Document:

Hotel and Casino Operations and Hotel Assets Management Agreement

 Exhibit 10.12 
 HOTEL AND CASINO OPERATIONS AND HOTEL ASSETS MANAGEMENT AGREEMENT 
 AMONG

 PROJECT CC, LLC, 
 CITYCENTER HOTEL & CASINO, LLC, 
 MGMMIRAGE, 

AND 

CITYCENTER LAND, LLC 
 FOR 
 CITYCENTER 

LAS VEGAS, NEVADA 
 NOVEMBER 15, 2007 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	 	 DEFINITIONS AND EXHIBITS
	  	 	1	  
			
	1.1	 	 Definitions
	  	 	1	  
			
	1.2	 	 Exhibits
	  	 	1	  
			
	1.3	 	 Construction
	  	 	1	  
			
	ARTICLE 2	 	 TERM
	  	 	1	  
			
	2.1	 	 Term
	  	 	1	  
			
	ARTICLE 3	 	 ENGAGEMENT OF MANAGERS
	  	 	2	  
			
	3.1	 	 Grant of Authority
	  	 	2	  
			
	3.2	 	 Limitations on Authority
	  	 	7	  
			
	3.3	 	 Standard of Care
	  	 	7	  
			
	3.4	 	 Obligations of MGM MIRAGE
	  	 	7	  
			
	3.5	 	 Management of Expansions and Third Party Components
	  	 	8	  
			
	3.6	 	 Central Plant
	  	 	8	  
			
	3.7	 	 Player’s Club
	  	 	8	  
			
	ARTICLE 4	 	 PRE-OPENING ACTIVITIES
	  	 	8	  
			
	4.1	 	 Pre-Opening Services
	  	 	8	  
			
	4.2	 	 Costs and Expenses
	  	 	9	  
			
	4.3	 	 Pre-Opening Budget
	  	 	9	  
			
	4.4	 	 Funding of Pre-Opening Expenses
	  	 	9	  
			
	4.5	 	 Monthly Statements
	  	 	10	  
			
	ARTICLE 5	 	 PAYMENT OF FEES
	  	 	10	  
			
	5.1	 	 Operating Fee
	  	 	10	  
			
	5.2	 	 Time and Manner of Payment
	  	 	10	  
			
	5.3	 	 Payment of Expenses
	  	 	10	  
			
	5.4	 	 Quarterly and Annual Reconciliations
	  	 	11	  
			
	5.5	 	 Interest
	  	 	11	  
			
	ARTICLE 6	 	 OWNER’S OBLIGATIONS
	  	 	11	  
			
	6.1	 	 General Obligations
	  	 	11	  
			
	ARTICLE 7	 	 PERSONNEL
	  	 	13	  
			
	7.1	 	 Hiring of the CityCenter Project Manager
	  	 	13	  
			
	7.2	 	 Hiring of Personnel
	  	 	13	  

  
 i 

							
			
	7.3	 	 Compensation of Personnel
	  	 	13	  
			
	7.4	 	 Personnel Information
	  	 	14	  
			
	7.5	 	 Unions
	  	 	14	  
			
	ARTICLE 8	 	 PROJECT BUDGET
	  	 	14	  
			
	8.1	 	 Submission and Approval of Project Budget
	  	 	14	  
			
	ARTICLE 9	 	 FUNDS AND ACCOUNTS; MAINTENANCE
	  	 	16	  
			
	9.1	 	 Minimum Working Capital Amount
	  	 	16	  
			
	9.2	 	 Replacement Reserve Fund Contribution
	  	 	16	  
			
	9.3	 	 Reserve Fund for Other Project Improvements
	  	 	16	  
			
	9.4	 	 Repairs and Maintenance
	  	 	16	  
			
	9.5	 	 Emergency Repairs
	  	 	17	  
			
	9.6	 	 Enforcement of Guaranties and Warranties
	  	 	17	  
			
	9.7	 	 Replacement Reserve Fund
	  	 	17	  
			
	9.8	 	 Funds Request
	  	 	18	  
			
	9.9	 	 Alternative Sources of Working Capital
	  	 	18	  
			
	9.10	 	 Taxes on Casino and Entertainment Taxes
	  	 	18	  
			
	9.11	 	 Impositions and Insurance Premiums
	  	 	18	  
			
	9.12	 	 Operating Accounts
	  	 	18	  
			
	9.13	 	 Replacement Reserve Fund
	  	 	19	  
			
	9.14	 	 Control and Ownership of Accounts
	  	 	19	  
			
	9.15	 	 Pledge of Credit
	  	 	19	  
			
	ARTICLE 10	 	 BOOKS AND RECORDS
	  	 	19	  
			
	10.1	 	 Maintenance of Books and Records
	  	 	19	  
			
	10.2	 	 Inspection of Books and Records
	  	 	19	  
			
	10.3	 	 Monthly and Quarterly Reports
	  	 	20	  
			
	10.4	 	 Annual Statements
	  	 	20	  
			
	10.5	 	 Audit Right of DW Member
	  	 	20	  
			
	ARTICLE 11	 	 CENTRALIZED SERVICES AND REIMBURSABLE SERVICES
	  	 	21	  
			
	11.1	 	 Non-Reimbursable Centralized Services
	  	 	21	  
			
	11.2	 	 Cost and Expense
	  	 	22	  
			
	11.3	 	 Reimbursable Services
	  	 	22	  
			
	ARTICLE 12	 	 INSURANCE
	  	 	23	  
			
	12.1	 	 Insurance to Be Maintained by Owner During Term
	  	 	23	  

  
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	12.2	 	 Insurance to Be Maintained by Manager During Term
	  	 	23	  
			
	12.3	 	 Waiver of Liability
	  	 	23	  
			
	ARTICLE 13	 	 CONFIDENTIAL INFORMATION
	  	 	23	  
			
	13.1	 	 Confidential Information
	  	 	23	  
			
	ARTICLE 14	 	 MORTGAGES AND FlNANClNG
	  	 	24	  
			
	14.1	 	 Right to Mortgage
	  	 	24	  
			
	14.2	 	 Subordination
	  	 	24	  
			
	14.3	 	 Evidence of Subordination; Delivery of Separate Documents and Instruments
	  	 	24	  
			
	ARTICLE 15	 	 PERFORMANCE TERMINATION
	  	 	24	  
			
	15.1	 	 Performance Test
	  	 	24	  
			
	15.2	 	 Cure Right
	  	 	24	  
			
	ARTICLE 16	 	 DEFAULT AND TERMINATION
	  	 	25	  
			
	16.1	 	 Events of Default
	  	 	25	  
			
	16.2	 	 Excused Non-Performance
	  	 	25	  
			
	16.3	 	 Remedies and Other Termination Rights
	  	 	25	  
			
	16.4	 	 DW Member Enforcement; Termination Rights
	  	 	27	  
			
	16.5	 	 General Manager Termination Rights
	  	 	27	  
			
	16.6	 	 Rights and Obligations on Termination
	  	 	28	  
			
	16.7	 	 WARN Act; 401(k) Compliance
	  	 	29	  
			
	ARTICLE 17	 	 CASUALTY AND CONDEMNATION
	  	 	30	  
			
	17.1	 	 Casualty
	  	 	30	  
			
	17.2	 	 Condemnation
	  	 	30	  
			
	ARTICLE 18	 	 INDEMNIFICATION
	  	 	30	  
			
	18.1	 	 Indemnification by Managers
	  	 	30	  
			
	18.2	 	 Indemnification by Owner
	  	 	31	  
			
	18.3	 	 Survival
	  	 	31	  
			
	ARTICLE 19	 	 REPRESENTATIONS AND WARRANTIES
	  	 	31	  
			
	19.1	 	 Managers’ Representations and Warranties
	  	 	31	  
			
	19.2	 	 Owner’s Representations and Warranties
	  	 	31	  
			
	ARTICLE 20	 	 GENERAL PROVISIONS
	  	 	32	  
			
	20.1	 	 Owner’s Consultants
	  	 	32	  
			
	20.2	 	 Third-Party Operated Areas
	  	 	32	  
			
	20.3	 	 Management of Infrastructure
	  	 	32	  
			
	20.4	 	 Third Party Beneficiaries
	  	 	33	  

  
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	20.5	 	 Guaranty
	  	 	33	  
			
	20.6	 	 Further Actions
	  	 	35	  
			
	20.7	 	 Assignment
	  	 	35	  
			
	20.8	 	 Successors and Assigns
	  	 	35	  
			
	20.9	 	 Waiver
	  	 	36	  
			
	20.10	 	 Approval by Owner
	  	 	36	  
			
	20.11	 	 Severability
	  	 	36	  
			
	20.12	 	 Estoppel Certificate
	  	 	36	  
			
	20.13	 	 Terminology
	  	 	36	  
			
	20.14	 	 Amendment
	  	 	36	  
			
	20.15	 	 Counterparts
	  	 	36	  
			
	20.16	 	 Interpretation
	  	 	36	  
			
	20.17	 	 Survival
	  	 	36	  
			
	20.18	 	 Time of the Essence
	  	 	36	  
			
	20.19	 	 Arbitration; Applicable Law; Dispute Resolution
	  	 	36	  
			
	20.20	 	 Governing Law and Choice of Forum
	  	 	38	  
			
	20.21	 	 Agreement Subject to Nevada Gaming Law and Authorities
	  	 	39	  
			
	20.22	 	 Management and Operations Term Sheet
	  	 	39	  
			
	20.23	 	 WAIVER OF TRIAL BY JURY
	  	 	39	  
			
	20.24	 	 Limitation of Liability
	  	 	39	  
			
	20.25	 	 Use of Affiliates by Manager
	  	 	40	  
			
	20.26	 	 Publicity
	  	 	40	  
			
	20.27	 	 Waivers
	  	 	40	  
			
	20.28	 	 Other Agreements
	  	 	40	  
			
	20.29	 	 Periods of Time
	  	 	40	  
			
	20.30	 	 Attorney’s Fees and Other Costs
	  	 	40	  
			
	20.31	 	 Electronic Signatures
	  	 	41	  
			
	20.32	 	 Relationship of Owner to Manager
	  	 	41	  
			
	20.33	 	 Notices
	  	 	41	  
		 		  			

  
 iv 

 HOTEL AND CASINO OPERATIONS AND HOTEL ASSETS MANAGEMENT 

This Hotel and Casino and Hotel Assets Management Agreement (this “Agreement”) is entered into as of the Effective Date,
by and among CityCenter Hotel & Casino, LLC, a Nevada limited liability company (the “Resort Hotel and Casino Operator”), and Project CC, LLC, a Nevada limited liability company (the “General Manager” and
together with the Resort Hotel and Casino Operator shall be referred to herein, collectively, as the “Managers”, or, individually, as a “Manager”), MGM MIRAGE, a Delaware corporation (“MGM MIRAGE”),
and Owner. The Managers and Owner are sometimes referred to collectively in this Agreement as the “Parties” and individually as a “Party.” 
 RECITALS 
 A. As of the Effective Date, CityCenter Land, LLC, a Nevada
limited liability company (“CCL”), owns the land on which Owner is in the process of constructing the CityCenter Project. 
 B. The Parties desire to enter into this Agreement for the management, including the provision of Pre-Opening Services, of the Resort Hotel and Casino and the Hotel Assets and the Other Project Components
following the completion of their respective constructions. 
 C. Manager is knowledgeable and experienced in the operation and
management of first class hotels of comparable size and scope to the Resort Hotel and Casino and the Hotel Assets. 

AGREEMENT 

NOW THEREFORE in consideration of the recitals, promises and covenants set forth in this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are acknowledged by the Parties, the Parties hereby agree: 
 ARTICLE 1

 DEFINITIONS AND EXHIBITS 
 1.1 Definitions. All capitalized terms not defined herein shall have the meanings assigned to such terms in the Master Glossary of Definitions attached hereto as Exhibit A.

 1.2 Exhibits. The exhibits attached hereto are incorporated in, and deemed to be an integral part of,
this Agreement. 
 1.3 Construction. Whenever the text refers to a “Manager” or
“Managers”, the reference shall include each Manager, jointly and severally. 
 ARTICLE 2 

TERM 
 2.1 Term. This Agreement shall be effective upon full execution and delivery as of the Effective Date. The term of this Agreement shall commence as of the Effective Date, and shall continue
until the first to occur of (i) the termination of this Agreement resulting from an Event of Default or other right of termination set forth in ARTICLE 16, (ii) the termination, dissolution or other liquidation of the Joint Venture,
in accordance with the terms 

  
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of the Joint Venture Agreement, or (iii) the termination of this Agreement resulting from a Performance Test Failure as set forth in ARTICLE 15 (the “Term”).

 ARTICLE 3 
 ENGAGEMENT OF MANAGERS 
 3.1 Grant of Authority

 3.1.1 Resort Hotel and Casino Operator. Except as otherwise specified in this Agreement, the management and operation of the
Resort Hotel and Casino shall be under the exclusive supervision and control of the Resort Hotel and Casino Operator, and the Resort Hotel and Casino Operator shall operate the Resort Hotel and Casino in a proper and efficient manner that is
consistent with the Operating Standard. Except as otherwise specified in the Joint Venture Agreement, this Agreement, and further subject to Section 3.2 and Section 3.3 hereof, the Resort Hotel and Casino Operator shall have
discretion and control, free from interference, interruption, or disturbance, in all matters relating to the management and operation of the Resort Hotel and Casino. Owner’s grant of authority to the Resort Hotel and Casino Operator pursuant to
this Section 3.1.1 with regard to the Resort Hotel and Casino shall specifically include the exclusive power and authority, subject to and consistent with the provisions of this Agreement, the Joint Venture Agreement and the Project
Budget for the Resort Hotel and Casino (including any limitations on authority and duty) to: 
 (a) determine the terms of
admittance for the Resort Hotel and Casino and each portion thereof, charges for rooms and commercial space, charges for entertainment, charges for use of facilities, food and beverages, which rights shall specifically allow Resort Hotel and Casino
Operator, in its reasonable discretion and generally consistent with the business practices of MGM MIRAGE, the Project Budget and the standard of care set forth in Section 3.3, to charge varying rates for Complimentaries to different
customers or groups of customers; provided, however, no amount of deemed revenue attributable to such Complimentaries shall be included in Gross Revenue for purposes of any calculation under this Agreement (including, without limitation determining
the occurrence of a Performance Test Failure); 
 (b) establish all Marker and credit policies designed, among other things, to
minimize the risk of loss; 
 (c) collect and remit to any Governmental and Regulatory Authority all sales, occupancy, value
added, use, LET, excise and similar taxes to be collected by the Resort Hotel and Casino directly from Gaming customers, guests or other customers on all revenues; 
 (d) establish policies concerning the receipt, holding and disbursement of funds, the establishment and maintenance of Operating Accounts and appropriate records management and retention, the procurement
of Operating Supplies and other goods and services and all activities necessary for the operation and management of the Resort Hotel and Casino, as more specifically set forth herein; 

(e) supervise and purchase all Equipment, Operating Supplies and other goods and services as necessary to operate the Resort Hotel and
Casino in accordance with the Project Budget; 
 (f) negotiate and enter into such reasonable contracts, leases, licenses,
arrangements, and concessions agreements for any Resort Hotel and Casino operations, parking, restaurant, bar, or food service operations, retail space, or any other commercial operation in or about the Resort Hotel and Casino as an Operating
Expense, as Resort Hotel and Casino Operator deems reasonably necessary or advisable in connection with the operation of the Resort Hotel and Casino in accordance with this Agreement; 

(g) perform the obligations of Owner, as landlord, or concessionaire, under leases, licenses, and contracts made or granted with respect
to space within the Resort Hotel and Casino; 
 (h) collect rents and other sums collectible under leases, licenses, or
contracts made or granted with respect to space within the Resort Hotel and Casino; 

  
 2 

 (i) subject to Section 7.2, hire, promote, discharge, supervise, train and,
subject to Legal Requirements, determine the terms of employment for the Personnel designated to the Resort Hotel and Casino and determine and implement all personnel policies and practices relating to the Resort Hotel and Casino; 

(j) commence, settle, or compromise, in its name or in the name of Owner, (i) any Claim or litigation required to collect charges, rent
or other income for the Resort Hotel and Casino, or (ii) any legal action or proceeding (or any related group of actions or proceedings) relating to any subject matter of this Agreement and/or the Project Agreements in an amount not exceeding
Five Million Dollars ($5,000,000), it being acknowledged and agreed that Resort Hotel and Casino Operator shall promptly forward notice of any such Claims to the appropriate insurer; 

(k) perform all acts in and about the Resort Hotel and Casino, as reasonably necessary to comply with Legal Requirements, Nevada Gaming
Laws, and/or Insurance Requirements; 
 3.1.2 In addition, Resort Hotel and Casino Operator shall provide the Resort Hotel and
Casino with such advertising, public relations, and promotional services as are judged by it to be reasonably necessary and appropriate in order to promote the name and facilities of the Resort Hotel and Casino, including, but not limited to,
providing assistance in the following areas: 
 (a) developing and implementing the Resort Hotel and Casino’s individual
marketing plan with Owner’s input and consultation, including planning, publicity and internal communications, and organizing and budgeting the Resort Hotel and Casino’s advertising and public relations programs; 

(b) selecting and providing guidance as required for the public relations Personnel; 

(c) consistent with the provisions of Section 20.26, preparing and disseminating news releases for trade and consumer
publications, both national and international; and 
 (d) selecting an advertising agency, if any. 

3.1.3 subject to, and in accordance with, ARTICLE 10 supervise and maintain complete books and records for the Resort Hotel and
Casino consistent with the policies for the wholly owned properties of MGM MIRAGE, Nevada Gaming Laws, and GAAP, as applicable; 

3.1.4 in conjunction with player development programs, provide Complirnentaries and accept Markers from Gaming customers in accordance
with its promotion of Gaming operations at the Resort Hotel and Casino. In the exercise of its reasonable business judgment and in conjunction with player development programs, Resort Hotel and Casino Operator shall obtain from patrons receiving
Markers, to the extent permitted, and in accordance with Nevada Gaming Laws, appropriate documentation in accordance with overall Markers policies established for the casino from time to time; 

3.1.5 collect all charges, rents, Markers and other amounts due on account of the casino and pursue all remedies available pursuant to
Legal Requirements and/or the terms and conditions of relevant contracts, as applicable and necessary, all subject to the standard of care set forth in Section 3.3, from the casino guests, patrons, tenants, subtenants, and other parties
providing exclusive services and concessionaires; 
 3.1.6 to the extent funds are available in the Operating Accounts, transfer
funds from the Operating Accounts to an initial house bank sufficient to begin operation and safely cover all initial wagers and payouts and allocate funds from the Operating Accounts for any further Working Capital necessary, in the conduct of the
casino, to cover and maintain, under all Nevada Gaming Laws, the funds necessary to operate the casino and the Gaming operations therein for steady play and operation by ordinary and high-roller player categories; 

  
 3 

 3.1.7 prepare, maintain and provide, as applicable, any and all reports and information
necessary to comply with Nevada Gaming Laws, including without limitation such audits as may be required on an annual or more frequent basis, conducted by the Company Accountant, all as may be required by the Nevada Gaming Authorities; and

 3.1.8 subject to all Legal Requirements, Resort Hotel and Casino Operator shall, at all times during the Term, be responsible
for and conduct Gaming operations in the casino and all activities necessary or incidental thereto, including, without limitation: 
 (a) Subject to Section 6.1.1, maintain all necessary regulatory authorizations of the Nevada Gaming Authorities; 
 (b) Permit the continued provision of a sports book at the casino; 
 (c) Be
responsible for all accounting, marketing, advertising, special events, surveillance and maintenance associated with the Gaming Equipment and the Gaming operations; 
 (d) Provide supervision in implementing and enforcing policies and procedures in accordance with all Legal Requirements to foster responsible Gaming operations at the casino; 

(e) Conduct the Gaming operations on a twenty-four (24) hour-a-day, seven (7) day-a-week basis unless otherwise consented to
by Owner in Owner’s sole and absolute discretion; 
 (f) Provide appropriate security for the operation of the casino at
all times. All aspects of the casino security shall be the responsibility of the Resort Hotel and Casino Operator; 
 (g)
Ensure that all security and other officers are bonded and insured to the extent that it is consistent with customary practices implemented at the Operator Group Hotels; 
 (h) Provide appropriate safeguards and security with respect to the chips, tokens, player’s cards and other similar items; and 

(i) Consistent with the provisions of Section 3.3 and Section 8.1.5, and subject to the provisions of the Joint
Venture Agreement regarding Major Decisions, take such other actions as may be necessary, acting in the best interest of the Resort Hotel and Casino, to carry out the terms and conditions of this Agreement. 

