which adversely affects the Leased Property or this Lease, nor as far as Tenant can
foresee, might reasonably be expected to result in a Material Adverse Effect. 

  

	2.	All financial data, including, without limitation, the statements of cash flow and income and operating expense, that have been delivered by Tenant to Landlord in connection with this Lease, fairly represent the
financial condition of CEC, Tenant and the Leased Property, as applicable, and to the extent prepared or audited by an independent certified public accounting firm, have been prepared in accordance with GAAP or the Uniform System of Accounts
throughout the periods covered, except as disclosed therein. Since the date of such financial statements, there has been no material adverse change in the financial condition, operations or business of the Leased Property or Tenant from that set
forth in said financial statements. 

  

	3.	All information submitted by and on behalf of Tenant to Landlord and in all financial statements, rent rolls, reports, certificates and other documents submitted by or on behalf of Tenant to Landlord in connection with
Landlord’s obligations under the Existing Fee Mortgage Documents or in satisfaction of the terms thereof and all statements of fact made by Tenant in this Lease or in any other Lease/MLSA Related Agreement are, in each case complete and
accurate in all material respects. There has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect that would be
reasonably expected to result in a Material Adverse Effect. Tenant has disclosed to Landlord all material facts known to Tenant and has not failed to disclose any material fact that could cause any CPLV Tenant Provided Information (as defined
in the loan agreement entered into in connection with the Existing Fee Mortgage) or any representation or warranty made herein to be materially misleading which results in any loss, damage, or liability or any out-of-pocket costs and expenses incurred with any claim or action to Landlord or any Existing Fee Mortgagee (and their successors and/or assigns). 

 

	4.	Tenant has obtained all consents and approvals, including all approvals of Governmental Authorities (as defined in the loan agreement entered into in connection with the Existing Fee Mortgage) including Gaming
Authorities, if required, in connection with the execution, delivery and performance by Tenant of this Lease, the MLSA, the other Lease/MSLA Agreement, and the Tenant’s business in which it is now engaged, including the operation of the Leased
Property. All certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits, hospitality licenses, liquor licenses and Gaming Licenses required for the legal use, occupancy and
operation of the Leased Property have been obtained and are in full force and effect (except where any such failure would not reasonably be expected to have a Material Adverse Effect). 

  

	5.	The licenses, permits, and regulatory agreements, approvals and registrations relating to the Leased Property, including the Gaming Licenses, may not be, and have not been, transferred by Tenant, to any location other
than the Leased Property; have not been pledged as collateral security for any other loan or indebtedness that is outstanding as of the Commencement Date (other than a junior lien or pledge in favor of any Permitted Leasehold Mortgagee); and are
held by Tenant, free from restrictions or known conflicts that would materially impair the use or operation of the Leased Property as intended, are in full force and effect and in good standing and are not provisional, conditional or probationary in
any manner (except in each case, to the extent that any such failure would not reasonably be expected to have a Material Adverse Effect). 

  

	6.	Tenant is not in default or violation in any material respect of (i) any order, writ, injunction, decree or demand of any Gaming Authority or (ii) any order, writ, injunction, decree or demand of any
Governmental Authority. There has not been committed by Tenant or any other Person in occupancy of or involved with the operation or use of the Leased Property any act or omission affording the federal government or any other Governmental Authority
the right of forfeiture as against the Leased Property or any part thereof or any monies paid in performance of Tenant’s obligations under this Lease. 

  

	7.	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 Tenant’s knowledge, threatened against or affecting the Tenant, CEC or the
Leased Property, which actions, suits or proceedings, if determined against the Tenant, CEC or the Leased Property, would reasonably be expected to have a Material Adverse Effect. 

For purposes of Exhibit L, “Material Adverse Effect” shall mean any event or condition (which, taken together with any other existing events or
conditions at such time) that has a material adverse effect on (a) the ability of Tenant or CEC, as applicable, to comply with its respective obligations under this Lease or the Lease Guaranty, or (b) the use or operation of the Leased
Property as a hotel and casino, or value of the Leased Property or this Lease. 

  

 EXHIBIT M 

Information that would customarily be included in a confidential offering circular for commercial mortgage pass-through certificates representing beneficial
interests in a mortgage loan relating to a full-service integrated luxury hotel and resort located on the “strip” in Las Vegas, Nevada, provided, that (a) all rents and other revenues from leases and subleases described in such
information shall be consolidated into a single line item, (b) revenues at food and beverage outlets described in such information shall be consolidated into a single line item, and (c) such information shall not include any entertainment
contracts with respect to the Lease Property or the list of the top accounts at the Leased Property. 
 Information set forth in Sections 23.1(b)(i), (ii)
and (iii) hereof. 

  

 SCHEDULE 1 

GAMING LICENSES 
  

													
	 Unique ID
	  	 Legal Entity Name
	  	 License
Category
	  	 Type of License
	  	 Issuing Agency
	  	 State
	  	 Description of
License

	 448
	  	Desert Palace LLC	  	Gaming	  	Gaming License	  	State of Nevada	  	Nevada	  	Caesars Palace Las Vegas

  

 SCHEDULE 2 

GROUND LEASES 
  

	1.	Second Amended and Restated Operating Lease, dated as of the date hereof, between Caesars Octavius, LLC, as landlord, and Landlord (as
successor-in-interest to Desert Palace, Inc.), as tenant. 

  

 SCHEDULE 3 

INITIAL FEE MORTGAGEE REQUIRED REPAIRS 

On file with the Company. 

  

 SCHEDULE 4 

SPECIFIED SUBLEASES 
  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract Date
	  	 File Name

								
	8152	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Avanti	  	Gobbio LLC	  	LEASE AGREEMENT	  	4/1/2014	  	9545 - Caesars Palace - Gobbio LLC - Retail Lease Agreement - Executed Final.pdf
								
	8704	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Avanti	  	GOBBIO, LLC	  	FIRST AMENDMENT TO THE LEASE AGREEMENT	  	7/7/2014	  	Lease Agmt_Caesars Palace and Gobbio_1st Amend_Unexecuted_7.7.14.PDF
								
	14680	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Caesars Palace Octavius Tower	  	Caesars Octavius, LLC	  	AMENDED AND RESTATED OPERATING LEASE BETWEEN CAESARS OCTAVIUS, LLC AND DESERT PALACE, INC.	  	10/11/2013	  	10 - Octavius Operating Lease (Caesars Octavius to Desert Palace).pdf
								