3.1.9 Resort Hotel and Casino Operator shall be responsible for the maintenance, repair and (if necessary) replacement of the
Surveillance Equipment. All installation, maintenance, repair and replacement of the Surveillance Equipment by Resort Hotel and Casino Operator shall be performed in accordance with the Nevada Gaming Laws. In addition, Resort Hotel and Casino
Operator shall be responsible for the operation of the Surveillance Equipment and shall employ, train and supervise adequate numbers of surveillance personnel. 
 3.1.10 At all times during the Term, the Resort Hotel and Casino shall be promoted as an affiliated “MGM MIRAGE” hotel and as part of the MGM MIRAGE system of hotels, in each case, consistent
with its then-current practices as applicable to the Operator Group Hotels. MGM MIRAGE hereby grants Resort Hotel and Casino Operator the right and license to use the Trademark “MGM MIRAGE” during such period for such purpose and otherwise
for the development, identification, marketing, management and operation of the Resort Hotel and Casino, the Hotel Assets and the Other Project Component pursuant to this Agreement. 

3.1.11 The Resort Hotel and Casino Operator shall be entitled to display MGM MIRAGE’s literature and literature from other MGM
MIRAGE brands in the Resort Hotel and Casino during the Term, as the Resort Hotel and Casino Operator may determine in accordance with the group brand strategy for the Operator Group Hotels from time to time during the Term. 

  
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 3.1.12 The Gaming Equipment is and shall remain Owner’s property at all times during
and following the expiration or earlier termination of the Term. In connection with the Gaming operations, Resort Hotel and Casino Operator shall issue, maintain and circulate such chips, tokens, player’s cards and other similar items in
accordance with Nevada Gaming Laws. 
 3.1.13 Resort Hotel and Casino Operator shall, at all times during the Term, employ a
sufficient number of Personnel to operate the casino and the Gaming operations in accordance with the Operating Standard, and shall provide up-to-date and regular training for all Personnel, including by way of example, security, dealers, pit
managers and monitors for all Gaming operations and Gaming Equipment. 
 3.1.14 General Manager. Except as
otherwise specified in this Agreement, Owner hereby grants General Manager, and General Manager accepts, the sole and exclusive right and authority to act as Owner’s agent for the purpose of supervising the asset management of the Other Project
Component and the Hotel Assets (subject to and in accordance with the Management Agreements). General Manager shall seek to ensure that the Other Project Component and the Hotel Assets are properly operated and managed in accordance with this
Agreement and the Management Agreements, as applicable, while minimizing the risks associated therewith. Except as otherwise specified in this Agreement, and subject to Sections 3.2 and Section 3.3 hereof, General Manager shall
have discretion and control, free from interference, interruption, or disturbance, in all matters relating to the supervision of the operation, asset management and development of the Other Project Component and the Hotel Assets. Owner’s grant
of authority to the General Manager pursuant to this Section 3.1.14 with regard to the Hotel Assets and the Other Project Component shall specifically include the exclusive power and authority, subject to and consistent with the
provisions of this Agreement, the Joint Venture Agreement and the applicable Project Budget (including any limitations on General Manager’s authority and duty as set forth herein), to take any of the actions set forth below. In addition, the
General Manager shall comply with its specific duties, responsibilities and obligations and the applicable provisions of this Agreement. 
 (a) General Duties. General Manager’s duties under this Agreement (working in conjunction with the Property Operators and subject in all events to the rights of the Property Operators
under the Management Agreements) generally are to provide customary asset management services for the Hotel Assets and the Other Project Component including, without limitation, the following: 

(i) administer, on behalf of Owner, the Management Agreements and enforce the rights of Owner under such Agreements; 

(ii) analyze and provide guidance to Owner for approval (or disapproval) of the operating budget and capital budget for each Hotel Asset
for each Operating Year during the Term; 
 (iii) receive and analyze monthly performance, market segmentation, distribution
reports, and such other information and reporting as may be provided by the Property Operators, and providing a summary thereof to Owner; 
 (iv) undertake monthly and/or quarterly operating financial analysis with a view to identifying variances to the approved operating and capital budgets for each Hotel Asset, opportunities for revenue
enhancement, and expense contraction, and analyze the forecasts, booking pace reports, balance sheets and cash retention/disbursement activity; 
 (v) maintain regular contact and communication with each Property Operator including, without limitation, receipt of daily performance reports, and scheduled visits to each Hotel Asset; 

(vi) attend meetings for the purposes of performance review, budget review, and discussions with each of the Property Operators, and
confirming the compliance of each Property Operator with the terms of its Management Agreement, and reporting on all such items to Owner; 

  
 5 

 (vii) review and analyze management proposals for capital expenditures, advertising,
published and contract rate agreements, staffing, marketing activities and other such issues relating to the Hotel Assets, and provide Owner with guidance, advice and direction on approval rights relative to such property issues; 

(viii) evaluate qualifications of the “key employees” (as such similar terms are defined in each of the Management Agreements)
and recommend the approval or disapproval of proposed candidates; 
 (ix) identify, analyze and direct revenue or profit
enhancement projects that have the potential to add value to the Hotel Assets and/or have a positive return on Owner’s investment in the Hotel Assets; 
 (x) oversee property renovation to the Hotel Assets and/or Other Project Component; 
 (xi) maintain accurate records reflecting the status of taxes, assessments and other similar items that are or may become liens on the Hotel Assets or Other Project Component, and the status of any
insurance premiums, real estate taxes, debt service and other expenses payable in respect thereof; 
 (xii) assist Owner in
reviewing files, conducting physical inspections of the Hotel Assets or Other Project Component, reviewing and assessing any liens on or other encumbrances to the title of either of the Hotel Assets or Other Project Component, and securing
environmental reports, and making recommendations to Owner regarding potential claims with respect to the Hotel Assets pursuant to any agreement with respect thereto; 
 (xiii) if a Hotel Asset or Other Project Component is to be sold, cooperate with Owner in providing information, other than Proprietary Information, reasonably requested by Owner in connection with such
transaction, and assist Owner in the closing of the transaction between Owner and the purchaser; 
 (xiv) supervise the
Property Operators and any building contractors working on Improvements or other repairs or renovations of existing Improvements relating to the Hotel Assets or Other Project Component; 

(xv) conflffi1 that all insurance required to be obtained under each Management Agreement is secured by Owner or by the relevant
Property Operator (on Owner’s behalf); 
 (xvi) perform such other duties as may be necessary to fulfill the objectives of
monitoring the performance of each Hotel Asset or Other Project Component and inform Owner of the status of the Hotel Asset operations; 
 (xvii) promptly notify Owner with respect to all events of which General Manager is aware that have taken place on or with respect to either of the Hotel Assets or the Other Project Component that could
have or are reasonably expected to have a material adverse effect upon the Hotel Assets or the Other Project Component collectively or individually; and 
 (xviii) consistent with the provisions of Section 3.3 and Section 8.1.5, and subject to the provisions of the Joint Venture Agreement regarding Major Decisions, take such other
action in connection with the management of the Hotel Assets and the Other Project Component as may be necessary, all of which shall be undertaken using the standard of care set forth in Section 3.3, to carry out the terms and conditions
of this Agreement. 
 (b) Obligations With Respect to Parking. Managers, or an Affiliate thereof, shall operate
all parking operations for the CityCenter Project (including, but not limited to, all valet parking, self-parking and other parking carried out in parking garages, facilities or otherwise), except where any third-party operator and/or condominium
association for any of the Mandarin Component, the Harmon Component or the Veer Component, as the case may be, has been granted the right by Owner to enter into a separate contract for the provision of such services. If such condominium associations
desire to engage MGM MIRAGE or any of its Affiliates to perform 

  
 6 

 
parking operations, then MGM MIRAGE first shall offer, or shall cause its Affiliate receiving such offer to offer, such parking operations business opportunity to Owner or one of its Affiliates
prior to acceptance by MGM MIRAGE or one of its Affiliates. 
 (c) Cooperation. General Manager agrees to fully
cooperate with Owner in connection with all aspects of the Management Agreements, including, without limitation, taking any action necessary for Owner to comply with (and refraining from taking any action or failing to take action which would cause
Owner to breach) the terms and conditions of the Management Agreements. General Manager shall cooperate with and assist the Property Operators in the performance of the Property Operators’ duties and obligations in connection with the operation
and management of the Mandarin Component and Harmon Component, as applicable, provided that General Manager shall not interfere with the Property Operators’ respective management and operation of such Hotel Assets in breach of any of the
Management Agreements. 
 (d) Approvals. In connection with financial reporting as required by the Management
Agreements, General Manager shall summarize any consent or approval granted or denied to a Property Operator on behalf of Owner pursuant to each Management Agreement during the immediately preceding reporting period. 

3.2 Limitations on Authority. Notwithstanding any authority granted to the Managers pursuant to any other provision of this
Agreement (including any Exhibits to this Agreement), the Managers shall not, without the prior written consent of Owner, take any action that would otherwise (i) conflict with Section 8.1.5 hereof; or (ii) constitute a Major
Decision under the Joint Venture Agreement. 
 3.3 Standard of Care. Each Manager shall, in fulfilling its duties
and obligations under this Agreement, act in a manner consistent with an appropriate standard of care, efficiency, quality and diligence typically exercised by first-class companies performing similar types of services for projects of a quality
comparable to the CityCenter Project and consistent with the fiduciary relationship of trust and confidence between Owner and Manager, which evidences such Manager’s good faith and fair dealing and the application of its reasonable business
judgment in the best interest of the Resort Hotel and Casino, the Hotel Assets and the Other Project Component, as applicable. Furthermore, the Managers acknowledge that the General Manager is, as of the Effective Date, the Managing Member of Owner,
and, as such, the Managers shall, in fulfilling their respective obligations hereunder (including, but not limited to, any decisions regarding whether or not the Resort Hotel and Casino will participate in specialized initiatives, including, but not
limited to, Purchasing Programs), act at all times in a manner that is consistent with the fiduciary duty owed by the General Manager, as the Managing Member, to Owner and consistent with the fiduciary relationship of trust and good faith and
confidence between Owner and each Manager. The Managers acknowledge and affirm to Owner, and each of its Members, respectively, that the actions, duties and obligations contemplated herein to be performed and/or undertaken by the Managers are not in
any way intended, nor will such actions, duties and obligations supplant any duty or obligation to be performed by the MGM Member in its capacity as Managing Member pursuant to the terms of the Joint Venture Agreement. The General Manager
acknowledges that all actions taken by it pursuant to this Agreement, whether on its own behalf or through its Affiliates and subsidiaries (including, without limitation, each Manager), are and shall be deemed actions taken by the MGM Member for and
on behalf of Owner as if taken by the MGM Member as the Managing Member under the Joint Venture Agreement (and the MGM Member shall be responsible and liable for all such actions or omissions as if taken by the MGM Member itself); provided, however,
that any action or omission of a Manager made under this Agreement shall not constitute a breach of the Joint Venture Agreement by the MGM Member unless such action or omission, if made by the MGM Member, would constitute a breach under the Joint
Venture Agreement. During the Term, neither the Resort Hotel and Casino Operator nor the General Manager shall manage or operate any business unrelated to the Resort Hotel and Casino or the other Components of the CityCenter Project. Owner
acknowledges, however, that Affiliates of MGM MIRAGE (excluding General Manager and Resort Hotel and Casino Operator and its subsidiaries) do and will engage in operations, ownership, or other activities or businesses that compete with the
operations and business of the Resort Hotel and Casino and/or the other Components of the CityCenter Project, and such actions and conduct are expressly permitted. 
 3.4 Obligations of MGM MIRAGE. MGM MIRAGE shall cause each Manager to perform all of such Manager’s obligations and duties pursuant to the terms and conditions of this Agreement.

  
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 3.5 Management of Expansions and Third Party Components. The Managers
shall have the right to manage and operate, on no less favorable terms as provided under this Agreement: (i) any newly built or acquired facilities by Owner at the CityCenter Project; and (ii) any Components of the CityCenter Project
managed and operated by a third party manager, if and when such third party manager is terminated or the applicable Management Agreement therefor expires and is not renewed. Such management arrangements shall be on terms and conditions consistent
with the provisions of this Agreement or such other terms and conditions as the Parties may agree. 
 3.6 Central
Plant. From and after the Resort Hotel and Casino Opening Date, General Manager shall assume the operation and maintenance of the Central Plant in accordance with the central plant agreement for the CityCenter Project and the Excess
Capacity Agreement. 
 3.7 Player’s Club. Manager agrees to cause the Resort Hotel and Casino to
participate in the so-called “Player’s Club” (the current composition of which is summarized on Exhibit B attached hereto and may be modified from time to time in a manner consistent with the standard of care set forth in
Section 3.3). 
 ARTICLE 4 
 PRE-OPENING ACTIVITIES 
 4.1 Pre-Opening
Services. Owner acknowledges and agrees that various pre-opening activities for the Resort Hotel and Casino Operator have commenced as of the Effective Date and are continuing, and will continue to ensure that the Resort Hotel and
Casino is ready to accept guests by the Resort Hotel and Casino Opening Date. These pre-opening services are being performed pursuant to and in accordance with the pre-opening budget established as part of the construction budget approved in
connection with the execution of the Joint Venture Agreement, or, if not previously provided, shall comprise a portion of the Annual Budget (as defined in the Joint Venture Agreement) to be prepared and approved as required by the Joint Venture
Agreement (the “Pre-Opening Budget”). These services (collectively, the “Pre-Opening Services”) include, without limitation: 
 4.1.1 subject to Section 7.2, hiring and training of all Personnel; 

4.1.2 pre-marketing and marketing programs, including pre-opening promotion and opening celebrations, and the preparation of a pre-opening
marketing plan which shall include, without limitation: (a) a promotional plan for the sale of hotel guest rooms and food and beverage services, (b) public relations and communications activities, (c) implementation of a sales,
marketing, advertising and reservations program, and (d) representation of the Resort Hotel and Casino by regional sales and corporate marketing personnel of the Managers and their Affiliates to position the Resort Hotel and Casino in
accordance with the Operating Standards; 
 4.1.3 administering and coordinating with Owner applications for or transfers of
licenses, permits, approvals, and/or other instruments necessary for the management and operation of the Resort Hotel and Casino and Other Project Component as contemplated by this Agreement; 

4.1.4 causing the purchase of initial Operating Supplies and Operating Equipment to the extent not purchased and installed by Owner during
the development of the Resort Hotel and Casino and the Other Project Component as set forth in the approved Pre-Opening Budget; 

4.1.5 preparing necessary budgets, including without limitation, the Pre-Opening Budget; 

4.1.6 identifying tenants for retail outlets and lobby space in the Resort Hotel and Casino; 

4.1.7 negotiating concession contracts and/or leases for retail outlets and lobby space in the Resort Hotel and Casino; 

4.1.8 coordinating the testing of operations of the Resort Hotel and Casino and Other Project Component, including incorporating any other
technology systems required to operate the hotel or provide the Centralized Services; 

  
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 4.1.9 providing a task force of experts and Personnel to supervise and assist with certain
pre-opening and opening operations; 
 4.1.10 subject to any conditions required by the Joint Venture Agreement, determining the
corresponding Resort Hotel and Casino Opening Date; and 
 4.1.11 rendering such other services incidental to the preparation
and organization of the Resort Hotel and Casino’s management and operation as may be required. 
 4.2 Costs and
Expenses. The costs and expenses relating to the activities described in Section 4.1 above for the initial opening of the Resort Hotel and Casino and the Other Project Components for the CityCenter Project (collectively,
the “Pre-Opening Expenses”) may include, without limitation but subject to Section 4.3 hereof, each of the following items as they directly relate and are directly incurred for each such Component as a Pre-Opening
Expense: (i) Compensation; (ii) interim office space costs, if any, for non-corporate-related services; provided, however, that no rent shall be charged or reimbursed with respect to the sales office, Perini field office, or the project
office (such expenses may continue to be incurred as a Reimbursable Expense after the Resort Hotel and Casino Opening Date); (iii) legal, accounting, and other professional fees; (iv) telecommunications expenses; (v) staff hiring and
training costs; (vi) opening celebration costs; (vii) utilities, including, without limitation, heat, air conditioning, light, power, water, and any sewage treatment and disposal costs; provided, however, with respect to the sales office,
Perini field office and the project office, such expenses may continue to be incurred as a Reimbursable Expense after the Resort Hotel and Casino Opening Date; (viii) advertising and promotion expenses; (ix) real property taxes; and
(x) consistent with the provisions of Section 5.3, the reasonable travel, living, and other out-of-pocket expenses of Personnel from the corporate and regional offices of a Manager and its Affiliates. The Pre-Opening Budget shall
not include any allocations for the Harmon Component or the Mandarin Component 
 4.3 Pre-Opening Budget.
Manager has prepared and submitted to Owner the Pre-Opening Budget, which has been approved pursuant to the Joint Venture Agreement; provided, however, it is understood and agreed that changes in development plans, business plans, market conditions,
general economic conditions and other unforeseen circumstances may make adherence to the Pre-Opening Budget impractical or impossible, and such Manager shall be entitled to depart from the Pre-Opening Budget and incur Pre-Opening Expenses in excess
of the Pre-Opening Budget without DW Member’s approval to the extent any such departure does not constitute a Major Decision. Such Manager shall notify Owner promptly of any substantial change to the Pre-Opening Budget and shall provide all
information in relation to such changes as Owner may reasonably request Furthermore, if the Resort Hotel and Casino Opening Date is delayed from the originally projected dates (other than a delay caused by Manager), the Pre-Opening Budget shall be
revised to reflect any increases in Pre-Opening Expenses caused by such delay after consultation with and approval by Owner in accordance with the Joint Venture Agreement (or by DW Member, as may be required by the Joint Venture Agreement).
Increased Pre-Opening Expenses may include, as applicable, all out-of-pocket cancellation penalties if Manager cancels reservations made for guestrooms, meeting rooms, and other areas as a result of such delay; provided, however, that in the event
that such delay is caused by a breach of the Development Management Agreement by the Development Manager, such increase in Pre-Opening Expenses resulting from such out-of-pocket cancellation penalties shall be deemed an Operating Expense in
calculating EBITDAM and the corresponding Incentive Management Fee for the first Operating Year. 
 4.4 Funding of
Pre-Opening Expenses. Other than as set forth in Section 4.3, Pre-Opening Expenses incurred in accordance with this ARTICLE 4 shall be borne solely by Owner as a capital expense and shall not be classified as an
Operating Expense. To facilitate the funding of Pre-Opening Expenses, Owner shall maintain a bank account or, at its option, line of credit with an insured bank designated by Owner and approved by the Managers. Owner shall ensure that the bank
account or line of credit may be drawn upon for Pre-Opening Expenses by the Managers acting alone and shall ensure that, subject to Section 4.3 hereof, sufficient funds or line of credit are available to pay for the Pre-Opening Expenses,
including reimbursement to Managers for any Pre-Opening 

  
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Expenses paid by the Managers. The terms of the bank account or line of credit and any amendments thereto will be in form and substance approved by Owner and Managers, and will expressly provide
that, during the period in which Pre-Opening Services are being provided, no instruction by Owner terminating, diminishing or otherwise materially and adversely affecting the Managers’ right to draw funds will be effective without the
Managers’ prior written approval. Subject to Section 4.3 hereof, the Managers will be entitled at any time or from time to time to draw cash from the bank account or under the line of credit in any amount required to pay the
Pre-Opening Expenses in accordance with this Agreement. In addition, Pre-Opening Expenses incurred or paid by the Managers shall be promptly reimbursed to the Managers from such account or line of credit, and the Managers shall provide a statement
of account to Owner for such Pre-Opening Expenses reimbursed to a Manager. If following the Resort Hotel and Casino Opening Date, there are outstanding Pre-Opening Expenses which have not been paid, the Managers shall be entitled to withdraw such
amounts (plus interest thereon if such Pre-Opening Expenses were paid by a Manager) from the Operating Account. 
 4.5
Monthly Statements. Each Manager shall submit to Owner a monthly statement during the period of the Pre-Opening Services until the Resort Hotel and Casino Opening Date, which report shall include a statement of all Pre-Opening
Expenses incurred by a Manager during the prior calendar month. Each Manager shall provide a final accounting and statement to Owner for the Pre-Opening Expenses incurred for the respective Component and any other outstanding amounts that are owed
to such Manager and its Affiliates within one hundred twenty (120) days after the Resort Hotel and Casino Opening Date. 