	14932	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Café Americano	  	BISTRO CENTRAL, LV, LLC	  	REVIVAL OF LEASE AGREEMENT	  	6/24/2014	  	VV1 CP Revival of Lease.pdf
								
	14933	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Café Americano	  	Jamil Dib	  	LIMITED SECURED GUARANTY OF LEASE AGREEMENT	  	2/6/2015	  	VV1 CP Guaranty - Dib.pdf
								
	14931	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Café Americano	  	Robert Kang	  	LIMITED SECURED GUARANTY OF LEASE AGREEMENT	  	2/6/2015	  	 VV1 CP Guaranty -
 Kang.pdf

								
	14935	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Café Americano	  	Robert Kang	  	PROMISSORY NOTE	  	2/6/2015	  	VV1 CP Promissory Note - Kang.pdf

															
	 Contract ID
	  	 Debtor(s)
	  	 Property

Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract Date
	  	 File Name

								
	8417	  	Caesars Palace Corporation, Desert Palace LLC	  	Caesars Palace Las Vegas	  	Café Americano	  	Vegas Venture 1, LLC	  	LEASE AGREEMENT	  	1/18/2011	  	Central 24_7 Lease Agreement_(34186729_1).PDF
								
	14929	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Café Americano	  	Vegas Venture 1, LLC	  	LANDLORD CONSENT TO ASSIGNMENT AND ASSUMPTION	  	2/6/2015	  	VV1 CP Consent wo ex.pdf
								
	14934	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Café Americano	  	Vegas Venture 1, LLC	  	MEMORANDUM OF AGREEMENT	  	2/6/2015	  	VV1 CP MOA.pdf
								
	14930	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Café Americano	  	Vegas Venture 1, LLC	  	FIRST AMENDMENT TO LEASE AGREEMENT	  	10/23/2015	  	Vegas Venture - First Amendment Patio Fully Executed.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Café Americano	  	Vegas Venture 1, LLC	  	SIDE LETTER	  	2/6/2015	  	CLV Cafe Americano Side Letter.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Carina	  	Marshall Management Co.	  	LEASE - MARSHALL ROUSSO	  	4/1/1999	  	Carina_Executed Lease.pdf
								
	15227	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Carina	  	THE MARSHALL RETAIL GROUP, LLC	  	FIRST AMENDMENT TO LEASE AGREEMENT	  	3/1/2007	  	img-718101457-0001.pdf
								
	8701	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Carina	  	THE MARSHALL RETAIL GROUP, LLC	  	SECOND AMENDMENT TO LEASE AGREEMENT	  	7/1/2012	  	Lease Agmt_Caesars Palace and Carina_Unexecuted_July 2012.PDF
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Carina	  	THE MARSHALL RETAIL GROUP, LLC	  	NOTICE OF EXERCISE OF THIRD LEASE TERM	  	2/3/2016	  	8 Notice of Exercise of Third Lease Term (thru 1 31 2022).pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Carnevale Gallery	  	Tim Carnevale Co., LLC d/b/a Carnevale Gallery	  	FIRST AMENDMENT TO REVOCABLE LICENSE AGREEMENT	  	2/17/2016	  	CLV Carnevale 1st Am Fully Executed.pdf

  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property

Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract

Date
	  	 File Name

								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Carnevale Gallery	  	 Tim Carnevale Co., LLC
 d/b/a Carnevale
Gallery
	  	REVOCABLE LICENSE AGREEMENT	  	12/15/2015	  	CLV Carnevale Gallery License Agmt Fully Executed.pdf
								
	15252	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Ciao Ciao Café Bar	  	Della Spiga, LLC	  	LEASE AGREEMENT	  	11/1/2004	  	Della SPiga Executed Lease Agmt 11-1-04.pdf
	15253	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Ciao Ciao Café Bar	  	Della Spiga, LLC	  	EXTENSION LETTER	  	1/2/2014	  	Della Spiga Ltr 01-02-2014 re Extension of Lease.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Colosseum Photography	  	Cashman Photo Enterprises of Nevada	  	FIRST AMENDMENT TO LEASE AND CONCESSION AGREEMENT	  	3/31/2010	  	CLV Cashman 1st Am Fully Executed.pdf
								
	8144	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Colosseum Photography	  	Cashman Photo Enterprises of Nevada	  	LEASE AND CONCESSION AGREEMENT	  	4/1/2005	  	CLV Cashman Photo Lease Agreement.pdf
								
	8456	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	DiFara Pizza	  	GUSTO ENTERTAINMENT, LLC	  	RESTAURANT LICENSE AGREEMENT	  	12/19/2014	  	119 TM - Gusto CP Restaurant License Agreement Fully Executed.pdf
								
	8665	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Earl of Sandwich	  	Earl of Sandwich (USA), LLC (“EOS”),	  	EARL OF SANDWICH RESTAURANT FRANCHISE AGREEMENT	  	4/9/2014	  	EOS Franchise Agreement Caesars Palace Las Vegas _Fully Executed.pdf
								
	8523	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Fizz	  	Fizz Vegas, LLC	  	RETAIL LEASE AGREEMENT	  	5/16/2013	  	6969 - Caesars Palace - Fizz Vegas Lease Final 5.16.13 - Fully Executed.pdf
								
	8737	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Forever Flawless	  	SBS Retail Inc. d/b/a Oro Gold	  	LEASE AGREEMENT	  	4/1/2010	  	Oro Gold 03-15-2010 Rev Final.pdf

  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property

Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract

Date
	  	 File Name

								
	8566	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Forever Flawless	  	SBS Retail, Inc. d/b/a Forever Flawless	  	SECOND AMENDMENT TO LEASE AGREEMENT	  	11/4/2013	  	 8792 - Caesars
Palace - SBS-
 Forever Flawless - executed final - 2nd
amendment.pdf

								
	8501	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Forever Flawless	  	SBS Retail, Inc. d/b/a Forever Flawless (f/k/a SBS Retail, Inc. d/b/aOro Gold)	  	FIRST AMENDMENT TO LEASE AGREEMENT	  	5/8/2012	  	5647 - SBS Retail Inc - First Amendment - Executed.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Forever Flawless	  	SBS Retail, Inc. d/b/a Forever Flawless	  	EMAIL EXTENDING TERM	  	1/1/2015	  	CLV SBS Retail Forever Flawless Extension 3-31-2016.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Forever Flawless	  	SBS Retail, Inc. d/b/a Forever Flawless	  	EMAIL EXTENDING TERM	  	2/4/2016	  	CLV SBS Retail Forever Flawless Extension 3-31-2017.pdf
								