ARTICLE 5 

PAYMENT OF FEES 
 5.1 Operating Fee. For each Operating Year, the Resort Hotel and Casino Operator shall be paid, in respect of its management services provided to the CityCenter Project, a total
annual fee (the “Operating Fee”) in the form of (i) a base fee in an amount equal to two percent (2.0%) of the Gross Revenue derived from the Resort Hotel and Casino (the “Base Management Fee”) and
(ii) an incentive fee (the “Incentive Management Fee”) in an amount equal to five percent (5.0%) of the EBITDAM of the Resort Hotel and Casino. In the event that the Vdara Component shall have negative EBITDAM during any
Operating Year, then such calculated negative amounts shall be deducted from the calculation of EBITDAM for the Resort Hotel and Casino in calculating the Incentive Management Fee for the Resort Hotel and Casino. 

5.2 Time and Manner of Payment. The Operating Fee shall commence to accrue upon the Resort Hotel and Casino Opening
Date. The Base Management Fee shall be payable in monthly installments calculated on the Gross Revenue derived from the Resort Hotel and Casino for such prior Accounting Month. The Incentive Management Fee shall be payable in quarterly installment
payments derived from the Resort Hotel and Casino EBITDAM calculation for the relevant Quarterly Period. The Base Management Fee and the Incentive Management Fee due and owing to the Resort Hotel and Casino Operator shall be paid by the Resort Hotel
and Casino Operator by withdrawing the same from the respective Operating Accounts for the Resort Hotel and Casino at any time following delivery to Owner of the Monthly Statements for the relevant Accounting Month and the Quarterly Statements for
the relevant Quarterly Period. 
 5.3 Payment of Expenses. Subject to the terms of this Agreement,
including without limitation, ARTICLE 11, in addition to the Base Management Fee and Incentive Management Fee, each Manager shall be entitled to pay from the appropriate Operating Account or reimburse itself all actual and reasonable
Operating Expenses directly incurred by such Manager in the operation of its respective Component, including, without limitation, all actual costs and expenses incurred in maintaining on-site structures and offices used in, and all Compensation in
connection with, the management and operation of the Component (the “Reimbursable Expenses”); provided, however, in no event shall the Reimbursable Expenses be subject to any mark-up or profit. Notwithstanding the foregoing, and
other than with respect to Reimbursable Expenses payable to Manager pursuant to the first sentence of this Section 5.3, the Parties acknowledge and agree that Reimbursable Expenses shall not include, and neither the CityCenter Project
nor Owner shall be allocated, and neither MGM MIRAGE nor any Affiliate thereof shall be paid or reimbursed by Owner or the General Manager or Resort Hotel and Casino Operator for, (x) any corporate overhead, administrative costs or other
corporate allocations of any kind incurred by MGM MIRAGE or any Affiliate thereof, (y) any rent, utilities or other similar overhead of any kind incurred by MGM MIRAGE or any Affiliate thereof, or (z) any personnel costs of any kind incurred by
MGM MIRAGE or any Affiliate thereof, or other similar amounts incurred by MGM MIRAGE or its Affiliates thereof including, but not limited to, any costs or expense incurred by MGM MIRAGE or any Affiliate thereof (i) in the operation of MGM
MIRAGE or any Affiliate thereof, (ii) in the maintenance of the corporate offices of MGM MIRAGE at the Bellagio Hotel & Casino or otherwise, or (iii) in the provision of the Centralized Services by MGM MIRAGE or any Affiliate
thereof (except for any such services otherwise provided by third parties or under the Development Management Agreement). 

  
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 5.4 Quarterly and Annual Reconciliations. If, during any Operating
Year, the amount of the installments of the Operating Fee paid to the Resort Hotel and Casino Operator shall be less than or more than the actual Operating Fee payable during (x) any Quarterly Period of such Operating Year, or (y) at the
close of such Operating Year based upon the final determination of Gross Revenue and EBITDAM for such year as set forth in the Annual Statements, then, within fifteen (15) days after the delivery of each such Quarterly Statements or Annual
Statements to Owner, the Resort Hotel and Casino Operator shall withdraw from the appropriate Operating Accounts for the Resort Hotel and Casino the net amount of any such underpayment or, if overpaid, pay into their respective Operating Accounts
established for the Resort Hotel and Casino, the net amount of the overpayment. 
 5.5 Interest. Any and
all amounts that may become due and owing to either Party under this Agreement that are not paid, with respect to Reimbursable Expenses, when due, or, with respect to other payables, within ten (10) days of the respective due dates shall bear
interest from and after the respective due dates thereof until the date on which the amount is received in the bank account designated by each Manager for each Component, at an annual rate of interest equal to the lesser of (i) the weighted
average of the annual interest rates for all outstanding indebtedness of MGM MIRAGE under its indentures and credit agreements plus two hundred (200) basis points and (ii) the highest rate permitted by Legal Requirements; provided,
however, the foregoing shall not apply if the delinquency shall have occurred solely due to the fault of the Party that is to receive such payment; provided, further, that no interest shall be payable on amounts owed by Owner to any of the Managers
to the extent such Managers are authorized to directly pay such amounts to themselves under this Agreement (unless there are insufficient funds in the applicable Operating Account(s) therefor and Owner has failed to provide adequate funds following
a request by a Manager in accordance with Section 9.8). 
 ARTICLE 6 

OWNER’S OBLIGATIONS 
 6.1 General Obligations. During the Term, Owner shall have the obligations set forth below: 
 6.1.1 Licenses and Permits. Owner, with the cooperation of Manager, shall obtain and maintain all governmental permissions, licenses and permits required to be held in Owner’s
name (or at the request of Owner, the name of an individual on its behalf or a combination thereof) that are necessary to enable each Manager to operate its respective Component in accordance with the terms of this Agreement, and each Party shall
cooperate diligently with the efforts of the other to obtain and maintain such permits and licenses. Such licenses and permits shall, to the extent applicable, include, but not be limited to, business licenses, Gaming licenses, event and
entertainment operation licenses, and alcoholic beverage licenses permitting the Component to sell and serve alcohol to guests. 

6.1.2 Operating Funds and Capital Funds. The performance by each Manager of its responsibilities under this Agreement
is conditioned upon Owner providing sufficient funds to such Manager on a timely basis to enable such Manager to perform its obligations hereunder. Owner shall provide all funds necessary to (a) enable such Manager to manage and operate the
respective Component in accordance with the terms of this Agreement and the applicable Project Budget, (b) maintain each of the Components in accordance with their respective Operating Standards, and (c) comply with all Legal Requirements.
Owner and each Manager shall cooperate fully with each other in establishing appropriate procedures and timetables for Owner to undertake capital replacement and/or improvement projects, all of which shall be managed by the respective Manager at no
additional fee to Owner. If the respective Operating Accounts for the respective Component are insufficient to fund the Managers for the Reimbursable Expenses or the Operating Fees due and owing to such Managers, Owner shall be obligated to fund the
Operating Accounts to pay such Reimbursable Expenses and the Operating Fees within fifteen (15) days following Owner’s receipt of a written notice from the applicable Manager requesting such funds, subject, however, to the agreed
limitation of liability set forth in Section 20.24 with respect to each Component. In no event shall any Manager be required or obligated to advance any of its funds to, or for the operation of any, Component nor shall any Manager be
required to incur any liability in connection therewith, unless Owner shall have furnished such Manager with funds necessary for the discharge thereof. 
 6.1.3 Payments to Manager. Owner shall pay to each Manager all amounts due to such Manager under this Agreement in the manner and at the times described in this Agreement. 

  
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 6.1.4 Environmental Matters. Manager shall use commercially reasonable
efforts to operate and maintain the Resort Hotel and Casino in compliance with all Environmental Laws. However, if any Hazardous Material is discovered at any time on any portion of any Component in violation of or as would reasonably be expected to
result in liability under any Environmental Law, or if any Environmental Law is violated at any time, Owner at its expense shall promptly remove, remediate or abate such Hazardous Material (and all contaminated soil and containers), take all other
necessary steps to remedy the problem in accordance with all Environmental Laws and comply with all Environmental Laws. Owner, with respect to any Hazardous Materials or the violation of any Environmental Law occurring on or after the Effective
Date, shall also indemnify, defend and hold harmless the Managers, as the case may be, in accordance with the provisions of Section 18.2. 
 6.1.5 DW Representative. DW Member shall have the right to appoint a representative for the CityCenter Project (the “DW Representative”), the identity of whom shall
be subject to the reasonable approval of General Manager (not to be unreasonably withheld, conditioned or delayed). The DW Representative shall have the right to communicate with the Managers on a daily basis, shall receive a copy of all written
notices and reports as and when provided to Owner, to General Manager and to executive officers of MGM MIRAGE, may attend monthly, quarterly and other material meetings with Resort Hotel and Casino Operator and General Manager relating to the
operation of the Resort Hotel and Casino or any material part thereof, and shall have such other rights as customarily afforded asset managers of institutional real estate. DW Member may replace (subject to the reasonable approval of General
Manager) or dismiss the DW Representative at any time by giving written notice of such replacement or dismissal to the Managers and Owner specifying a replacement DW Representative. The DW Representative shall be restricted, to the same extent that
DW Member or Owner would be restricted, from disclosing any information pertaining to the CityCenter Project (or any Component thereof) or MGM MIRAGE or its Affiliates, and DW Member shall cause the DW Representative to abide by such restriction. In
addition, DW Member shall use good faith efforts to request that the DW Representative take no action that may materially interfere with, or interrupt, the operation or management of any of the Components by the Managers. The General Manager shall
provide an office space to the DW Representative located at the project offices and suitable to ease of administration and function in the exercise of the DW Representative’s duties. Notwithstanding anything to the contrary contained in this
Section 6.1.5, the presence and actions of the DW Representative shall in all events be subject to and in accordance with Nevada Gaming Laws, and DW Member shall use reasonable efforts to ensure such compliance. 

6.1.6 Contesting Legal Requirements. Owner shall have the right to contest the validity and enforcement of any Legal
Requirement (with the exclusion of business licenses, Gaming licenses, event and entertainment operation licenses, and alcoholic beverage licenses permitting the Resort Hotel and Casino to sell and serve alcohol to guests, or other privileged
licenses and permits of Owner, MGM MIRAGE or their respective Affiliates) concerning the Resort Hotel and Casino, provided that (i) Owner believes, based on a good faith determination of counsel reflected in written advice from counsel (a copy
of which is provided to Manager), that Owner need not comply with such Legal Requirement (or that such Legal Requirement is not applicable to the Resort Hotel and Casino), (ii) Owner agrees in writing to indemnify, defend and hold harmless
Manager with respect to all costs, expenses, fines, damages or liability (including reasonable attorney’s fees) that Manager may suffer as a result of Owner’s failure or refusal to comply with such Legal Requirement,
(iii) Owner’s failure or refusal to comply with such Legal Requirement will not expose Manager to criminal liability or materially impair Manager’s ability to carry out its business, whether at the Resort Hotel and Casino or
elsewhere, and (iv) if compliance with such Legal Requirement has not been required by judicial or administrative order or a specific directive from a governmental authority, then Owner shall not be required to comply with such Legal
Requirement for such time as Owner is diligently and continuously pursuing a good faith contest of such Legal Requirement. 

6.1.7 Release of Obligation. At any time, a Manager may, if it reasonably deems it to be necessary or appropriate, request
written instructions from Owner within a reasonable period prior to the necessity for taking action with respect to any matter contemplated by this Agreement where the approval of Owner is required, or in those instances where General Manager or
Manager is cognizant of the fact that the approval of the Members of the Joint Venture is required under the Joint Venture Agreement, then the General Manager or Manager, as required, may defer action thereon pending receipt of such written
instructions. Owner shall promptly respond to any such request for written instructions. Actions taken by a Manager, its officers, employees and/or representatives in accordance with the written instructions of Owner, or failures to act by such
persons pending the 

  
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receipt of such written instructions, shall be deemed to be proper conduct within the scope of such Manager’s authority under this Agreement 

ARTICLE 7 

PERSONNEL 
 7.1 Hiring of the CityCenter Project Manager. General Manager, each Manager and Resort Hotel and Casino Operator shall consult with Owner in advance of the hiring (or re-hiring) of
the CityCenter Project Manager and the President of the Resort Hotel and Casino, respectively, and the hiring of the CityCenter Project Manager and the President of the Resort Hotel and Casino, respectively, shall be subject to Owner’s approval
or disapproval. For the avoidance of doubt and notwithstanding the current titles of such individuals, the intent of this provision is to vest in Owner the ability to approve or disapprove of those individuals serving, now or at any time in the
future, in the capacity as a Chairman or Chief Executive Officer of each of the CityCenter Project and the Resort Hotel and Casino with executive control and decision authority. Accordingly, prior to appointing any CityCenter Project Manager or any
President of the Resort Hotel and Casino, General Manager or the Resort Hotel and Casino Operator, as applicable, shall provide Owner with a written summary of the candidate’s professional experience and qualifications, and offer Owner the
opportunity to interview such candidate at a mutually acceptable location. Owner shall not unreasonably withhold or delay its approval of any such candidate. The foregoing notwithstanding, as of the Effective Date, Owner has approved Messrs. Robert
H. Baldwin and William P. McBeath as the CityCenter Project Manager and the President of the Resort Hotel and Casino, respectively. The CityCenter Project Manager shall be an employee of the General Manager (or, at General Manager’s election,
an Affiliate of the General Manager). In addition to the approval with respect to the Chairman and Chief Executive Officer functions, Owner shall be permitted the opportunity to review the credentials and selections made with respect to the
executive teams of such individuals at such time as a successor to Robert H. Baldwin or William P. McBeath is designated. 
 7.2
Hiring of Personnel. The Managers shall provide all Personnel, and shall have full control and authority over such Personnel. Each Manager shall use reasonable procedures and standards in the selection of each person employed at
a Component or to whom the foregoing duties or any of them shall be delegated. All Personnel (including, but not limited to, the CityCenter Project Manager) shall be employees of a Manager. Each Manager shall abide by all Legal Requirements
applicable to Personnel and shall use reasonable efforts to cause the Personnel to abide by all Legal Requirements. Subject to the terms and conditions of this Agreement and the respective Project Budget, each Manager shall have the exclusive right
to: (i) establish and modify from time to time any and all Compensation, including all plans related thereto; and (ii) determine all matters with regard to such Personnel and laborers, including, without limitation, replacement of such
Personnel and laborers. For the avoidance of doubt, Owner shall not have the right to, under any circumstances, direct or otherwise exert any authority or control over any Personnel or, other than as set forth in Section 7.1, approve the
hiring or dismissal of any Personnel, and all decisions relating to the employment of such Personnel, including (without limitation) the transfer and dismissal of such Personnel, shall be made by the Manager. 

7.3 Compensation of Personnel. The Compensation of Personnel shall be an Operating Expense of the corresponding
Component, shall be the responsibility of Owner, and may be paid for by a Manager from the Operating Accounts for the Component. Subject to the terms of this Agreement, if the Operating Accounts are insufficient to reimburse such Compensation, Owner
shall be obligated to fund the aggregate Compensation with respect to each payroll period. The Compensation shall not include any form of corporate or other overhead or general and administrative allocation on behalf of any Personnel. During any
Operating Year, pursuant to this Agreement and in connection with all Project Agreements, it being understood that this limitation applies to the entire CityCenter Project, Manager shall not have the right to designate (i) more than fifty
(50) individuals as Other Personnel; or (ii) more than Twenty Million Dollars ($20,000,000) in base salary for Other Personnel in any Operating Year, in each case without obtaining Owner’s prior written approval. The Other Personnel
shall be held to the same standard of responsibility and duty of care with respect to the Operating Standard as all Personnel. The Managers under this Agreement, and the “Operator” under the Vdara Condo-Hotel Management Agreement and the
“Managers” under the Crystals Retail Management Agreement, shall further ensure that designation of Other 

  
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Personnel shall not cause any undue delay in the performance of such Other Personnel’s performance of their duties, or increased cost or expense or other prejudice to the operation of the
Resort Hotel and Casino. Notwithstanding anything to the contrary contained herein, the Parties acknowledge and agree that Compensation paid to the CityCenter Project Manager, (other than Compensation paid to Robert H. Baldwin, which Compensation
shall not be allocated to Owner) shall be an Operating Expense of the Components as allocated on an equitable basis. For the avoidance of doubt, the aforementioned concept in this Section 7.3 shall be cumulative across the Project
Agreements. 
 7.4 Personnel Information. To the extent not otherwise prohibited by Legal Requirements,
upon request of Owner from time to time, each Manager shall make available for inspection by Owner, (i) copies of all employee policies and procedures, including, without limitation, copies of employee manuals and handbooks in effect at each
Component; and (ii) employee job classifications for each Component, number of employees in each job classification, job descriptions (if applicable), pay scales and benefits provided to each job classification. 

7.5 Unions. Resort Hotel and Casino Operator or its Affiliate shall have the authority to negotiate with any labor
unions which are certified as or otherwise recognized as exclusive bargaining representatives of the Personnel; provided, however, each Manager acknowledges and agrees that, in addition to whatever additional rights that DW Member may have under the
Joint Venture Agreement, Resort Hotel and Casino Operator shall (i) keep DW Member reasonably informed of all material discussions and negotiations with labor unions and their representatives, (ii) promptly deliver copies of all drafts of
agreements and other material written communications therewith, (iii) from time to time meet with DW Member during such negotiations and discussions and in good faith take into account DW Member’s issues and concerns with respect thereto,
and (iv) provide DW Member copies of all agreements as early as possible prior to their execution if it is possible to do so without jeopardizing the objective of the negotiations. In addition to the foregoing, the Resort Hotel and Casino
Operator shall use and be subject to the standard of care set forth in Section 3.3 in its negotiation and execution of all agreements with all labor unions and other collective bargaining agreements (which standard of care shall include,
but shall not be limited to, negotiating and executing agreements for the CityCenter Project that treat employees of Managers in a manner generally consistent with the treatment of employees of other similarly sized and class Operator Group Hotels
in Las Vegas, Nevada). Finally, Resort Hotel and Casino Operator shall notify Owner promptly of any material defaults under collective bargaining agreements, proceedings involving material union disputes and other similar proceedings and otherwise
provide DW Member the same level of information and protection provided to DW Member in the negotiation of new agreements as provided in the proviso of the first sentence of this Section 7.5 

ARTICLE 8 

PROJECT BUDGET 
 8.1 Submission and Approval of Project Budget. 
 8.1.1
Preparation of Proposed Project Budget. Prior to the beginning of each Operating Year, each Manager shall submit the Project Budget for its respective Component (other than with respect to any Component, including the Hotel
Assets, for which a third party manager is obligated to provide a budget with respect to such Component) to Owner for its review and written approval (subject to DW Member’s rights pursuant to the Joint Venture Agreement). Each Manager shall
act reasonably and exercise prudent business judgment in preparing each proposed Project Budget. Each proposed Project Budget shall include sufficient details, with respect to an estimate of costs and expenses, revenue and profit, and a marketing
budget, as may be requested or required by the Board of Directors pursuant to the Joint Venture Agreement. In addition to the foregoing, each Project Budget shall provide a forecast of capital expenditures anticipated for the respective Component
during the one year subsequent to the subject Operating Year for informational purposes only, so that Owner can reasonably anticipate the subsequent year’s potential expenditure, but Managers shall be bound to their respective Project Budget
for any given Operating Year only. 
 8.1.2 Approval by Owner. Subject to and consistent with the protocols
for the timing, review and completion of the Project Budget as mandated by the Joint Venture Agreement, Owner shall have the right to 

  
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review and approve or disapprove of the proposed Project Budget and shall advise each Manager in writing of any objections to the respective Project Budget as required by and consistent with the
Joint Venture Agreement. 
 8.1.3 Resolution or Owner Objections Regarding Budget. At any time prior to the
day which is sixty (60) days prior to the beginning of each Operating Year, if Owner and Manager have not resolved any objections to the applicable Project Budget as set forth in Section 8.1.2, then any such dispute shall be
governed by, and resolved in accordance with, the Joint Venture Agreement. 
 8.1.4 Interim Period. If the
Project Budget for a Component has not been entirely approved by the beginning of the Operating Year to which it pertains, then pending such approval, the following items shall be addressed as follows: 

(a) insurance, taxes, common charges, utilities, debt service, labor expenses and required capital expenditures (necessary to comply with
any Legal Requirements or existing contractual obligations) shall each be adjusted to actual amounts, 
 (b) all capital and
non-recurring items (other than the aforesaid required expenditures) for the current calendar year in such Project Budget shall remain the same as in the expiring Project Budget, and 

(c) all other expense line items shall be adjusted by an amount equal to the CPI Annual Percentage Increase (as hereinafter defined) as
of the date of the expiring Project Budget. The line items in the Project Budget have been approved by Owner shall replace the applicable line items in the prior Project Budget. The “CPI Annual Percentage Increase” computed as of a
particular calendar month shall be equal to the percentage difference between the CPI for such calendar month and the CPI for the calendar month which is twelve (12) months prior to such calendar month. With respect to the Project Budget, such
Manager shall operate the respective Component in accordance with the items or portions of the Project Budget which have not been objected to by Owner and, with respect to the items or portions of the operation budget which have been objected to by
Owner, a Manager shall operate the respective Component in accordance with the previous Operating Year’s Project Budget, with suitable adjustments of rates and expenses as dictated by increases in the CPI and other expenses outside the control
of such Manager (e.g. utilities, taxes and insurance) adjusted to actual amounts. 
 8.1.5 Compliance with Project
Budget. Each Manager shall use all reasonable efforts to act in accordance with the Project Budget (as modified by any subsequent changes agreed between Owner and the Manager) for the corresponding Operating Year. However, it is
understood that each Project Budget is an estimate only and that inflation, currency fluctuation, general market conditions, changes in business plans and strategies and unforeseen circumstances may make adherence to the Project Budget
impracticable, and each Manager shall be entitled to depart from it due to any such circumstances. Each Manager shall promptly notify and consult with Owner regarding any substantial change from the Project Budget for the respective Component, and
to make any necessary adjustments to the Project Budget as Owner and Resort Hotel and Casino Operator shall agree in light of unforeseen circumstances. Furthermore, Owner acknowledges and agrees as follows: 

(a) With respect to the Resort Hotel and Casino, certain expenses provided for in the Project Budget for any Operating Year will vary
based on the occupancy and use of the Resort Hotel and Casino and, accordingly, to the extent that occupancy and use of the Resort Hotel and Casino for any Operating Year exceeds the occupancy and use projected in the approved Project Budget for
such Operating Year, such approved Project Budget shall be deemed to include corresponding increases in such variable expenses; provided, however, a Manager shall use commercially reasonable efforts to minimize Operating Expenses to the extent that
occupancy and use of the Resort Hotel and Casino for any Operating Year is less than the occupancy and use projected in the approved Project Budget for such Operating Year; 
 (b) Each Manager shall have the right to pay from its respective Operating Accounts all Uncontrollable Expenses; provided, however, each Manager hereby covenants and agrees to use commercially reasonable
efforts throughout the Term to manage, whenever reasonably possible, the Uncontrollable Expenses related to its respective Component and the operation thereof (including, by way of example, contesting, when reasonable appropriate, the amount and/or
imposition of taxes); 

  
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 (c) If any expenditures are required on an emergency basis to avoid damage to a Component
and/or injury to persons or property, each Manager may make such expenditures; provided, however, in connection with any expenditure required on an emergency basis that was not specifically contemplated in the Project Budget, such Manager shall
(i) use commercially reasonable efforts to notify Owner prior to the time that the expenditures in question are made and shall in any event notify Owner as soon as reasonably possible after such expenditures are made, (ii) use commercially
reasonable efforts to minimize the expenditures made without Owner’s approval, and (iii) to the extent possible, cooperate with Owner to develop a strategy for responding to the emergency in a reasonable and prudent, but cost-efficient
manner (i.e. in a manner that will minimize to the extent reasonably possible the expenses to Owner in responding to the subject emergency); and 
 (d) If any expenditures are required to comply with any Legal Requirement or to cure or prevent any violation thereof, each Manager may make such expenditures. 

ARTICLE 9 

FUNDS AND ACCOUNTS; MAINTENANCE 
 9.1 Minimum Working Capital Amount. Owner shall commit the financial and other resources necessary to permit the Components to be operated and maintained in accordance with the
Operating Standard. In furtherance of the foregoing, Owner shall make available, prior to the Resort Hotel and Casino Opening Date, initial Working Capital in accordance with the Project Budget as approved by Owner. Owner shall thereafter throughout
the Term maintain Working Capital in accordance with the Project Budget. 
 9.2 Replacement Reserve Fund
Contribution. Subject to Section 9.8 below, during each Operating Year, to facilitate the funding of routine Capital Improvements for the Resort Hotel and Casino, and for such other work specified in the Project Budget,
the General Manager shall, for each Accounting Month included in such Operating Year and from the aggregate Gross Revenue generated by the Resort Hotel and Casino, to the extent available, pay the following amounts into the Replacement Reserve Fund
established for the Resort Hotel and Casino (the “Replacement Reserve Amount”): (i) two percent (2%) of aggregate Gross Revenue of the Resort Hotel and Casino for any partial Operating Year after the Resort Hotel and
Casino Opening Date; (ii) three percent (3%) of aggregate Gross Revenue of the Resort Hotel and Casino during the first (1st) full Operating Year of the Term; (iii) four percent (4%) of aggregate Gross Revenue of the Resort
Hotel and Casino during the second (2nd) full Operating Year of the Term; and (iv) five percent (5%) of aggregate Gross Revenue of the Resort Hotel and Casino during the third (3rd) full Operating Year of the Term and each
Operating Year thereafter until the expiration or earlier termination of this Agreement. Notwithstanding anything to the contrary contained in this Section 9.2, the proceeds from the sale of any Equipment no longer needed for the
operation of the Resort Hotel and Casino shall be promptly deposited into the Operating Account for the specified Component. At the end of each Operating Year, any amounts remaining in the Replacement Reserve Fund shall be carried forward to the
next Operating Year pursuant to the applicable Project Budget. 
 9.3 Reserve Fund for Other Project
Improvements. With respect to the Other Project Component, Owner, the General Manager and each Manager shall establish such other reserve funds and determine such other reserve fund contributions as the Parties reasonably determine
are necessary to maintain the same in accordance with the Operating Standard. The amount of the reserve fund contributions for the Other Project Component shall be set forth in the applicable Project Budget to be reviewed and approved in accordance
with ARTICLE 8. 
 9.4 Repairs and Maintenance. Each Manager shall, subject to the applicable
Project Budget for each Component which is subject to this Agreement (and the availability of sufficient funds) repair and maintain the respective Component (other than (i) such portions thereof as are leased to tenants who undertake a duty of
repair and maintenance pursuant to their respective lease agreements, in which case such Manager shall use commercially reasonable and diligent efforts to cause such tenants to comply with such duty through enforcement of such lease agreements or
(ii) Components subject to a Management Agreement) in good order and condition, and shall coordinate and provide general oversight in respect of the installation of Equipment in the ordinary course of business. Notwithstanding anything in this
Agreement to the contrary, other than Capital Improvements specifically approved in the Project Budget for each Operating Year for such Component, Owner shall not be obligated to make any Capital Improvements and such Manager shall not be obligated
to make the corresponding repair and maintain 

  
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the Resort Hotel and Casino, unless such Capital Improvements are approved by Owner in writing in its sale and absolute discretion. 

9.5 Emergency Repairs. If a Manager shall, at any time, reasonably believe that (i) a dangerous condition
exists at the respective Component, (ii) repairs are required to comply with any applicable Legal Requirements or Insurance Requirements, or (iii) expenditures are required to eliminate a dangerous condition or to prevent further property
damage arising out of a Casualty or other emergency, such Manager may take all steps and make, on behalf of Owner utilizing the funds as described below in this Section 9.5, all reasonable expenditures necessary to cure such condition or
make such repairs, or which are otherwise so required, whether or not provided for in the applicable Project Budget for such Component. In the event of the circumstances described in clauses (i), (ii) and (iii) immediately above, such
Manager shall have the right, power and authority to use (a) first, all or part of the Replacement Reserve Fund, and (b), second, the monies in the Operating Accounts, for the making of such repairs. Owner shall, within ten (10) days after
written notice from such Manager, provide such Manager with all funds necessary pursuant to this Section 9.5 if adequate funds are not otherwise available from the Replacement Reserve Fund and the Operating Accounts. 

9.6 Enforcement of Guaranties and Warranties. On or about the respective Resort Hotel and Casino Opening Date, Owner
shall furnish or cause to be furnished to Managers copies of any guaranties and warranties relating to the Component and a summary of the expiration dates of such guaranties and warranties. If any repairs or Capital Improvements shall be made
necessary by any condition against the occurrence of which the builder of any renovation or construction or any supplier of labor or materials for such Component or any other party has provided a guaranty or warranty, then the respective Manager
shall use all commercially reasonable efforts to enforce such guaranty or warranty, and Owner will reasonably cooperate with such Manager in such efforts. 
 9.7 Replacement Reserve Fund. 
 9.7.1
Use. Withdrawals from the Replacement Reserve Fund shall only be used for the purposes provided for in this Agreement, including Capital Improvements (i) set forth in the approved Project Budget, or (ii) approved by
Owner in its sole and absolute discretion in accordance with Section 9.4, structural repairs and purchase of Equipment and shall only be made in accordance with the approved Project Budget or as otherwise expressly authorized in this
Agreement or by Owner in writing. Additionally, withdrawals from the Replacement Reserve Fund shall only require (or be permitted upon) the signature of the respective Manager pursuant to the provisions of this Agreement. The items of Equipment so
replaced or added and paid for by Owner or from such Replacement Reserve Fund shall be and become, forthwith upon acquisition and installation, and without further act or action, the property of Owner and part of the respective Component. Any
amounts remaining in the Replacement Reserve Fund at the termination or expiration of the Term shall, after all other payments required under this Agreement have been made, be immediately returned by each Manager to Owner. 

9.7.2 Estimates and Additional Contributions. Owner acknowledges and agrees that the Replacement Reserve Amount for
the Replacement Reserve Fund is an estimate based upon Resort Hotel and Casino Operator’s prior experience with hotels and casinos. As a Component ages, these percentages may not be sufficient to keep such Replacement Reserve Fund at the levels
necessary to make the replacements and renewals to such Component’s Equipment, or to maintain and repair the Component in accordance with the Operating Standard. If the aggregate amount for Equipment in the approved Project Budget for an
Operating Year exceeds the available funds in the Replacement Reserve Fund, Owner and General Manager or Manager, as appropriate, shall consult to mutually: 
 (a) agree upon any increase in the annual Replacement Reserve Amount to provide the additional funds required; or 
 (b) agree upon the deposit of additional funds required; or 
 (c) solicit outside
financing for the additional funds required to the extent deemed desirable by Owner. General Manager and Manager acknowledge, however, that Owner has no duty or obligation to fund such amounts from sources other than the Gross Revenue of the
respective Component. 

  
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 9.8 Funds Request. If at any time a Manager reasonably determines that
(i) the available funds in the Operating Accounts for the corresponding Component are insufficient to allow for the uninterrupted and efficient operation of any such Component in accordance with the terms of this Agreement, (ii) the
Working Capital is less than the amount required under Section 9.1, (iii) the available funds in the Replacement Reserve Fund are insufficient to allow for the payment of all Capital Improvements and structural repairs and purchase
of Equipment approved in the applicable Project Budget for such Operating Year, or (iv) such Manager requires funds for any Capital Improvements approved by Owner in the Project Budget, such Manager shall notify Owner in writing of the
existence and amount of the shortfall, which written notice shall include a reasonably detailed explanation of the need for the funds so requested. Upon concurrence by the Members under the Joint Venture Agreement of the request from Manager for
additional funds, Owner shall deposit into the corresponding Operating Accounts or Replacement Reserve Fund, as applicable, such funds agreed to be funded by Owner within a reasonable time following the Members’ approval of any such funds.

 9.9 Alternative Sources of Working Capital, Replacement Reserves and Payment of Operating
Expenses. Notwithstanding anything to the contrary contained in Section 9.8, in the event that funds are not adequate from the revenues generated by any Component subject to this Agreement to pay for the routine Capital
Improvements, to fund Working Capital, or to pay Operating Expenses as set forth in the approved Project Budget for such Component, then after written approval from Owner, Manager may move or exchange existing amounts held in a Replacement Reserve
Fund or Operating Account for a specified Component from a fully funded Replacement Reserve Fund or Operating Account to an under-funded Replacement Reserve Fund or Operating Account. All such determinations shall be at the discretion of Owner.
General Manager and Manager acknowledge that Owner has no duty to consent to any such redirection of Replacement Reserve Amounts or Operating Account from a Component or to fund Replacement Reserve Funds or Operating Accounts from any source other
than the Gross Revenue generated by the specified Component or from other sources as determined in the Project Budget. 
 9.10
Taxes on Casino and Entertainment Taxes. Resort Hotel and Casino Operator, as agent for Owner and with Owner’s cooperation and subject to availability of adequate funds in the respective Operating Accounts, shall pay from
such Operating Accounts before delinquency all taxes, assessments, license fees and other charges levied or assessed against the casino, or any portion thereof, during the Term or if any such amount is or becomes due and payable arising from the
period of time that Resort Hotel and Casino Operator acts as the manager of the casino, including, without limitation, any Gross Revenue fee or tax and any entertainment tax, any LET or other similar tax, imposition, fee or surcharge. Resort Hotel
and Casino Operator agrees that it will collect any applicable LET associated with the sale of food, beverage, merchandise or entertainment from the casino and will pay the same to the taxing authority on a timely basis, or if not permitted to pay
the same directly, shall remit the LET due to Owner no later than the tenth (10th) day of the month following the month in which the taxable sales occurred. Resort Hotel and Casino Operator shall make all documents containing information
relative to the computation of the LET available for inspection upon receipt of notice from representatives of Owner and the Nevada Gaming Authorities. 
 9.11 Impositions and Insurance Premiums. Subject to the terms of this Agreement, each Manager shall, prior to delinquency, and as long as the respective Component has been supplied
with bills and invoices, pay from the respective Operating Accounts, to the extent of funds available therein (and Owner shall timely provide such funds to the extent they are not available from Operating Accounts), all Impositions assessed against
such Component, and all insurance premiums on all policies of insurance maintained with respect to such Component and its operations. 
 9.12 Operating Accounts. Each Manager shall establish an Operating Account specific to and solely for each respective Component delegated to such Component at a bank or other
financial institution designated by Owner and approved by such Manager (such approval not to be unreasonably withheld, conditioned or delayed). Each Operating Account shall be established in the name of Owner. Each Manager shall deposit into the
applicable Operating Account all moneys advanced for such Component as Working Capital by Owner, and all moneys received by a Manager from the operations of each respective Component shall be promptly counted no less frequently than required by
applicable MGM MIRAGE corporate policies and in compliance with applicable Legal Requirements. The Parties hereto agree to obtain a bonded transportation service to effect the safe transportation of the daily receipts to the bank, if such service is
available at reasonable cost and if not provided by the bank, which expense shall constitute an Operating Expense. The Operating Account for the Component (or, in the case of the 

  
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General Manager, the CityCenter Project) delegated to a Manager shall serve as the general accounts for such Component. Each Manager and Owner shall be authorized signatories on such Operating
Account; provided, however, such Manager shall be responsible for making all payments due and owing out of such Operating Account, on behalf of Owner, to the extent sufficient funds are available from time to time therein, including, without
limitation, payment of all Operating Expenses, the Compensation, the Operating Fee and any other amounts due and owing to Resort Hotel and Casino Operator or its Affiliates under the express terms of this Agreement. Owner shall be provided with
internet access to each and all Operating Accounts permitting Owner to examine balances and activity in the Operating Accounts. Each Manager shall establish controls to ensure accurate reporting, safety and security of all transactions involving the
corresponding Operating Accounts. 
 9.13 Replacement Reserve Fund. The Replacement Reserve Fund shall be
established at a bank or other commercial institution designated by Owner and approved by the respective Manager (such approval not to be unreasonably withheld, conditioned or delayed) and shall be established in the name of Owner. Interest or other
income earned during any period on the amounts in such Replacement Reserve Fund shall be excluded from Gross Revenue, remain part of such Replacement Reserve Fund and be credited against the Replacement Reserve Amount to be contributed for such
Accounting Month. To the extent that a Manager shall be required to pay income taxes on such interest or other income as a fiduciary, the same shall be payable out of such Replacement Reserve Fund. Any funds remaining in the Replacement Reserve Fund
at the expiration or earlier termination of this Agreement shall be the property of Owner and shall be promptly paid to Owner following the effective date of termination of this Agreement. 