	15225	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Goodfellows Shoeshine	  	SLB, Inc. d/b/a Goodfellows Shoeshine of Las Vegas	  	REVOCABLE LICENSE AGREEMENT	  	7/5/2011	  	 img-718101549-

0001.pdf

								
	8553	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Goodfellows Shoeshine	  	SLB, Inc. d/b/a Goodfellows Shoeshine of Las Vegas	  	FIRST AMENDMENT TO REVOCABLE LICENSE AGREEMENT	  	7/1/2013	  	 img-718101602-

0001.pdf

								
	8649	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Gordon Ramsay Pub	  	Gordan Ramsay	  	DEVELOPMENT, OPERATION AND LICENSE AGREEMENT	  	11/1/2011	  	Development Operation and License Agreement - Desert Palace Inc - 01792004 Fully Executed.pdf
								
	8427	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Guy Savoy	  	Irish Royalty Company, icap (Ireland) Limited	  	DEVELOPMENT AND OPERATION AGREEMENT	  	1/21/2005	  	GUY SAVOY Executed Savoy Development & Operations Agreements.pdf

  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property

Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract Date
	  	 File Name

								
	15097	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Guy Savoy	  	Irish Royalty Company, icap (Ireland) Limited	  	LICENSE AGREEMENT	  	9/5/2005	  	Executed Savoy License Agreement.pdf
								
	15098	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Guy Savoy	  	Guy Savoy	  	FIRST AMENDMENT TO THE LICENSE AGREEMENT AND DEVELOPMENT AND OPERATIONS AGREEMENT	  	1/1/2016	  	CLV Guy Savoy 1st Am License Dev Ops Agmt Fully Executed.pdf
								
	15089	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Hertz	  	The Hertz Corporation	  	CONCESSION AGREEMENT	  	12/20/2013	  	Executed Hertz- Caesars Palace Las Vegas Concession Agmt - Signed.pdf
								
	15226	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Hertz	  	The Hertz Corporation	  	FIRST AMENDMENT TO CONCESSION AGREEMENT	  	12/20/2013	  	 img-718101512-

0001.pdf

								
	8717	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Hospitality Kiosks	  	Hospitality Kiosks Incorporated	  	REVOCABLE LICENSE AGREEMENT	  	3/1/2010	  	License AgreementCLV - 3.1.10.pdf
								
	8747	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Hospitality Kiosks	  	Hospitality Kiosks Incorporated	  	FIRST AMENDMENT TO THE REVOCABLE LICENSE AGREEMENT	  	5/29/2013	  	 Revocable License Agmt_Caesars Palace and Hospitality Kiosks Incorporated_1st Amend_5.29.13.

PDF

								
	8569	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	It’s About Time	  	Las Vegas Watch Gallery LLC d/b/a Las Vegas Watch Gallery	  	LAS VEGAS WATCH GALLERY LLC - LEASE AGREEMENT	  	12/13/2013	  	8942 - Las Vegas Watch Gallery LLC - Lease Agreement - Fully Executed.pdf

  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property

Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract

Date
	  	 File Name

								
	8434	  	 Desert
 Palace LLC
	  	Caesars Palace Las Vegas	  	It’s About Time	  	Las Vegas Watch Gallery LLC d/b/a Las Vegas Watch Gallery	  	FIRST AMENDMENT TO THE LEASE AGREEMENT	  	6/1/2014	  	10041 - Las Vegas Watch Gallery LLC - First Amendment to Lease Agreement - Final.pdf
								
	8628	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	King Baby	  	King Baby Studio, Inc.	  	LICENSE AGREEMENT	  	7/9/2012	  	2012-07-12 Executed License Agreement Caesars Palace and King Baby Studio.pdf
								
	15247	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Kodak Roving Photographers	  	Kodak Solaris EIS Inc.	  	REVOCABLE LICENSE AGREEMENT	  	1/1/2014	  	Caesars 1.1.2014 - executed.pdf
								
	15248	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Kodak Roving Photographers	  	Kodak Solaris EIS Inc.	  	AMENDMENT #1 TO REVOCABLE LICENSE AGREEMENT	  	6/24/2014	  	Caesars Amend #1 - 6.24.2014 - executed.pdf
								
	15249	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Kodak Roving Photographers	  	Kodak Solaris EIS Inc.	  	SUBCONTRACTOR CONSENT LETTER	  	1/24/2014	  	Caesars Palace Subcontractor Consent Letter.pdf
								
	8630	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Landau	  	The Hyman Companies, Inc.	  	RETAIL LEASE AGREEMENT	  	9/30/2010	  	Caesars Hyman Executed Landau Kiosk Lease Agmt Sept. 30, 2010.pdf
								
	8629	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Landau	  	The Hyman Companies, Inc.	  	FIRST AMENDMENT TO RETAIL LEASE AGREEMENT	  	10/1/2011	  	Caesars Hyman EXECUTED First Amendment to Lease-10-24-11.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Martin & MacArthur	  	Martin & MacArthur (Nevada), Inc.	  	LEASE	  	8/1/2016	  	CLV Martin & MacArthur Lease Fully Executed.pdf

  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property

Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract

Date
	  	 File Name

								
	8720	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Martin Lawrence	  	Martin Lawrence, LLC	  	LEASE AGREEMENT	  	7/8/2010	  	 Martin Lawrence Lease (Fully Executed)_(341

86731_1).PDF

								
	8721	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Martin Lawrence	  	Martin Lawrence, LLC	  	FIRST AMENDMENT TO LEASE AGREEMENT	  	7/5/2011	  	Martin Lawrence_1st Amendment_07-01-2011_Revised Clean.doc
								
	14519	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Mesa	  	Mesa LV, LLC	  	LICENSE AGREEMENT	  	4/14/2003	  	Executed License Agreement with Extension Letter.pdf
								
	14944	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Mesa	  	Mesa LV, LLC	  	FIRST AMENDMENT TO THE LICENSE AGREEMENT	  	12/22/2015	  	CLV Mesa 1st Am fully executed.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Mesa	  	Mesa LV, LLC	  	LETTER TO EXTEND	  	7/8/2013	  	CLV Mesa Letter to Extend 7.8.13 Revised Through 9.23.2019.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Mesa	  	Mesa LV, LLC	  	LETTER TO EXTEND	  	6/19/2013	  	CLV Mesa Letter to Extend dated 6.19.13.pdf
								
	13779	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Michael Boychuck Salon	  	Michael and Karen Boychuck Management, Inc	  	DEVELOPMENT AND OPERATION AGREEMENT	  	1/15/2007	  	 Doc283826676.
 pdf

								
	8438	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Michael Boychuck Salon	  	Michael and Karen Boychuck Management, Inc.	  	FIRST AMENDMENT TO DEVELOPMENT AND OPERATION AGREEMENT	  	1/15/2014	  	10181 - Michael and Karen Boychuck Management, Inc. - First Amendment - Final.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Montecristo Cigar Bar	  	Malecon Tobacco, LLC	  	FIRST AMENDMENT TO MANAGEMENT AGREEMENT	  	10/1/2016	  	CLV Malecon Cigar 1st Am Fully Executed.pdf

  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property

Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract Date
	  	 File Name

								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Montecristo Cigar Bar	  	Malecon Tobacco, LLC	  	MANAGEMENT AGREEMENT	  	3/1/2016	  	CLV Malecon Cigar Management Agreement 3.1.2016.pdf
								
	8457	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Mr. Chow	  	Mr. Chow of Las Vegas LLC	  	RESTAURANT LICENSE AGREEMENT	  	4/2/2014	  	16 - 11.1.30 Mr. Chow - License Agreement - Fully Executed.PDF
								
	8731	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Nobu	  	Nobu Hospitality LLC	  	HOTEL LICENSE AND COOPERATION AGREEMENT	  	6/24/2011	  	NOBU HOTEL LICENSE AND COOPERATION AGREEMENT (executed).pdf
								
	8746	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Nobu	  	Nobu Hospitality LLC	  	RESTAURANT DEVELOPMENT, OPERATION AND LICENSE AGREEMENT	  	6/24/2011	  	Restaurant Development, Operation and License Agmt_Nobu Hospitality and Desert Palace_6.24.11.PDF
								
	8647	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Noodle No. 9	  	V Gate Investment, Ltd.	  	DEVELOPMENT AND OPERATION AGREEMENT	  	3/15/2007	  	Development and Operation Agmt_Desert Palace and V Gate_3.15.07.PDF
								
	8673	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Numb Cocktail Bar	  	Tasty Cocktails, LLC d/b/a NUMB	  	LEASE AGREEMENT	  	2/2/2010	  	Executed Lease.pdf
								
	8687	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Numb Cocktail Bar	  	TASTY COCKTAILS, LLC d/b/a NUMB	  	FIRST AMENDMENT TO THE LEASE AGREEMENT	  	2/2/2010	  	First Amendment.pdf
								
	8492	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Old Homestead	  	The Original Homestead Restaurant, Inc., d/b/a the “Old Homestead Steakhouse”	  	DEVELOPMENT, OPERATION AND LICENSE AGREEMENT	  	6/21/2011	  	 5301-DNT Acquisition, LLC-

Development, Operation, and License Agmt-

Executed.pdf

  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property

Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract

Date
	  	 File Name

								
	8490	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Olive & Beauty	  	Olive & Beauty c/o Dollar Enterprises LLC	  	LEASE AGREEMENT	  	5/24/2012	  	5187 - Dollar Enterprises, LLC - Lease Agreement - Fully executed.pdf
								
	8567	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Olive & Beauty	  	Olive & Beauty c/o Dollar Enterprises LLC	  	FIRST AMENDMENT TO THE LEASE AGREEMENT	  	9/1/2013	  	 img-718101618-

0001.pdf

								
	8507	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Optica Eyewear	  	Luxury Optical Holdings Co.	  	RETAIL LEASE AGREEMENT	  	9/1/2012	  	5981 - Retail Lease - Optica Caesars Palace - signed.pdf
								
	8645	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Payard	  	Payard Management, LLC	  	 DEVELOPMENT
 AND OPERATION AGREEMENT
	  	6/5/2006	  	 Development and Operation Agmt_Desert Palace and Payard Management_6.

5.06.PDF

								
	14936	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Payard	  	Payard Management, LLC	  	 FIRST
 AMENDMENT TO THE DEVELOPMENT AND
OPERATION AGREEMENT
	  	9/30/2010	  	First Amendment to Development Operation Agreement Payard v1 (2).doc
								
	14872	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Payard	  	Payard Management, LLC	  	SECOND AMENDMENT TO THE DEVELOPMENT AND OPERATION AGREEMENT	  	8/1/2015	  	 CLV Payard 2nd
 Am - Fully Executed.pdf

								
	8587	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Phillips Seafood	  	Phillips Franchising LLC	  	LICENSE AGREEMENT	  	8/14/2014	  	9409 - Phillips Franchising, LLC - License Agreement - Fully Executed.pdf
								
	8758	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Pure Nightclub (assuming for Omnia)	  	Touch, LLC	  	AMENDED AND RESTATED LEASE	  	4/9/2014	  	 Touch LLC Amended and Restated Lease for Pure Nightclub - Fully... _(340972

02_1).PDF

  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property

Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract

Date
	  	 File Name

								
	14890	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Pure Nightclub (assuming for Omnia)	  	Touch, LLC	  	 FIRST
 AMENDMENT

TO AMENDED AND RESTATED LEASE AGREEMENT
 FOR PURE
NIGHTCLUB
	  	6/13/2014	  	10171 Touch Pure CP 1st Am - Fully Executed.pdf
								
	14891	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Pure Nightclub (assuming for Omnia)	  	Touch, LLC	  	SECOND AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT	  	12/5/2014	  	104 TM - Touch CP 2nd Am - Fully Executed.pdf
								
	14937	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Pure Nightclub (assuming for Omnia)	  	Touch, LLC	  	 THIRD AMENDMENT TO AMENDED AND
 RESTATED
LEASE AGREEMENT
	  	6/30/2015	  	166-LG - Touch, LLC - Third Amendment - v4.docx
								
	8646	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Rao’s	  	Rao’s Restaurant Group, LLC	  	 DEVELOPMENT
 AND OPERATION AGREEMENT
	  	3/17/2006	  	 Development and Operation
 Agmt_Desert
Palace and
 Rao’s Restaurant Group_3.17.06.