9.14 Control and Ownership of Accounts. The policies and procedures for authorization of Personnel to withdraw from
the Operating Accounts or the Replacement Reserve Fund shall be approved by the Board of Directors in accordance with the Joint Venture Agreement. In addition to such Operating Accounts and Replacement Reserve Fund, such Manager shall be entitled to
maintain House Accounts as such Manager deems reasonably necessary in the operation of the respective Component or the CityCenter Project. All of the funds in the House Accounts shall belong to Owner and such Manager shall not commingle its own, or
any third party’s funds, in any of the Operating Accounts. Owner retains the right at all times to withdraw funds from the Operating Accounts. 
 9.15 Pledge of Credit. Managers shall not (i) pledge the credit of Owner nor borrow funds in its name; provided, however, that this restriction will not prohibit the Manager from
accessing any line of credit obtained by the Owner in accordance with the policies and procedures for draws established by Owner; or (ii) alienate, hypothecate or otherwise encumber any of the moneys or assets which are the property of Owner
(or any Component subject to this Agreement) except in the ordinary course of business. 
 ARTICLE 10 

BOOKS AND RECORDS 
 10.1 Maintenance of Books and Records. The Manager shall keep and maintain the books and records of the Resort Hotel and Casino, and the financial position and the results of
operations recorded, in a manner that shall reflect all transactions of the Resort Hotel and Casino and shall otherwise be appropriate and adequate for the business of the Resort Hotel and Casino in accordance with all Legal Requirements and GAAP
for financial reporting purposes and in accordance with all Legal Requirements for tax reporting purposes. The books and records shall be kept on the accrual method of accounting applied in a consistent manner and shall reflect all transactions of
the Resort Hotel and Casino as appropriate and adequate for the Owner’s business and in a manner consistent with MGM MIRAGE’S practices and reporting policies for its wholly-owned properties. 

10.2 Inspection of Books and Records. Each Manager shall afford to Owner, any Member of Owner, and the accountants,
attorneys and agents of Owner or such Member the right at any time and for any reason during the Term during normal business hours to inspect, at Owner’s sole cost and expense, each Component or examine and make extracts from the books and
records of such Component. Such inspections and examinations shall be made with as little disruption to the business operations of the Component as reasonably practicable. Upon the termination of this Agreement, all books and records of the
Component shall forthwith be turned over to Owner so as to ensure the orderly continuation of the operation of such Component; provided, however, that all such books and records shall thereafter be available for a period of five (5) years to
the Managers at the Resort Hotel and Casino 

  
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for inspection, audit, examination and extracting, at all reasonable times and at the Managers’ sole cost and expense, upon two (2) Business Days’ prior written notice to Owner.

 10.3 Monthly and Quarterly Reports. Each Manager, shall, for its respective Component, deliver to Owner,
or to any Member upon request, within fifteen (15) days after the end of (i) each Accounting Month, and (ii) each Quarterly Period; unaudited financial statements prepared from the books of account maintained by the Managers with
respect to such Component for each Accounting Month (“Monthly Statements”) and for each Quarterly Period (the “Quarterly Statements”) (the Monthly Statements and the Quarterly Statements, collectively, the
“Reporting Period Statements”) containing: (a) a balance sheet as of the end of each Accounting Month and Quarterly Period; (b) an income statement showing the results of operation of the Component for each Accounting
Month and Quarterly Period; and (c) a statement of, to the extent applicable to such Component, Gross Revenue, Operating Expenses and EBITDAM. The Reporting Period Statements shall also show, to the extent applicable: (x) the amount of the
Base Management Fee, Incentive Management Fee, and/or any other fee payable to such Manager pursuant to this Agreement, earned and accrued for the fiscal period then ended, and (y) an accounting with respect to the Replacement Reserve Fund for
each Component showing the amount deposited therein during the fiscal period then ended, the amounts withdrawn therefrom during such period, and a statement, in reasonable detail, showing the purpose or purposes for which such withdrawals were made
or any allocations or reallocations made pursuant to Section 9.9. The Reporting Period Statements shall include, either as part of the report or by supplemental schedule, sufficient information from which Owner can determine, for the
period in question, the Reimbursable Expenses paid to Managers under Section 5.3. The cost of preparing the Reporting Period Statements for each Component for each Operating Year shall be charged as an Operating Expense of the applicable
Component. 
 10.4 Annual Statements. Each Manager shall, for its respective Component, not later than
twenty (20) days following the conclusion of each Operating Year, cause to be prepared and delivered to Owner or any Member upon request, unaudited financial statements for the preceding Operating Year containing all of the items required for
the Monthly Statements as set forth in Section 10.3 as well as a comparison of the results of operations (as may be consolidated) for the respective Component for the Operating Year then ended with the applicable approved Project Budget
and with the comparable period in the prior Operating Year (the “Annual Statement”). Each Manager shall assist and cooperate with the Managing Member in providing Annual Statements of Owner, as audited by the Company Accountants,
required to be delivered by the Managing Member under the Joint Venture Agreement; provided, however, to the extent that, as part of the audited Annual Statements of Owner prepared in accordance with the Joint Venture Agreement, a separate audit is
performed and prepared for the Resort Hotel and Casino, such audited financials shall be provided to Owner. 
 10.5 Audit
Right of DW Member. DW Member reserves the right in its sole discretion, and without cost or expense to Owner (unless any such audit is approved by MGM Member pursuant to the Joint Venture Agreement, in which case the audit shall be
an operating expense of the Owner or as further provided in this Section 10.5) to conduct inspections and to audit the books and records of any Component as maintained by the respective Manager following reasonable written notice of its
intention to do so and a brief description of any specific materials comprising the books and records which DW Member is seeking to examine. DW Member will cooperate with the General Manager and any Manager to undertake such audit in a collaborative
manner so as not to disrupt the business enterprise. In requesting such audit and inspection of the books and records of any Component, DW Member is not required to provide any reason or to assert any claim or disagreement with any information,
financial reports, or financial information previously provided to DW Member in connection with this Agreement or otherwise. DW Member agrees to limit the exercise of its audit rights pursuant to this Section 10.5 to once in any twelve
(12) month period, unless DW Member has a good faith reason to believe that an additional audit during such period is necessary or advisable. The General Manager and Manager shall provide to Owner and DW Member the location of the books and
records for each Component if such location is not at the offices of the General Manager at the CityCenter Project. The General Manager and each Manager shall not relocate the books and records relating to any Component, or if in electronic form,
change the manner and form of access and storage for those records specific to the Resort Hotel and Casino at any time during the Term without the prior written notice to and the consent of DW Member. Notwithstanding anything to the contrary
contained in this Section 10.5, if, during the course of any audit conducted pursuant to this Section 10.5, any of Gross Revenue or Operating Expenses as set forth in the Reporting Period Statements or Annual Statement, as
applicable, for the Resort Hotel and Casino are found to be overstated by either (i) Five Million Dollars ($5,000,000) of Gross Revenue or (ii) Five Hundred 

  
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Thousand Dollars ($500,000) of Operating Expenses, as the case may be, then the Resort Hotel and Casino Operator immediately shall (a) reimburse to the DW Member or Owner, as applicable, the
cost of such audit out of such Manager’s own funds, and (b) correct the misstatements and pay any amounts owing to the DW Member or Owner, as applicable, as shown by such audit; provided, however, that the DW Member or Owner, as
applicable, shall only be entitled to such reimbursement if the cost of such audit is reasonable in light of discrepancies sought or in good faith proposed to be recovered. If any audit conducted pursuant to this Section 10.5 discloses
an overstatement greater than any of the thresholds in the immediately preceding sentence, then the Resort and Hotel Operator immediately shall correct the misstatements and pay any amounts owing to the DW Member or Owner, as applicable. 

ARTICLE 11 

CENTRALIZED SERVICES AND REIMBURSABLE SERVICES 
 11.1 Non-Reimbursable Centralized Services. Except as otherwise specifically provided for in the Development Management Agreement, MGM MIRAGE and/or its Affiliates shall provide (or
cause to be provided) to the CityCenter Project generally and to each Component (other than the Veer Component, the Harmon Component, and the Mandarin Component) specifically, as applicable, the centralized services, which consist of services
provided directly by MGM MIRAGE utilizing its internal resources and as described below, as well as all other services that are presently and from time to time in the future generally provided by MGM MIRAGE and/or its Affiliates to the Operator
Group Hotels to the extent consistent with the Operating Standard (collectively, the “Centralized Services”). Under no circumstances shall any third party expense incurred solely for the benefit of the CityCenter Project and to each
Component be included as a Centralized Service. Notwithstanding the foregoing, while Owner acknowledges and agrees that the services that presently comprise the Centralized Services are not static and may be changed, modified, amplified, upgraded
and revised from time to time by MGM MIRAGE and its Affiliates, MGM MIRAGE and Managers and their respective Affiliates acknowledge and agree that: (i) MGM MIRAGE and Manager and their respective Affiliates may add, reduce or eliminate any
Centralized Services provided to Owner and to the Components only in the event that the same are added, reduced or eliminated at all or substantially all other Operator Group Hotels; and (ii) in the event of a material addition, reduction or
elimination of some or all of the Centralized Services, the Operating Fee may be equitably adjusted only after consultation with Owner and DW Member and good faith negotiation amongst such parties concerning any such proposed adjustment which in no
event shall be less favorable than the proportionate adjustment of the corporate allocation to the Operator Group Hotels. 
 In the event that
MGM MIRAGE and, with the consent of DW Member, Owner are unable to reach agreement concerning the adjustment to be made, then in the case of an addition, the proposed service shall not be added and in the case of a reduction or elimination, the
Operating Fee shall be reduced by an amount equal to the costs associated with the provision of the eliminated or reduced service each Operating Year during the Term. 
 11.1.1 Advertising. MGM MIRAGE shall provide the professional and administrative support utilizing its internal resources for the advertising campaign of the Resort Hotel and Casino
and the CityCenter Project including, but not limited to, media placement, agency management and other services as may change from time to time. In addition, MGM MIRAGE shall include the Resort Hotel and Casino, as appropriate, in any centralized
marketing program that includes the other Operator Group Hotels in a similar brand position. 
 11.1.2 Information
Systems. The Resort Hotel and Casino shall utilize all information systems necessary to enable the Resort Hotel and Casino to function both independently and with the Operator Group Hotels, including each of the systems, licenses,
facilities, and services, including, but not limited to access to the “Help Desk” and corporate IS support, typically provided to the other Operator Group Hotels. 
 11.1.3 Centralized Marketing. MGM MIRAGE shall provide centralized marketing services, both national and international, to the Resort Hotel and Casino to promote, develop and sustain
relationships with existing casino customers as is typically provided to the top brands within the other Operator Group Hotels. This shall include support from any established national or international branch offices. 

  
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 11.1.4 Other Corporate Allocations. MGM MIRAGE shall supply to the
Resort Hotel and Casino, among other things, each of the products and services set forth on Exhibit C as is typically provided to the other Operator Group Hotels. 
 11.1.5 Purchasing. As of the Effective Date, Resort Hotel and Casino Operator maintains the Purchasing Program as a Centralized Service at prices and terms that generally reflect competitive
market rates. Notwithstanding anything to the contrary contained in this Agreement, (i) each Manager hereby covenants and agrees that it shall act in a prudent manner when purchasing items for the Component and in a manner consistent with the
standard of care set forth in Section 3.3, whether under a Purchasing Program or otherwise, and shall use commercially reasonable efforts to achieve the lowest available price for any Equipment or Operating Equipment being purchased
(provided that such Equipment and Operating Equipment is in compliance with the Operating Standard) and (ii) any rebate received from a vendor or supplier under a contract for the hotel (or for any regional or national contract covering other
Operator Group Hotels) shall be equitably apportioned to Owner in the case of regional or national contracts. 
 11.2 Cost
and Expense. Other than as specifically provided for in the Development Management Agreement, the Centralized Services (other than third party expenses) shall be provided at no cost or expense to Owner and each Component (as the same
are included in the payment of Operating Fees), and, other than as specifically provided for in the Development Management Agreement, each Manager and the General Manager acknowledge and agree that in no event shall MGM MIRAGE or Managers or any
Affiliate thereof pass through to Owner or any Component or otherwise seek payment or reimbursement (as Reimbursable Expenses or otherwise) from Owner or any Component for any costs whatsoever incurred by MGM MIRAGE or Managers or any of their
respective Affiliates (whether in the form of rent, utilities or other overhead, employee compensation, benefits or other or personnel costs, or any other internal cost or expense in any form incurred by MGM MIRAGE or Managers or any Affiliate
thereof) for providing any Centralized Services. 
 11.3 Reimbursable Services. In addition to the
Centralized Services provided pursuant to Section 11.1 above, Manager shall provide the services set forth in this Section 11.3 (the “Reimbursable Services”), and subject to Section 5.3, Manager,
General Manager and/or its Affiliates, as applicable, shall be reimbursed for all actual and reimbursable Operating Expenses directly incurred by such Manager, General Manager or Affiliates in providing such Reimbursable Services. 

11.3.1 Bookings. Manager shall secure bookings for the Resort Hotel and Casino (and its various facilities, as
applicable) for which reservations and advance bookings are consistent with industry requirements and the Operating Standard, through Manager’s sales and reservations offices and other distribution and sales systems, and shall encourage the use
of the Resort Hotel and Casino by tourists, special groups, travel congresses, travel agencies, airlines, and other recognized sources of Resort Hotel and Casino business. Manager shall process reservations for the Resort Hotel and Casino through
Manager’s and its Affiliates’ worldwide communications network. To facilitate Manager’s provision of such reservations services, Owner agrees that the Resort Hotel and Casino shall be listed in all airline reservations systems (which
include what are known in the hospitality industry as global distribution systems) under the applicable code for Resort Hotel and Casinos operated under the “MGM MIRAGE” and “CityCenter” name. In addition to and independent from
the reservations telephone line or communications device maintained by Manager or its Affiliates in connection with the worldwide communications network of Manager and its Affiliates, Owner may, at its own election, also maintain and use (and
require Manager to use) in connection with the Resort Hotel and Casino a separate and dedicated toll-free or similar telephone line or communications device for making reservations at the Resort Hotel and Casino. Throughout the Term, Owner shall
permit Manager to load into the reservations system maintained by Manager and its Affiliates, and to maintain on a current basis, the Resort Hotel and Casino’s total rooms inventory and all associated room rates. 

11.3.2 Aircraft Time Share Agreement. Owner or an Affiliate thereof shall enter into an agreement with Mandalay
Resort Group, a Nevada corporation, relating to the shared use of aircraft for Gaming customers and such other non-executive uses in connection with the operation of the Resort Hotel and Casino Operator substantially in the form attached hereto as
Exhibit D (the “Aircraft Time Share Agreement”). Any services provided under the Aircraft Time Share Agreement shall not be deemed Centralized Services, and the fees payable for such services shall be as set forth in such
Aircraft Time Share Agreement and shall be an Operating Expense of the Hotel and Casino. For the avoidance of doubt, the Managers and/or their Affiliate(s) shall not be entitled to the reimbursement of any costs or expenses attributable to the use
of aircraft primarily for use by 

  
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executive or corporate personnel, unless such reimbursement is authorized in writing by the DW Member, which authorization may be withheld in the DW Member’s sole and absolute discretion.

 ARTICLE 12 
 INSURANCE 
 12.1 Insurance to Be Maintained by Owner During
Term. At all times during the Term, Owner shall procure and maintain, on behalf of Owner and each Manager, insurance coverage respecting the Components in consultation with the General Manager. All premiums and other costs of such
insurance, and any applicable deductibles or co-insurance requirements, shall be an Operating Expense of each Component. If Owner and Managers shall mutually agree, Managers shall procure such insurance on behalf of Owner. Managers do not purport to
be advisors on insurance matters and as between Owner and the Managers; it shall be Owner’s responsibility to cause itself to be adequately insured. General Manager shall propose the insurance coverage respecting the Components to be set forth
in the Business Plan (as such term is defined in the Joint Venture Agreement) for submission to Owner for review and approval in accordance with the Joint Venture Agreement. The delivery of the proposal for the insurance coverage shall be made as
soon as reasonably possible following the Effective Date. Furthermore, the General Manager shall be authorized to modify such insurance coverage that the General Manager, in accordance with the standard of care as set forth in
Section 3.3 hereof, believes is in the best interest of the respective Components and to the extent that such modification would not constitute a Major Decision. 
 12.2 Insurance to Be Maintained by Manager During Term. Manager shall obtain and maintain (either itself or through blanket general liability insurance policies carried by MGM MIRAGE)
during the Term of this Agreement insurance in the forms and coverages, policy limitations and amounts as are customarily obtained and retained by managers of similar projects in the hotel, casino, gaming, and leisure and resort industry. All such
coverages shall be at Manager’s (or, if applicable, MGM MIRAGE’s) sole cost and expense and shall not be an Operating Expense. 
 12.3 Waiver of Liability. Neither Managers nor Owner shall assert against the other, and each does hereby waive with respect to the other to the extent it is legally possible to do
so, any Claims incurred or sustained by it on account of damage or injury to persons or property arising out of the ownership, operation or maintenance of the CityCenter Project, to the extent that the same are covered by the proceeds received as a
result of any insurance, so long as such waiver does not adversely affect such insurance coverage. Owner or the Managers, as the case may be, shall cause all policies to contain a waiver of subrogation clause to the extent the same shall be
available at no extra cost and shall notify the other if a waiver of subrogation clause is not available at no extra cost, to permit Owner and Managers to determine if additional payments should be made to obtain the waiver of subrogation clause.
The provisions of this Section 12.3 are intended to restrict each Party (as permitted by Legal Requirements) to recovery against insurance carriers to the extent of such coverage and waive fully, and for the benefit of each, any rights
and/or Claims which might give rise to a right of subrogation in any insurance carrier. 
 ARTICLE 13 

CONFIDENTIAL INFORMATION 
 13.1 Confidential Information. The Parties agree that the matters set forth in this Agreement are strictly confidential. In addition, the Parties agree to keep strictly confidential
all information of a proprietary or confidential nature about or belonging to the other Party or to any Affiliate of such Party to which the other Party gains or has access by virtue of the relationship between the Parties. Except as disclosure may
be required to obtain the advice of professionals or consultants, or financing for the Components or the CityCenter Project from an institutional lender, or in furtherance of a permitted assignment of this Agreement, or as may be required by law or
by the order of any government, regulatory authority, or tribunal or otherwise to comply with Legal Requirements (including reporting requirements applicable to companies the shares or stock of which are traded on any stock exchange anywhere in the
world) whether or not having the force of law, each Party shall make every effort to ensure that such information is not disclosed to any third party without the prior consent of the other Party. The obligations set forth in this
Section 13.1 shall survive any termination or expiration of this Agreement. 

  
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 ARTICLE 14 
 MORTGAGES AND FINANCING 
 14.1 Right to
Mortgage. Owner shall have the absolute and unrestricted right from time to time in its sole and absolute discretion to encumber all of the assets that comprise the CityCenter Project, a Component, or any part thereof, all as
contemplated in any Mortgage and/or Financing Instrument that is entered into by Owner, and to assign all of Owner’s right, title and interest in and to the CityCenter Project or any part thereof as security for any Mortgage and/or Financing
Instrument. 
 14.2 Subordination. Each Manager agrees that this Agreement shall in all respects be and is
hereby expressly made subordinate and inferior to the liens, security interest and/or terms of any Mortgage and to the promissory note (or other evidence of repayment obligation) and other indebtedness now secured or hereafter to be secured thereby
and to all other instruments evidencing or securing or to evidence or secure said indebtedness, and all amendments, modifications, supplements, consolidations, extensions and revisions of such note and other instruments. 