PDF

								
	14870	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Rao’s	  	Rao’s Restaurant Group, LLC	  	FIRST AMENDMENT TO THE DEVELOPMENT AND OPERATION AGREEMENT	  	11/1/2015	  	CLV Rao’s First Amendment Fully Executed.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Roberto Coin	  	Roberto Coin, Inc.	  	LICENSE AGREEMENT	  	10/13/2015	  	CLV Roberto Coin License Agmt Fully Executed.pdf
								
	8698	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Searsucker	  	Las Vegas Eats, LLC	  	LEASE AGREEMENT	  	6/13/2014	  	 Las Vegas Eats LLC Lease for

Searsucker -
 Fully Executed

(yet to
 open)_(3418673

0_1).PDF

  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property

Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract

Date
	  	 File Name

								
	8724	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Serendipity	  	Moti Partners, LLC	  	DEVELOPMENT, OPERATION AND LICENSE AGREEMENT	  	3/9/2015	  	Moti_Serendipity License Agmt Fully Executed.pdf
								
	8433	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Smashburger	  	Smashburger Franchising LLC	  	FRANCHISE AGREEMENT	  	9/9/2014	  	10014 Smashburger CP Franchise Agreement - Fully Executed.pdf
								
	8418	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	The Forum Shops	  	The Forum Developers Limited Partnership	  	SECOND AMENDED AND RESTATED GROUND LEASE AGREEMENT	  	2/7/2003	  	16 - Second Amended & Restated Ground Lease (Complete) (32936613)_(34170367_1).PDF
								
	8420	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	The Forum Shops	  	The Forum Developers Limited Partnership	  	SECOND AMENDED AND RESTATED PARKING AGREEMENT	  	2/7/2003	  	16 - Second Amended & Restated Parking Agreement (32936615)_(34170365_1).PDF
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	The Forum Shops	  	Forum Shops, LLC	  	FIRST AMENDMENT TO SECOND AMENDED AND RESTATED PARKING AGREEMENT	  	4/29/2016	  	1st Am to 2nd A&R Parking Agreement (Record....pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	The Forum Shops	  	Forum Shops, LLC	  	FIRST AMENDMENT TO SECOND AMENDED AND RESTATED GROUND LEASE	  	9/18/2015	  	CLV Simon 1st Am to 2nd A&R Ground Lease.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	The Forum Shops	  	Forum Shops, LLC	  	SECOND AMENDMENT TO SECOND AMENDED AND RESTATED GROUND LEASE	  	4/14/2016	  	CLV Forum 2nd Am to 2nd A&R Ground Lease Fully Executed.pdf

  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract Date
	  	 File Name

								
	8709	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	The UPS Store	  	C’s Air, LLC d/b/a The UPS Store	  	FIRST AMENDMENT TO LEASE AGREEMENT	  	12/1/2012	  	Lease Agmt_Caesars Palace and UPS Store_1st Amend_12.1.12.PDF
								
	15222	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	The UPS Store	  	C’s Air, LLC d/b/a The UPS Store	  	SECOND AMENDMENT TO LEASE AGREEMENT	  	10/1/2014	  	img-718101740-0001.pdf
								
	8502	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	The UPS Store	  	C’s Air, LLC d/b/a The UPS Store	  	C’S AIR, LLC D/B/A THE UPS STORE LEASE AGREEMENT	  	6/28/2012	  	5694 - C’sAir LLC dba The UPS Store - Lease Agmt - EXECUTED.pdf
								
	15251	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Tickets and Tours	  	Entertainment Benefits Group, LLC	  	TICKET SERVICES AGREEMENT	  	11/1/2013	  	Entertainment Benefits Group - Caesars Palace.pdf
								
	8708	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Travel Plus	  	Cole Retail, Inc.	  	FIRST AMENDMENT TO THE LEASE AGREEMENT	  	4/2/2013	  	Lease Agmt_Caesars Palace and Travel +_1st Amend_4.2.13.PDF
								
	8514	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Travel Plus	  	Cole Retail, Inc. d/b/a Travel +	  	COLE RETAIL, INC. D/B/A TRAVEL + LEASE AGREEMENT	  	10/1/2012	  	6356 - Cole Retail Travel + CLV Lease - signed.pdf
								
	8572	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Travel Plus	  	Viaggi Inc.	  	LEASE AGREEMENT	  	12/9/2013	  	9014 - Viaggi Inc. - Lease Agreement - Final.docx
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Under Armour Store	  	Required Team Gear, LLC	  	CONSTRUCTION AND PURCHASE AGREEMENT	  	4/11/2016	  	CLV Under Armour Fully Executed.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Vista Lounge	  	Gladiator Bar, LLC	  	BAR MANAGEMENT AGREEMENT	  	5/14/2015	  	CLV Vista Bar Mgmt Agmt Fully Executed.pdf
								
	8517	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Vittorio	  	Vittorio LLC	  	LEASE AGREEMENT	  	10/1/2012	  	6412 - Vittorio - Retail Lease - Executed Final.pdf

  

															
	 Contract ID
	  	 Debtor(s)
	  	 Property

Name
	  	 Name of
Operations
	  	 Counterparty
	  	 Description
	  	 Contract

Date
	  	 File Name

								
	8677	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Vittorio	  	Vittorio, LLC d/b/a Vittorio	  	LEASE AGREEMENT	  	11/15/2010	  	Executed Vittorio Lease Agmt 11-15-10.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Vittorio	  	Vittorio, LLC	  	FIRST AMENDMENT TO LEASE	  	7/1/2015	  	194-RE-CLV Vittorio 1st Am - Fully Executed.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Vittorio	  	Vittorio, LLC	  	SECOND AMENDMENT TO LEASE	  	7/1/2015	  	CLV Vittorio 2nd Am Fully Executed.pdf
								
	N/A	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Vittorio	  	Vittorio, LLC	  	THIRD AMENDMENT TO LEASE	  	7/1/2016	  	CLV Vittorio 3d Am Fully Executed.pdf
								
	15250	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Wyndham Kiosks	  	Wyndham Vacation Resorts, Inc.	  	LICENSE AGREEMENT	  	11/1/2006	  	Wyndham Executed Agreement.pdf
								
	8771	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Wyndham Kiosks	  	Wyndham Vacation Resorts, Inc.	  	FIRST AMENDMENT TO LICENSE AGREEMENT	  	11/1/2009	  	Wyndham Vacation Resorts Executed First Amendment.pdf
								
	8554	  	Desert Palace LLC	  	Caesars Palace Las Vegas	  	Wyndham Kiosks	  	Wyndham Vacation Resorts, Inc.	  	SECOND AMENDMENT TO LICENSE AGREEMENT	  	10/1/2013	  	8365 - Wyndham (Caesars Palace) - Second Amendment - Final.pdf

  