14.3 Evidence of Subordination; Delivery of Separate Documents and Instruments. In addition, each Manager shall,
within ten (10) days after receipt of written notice from Owner or any Mortgagee and/or lender under any Financing Instrument, execute, acknowledge and deliver any and all estoppel certificates and other documents (including, without
limitation, a subordination agreement allowing any such Mortgagee and/or lender to terminate each respective Manager’s duties and obligations under this Agreement upon foreclosure) requested by Owner and/or Mortgagee and/or any lender under any
Financing Instrument that subordinates or evidences the subordination of this Agreement and each Manager’s rights thereunder to any such Mortgage and/or Financing Instrument. 

ARTICLE 15 

PERFORMANCE TERMINATION 
 15.1 Performance Test. In addition to any other termination rights of Owner as set forth herein, Owner shall have the right to terminate this Agreement in the event of a Performance
Test Failure. For purposes of this Section 15.1, a “Performance Test Failure” shall occur when the EBITDAM of the Resort Hotel and Casino for any two (2) consecutive Operating Years (the “Performance Test
Period”) commencing after the first (1st) full Operating Year following the Resort Hotel and Casino Opening Date (with the first Performance Test Period being the second (2nd) and third (3rd) full Operating Years following
the Resort Hotel and Casino Opening Date) for the Resort Hotel and Casino is less than seventy-five percent (75%) of the EBITDAM set forth in the Project Budgets for the applicable Operating Years. In the event of a Performance Test Failure as
set forth in this Section 15.1, Owner shall have the right, subject to Section 15.2, to terminate this Agreement provided that (a) a written notice of termination shall be given to the Resort Hotel and Casino Operator
within sixty (60) days after receipt by Owner of the applicable Certified Financial Statements, and (b) such notice shall specify a termination date not less than sixty (60) days nor more than ninety (90) days after the giving of
such notice. Notwithstanding the foregoing, in determining whether a Performance Test Failure has occurred, the Parties acknowledge and agree that the EBITDAM shall be equitably adjusted to account for the following circumstances: (1) a Force
Majeure Event, (2) failure of Owner to provide Working Capital funds as required under this Agreement, or any other Event of Default, (3) a Casualty, (4) a Condemnation, or (5) any change in the hold percentages at the casino
from those assumed in the Project Budget. 
 15.2 Cure Right. Notwithstanding Section 15.1, if
Owner shall have the right to terminate this Agreement pursuant to such Section 15.1, and shall have delivered a written notice of such termination in accordance with such Section 15.1, then within ninety (90) days after
receipt by the Resort Hotel and Casino Operator of such notice, the Resort Hotel and Casino Operator shall have the right (the “Cure Right”), but not the obligation, to pay to Owner the difference between (a) seventy-five
percent (75%) of the projected EBITDAM set forth in the Project Budgets for both Operating Years giving rise to Owner’s right to terminate, and (b) the actual EBITDAM for such Operating Years. In the event the Resort Hotel and Casino
Operator exercises its Cure Right and makes such payment, Owner’s notice of termination shall be deemed withdrawn and Owner shall not have the right to send another notice of termination unless the conditions of Section 15.1 are met
for each of two (2) consecutive Operating Years thereafter, in which case the Cure Right may be exercised again. 

  
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 ARTICLE 16 
 DEFAULT AND TERMINATION 
 16.1 Events of
Default. 
 16.1.1 Events of Default on the Part of Either Party. The following will, at
Manager’s election, constitute an event of default by Owner under this Agreement (each such event being referred to herein as an “Event of Default”) but Manager acknowledges and agrees that Owner will not be in default or
breach of this Agreement if such default or breach arises from an action or omission of Manager or any of its Affiliates (including without limitation MGM MIRAGE) or arises regarding a matter that is within the control of Manager or its Affiliates
(including without limitation MGM MIRAGE): 
 (a) Monetary. The failure of either Party to pay to the other
Party when due any sum which may become due with respect to any Component which is the subject of this Agreement within ten (10) days after receipt by the defaulting party of written notice from the other Party specifying such failure;

 (b) Non-Monetary. The failure by any Party timely to perform, keep or fulfill all or any portion of the
material terms, covenants, undertakings, obligations or conditions set forth in this Agreement with respect to each Component which is the subject of this Agreement, and the continuance of such failure for a period of sixty (60) days after
receipt by the defaulting Party of written notice thereof from the other Party specifying such failure, provided that in the event such failure is amenable to cure and is of a nature that it cannot, with due diligence, all commercially reasonable
efforts, and in good faith, be cured within sixty (60) days, it shall not constitute an Event of Default unless such defaulting Party fails to proceed promptly and with due diligence, all commercially reasonable efforts, and in good faith to
cure the same, and thereafter to prosecute the curing of such failure with due diligence and in good faith (it being intended that, in connection with a failure not susceptible of being cured with diligence and in good faith within sixty
(60) days, the time of such defaulting Party within which to cure the same shall be extended for such period as may be necessary for the curing thereof with due diligence, all commercially reasonable efforts and in good faith); 

(c) Insolvency. If any Party shall apply for or consent to the appointment of a receiver, trustee or liquidator of
such Party or of all or a substantial part of its assets, file a voluntary petition in bankruptcy or admit in writing its inability to pay its debts as they come due, make a general assignment for the benefit of creditors, file a petition or an
answer seeking reorganization or agreement with a creditor or take advantage of any insolvency law, or file an answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization or insolvency proceeding, or if
an order, judgment or decree shall be entered by any court of competent jurisdiction, on the application of a creditor, adjudicating such Party a bankrupt or insolvent or approving a petition seeking reorganization of such Party or appointing a
receiver, trustee or liquidator of such Party or of all or a substantial part of its assets, and such order, judgment or decree shall continue unstayed and in effect for a period of ninety (90) consecutive days; or 

(d) Transfer. If any Party shall assign this Agreement in violation of Section 20.7; 

(e) Default by MGM MIRAGE. Any breach or default by MGM MIRAGE of the provisions of Section 20.5 of this
Agreement. 
 16.2 Excused Non-Performance. Notwithstanding any contrary provision of this Agreement, each
Manager shall be excused from the performance of any obligation hereunder (including the obligation to operate its Component in conformity with the Operating Standard), and shall not be deemed in default, for such period of time as such performance
is prevented by a Force Majeure Event, a breach of this Agreement by Owner or a limitation imposed on a Manager’s ability to expend funds in respect of the applicable Component, due to Owner’s act or Owner’s failure to act upon a
Manager’s request for funds (provided such Manager has provided Owner with reasonably timely notice of the need for additional funds and that the failure to expend funds by reason of the operation of such limitation shall reasonably prevent
such Manager from meeting such obligation). 
 16.3 Remedies and Other Termination Rights. 

  
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 16.3.1 Right to Terminate upon an Event of Default as set forth in
Section 16.1.1. Subject to the terms and conditions of this Agreement, the non-defaulting Party shall, at its option, give to the defaulting Party notice, following the expiration of the applicable cure period as may be set forth
in Section 16.1.1(a) through Section 16.1.1(e), of its intention to pursue any right to any and all remedies (including specific performance, indemnification for breach of this Agreement and other equitable relief or any and
all right to damages) which the non-defaulting Party may have against the defaulting Party under Legal Requirements or equity subject to the terms of this Agreement. Notwithstanding the foregoing, if an Event of Default shall occur with respect to
this Agreement that does not constitute a Material Event of Default, the non-defaulting Party shall not have the right to terminate this Agreement, but shall have the right to exercise any and all remedies (including specific performance and other
equitable relief or any and all right to damages or claims to indemnification) which the non-defaulting Party may have against the defaulting Party under Legal Requirements or equity subject to the terms of this Agreement. 

16.3.2 Right to Terminate upon Material Breach of the Standard of Care. In the event that any Manager shall commit a
breach of the standard of care set forth in Section 3.3, then DW Member may, at its option, give to the defaulting Party notice of its intention to terminate this Agreement after the expiration of a period of thirty (30) days from
the date of such notice if the Event of Default has not been cured prior to expiration of such thirty (30) day period, and, upon expiration of such period, this Agreement shall terminate on the date specified in the notice. Such termination
shall be without prejudice to any right to any and all remedies (including specific performance and other equitable relief or any and all right to damages) which the non-defaulting Party may have against the defaulting Party under Legal Requirements
or equity subject to the terms of this Agreement. For purposes of this Agreement, a breach under this Section 16.3.2 shall be deemed a Material Event of Default. 
 16.3.3 Right to Terminate upon a Material Event of Default, Resort Hotel and Casino. Subject to the terms of this Agreement, if an Event of Default (or series of related Events of
Default) shall occur under this Agreement that would, in the aggregate, result in a monetary loss to either Party in excess of Twenty Five Million Dollars ($25,000,000) (a “Material Event of Default”), the non-defaulting Party may,
at its option, give to the defaulting Party notice of its intention to terminate this Agreement after the expiration of a period of thirty (30) days from the date of such notice if the Event of Default has not been cured prior to the expiration
of such thirty (30) day period, and, upon expiration of such period, this Agreement shall terminate on the date specified in the notice. Such termination shall be without prejudice to any right to any and all remedies (including specific
performance and other equitable relief or any and all right to damages) which the non-defaulting Party may have against the defaulting Party under Legal Requirements or equity subject to the terms of this Agreement. Notwithstanding the foregoing, if
an Event of Default shall occur with respect to this Agreement that does not constitute a Material Event of Default, the non-defaulting Party shall not have the right to terminate this Agreement, but shall have the right to exercise any and all
remedies (including specific performance and other equitable relief or any and all right to damages or claims to indemnification) which the non-defaulting Party may have against the defaulting Party under Legal Requirements or equity subject to the
terms of this Agreement. 
 16.3.4 Cross Termination. The Parties acknowledge and agree that a termination of this
Agreement for any reason shall result in the immediate termination of the Vdara Condo-Hotel Management Agreement and the Crystals Retail Management Agreement, without further action of the Parties, which termination shall be effective on, at and as
of on the effective date of the termination of this Agreement. 
 16.3.5 Governmental Approvals. In the event that
any Gaming Approval is required for a Manager’s operation of the respective Component, Owner shall, with the Manager’s assistance and cooperation, use good faith efforts to obtain such approval or permit before such Component may be opened
for business to the general public. In the. event any such approval or permit, or any such approval or permit in connection with Manager’s operation of the premises, cannot be obtained or can be obtained but only in connection or compliance
with, or upon the satisfaction of, requirements, limitations or restrictions which are not reasonably satisfactory to Owner or the General Manager, either Owner or the General Manager may, in its respective sole discretion, terminate this Agreement.
In addition, if at any time during the Term a Manager or any other person or entity associated in any manner whatsoever with such Manager (i) is denied a license, found unsuitable, or is denied or otherwise unable to obtain any other Gaming
Approvals required for such Manager to operate its respective Component, (ii) does not obtain such Gaming Approval within any required time limit, as the same may be extended by the Nevada Gaming Authority, (iii) withdraws any application
for any Gaming Approval other than upon a determination by the Nevada Gaming Authorities that such Gaming Approval is not required for such Manager to be 

  
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able to conduct its operations at the respective Component, and/or (iv) directly or indirectly causes a termination or final, non-appealable denial of any Gaming Approval of Owner or any
person as a result of this Agreement, then Owner may terminate this Agreement effective upon the later of (A) 30 days after notice is given to Resort and Hotel Casino Operator by Owner, and (B) the date Resort Hotel and Casino Operator is
not permitted to conduct its operations at the respective Component, unless such failure is cured before such later date. 

16.4 DW Member Enforcement; Termination Rights. DW Member shall have the power and authority to enforce any breach
or to allege and enforce any Event of Default under this Agreement without the necessity of including Owner in any such action, it being understood that the right of DW Member to enforce and require the performance of all of the terms, covenants,
and conditions of this Agreement is an independent right granted by the Parties to DW Member pursuant to this Agreement. The Managers acknowledge to and for the benefit of DW Member that they do not and are not authorized to waive, on behalf of
Owner, the occurrence or continuance of any default or Event of Default or Material Event of Default of this Agreement without the prior written consent of DW Member, which consent may be withheld by DW Member in its sole and absolute discretion. In
addition, DW Member may, in its sole and absolute discretion, enforce the provisions of this Agreement and terminate this Agreement on behalf of Owner immediately upon written notice to General Manager if: 

16.4.1 At any time during the Term, Owner has the right to terminate this Agreement pursuant to Section 16.3. 

16.4.2 At any time during the Term, General Manager or its Affiliates cease, collectively, to own directly or indirectly at least ten
percent (10%) of the equity of Owner as a result of the Transfer of such equity interest to DW Member or an Affiliate thereof; 
 16.4.3 foreclosure on the CityCenter Project occurs (unless, pursuant to any subordination and non-disturbance agreement between the Managers, Mortgagee and/or a lender, this Agreement may otherwise
remain in place); or 
 16.4.4 Owner Transfers the CityCenter Project to an unrelated bona fide third-party purchaser (unless the
purchaser, at its option, elects to keep this Agreement in place for the remaining Term or portion thereof). 
 In the event of
any such termination in accordance with this Section 16.4, in no event shall Owner or DW Member be required to pay to MGM MIRAGE or any Manager a termination fee, penalty or additional fee. 

16.5 General Manager Termination Rights. General Manager may, on behalf of the other Managers or MGM MIRAGE, in its
sole and absolute discretion, in addition to any other termination right granted to the Managers in accordance with the express terms of this Agreement, terminate this Agreement immediately upon written notice to Owner if: 

16.5.1 At any time during the Term, DW Member or its Affiliates cease, collectively, to own directly or indirectly at least ten percent
(10%) of the equity of Owner as a result of the Transfer of such equity interest to General Manager or an Affiliate thereof; 
 16.5.2 Owner Transfers the CityCenter Project to an unrelated bona fide third-party purchaser; or 
 16.5.3 Owner loses, for more than thirty (30) consecutive days, any Gaming licenses necessary to operate the casino in accordance with this Agreement; provided, however, that, in the event that Owner
loses any such Gaming licenses, notwithstanding any other provisions of this Agreement, a Manager shall not be obligated to take any action under this Agreement that such Manager believes in good faith would result, as a result of such loss of such
Gaming licenses, in a violation or breach of any Legal Requirement. 

  
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 In the event of any such termination in accordance with this Section 16.5, in no event shall MGM
MIRAGE or any Manager be required to pay to Owner or any member or other equity owners of Owner a termination fee, penalty or additional fee. 
 16.6 Rights and Obligations on Termination. Unless otherwise specifically provided in this Agreement, the termination of this Agreement shall not affect (a) the rights of either Party with respect to
liability or claims accrued, or arising out of events occurring prior to the date of the termination of this Agreement, or (b) specific rights which this Agreement provides shall survive termination. Upon the termination of this Agreement for
any reason under this or any other Article contained herein, the following provisions, which shall survive termination of this Agreement, shall be applicable in addition to, and without limiting any other rights of Owner or the applicable Manager
pursuant to this Agreement or at law or equity: 
 16.6.1 Amounts Due; Receivables. All accrued and unpaid
fees, charges, reimbursements, and other payments due any Manager under this Agreement as of the date of termination (including but not limited to any portion of any Operating Fees, and any portion of any Compensation and any other Reimbursable
Expenses) shall be paid by Owner to the applicable Manager within ten (10) days after the remittance to Owner by such Manager of statements therefor. Ail accrued unpaid amounts, charges, reimbursements, and other payments due Owner by a Manager
pursuant to this Agreement shall be paid by the applicable Manager to Owner within thirty (30) days of termination or expiration of the applicable agreement. All applicable Operating Accounts and any remaining funds therein after payment of the
foregoing shall be promptly transferred to Owner. All receivables of the Component outstanding as of the effective date of termination, including, without limitation, guest ledger receivables, shall continue to be the property of Owner. 

16.6.2 Permits. To the extent assignable, a Manager shall assign and transfer to Owner all of Manager’s right,
title and interest in and to all liquor, restaurant and other licenses and permits, if any, which apply solely to the applicable Component. Manager shall use commercially reasonable efforts to provide Owner with a complete listing of all permits and
licenses (whether or not in Manager’s name or in the name of Owner) as soon as reasonably practicable prior to the effective date of termination so as to permit Owner or successor operator sufficient time to apply for new licenses or permits or
to effect transfer to Owner’s name or the name of successor operator. The foregoing shall be without fee or other compensation to Manager; provided, however, that if Manager has expended any of its own funds in connection with the foregoing
pursuant to this Section 16.6.2, Owner shall, subject to Section 5.3, reimburse Manager therefor. 

16.6.3 Vacate. Manager shall peacefully vacate and surrender the Component to Owner, and shall deliver to Owner any
and all keys, locks and safe combinations, reservation lists, ledgers, bank statements for the Operating Accounts, budgets, accounting books and records, insurance policies, bonds and other documents, memoranda, schedules, lists, contracts,
agreements, leases, licenses, with respect to the applicable Component all as is reasonably necessary to permit continued and uninterrupted operation of the applicable Component, complete copies of correspondence, other files and records generated
by a Manager in the course of operating the Component and relating exclusively to such Component, non-proprietary software used in the accounting, reservation and other systems of the Component and any licenses required for use thereof, all
depository accounts for the Component including the Operating Accounts and the Replacement Reserve Fund, and other items required for the operation of the Component. Notwithstanding the foregoing, Component Managers shall not be required to assign
to Owner pursuant to the foregoing sentence any Proprietary Information. Accounting and other books and records shall include all electronic as well as paper records, except in the case of any software that is proprietary to such Manager or its
Affiliates. If any such non-Proprietary Information is maintained by a Manager or its Affiliates in a regional or central location and is not located at the Component, Manager shall cause such information with respect to the Component to be
electronically transferred into systems designated by Owner (including systems of a successor operator) to the extent electronic data is compatible with Owner’s or successor operator’s systems and if not compatible shall cooperate, in all
reasonable respects, with Owner and the successor operator in seeking to convert such data to a compatible format. Costs and expenses incurred in connection with any of the foregoing shall be an Owner expense and shall not be the obligation or
liability of Manager. 
 16.6.4 Management Transition. Managers shall cooperate in all reasonable ways in
the transition of the operation and management of each of the Components to Owner or Owner’s new operator to effect 

  
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an orderly and expeditious transition of management functions, with as little hindrance to the operation of the Component as reasonably practicable. 