 SCHEDULE 5 

RENT ALLOCATION 
  

																									
	 Period
	  	Original
Agreement
Rent/Base Rent
(w/ minimum
Escalator)	 	  	Rent
Allocation	 	  	467 Rent	 	  	467 Rent
Adjustment	 	 	467
Interest	 	 	467 Loan
Balance
Beginning of
Period	 
	 Oct-17
	  	$	13,750,000	 	  	 	0	 	  	 	0	 	  	 	(13,750,000	) 	 	 	(34,375	) 	 	 	(13,750,000	) 
	 Nov-17
	  	 	13,750,000	 	  	 	0	 	  	 	0	 	  	 	(13,750,000	) 	 	 	(68,836	) 	 	 	(27,534,375	) 
	 Dec-17
	  	 	13,750,000	 	  	 	0	 	  	 	0	 	  	 	(13,750,000	) 	 	 	(103,383	) 	 	 	(41,353,211	) 
	 Jan-18
	  	 	13,750,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,561,502	 	 	 	(138,016	) 	 	 	(55,206,594	) 
	 Feb-18
	  	 	13,750,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,561,502	 	 	 	(131,958	) 	 	 	(52,783,108	) 
	 Mar-18
	  	 	13,750,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,561,502	 	 	 	(125,884	) 	 	 	(50,353,564	) 
	 Apr-18
	  	 	13,750,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,561,502	 	 	 	(119,795	) 	 	 	(47,917,945	) 
	 May-18
	  	 	13,750,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,561,502	 	 	 	(113,691	) 	 	 	(45,476,238	) 
	 Jun-18
	  	 	13,750,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,561,502	 	 	 	(107,571	) 	 	 	(43,028,426	) 
	 Jul-18
	  	 	13,750,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,561,502	 	 	 	(101,436	) 	 	 	(40,574,495	) 
	 Aug-18
	  	 	13,750,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,561,502	 	 	 	(95,286	) 	 	 	(38,114,429	) 
	 Sep-18
	  	 	13,750,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,561,502	 	 	 	(89,121	) 	 	 	(35,648,212	) 
	 Oct-18
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(83,627	) 	 	 	(33,450,831	) 
	 Nov-18
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(78,120	) 	 	 	(31,247,955	) 
	 Dec-18
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(72,599	) 	 	 	(29,039,573	) 
	 Jan-19
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(67,064	) 	 	 	(26,825,670	) 
	 Feb-19
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(61,516	) 	 	 	(24,606,231	) 
	 Mar-19
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(55,953	) 	 	 	(22,381,245	) 
	 Apr-19
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(50,377	) 	 	 	(20,150,695	) 
	 May-19
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(44,786	) 	 	 	(17,914,570	) 
	 Jun-19
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(39,182	) 	 	 	(15,672,854	) 
	 Jul-19
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(33,564	) 	 	 	(13,425,534	) 
	 Aug-19
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(27,931	) 	 	 	(11,172,595	) 
	 Sep-19
	  	 	14,025,000	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,286,502	 	 	 	(22,285	) 	 	 	(8,914,025	) 
	 Oct-19
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	 	 	(17,326	) 	 	 	(6,930,307	) 
	 Nov-19
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	 	 	(12,354	) 	 	 	(4,941,631	) 
	 Dec-19
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	 	 	(7,370	) 	 	 	(2,947,982	) 
	 Jan-20
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	 	 	(2,373	) 	 	 	(949,350	) 

																									
	 Period
	  	Original
Agreement
Rent/Base Rent
(w/ minimum
Escalator)	 	  	Rent
Allocation	 	  	467 Rent	 	  	467 Rent
Adjustment	 	  	467
Interest	 	  	467 Loan
Balance
Beginning of
Period	 
	 Feb-20
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	  	 	2,636	 	  	 	1,054,279	 
	 Mar-20
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	  	 	7,657	 	  	 	3,062,917	 
	 Apr-20
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	  	 	12,691	 	  	 	5,076,576	 
	 May-20
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	  	 	17,738	 	  	 	7,095,270	 
	 Jun-20
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	  	 	22,798	 	  	 	9,119,011	 
	 Jul-20
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	  	 	27,870	 	  	 	11,147,811	 
	 Aug-20
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	  	 	32,954	 	  	 	13,181,682	 
	 Sep-20
	  	 	14,305,500	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	2,006,002	 	  	 	38,052	 	  	 	15,220,639	 
	 Oct-20
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	42,446	 	  	 	16,978,583	 
	 Nov-20
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	46,852	 	  	 	18,740,922	 
	 Dec-20
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	51,269	 	  	 	20,507,666	 
	 Jan-21
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	55,697	 	  	 	22,278,828	 
	 Feb-21
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	60,136	 	  	 	24,054,417	 
	 Mar-21
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	64,586	 	  	 	25,834,445	 
	 Apr-21
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	69,047	 	  	 	27,618,924	 
	 May-21
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	73,520	 	  	 	29,407,864	 
	 Jun-21
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	78,003	 	  	 	31,201,275	 
	 Jul-21
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	82,498	 	  	 	32,999,171	 
	 Aug-21
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	87,004	 	  	 	34,801,561	 
	 Sep-21
	  	 	14,591,610	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,719,892	 	  	 	91,521	 	  	 	36,608,457	 
	 Oct-21
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	95,320	 	  	 	38,128,039	 
	 Nov-21
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	99,129	 	  	 	39,651,419	 
	 Dec-21
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	102,947	 	  	 	41,178,608	 
	 Jan-22
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	106,774	 	  	 	42,709,614	 
	 Feb-22
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	110,611	 	  	 	44,244,448	 
	 Mar-22
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	114,458	 	  	 	45,783,120	 
	 Apr-22
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	118,314	 	  	 	47,325,638	 
	 May-22
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	122,180	 	  	 	48,872,012	 
	 Jun-22
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	126,056	 	  	 	50,422,252	 
	 Jul-22
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	129,941	 	  	 	51,976,368	 
	 Aug-22
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	133,836	 	  	 	53,534,369	 
	 Sep-22
	  	 	14,883,442	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,428,060	 	  	 	137,741	 	  	 	55,096,265	 

																									
	 Period
	  	Original
Agreement
Rent/Base Rent
(w/ minimum
Escalator)	 	  	Rent
Allocation	 	  	467 Rent	 	  	467 Rent
Adjustment	 	 	467
Interest	 	  	467 Loan
Balance
Beginning of
Period	 
	 Oct-22
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	140,911	 	  	 	56,364,397	 
	 Nov-22
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	144,089	 	  	 	57,635,699	 
	 Dec-22
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	147,275	 	  	 	58,910,179	 
	 Jan-23
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	150,470	 	  	 	60,187,846	 
	 Feb-23
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	153,672	 	  	 	61,468,707	 
	 Mar-23
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	156,882	 	  	 	62,752,770	 
	 Apr-23
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	160,100	 	  	 	64,040,043	 
	 May-23
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	163,326	 	  	 	65,330,535	 
	 Jun-23
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	166,561	 	  	 	66,624,252	 
	 Jul-23
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	169,803	 	  	 	67,921,204	 
	 Aug-23
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	173,053	 	  	 	69,221,398	 
	 Sep-23
	  	 	15,181,111	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	1,130,391	 	 	 	176,312	 	  	 	70,524,843	 
	 Oct-23
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	178,820	 	  	 	71,527,924	 
	 Nov-23
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	181,334	 	  	 	72,533,513	 
	 Dec-23
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	183,854	 	  	 	73,541,616	 
	 Jan-24
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	186,381	 	  	 	74,552,239	 
	 Feb-24
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	188,913	 	  	 	75,565,389	 
	 Mar-24
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	191,453	 	  	 	76,581,071	 
	 Apr-24
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	193,998	 	  	 	77,599,293	 
	 May-24
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	196,550	 	  	 	78,620,060	 
	 Jun-24
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	199,108	 	  	 	79,643,380	 
	 Jul-24
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	201,673	 	  	 	80,669,257	 
	 Aug-24
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	204,244	 	  	 	81,697,699	 
	 Sep-24
	  	 	15,484,733	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	826,769	 	 	 	206,822	 	  	 	82,728,713	 
	 Oct-24
	  	 	12,635,542	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	3,675,960	 	 	 	216,529	 	  	 	86,611,494	 
	 Nov-24
	  	 	12,635,542	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	3,675,960	 	 	 	226,260	 	  	 	90,503,983	 
	 Dec-24
	  	 	12,635,542	 	  	 	16,425,264	 	  	 	16,311,502	 	  	 	3,675,960	 	 	 	236,016	 	  	 	94,406,203	 
	 Jan-25
	  	 	12,635,542	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(579,215	) 	 	 	245,795	 	  	 	98,318,178	 
	 Feb-25
	  	 	12,635,542	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(579,215	) 	 	 	244,962	 	  	 	97,984,759	 
	 Mar-25
	  	 	12,635,542	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(579,215	) 	 	 	244,126	 	  	 	97,650,507	 
	 Apr-25
	  	 	12,635,542	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(579,215	) 	 	 	243,289	 	  	 	97,315,418	 
	 May-25
	  	 	12,635,542	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(579,215	) 	 	 	242,449	 	  	 	96,979,492	 

																									
	 Period
	  	Original
Agreement
Rent/Base Rent
(w/ minimum
Escalator)	 	  	Rent
Allocation	 	  	467 Rent	 	  	467 Rent
Adjustment	 	 	467
Interest	 	  	467 Loan
Balance
Beginning of
Period	 
	 Jun-25
	  	 	12,635,542	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(579,215	) 	 	 	241,607	 	  	 	96,642,727	 
	 Jul-25
	  	 	12,635,542	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(579,215	) 	 	 	240,763	 	  	 	96,305,119	 
	 Aug-25
	  	 	12,635,542	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(579,215	) 	 	 	239,917	 	  	 	95,966,667	 
	 Sep-25
	  	 	12,635,542	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(579,215	) 	 	 	239,068	 	  	 	95,627,369	 
	 Oct-25
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	237,586	 	  	 	95,034,512	 
	 Nov-25
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	236,100	 	  	 	94,440,173	 
	 Dec-25
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	234,611	 	  	 	93,844,348	 
	 Jan-26
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	233,118	 	  	 	93,247,034	 
	 Feb-26
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	231,621	 	  	 	92,648,226	 
	 Mar-26
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	230,120	 	  	 	92,047,921	 
	 Apr-26
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	228,615	 	  	 	91,446,116	 
	 May-26
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	227,107	 	  	 	90,842,805	 
	 Jun-26
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	225,595	 	  	 	90,237,987	 
	 Jul-26
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	224,079	 	  	 	89,631,657	 
	 Aug-26
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	222,560	 	  	 	89,023,810	 
	 Sep-26
	  	 	12,888,253	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(831,925	) 	 	 	221,036	 	  	 	88,414,445	 
	 Oct-26
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	218,864	 	  	 	87,545,790	 
	 Nov-26
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	216,687	 	  	 	86,674,964	 
	 Dec-26
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	214,505	 	  	 	85,801,961	 
	 Jan-27
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	212,317	 	  	 	84,926,776	 
	 Feb-27
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	210,124	 	  	 	84,049,402	 
	 Mar-27
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	207,925	 	  	 	83,169,835	 
	 Apr-27
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	205,720	 	  	 	82,288,069	 
	 May-27
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	203,510	 	  	 	81,404,099	 
	 Jun-27
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	201,295	 	  	 	80,517,919	 
	 Jul-27
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	199,074	 	  	 	79,629,523	 
	 Aug-27
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	196,847	 	  	 	78,738,906	 
	 Sep-27
	  	 	13,146,018	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,089,690	) 	 	 	194,615	 	  	 	77,846,063	 
	 Oct-27
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	191,720	 	  	 	76,688,068	 
	 Nov-27
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	188,818	 	  	 	75,527,177	 
	 Dec-27
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	185,908	 	  	 	74,363,384	 
	 Jan-28
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	182,992	 	  	 	73,196,682	 