16.6.5 Notification of Vendors; Assignment or Termination of Service Contracts. Manager shall assign to Owner all
service and supply contracts for the Component which Manager made in its own name in accordance with this Agreement, except for contracts which may not be assigned, or which are with an Affiliate of Manager, or which can be terminated without
penalty upon termination and which Owner timely requests be terminated as of the date of termination of this Agreement. 
 16.6.6
Bookings. To the extent applicable to the subject Component, Manager shall, no later than the effective date of termination, provide Owner with a complete list of all bookings, the terms applicable thereto, and the amount of
advance deposits (if any) received with respect to each such booking for the Resort Hotel and Casino. Owner shall honor, and shall cause any successor operator to honor, all business confirmed for the Component, as applicable, with reservations
dated after the effective date of termination in accordance with such bookings as have been accepted by Manager. 
 16.6.7
Turn-Over of Guest Property. With respect to the Resort Hotel and Casino, the Resort Hotel and Casino Operator and Owner will employ customary procedures on the date of termination for the transfer of custody of and
responsibility for guest property checked with the Resort Hotel and Casino, including stored luggage (which will be inventoried and tagged) and safe deposit boxes (each of which will be sealed until the depositor has been notified to check the
contents, then opened in the presence of a representative of each of the Managers and Owner). 
 16.6.8 Financial
Statements. The applicable Manager shall prepare and deliver to Owner, within thirty (30) days following the effective date of expiration or termination of this Agreement, an accounting as described in Section 10.4,
which accounting shall be in final form to the extent practicable, the cost of which shall be an Operating Expense of the applicable Component. Manager shall continue to cooperate with Owner and be available, and make any books and records available
to the extent necessary, in order for Owner and the accountants to prepare the Annual Statement for the Component for the last such Operating Year as provided in Section 10.4, including specifically the period up to the termination date
together, to the extent applicable, with the calculation of the amount of the Operating Fee through the effective date of termination. 
 16.6.9 Personnel. Owner acknowledges that since the Personnel will be employees of the Managers and/or their Affiliates (unless otherwise permitted or provided herein), the
termination of this Agreement may result in a termination of such Personnel. Upon termination of this Agreement, an escrow fund shall be established from Gross Revenue (or with funds provided by Owner if Gross Revenue is insufficient) to, subject to
Section 5.3, reimburse each Manager and its Affiliates for all Personnel liability costs and expenses incurred by the Managers or their Affiliates arising out of either the transfer or termination of employment of the Personnel,
including, without limitation, severance and seniority payments, reasonable transfer costs, and unemployment compensation. The determination of liability as to the payment of the foregoing expenses attributed to Personnel upon termination of this
Agreement including liability for all accrued payroll, accrued benefits (such as benefit plans, pension plans, profit sharing plans, vacation pay and sick days and other similar accrued employment liabilities, including, without limitation,
severance obligations), and other employment matters, if any, through and including the date of such termination shall be made in connection with the overall determination and award of damages or compensation, if any, following such termination to
the Party not causing the Event of Default or right of termination under this Agreement. 
 16.6.10 Progressive Slot
Liability. In the event that any of the sales tax and/or LET tax obligations are not known until after the effective date of any termination of this Agreement, Resort Hotel and Casino Operator shall, on or before the effective date of such
termination, allocate from the funds available in the respective Operating Accounts a reasonable estimate of any sales tax, LET tax, and/or any other tax or liability attributable to the Gaming devices, including, without limitation, any progressive
slot liability. Any such costs or expenses referenced in this Section 16.6.10 shall be the responsibility and obligation of Owner. 
 16.7 WARN Act; 401(k) Compliance 

  
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 16.7.1 WARN Act. Owner acknowledges that Manager or its Affiliates may
have an obligation under federal, state, or local law to give advance notice to the Personnel of such Component of any termination of their employment, and that failure to comply with any such notification obligation could give rise to civil
liabilities. Manager and Owner shall exercise commercially reasonable efforts to cooperate with Owner in carrying out the advance notice requirements of any Legal Requirements, and any failure by either Manager or Owner in that regard shall be a
breach of this Agreement. 
 16.7.2 401(k) Compliance. On any termination or expiration of this Agreement,
whether by Transfer of the CityCenter Project (or any Component thereof), expiration of the Term of this Agreement, or early termination through exercise of other rights of the Parties hereto, if the successor employer will, or intends to, offer a
401(k) plan for the Personnel of the CityCenter Project (or the Personnel of any Component thereof), and if such Personnel participate in a 401(k) plan at such time, Owner or its successor (or the successor of the Managers) shall offer a 401(k) plan
to such of the participating employees who will continue to work at the CityCenter Project (or any Component thereof) thereafter, and the new Owner or successor Manager shall accept (and is permitted to accept under its plan and applicable law) a
trust-to-trust transfer of the participants’ 401(k) assets in a manner that complies with all applicable law and the relevant Component will make such transfer, subject to reasonable assurances that the transfer will satisfy all Legal
Requirements and not adversely affect its 401(k) plan. 
 ARTICLE 17 

CASUALTY AND CONDEMNATION 
 17.1 Casualty. In the event the CityCenter Project (or any Component thereof) shall be damaged or destroyed by any Casualty, Owner shall have the right, in its sole option, in
accordance with the Joint Venture Agreement, to elect whether or not to undertake a restoration of the CityCenter Project or any damaged Component thereof. In the event Owner elects to proceed with the restoration, Managers shall provide such
technical and development assistance as reasonably necessary to complete such restoration in a timely and cost-efficient manner, at Owner’s sole cost and expense. 
 17.2 Condemnation. If all or substantially all of the CityCenter Project (or any Component thereof) shall be taken or condemned in any eminent domain, condemnation, compulsory
acquisition or like proceeding by (or a deed in lieu of condemnation given by Owner to) any competent authority, for any public or quasi public use or purpose (hereinafter called a “Condemnation”), or if such a portion of the
CityCenter Project (or any Component thereof) shall be the subject of a Condemnation so as to make it imprudent or unreasonable, in the reasonable opinion of Owner, to use the remaining portion in the same fashion as immediately preceding such
Condemnation, then in either event either Owner or a Manager of the Component subject to the Condemnation shall have the right to terminate this Agreement, in the event of a Condemnation of all or substantially all of the CityCenter Project, as of
the earlier to occur of (i) the date that Owner shall be required to surrender possession of the CityCenter Project or Component, as applicable, or such portion thereof as a consequence of such Condemnation, and (ii) ninety (90) days
after the date on which such determination, and neither Party shall have any obligation to the other excluding those obligations that expressly survive this Agreement. Other than a Condemnation that affects the Resort Hotel and Casino, if a
Condemnation affects only a part of the CityCenter Project (or any Component thereof) that does not make it imprudent, unsuitable or commercially impractical to operate the remainder of the CityCenter Project (or any Component thereof) in the same
fashion as immediately preceding such Condemnation, this Agreement shall not terminate. Any Condemnation award or similar compensation received by Owner on account of any Condemnation as set forth in this Section 17.2 shall be the
property of Owner, and Managers shall make no claim with respect thereto. 
 ARTICLE 18 

INDEMNIFICATION 
 18.1 Indemnification by Managers. The General Manager, MGM MIRAGE and each Manager specifically (for its respective Component) shall defend, indemnify, protect, and hold Owner, and
its Members, officers, directors, shareholders, employees, agents and representatives harmless from and against any and all third-party Claims, arising from Manager’s (i) gross negligence or willful misconduct, or (ii) breach of this
Agreement. 

  
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 18.2 Indemnification by Owner. Owner shall defend, indemnify, and hold
harmless Manager and its Affiliates, and their respective trustees, beneficiaries, directors, officers, employees and agents, and the successors and assigns of each of the foregoing, for, from and against any and all third-party Claims arising from
Owner’s (i) gross negligence or willful misconduct, or (ii) breach of this Agreement. 
 18.3
Survival. The provisions of this ARTICLE 18 shall survive the termination or the expiration of this Agreement. 
 ARTICLE 19 
 REPRESENTATIONS AND WARRANTIES 

19.1 Managers’ Representations and Warranties. Each Manager represents and warrants to Owner as of the
Effective Date that: 
 19.1.1 Organization. Each Manager is duly formed or organized and is validly
existing and in good standing in the jurisdiction in which it is organized, with requisite power and authority to transact the businesses in which it is now engaged. Each Manager is duly qualified to do business and is in good standing in each
jurisdiction where it is required to be so qualified in connection with the operation of the relevant Component, and the conduct of its businesses and operations. Each Manager possesses all rights, licenses, permits and authorizations, governmental
or otherwise, necessary to entitle it to transact the businesses in which it is now engaged (it being understood and agreed, however, that certain such licenses, permits and authorizations, etc. required for the operation of the CityCenter Project
such as liquor and Gaming licenses may be held in the name of Owner and/or other third parties for the benefit of Owner and/or the CityCenter Project). 
 19.1.2 Proceedings. The execution, delivery and performance of this Agreement has been duly authorized by all necessary limited liability company actions of each Manager. This
Agreement has been duly executed and delivered by or on behalf of each Manager and constitutes legal, valid and binding obligations of each Manager enforceable against each Manager in accordance with its terms, subject only to applicable bankruptcy,
insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

19.1.3 No Conflicts. The execution, delivery and performance of this Agreement by each of the Managers will not
conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Owner pursuant to the terms of
any Mortgage or partnership agreement, nor will such action result in any violation of the provisions of any Legal Requirements. 
 19.1.4 Litigation. To each Manager’s actual knowledge, there are no actions, suits or proceedings at law or in equity by or before any governmental authority or other agency now
pending or threatened in writing against or affecting such Manager, which actions, suits or proceedings, if determined against such Manager’s interest in the CityCenter Project (or any Component thereof), can reasonably be expected to have a
material adverse effect on such Manager’s ability to carry out and perform the terms and provisions of this Agreement. 

19.1.5 Agreements. Each Manager is not in default in any material respect in the performance, observance or
fulfillment of any of the obligations, covenants or conditions contained in any Project Agreement or instrument to which it is a Party or by which such Manager or the CityCenter Project is bound. 

19.1.6 Licenses and Permits. Each Manager holds, to the extent required pursuant to relevant Legal Requirements, all
necessary permits and licenses to operate and manage each of the Components subject to this Agreement that such Manager is required to obtain pursuant to such Legal Requirements on its own behalf. 

19.2 Owner’s Representations and Warranties. Owner represents and warrants to each Manager as of the Effective Date
that: 

  
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 19.2.1 Organization. Owner is duly formed or organized and is validly
existing and in good standing in the jurisdiction in which it is organized, with requisite power and authority to transact the businesses in which it is now engaged. Owner is duly qualified to do business and is in good standing in each jurisdiction
where it is required to be so qualified in connection with the ownership of the CityCenter Project, and the conduct of its businesses and operations. Owner possesses all rights, licenses, permits and authorizations, governmental or otherwise,
necessary to entitle it to transact the businesses in which it is now engaged. 
 19.2.2 Proceedings. The
execution, delivery and performance of this Agreement has been duly authorized by all necessary limited liability company actions of Owner. This Agreement has been duly executed and delivered by or on behalf of Owner and constitutes legal, valid and
binding obligations of Owner enforceable against Owner in accordance with its terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles
of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 19.2.3 No
Conflicts. The execution, delivery and performance of this Agreement by Owner will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of
any lien, charge or encumbrance upon any of the property or assets of Owner pursuant to the terms of any Mortgage or partnership agreement, nor will such action result in any violation of the provisions of any Legal Requirements. 

ARTICLE 20 

GENERAL PROVISIONS 
 20.1 Owner’s Consultants. Subject to the Management Agreements, each Manager shall cooperate with such Owner’s consultants and representatives, and also shall cooperate with Owner
and any actual or prospective purchaser, underwriter, lender or other person in connection with any actual or proposed sale, investment, offering, debt placement or financing of or related to the respective Component (provided that no Manager shall
be required to release to any such person any of such Manager’s Proprietary Information or by reason of such cooperation incur any underwriting liability). Such cooperation may include the preparation of customary lists and schedules (such as,
for example, for inventories) and other information relating to such Component, to the extent regularly maintained or compiled, or if the requested information is reasonably available to such Manager, as may be reasonably requested by a prospective
purchaser, underwriter, lender or other person. 
 20.2 Third-Party Operated Areas. The Parties acknowledge that
certain areas of the CityCenter Project may be operated by Third-Party Operators under a lease, operating agreement, franchise agreement or similar agreement. The operation of any Third-Party Operated Areas by a Third-Party Operator, and the
selection of a Third-Party Operator for such Third-Party Operated Areas, shall be subject to the approval of Manager and Owner (to the extent the approval of such Third-Party Operator constitutes a Major Decision). Any lease, operating agreement,
franchise agreement or similar agreement with a Third-Party Operator shall: (i) be consistent with the terms of this Agreement; (ii) require the Third-Party Operators to operate the Third-Party Operated Areas in a manner consistent with
the terms of this Agreement; and (iii) be subject to the review and prior written approval of the respective Manager. For the avoidance of doubt, all lease or rental income derived from Third-Party Operated Areas shall be included in Gross
Revenue, but all gross receipts derived from the operation of Third-Party Operated Areas shall be excluded from Gross Revenue. 

20.3 Management of Infrastructure. The Parties acknowledge and agree that Resort Hotel and Casino Operator shall manage,
operate and maintain the Infrastructure. In connection therewith, Owner acknowledges and agrees that the Resort Hotel and Casino shall be charged with its fair and reasonable share of the costs of the routine operation, inspection and maintenance of
the Infrastructure and any utilities and/or common fixtures located thereon to the extent shared by or provided for the benefit of the Resort Hotel and Casino. The Resort Hotel and Casino’s share of such costs shall be paid from Gross Revenue
as an Operating Expense. 

  
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 20.4 Third Party Beneficiaries. For purposes of this Agreement and the
Aircraft Time Share Agreement, the Parties acknowledge and agree that DW Member shall be an express third-party beneficiary of this Agreement. Except for the rights and privileges granted to the DW Member under this Agreement, and the limitation of
liability with respect to the MGM MIRAGE Restricted Affiliates and the Dubai World Restricted Affiliates, under Section 20.24 of this Agreement, all the provisions of this Agreement are intended to bind and to benefit only the Parties
hereto and their permitted successors and assigns. Except as provided in the immediately preceding sentence, it is not intended that any such provisions benefit, and it shall not be construed that these provisions benefit or are enforceable by, any
creditors, contractors, brokers or other third parties. 
 20.5 Guaranty. 

20.5.1 MGM MIRAGE hereby irrevocably and unconditionally guarantees to Owner and its successors and assigns the payment and performance
of any and all obligations, performances, indemnities, liabilities and undertakings as and when the same shall be required to be performed, discharged or become due or payable by or on behalf of Manager in accordance with the terms of this Agreement
(collectively, the “Guaranteed Obligations”) to the end and intent that MGM MIRAGE shall be liable to Owner at all times and to the same extent and tenor as Managers hereunder for the payment and performance of any and all
obligations, performances, indemnities, liabilities and undertakings. No single claim or cause of action with respect to the Guaranteed Obligations shall satisfy or release MGM MIRAGE from the Guaranteed Obligations, and this guaranty shall continue
in full force and effect until completion of Manager’s obligations. Upon the satisfaction of all Guaranteed Obligations hereunder, Owner shall provide MGM MIRAGE with an acknowledgement of release and discharge. 

(a) The guaranty set forth in this Section 20.5 is a guaranty of payment and performance and not of collection, is
continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future, including Guaranteed Obligations arising or accruing after bankruptcy of MGM MIRAGE. The liability of MGM MIRAGE under this
Section 20.5 shall be direct and immediate and not conditional or contingent on the pursuit of any remedies against Manager or any other person or entity. If there is a failure in the payment or performance of the Guaranteed Obligations,
Owner may enforce its rights, powers and remedies hereunder, in any order, without demand or notice of any kind, and without exercising any rights or remedies against Manager or any other person or entity, and all such rights, powers and remedies
available to Owner shall be nonexclusive and cumulative of all other available rights, powers and remedies until all Guaranteed Obligations are satisfied. Guarantor waives and releases any right of subrogation against Manager or any other person or
entity, and waives any rights to enforce any remedy which MGM MIRAGE may have against Manager. This Section 20.5 shall continue to be effective or shall automatically be revived, reinstated, and restored, as the case may be, if at any
time any payment or performance of any Guaranteed Obligations is avoided, rescinded or rendered ineffective or must otherwise be paid, returned or restored by Owner or any other person pursuant to state or federal law, in connection with or as the
result of the bankruptcy, insolvency or reorganization of MGM MIRAGE or Manager, all as though such payment or performance had not occurred or been tendered or made, as the case may be. MGM MIRAGE shall have no authority to revoke the guaranty
pursuant to this Section 20.5, but if any such revocation shall be deemed to have occurred by operation of law or otherwise, the provisions of this Section 20.5 shall continue to apply notwithstanding such revocation.

 (b) The obligations of MGM MIRAGE pursuant to the guaranty in this Section 20.5, are independent of the
obligations of Manager or any other person. Owner may bring action against MGM MIRAGE without bringing action against Manager or any other person and otherwise independently of any other right, power or remedy (each, a “Remedy”)
that may be available to Owner at any time. MGM MIRAGE waives any right to require Owner at any time to proceed against Manager or any other person, or otherwise enforce, proceed against or pursue any other Remedy in Owner’s power. 

(c) MGM MIRAGE waives any defense to the enforcement of the guaranty in this Section 20.5 arising by reason of: 

(i) any present or future Legal Requirements or orders affecting any Remedy of the Owner; 

  
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 (ii) any discharge or release of any other guarantor or any impairment or suspension of any
Remedy of Owner, whether resulting from any act or omission of Owner or any other person or by operation of law or otherwise; 

(iii) the lack of authority or any bankruptcy, insolvency or reorganization of Manager, any guarantor or any disability or other defense
of Manager or any other guarantor; 
 (iv) any other action by Owner, whether authorized by this Section 20.5 or
otherwise, or any omission by Owner or other failure of Owner to pursue, or any delay in pursuing, any other Remedy in Owner’s power; 
 (v) any defense or benefits that may be derived from any Legal Requirements of the State of California or any other jurisdiction, and all other suretyship defenses it would otherwise have under the Legal
Requirements of the State of California or any other jurisdiction; 
 (vi) all benefits of any statute of limitations affecting
MGM MIRAGE’s liability under or the enforcement of the guaranty in this Section 20.5; 
 (vii) all setoffs and
counterclaims; 
 (viii) promptness, diligence, presentment, demand for performance and protest; 

(ix) notice of nonperformance, default, acceleration, protest or dishonor; 

(x) the absence, impairment or loss of any right of reimbursement, contribution or subrogation or any other right or remedy of MGM
MIRAGE against Manager; or 
 (xi) any modification of the Guaranteed Obligations. 

(d) MGM MIRAGE hereby waives all benefits that might otherwise be available to MGM MIRAGE under California Civil Code Sections 2787
through 2855, inclusive, and 3433, among other provisions of like effect. 
 (e) MGM MIRAGE hereby acknowledges that
(A) the obligations undertaken by MGM MIRAGE pursuant to the guaranty in this Section 20.5 are complex in nature; and (B) numerous possible defenses to the enforceability of these obligations may presently exist and/or may
arise hereafter; and (C) as part of the Owner’s consideration for entering into the Agreement, Owner has specifically bargained for the waiver and relinquishment by MGM MIRAGE of all such defenses; and (D) MGM MIRAGE has had the
opportunity to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type contemplated herein. Given all of the above, MGM MIRAGE does hereby represent and confirm to the Owner that MGM MIRAGE is fully
informed regarding, and that MGM MIRAGE does thoroughly understand: (i) the nature of all such possible defenses; and (ii) the circumstances under which such defenses may arise; and (iii) the benefits which such defenses might confer
upon MGM MIRAGE; and (iv) the legal consequences to MGM MIRAGE of waiving such defenses. MGM MIRAGE acknowledges that MGM MIRAGE makes the guaranty in this Section 20.5 with the intent that such guaranty and all of the informed
waivers herein shall each and all be fully enforceable by the Owner, and that the Owner is induced to enter into the Agreement in material reliance upon the presumed full enforceability thereof. 

(f) Pavement of Expenses. In the event that MGM MIRAGE should breach or fail to timely perform any provisions of
this Agreement, MGM MIRAGE shall, within fifteen (15) Business Days of demand by Owner, pay Owner all reasonable out-of-pocket costs and expenses (including court costs and reasonable attorneys’ fees) actually incurred by Owner in the
enforcement hereof. In the event MGM MIRAGE fails to pay any such amounts to Owner in the manner and timeframe set forth in this Section 20.5.1(f), such amounts shall accrue interest from and after such payments were due and owing to
Owner at the rate of interest set forth in Section 5.5. The covenants contained in this Section 20.5 shall survive the payment and performance of the Guaranteed Obligations. 