																									
	 Period
	  	Original
Agreement
Rent/Base Rent
(w/ minimum
Escalator)	 	  	Rent
Allocation	 	  	467 Rent	 	  	467 Rent
Adjustment	 	 	467
Interest	 	  	467 Loan
Balance
Beginning of
Period	 
	 Feb-28
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	180,068	 	  	 	72,027,063	 
	 Mar-28
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	177,136	 	  	 	70,854,519	 
	 Apr-28
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	174,198	 	  	 	69,679,045	 
	 May-28
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	171,252	 	  	 	68,500,632	 
	 Jun-28
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	168,298	 	  	 	67,319,272	 
	 Jul-28
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	165,337	 	  	 	66,134,960	 
	 Aug-28
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	162,369	 	  	 	64,947,686	 
	 Sep-28
	  	 	13,408,939	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,352,611	) 	 	 	159,394	 	  	 	63,757,445	 
	 Oct-28
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	155,740	 	  	 	62,296,049	 
	 Nov-28
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	152,077	 	  	 	60,830,999	 
	 Dec-28
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	148,406	 	  	 	59,362,287	 
	 Jan-29
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	144,725	 	  	 	57,889,903	 
	 Feb-29
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	141,035	 	  	 	56,413,839	 
	 Mar-29
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	137,335	 	  	 	54,934,084	 
	 Apr-29
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	133,627	 	  	 	53,450,629	 
	 May-29
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	129,909	 	  	 	51,963,466	 
	 Jun-29
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	126,181	 	  	 	50,472,585	 
	 Jul-29
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	122,445	 	  	 	48,977,977	 
	 Aug-29
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	118,699	 	  	 	47,479,632	 
	 Sep-29
	  	 	13,677,117	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,620,790	) 	 	 	114,944	 	  	 	45,977,542	 
	 Oct-29
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	110,495	 	  	 	44,198,154	 
	 Nov-29
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	106,036	 	  	 	42,414,317	 
	 Dec-29
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	101,565	 	  	 	40,626,021	 
	 Jan-30
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	97,083	 	  	 	38,833,254	 
	 Feb-30
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	92,590	 	  	 	37,036,005	 
	 Mar-30
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	88,086	 	  	 	35,234,264	 
	 Apr-30
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	83,570	 	  	 	33,428,017	 
	 May-30
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	79,043	 	  	 	31,617,255	 
	 Jun-30
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	74,505	 	  	 	29,801,967	 
	 Jul-30
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	69,955	 	  	 	27,982,140	 
	 Aug-30
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	65,394	 	  	 	26,157,763	 
	 Sep-30
	  	 	13,950,660	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(1,894,332	) 	 	 	60,822	 	  	 	24,328,825	 

																									
	 Period
	  	Original
Agreement
Rent/Base Rent
(w/ minimum
Escalator)	 	  	Rent
Allocation	 	  	467 Rent	 	  	467 Rent
Adjustment	 	 	467
Interest	 	 	467 Loan
Balance
Beginning of
Period	 
	 Oct-30
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	55,541	 	 	 	22,216,302	 
	 Nov-30
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	50,246	 	 	 	20,098,498	 
	 Dec-30
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	44,938	 	 	 	17,975,399	 
	 Jan-31
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	39,617	 	 	 	15,846,992	 
	 Feb-31
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	34,283	 	 	 	13,713,265	 
	 Mar-31
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	28,936	 	 	 	11,574,203	 
	 Apr-31
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	23,574	 	 	 	9,429,793	 
	 May-31
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	18,200	 	 	 	7,280,023	 
	 Jun-31
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	12,812	 	 	 	5,124,877	 
	 Jul-31
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	7,411	 	 	 	2,964,345	 
	 Aug-31
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	1,996	 	 	 	798,410	 
	 Sep-31
	  	 	14,229,673	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,173,345	) 	 	 	(3,432	) 	 	 	(1,372,939	) 
	 Oct-31
	  	 	14,514,266	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,457,939	) 	 	 	(9,586	) 	 	 	(3,834,310	) 
	 Nov-31
	  	 	14,514,266	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,457,939	) 	 	 	(15,755	) 	 	 	(6,301,834	) 
	 Dec-31
	  	 	14,514,266	 	  	 	12,140,413	 	  	 	12,056,328	 	  	 	(2,457,939	) 	 	 	(21,939	) 	 	 	(8,775,527	) 
	 Jan-32
	  	 	14,514,266	 	  	 	14,282,838	 	  	 	14,183,915	 	  	 	(330,351	) 	 	 	(28,139	) 	 	 	(11,255,405	) 
	 Feb-32
	  	 	14,514,266	 	  	 	14,282,838	 	  	 	14,183,915	 	  	 	(330,351	) 	 	 	(29,035	) 	 	 	(11,613,895	) 
	 Mar-32
	  	 	14,514,266	 	  	 	14,282,838	 	  	 	14,183,915	 	  	 	(330,351	) 	 	 	(29,933	) 	 	 	(11,973,281	) 
	 Apr-32
	  	 	14,514,266	 	  	 	14,282,838	 	  	 	14,183,915	 	  	 	(330,351	) 	 	 	(30,834	) 	 	 	(12,333,565	) 
	 May-32
	  	 	14,514,266	 	  	 	14,282,838	 	  	 	14,183,915	 	  	 	(330,351	) 	 	 	(31,737	) 	 	 	(12,694,750	) 
	 Jun-32
	  	 	14,514,266	 	  	 	14,282,838	 	  	 	14,183,915	 	  	 	(330,351	) 	 	 	(32,642	) 	 	 	(13,056,839	) 
	 Jul-32
	  	 	14,514,266	 	  	 	14,282,838	 	  	 	14,183,915	 	  	 	(330,351	) 	 	 	(33,550	) 	 	 	(13,419,832	) 
	 Aug-32
	  	 	14,514,266	 	  	 	14,282,838	 	  	 	14,183,915	 	  	 	(330,351	) 	 	 	(34,459	) 	 	 	(13,783,733	) 
	 Sep-32
	  	 	14,514,266	 	  	 	14,282,838	 	  	 	14,183,915	 	  	 	(330,351	) 	 	 	(35,371	) 	 	 	(14,148,544	) 
		  				  				  				  				 				 	$	0	 

 SCHEDULE 6 

LONDON CLUBS 
  

			
	 Property
	  	 Address

		
	Golden Nugget (01120)	  	22 Shaftesbury Avenue, London W1D 7EJ
		
	Sportsman (01110)	  	Old Quebec Street, London W1H 7AF
		
	The Playboy Club/10 Brick Street (01140)	  	14 Old Park Lane, London W1K 1ND
		
	Leicester Square (01180)	  	5-6 Leicester Square, London WC2H 7NA
		
	Southend (01210)	  	Eastern Esplanade, Southend on Sea, Essex SS1 2ZG
		
	Brighton (01220)	  	Brighton Marina Village, Brighton, Sussex BN2 5UT
		
	Manchester (01240)	  	The Great Northern, Watson Street, Manchester M3 4LP
		
	Nottingham (01270)	  	108 Upper Parliament Street, Nottingham NG1 6LF
		
	Glasgow (01250)	  	Springfield Quay, Paisley Road, Glasgow G5 8NP
		
	Leeds (01280)	  	4 The Boulevard, Clarence Dock, Leeds LS10 1PZ

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]