  
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 (g) Modifications. MGM MIRAGE waives any right to object to any
renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations. No failure to exercise, and no delay in exercising, on the part of Owner, any right hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right. The rights of Owner hereunder shall be in addition to all other rights provided by law. No modification or
waiver of any provision of this Agreement nor consent to departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case
shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand. 
 (h) Material Inducement. MGM MIRAGE and Owner acknowledge and agree that this guaranty constitutes a material and continuing inducement of the Owner to enter into this Agreement and
the Concurrent Agreements. MGM MIRAGE and Owner further agree that the provisions of this Section 20.5 are subject to the other rights and remedies of Owner and the Manager pursuant to the provisions of this Agreement. 

20.6 Further Actions. The Parties hereby agree to execute such other documents and perform such other acts as may be
necessary or desirable to carry out the purposes of this Agreement. 
 20.7 Assignment. 

20.7.1 Managers’ Assignment. Upon written notice to Owner, each Manager shall be entitled at any time, without
the consent of Owner to: 
 (a) cede, assign and delegate its rights and obligations under this Agreement to which it is a
Party, to any company which, directly or indirectly, is wholly owned by General Manager provided that any such assignee shall agree in writing to be bound to the provisions of this Agreement (“Successor”); provided, however, in the
event of any such assignment to a Successor, such assigning Manager shall nevertheless continue to be liable for such Successor’s obligations under this Agreement; and/or 
 (b) assign its right, conditionally or otherwise, to receive payments under this Agreement. 
 20.7.2 Owner Assignment. Owner shall be entitled at any time, without the consent of Managers (or if such consent is an inalienable right under any Legal Requirements, then Manager
shall grant such consent), to cede, assign and delegate its rights and obligations under (i) in the event of a Transfer of the Owner’s interest in the CityCenter Project, this Agreement and all of the Project Agreements, and (ii) in
the event of a Transfer of the Joint Venture’s interest in a Component of the CityCenter Project, the applicable Project Agreement shall encumber the Component which is the subject of the Transfer. In addition, Owner shall have the right to
assign this Agreement and the other Project Agreements to any Mortgagee and/or any lender under any Financing Instrument as additional security for any indebtedness secured (or to be secured) by a Mortgage and/or any Financing Instrument and in
connection with such assignment, each Manager, as applicable, hereby agrees to join in executing such form of consent to such assignment as the Mortgagee and/or any lender under any Financing Instrument, in its sole discretion, may require.

 20.7.3 Effect of Prohibited Assignment. Any assignment by either Party of this Agreement in violation of
the provisions of Section 20.7 shall be null and void at the sole discretion of the party whose rights pursuant to Section 20.7 were violated upon such assignment. 

20.7.4 Assignment Restrictions. Other than as set forth in Section 20.7.1 and
Section 20.7.2, neither Party shall cede, assign or delegate its respective rights or obligations under this Agreement without the prior written consent of the other Party, which consent may be withheld in each Party’s sole and
absolute discretion. 
 20.8 Successors and Assigns. Subject to the restrictions on Transfers and encumbrances set
forth herein, this Agreement shall inure to the benefit of and be binding upon the Parties and their respective successors and permitted assigns. Whenever in this Agreement a reference is made to any entity or Party, such references shall be deemed
to include a reference to the successors and permitted assigns of such entity or Party. 

  
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 20.9 Waiver. No consent or waiver, express or implied, by any Party to or of
any breach or default by the other party in the performance of its obligations under this Agreement shall be deemed or construed to be a consent to or waiver of any other breach or default in the performance by such other Party of the same or any
other obligations of such other Party under this Agreement. Failure on the part of either Party to complain of any act or failure to act of the other Party or to declare the other party in default, irrespective of how long such failure continues,
shall not constitute a waiver by such Party of its rights under this Agreement. 
 20.10 Approval by Owner. In any
instance in this Agreement where the approval of Owner is contemplated or required with respect to any matter and a standard is not otherwise set forth in this Agreement, such approval may be given or withheld by Owner in the exercise of its
reasonable judgment. 
 20.11 Severability. If any provisions of this Agreement or the application thereof to any
entity or circumstances shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to any other entity or circumstance shall not be affected thereby and shall be enforced to the greatest
extent permitted by law. 
 20.12 Estoppel Certificate. Manager agrees to furnish to Owner and any Mortgagee, from
time to time no later than ten (10) Business Days after written request therefor, an estoppel certificate certifying to Owner and any such Mortgagee, to the extent true, (A) that this Agreement is in full force and effect; (B) that all
amounts due and owing under this Agreement or otherwise have been paid in full through the last scheduled date of payment; (C) that no modifications or amendments of this Agreement have been made, except as may be disclosed as an attachment to
the estoppel certificate or this Agreement; (D) that no default or Event of Default has occurred or is continuing under this Agreement; and (E) such other matters as may be reasonably requested or are by their terms considered to be a
typical market request in such context. 
 20.13 Terminology. All personal pronouns used in this Agreement,
whether used in the masculine, feminine or neuter gender, shall include all other genders; the singular shall include the plural; and the plural shall include the singular. Titles of Articles, Sections and Exhibits in this Agreement are for
convenience only, and neither limit nor amplify the provisions of this Agreement. All references in this Agreement to Articles or Sections thereof shall refer to the corresponding Article or Sections of this Agreement unless specific reference is
made to the articles, sections or subsections of another document or instrument. 
 20.14 Amendment. For purposes
of this Agreement and the Aircraft Time Share Agreement, no amendment or termination of this Agreement or any provision of this Agreement shall be binding upon any Party to this Agreement unless it is set forth in a written instrument signed by the
Party against whom enforcement of the amendment or termination is sought. No waiver by Owner of any breach or default by Manager under this Agreement shall be effective unless such consent to or waiver of any such breach or default has been given in
writing by the DW Member. 
 20.15 Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original and all of which together shall comprise but a single instrument. 
 20.16
Interpretation. No provision of this Agreement shall be construed against or interpreted to the disadvantage of any Party by any referee, court or other governmental or judicial authority by reason of such Party having or being deemed
to have structured or dictated such provision. 
 20.17 Survival. The covenants contained in this Agreement which,
by their terms, require their performance after the expiration or termination of this Agreement shall be enforceable notwithstanding the expiration or other termination of this Agreement. 

20.18 Time of the Essence. Time shall be of the essence with respect to all matters under this Agreement. 

20.19 Arbitration; Applicable Law; Dispute Resolution. 

  
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 20.19.1 Governing Law. For purposes of this Agreement and the Aircraft
Time Share Agreement, the interpretation, validity and performance of this Agreement will be governed by and construed in accordance with the procedural and substantive Legal Requirements of the State of California. 

20.19.2 Executive Negotiations. In the event of any dispute between the Parties concerning or arising out of this
Agreement, the Party seeking the resolution of such dispute shall give written notice to the other Party. Any notice to Owner under this Section 20.19.2 shall be delivered to DW Member. The DW Member is authorized to deliver notices on
behalf of Owner under this Section 20.19.2, and the DW Member shall exclusively represent the interests of Owner under this Section 20.19.2. For a period of ten (10) Business Days following the delivery of such notice,
Robert H. Baldwin of the General Manager (the “Manager Representative”) and Kar Tung Quek of the DW Member (the “DW Member Representative”) shall meet in person or by teleconference and negotiate with each other in
good faith in an attempt to resolve such dispute. General Manager may designate a replacement or alternate Manager Representative and DW Member may designate a replacement or alternate DW Member Representative by written notice to the other Party.

 20.19.3 Mediation. If, despite such good faith efforts, such dispute has not been fully and finally
resolved by the expiration of such ten (10) Business Day period, then either Manager or the DW Member may require that the Parties participate in a non-binding mediation. Such mediation shall be conducted in Los Angeles, California using a
mediator appointed by the Los Angeles, California office of JAMS. Such mediator shall (A) be independent of Manager and the DW Member, (B) not have been engaged by the DW Member, Manager or any of their respective Affiliates within the
last three (3) years, and (C) have at least ten (10) years of work or professional experience in the area of expertise relevant to the subject matter of the dispute. Manager and the DW Member shall use commercially reasonable, good
faith efforts to cause such mediation to occur no later than thirty (30) days after delivery of a notice pursuant to this Section requesting the mediation of a dispute. Notwithstanding anything in this Agreement to the contrary, the costs and
expenses of the mediator appointed pursuant to this Section 20.19.3 and JAMS in connection with such mediation shall be shared equally by the DW Member and Manager. 

20.19.4 Judicial Reference. DISPUTES THAT HAVE NOT BEEN RESOLVED THROUGH EXECUTIVE NEGOTIATIONS PURSUANT TO
SECTION 20.19.2 OF THIS AGREEMENT OR MEDIATION PURSUANT TO SECTION 20.19.3 OF THIS AGREEMENT SHALL BE HEARD AND DETERMINED BY A REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638 ET SEQ. IN EFFECT AS OF THE DATE HEREOF.
THE VENUE OF ANY PROCEEDING HEREUNDER SHALL BE IN LOS ANGELES COUNTY, CALIFORNIA (UNLESS CHANGED BY THE WRITTEN AGREEMENT OF THE PARTIES). THE PARTY (I.E. MANAGER OR THE DW MEMBER) SEEKING TO RESOLVE THE DISPUTE SHALL SERVE A COMPLAINT ON THE OTHER
PARTY IN THE MANNER PRESCRIBED BY LAW. WITHIN FIVE (5) DAYS AFTER THE SERVICE OF THE COMPLAINT OR STATEMENT OF THE COMPLAINT OR STATEMENT OF CLAIM, THE PARTY SEEKING RELIEF SHALL MAKE A WRITTEN REQUEST FOR THE SPECIFIC DESIGNATION OF A REFEREE
TO TRY THE DISPUTE. THEREAFTER THE PARTIES SHALL USE THEIR BEST EFFORTS TO AGREE UPON THE SELECTION OF A REFEREE. IF THE PARTIES ARE UNABLE TO AGREE UPON A REFEREE WITHIN TEN (10) DAYS AFTER A WRITTEN REQUEST TO DO SO BY ANY PARTY, THEN ANY
PARTY MAY PETITION THE PRESIDING JUDGE OF THE LOS ANGELES COUNTY SUPERIOR COURT TO APPOINT A REFEREE. THE PRESIDING JUDGE SHALL HAVE THE POWER TO ASSIGN SAID REQUEST TO SUCH JUDGE OF THE SUPERIOR COURT AS THE PRESIDING JUDGE DEEMS APPROPRIATE. FOR
THE GUIDANCE OF THE JUDGE MAKING THE APPOINTMENT OF SAID REFEREE, THE PARTIES AGREE THAT THE PERSON SO APPOINTED SHALL BE A RETIRED JUDGE. 

THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE, SECTIONS 640, 641, 642, 643, 644, 645 AND 645.1, SHALL BE APPLICABLE TO DISPUTE RESOLUTION BY A
REFEREE HEREUNDER. IN AN EFFORT TO CLARIFY AND AMPLIFY THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 644 AND 645, THE PARTIES AGREE THAT THE REFEREE SHALL DECIDE THE DISPUTE SUBMITTED BY THE PARTIES FOR DECISION IN THE SAME MANNER AS
REQUIRED FOR A TRIAL BY COURT AS SET FORTH IN CALIFORNIA CODE OF CIVIL 

  
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PROCEDURE, SECTIONS 631.8 AND 632, AND CALIFORNIA RULES OF COURT, RULE 3.1590. THE REFEREE SHALL TRY AND DECIDE THE DISPUTE ACCORDING TO AND BASED ON ALL OF THE SUBSTANTIVE AND PROCEDURAL
STATUTORY AND DECISIONAL LAW OF THE STATE OF CALIFORNIA, UNLESS THE PARTIES STIPULATE TO THE CONTRARY. WHEN THE REFEREE HAS DECIDED THE DISPUTE, THE REFEREE SHALL ALSO CAUSE THE PREPARATION OF A JUDGMENT BASED ON SAID DECISION. THE JUDGMENT TO BE
ENTERED BY THE SUPERIOR COURT, BASED UPON THE DECISION OF THE REFEREE, SHALL BE APPEALABLE IN THE SAME MANNER AS IF THE JUDGE SIGNING THE JUDGMENT HAD TRIED THE CASE. 
 THE PARTIES SHALL DILIGENTLY COOPERATE WITH ONE ANOTHER AND THE PERSON(S) APPOINTED TO RESOLVE THE DISPUTE, AND SHALL PERFORM SUCH ACTS AS MAY BE NECESSARY TO OBTAIN A PROMPT AND EXPEDITIOUS RESOLUTION OF
THE DISPUTE. IF EITHER PARTY REFUSES TO DILIGENTLY COOPERATE, AND THE OTHER PARTY, AFTER FIRST GIVING NOTICE OF ITS INTENT TO RELY ON THE PROVISIONS OF THIS PARAGRAPH, INCURS ADDITIONAL EXPENSES OR ATTORNEYS’ FEES SOLELY AS A RESULT OF SUCH
FAILURE TO DILIGENTLY COOPERATE, THE REFEREE MAY AWARD SUCH ADDITIONAL EXPENSES AND ATTORNEYS’ FEES TO THE PARTY GIVING SUCH NOTICE, EVEN IF SUCH PARTY IS NOT THE PREVAILING PARTY IN THE DISPUTE. 

THE COST OF THE PROCEEDING SHALL INITIALLY BE BORNE EQUALLY BY THE PARTIES TO THE DISPUTE, BUT THE PREVAILING PARTY IN SUCH PROCEEDINGS SHALL BE ENTITLED
TO RECOVER, IN ADDITION TO REASONABLE ATTORNEYS’ FEES AND ALL OTHER COSTS, ITS CONTRIBUTION FOR THE REASONABLE COST OF THE REFEREE AS AN ITEM OF RECOVERABLE COSTS. IF EITHER PARTY REFUSES TO PAY ITS SHARE OF THE COSTS OF THE PROCEEDING, AT THE
TIME(S) REQUIRED, THE OTHER PARTY MAY DO SO, IN WHICH EVENT THAT PARTY WILL BE ENTITLED TO RECOVER (OR OFFSET) THE AMOUNT ADVANCED, WITH INTEREST, EVEN IF THAT PARTY IS NOT THE PREVAILING PARTY. THE REFEREE SHALL INCLUDE SUCH COSTS IN HIS JUDGMENT
OR AWARD. 
 20.19.5 Matters Solely Adjudicated Under the Joint Venture Agreement. Notwithstanding anything
in this Section 20.19 to the contrary, any actual or alleged breach of the Joint Venture Agreement by DW Member or the MGM Member, or the making of (or the failure to make) any decisions or determinations that constitutes a Major
Decision under the Joint Venture Agreement shall be adjudicated and otherwise resolved in accordance with the terms and conditions of the Joint Venture Agreement, not the dispute resolution provisions of this Agreement. The Parties acknowledge and
agree that any action or omission of MGM Member or DW Member made under this Agreement shall not constitute a breach of the Joint Venture Agreement by the MGM Member and DW Member, unless such action or omission, if made by the MGM Member or DW
Member under the Joint Venture Agreement, would constitute a breach of the Joint Venture Agreement 
 20.20 Governing Law
and Choice of Forum. This Agreement shall be governed by and construed in accordance with the Legal Requirements of the State of California excluding its conflict of law principles. In the event of any litigation between the Parties
concerning or arising out of this Agreement, the Parties hereby consent to the exclusive jurisdiction of the federal and state courts in California 

  
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 20.21 Agreement Subject to Nevada Gaming Law and Authorities. Notwithstanding
anything to the contrary in this Agreement, this Agreement and all of the terms and conditions contained herein are subject to all Governmental and Regulatory Authority and Nevada Gaming Laws. In the event of any conflict between any Governmental
and Regulatory Authority or any Nevada Gaming Law and the terms of this Agreement, the Parties acknowledge, understand and agree that the Governmental and Regulatory Authority and/or Nevada Gaming Law, as applicable, shall govern and the terms of
this Agreement shall be amended accordingly to conform thereto. Furthermore, the Parties shall at all times during the Term of this Agreement, comply with all federal Gaming laws and Nevada Gaming Laws 

20.22 Management and Operations Term Sheet. The Parties agree that the “Management and Operations Term Sheet”
attached to the Joint Venture Agreement is superseded by the provisions of this Agreement. 
 20.23 WAIVER OF TRIAL BY
JURY. FOR PURPOSES OF THIS AGREEMENT AND THE AIRCRAFT TIME SHARE AGREEMENT, THE PARTIES TO THIS AGREEMENT HEREBY EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING ARISING UNDER OR WITH
RESPECT TO THIS AGREEMENT, OR IN ANY WAY CONNECTED WITH, OR RELATED TO, OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND IRRESPECTIVE OF WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. TO THE EXTENT THEY MAY LEGALLY DO SO, THE PARTIES HEREBY AGREE THAT ANY SUCH CLAIM, DEMAND, CAUSE OF ACTION, OR PROCEEDING SHALL BE DECIDED IN ACCORDANCE WITH THE
PROVISIONS OF SECTION 20.19 OF THIS AGREEMENT AND THAT ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OF THIS SECTION 20.23 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE OTHER PARTIES HERETO TO WAIVER OF ITS OR THEIR
RIGHT TO TRIAL BY JURY AND AGREEMENT TO ABIDE BY THE PROCEDURES SET FORTH IN THIS AGREEMENT. 
 20.24 Limitation of
Liability. 
 20.24.1 For purposes of this Agreement and the Aircraft Time Share Agreement, the provisions of this
Agreement to the contrary notwithstanding, the Parties acknowledge and agree with and for the benefit of Owner and the DW Member that the liability of Owner to make any additional payment or contribution of money at any time and from time to time
pursuant to this Agreement and for any purpose pursuant to this Agreement is expressly limited to the interest of Owner in the Project. Such limitation of liability is further subject to the agreement that in no event shall Owner, the DW Member or
the Manager have at any time any right, duty or obligation to contribute to or for the benefit of the Project any capital or other amounts unless specifically required by and authorized by the terms of the Joint Venture Agreement and any actions of
Owner’s members taken in accordance with the Joint Venture Agreement. 
 (a) Without in any way limiting the provisions of
this Section 20.24.1, the Parties acknowledge that in the event there is a default or an alleged default by Manager or MGM MIRAGE under the arrangements contemplated by this Agreement, or if any Party has any Claim arising from the
arrangements contemplated in this Agreement, no Party shall commence any lawsuit or otherwise seek to impose any liability whatsoever against Mr. Kirk Kerkorian, Tracinda Corporation, a Nevada corporation, and any other corporation or entity
controlled by Mr. Kirk Kerkorian (other than MGM MIRAGE and its subsidiaries) or any principals of MGM MIRAGE or the Affiliates of such principals (the “MGM MIRAGE Restricted Affiliates”). The Parties hereby further agree that
none of the MGM MIRAGE Restricted Affiliates shall have any liability whatsoever with respect to this Agreement. The Parties hereby further agree that they shall not permit or cause the Owner to assess a Claim or impose any liability against any MGM
MIRAGE Restricted Affiliate, either collectively or individually, as to any matter or thing arising out of or relating to this Agreement. In addition, the Parties agree that none of the MGM MIRAGE Restricted Affiliates, individually or collectively,
are a Party to this Agreement or liable for any alleged breach or default of this Agreement by Manager or MGM MIRAGE. It is expressly understood and agreed that this provision shall have no force and effect with respect to any document or agreement
as to which Mr. Kirk Kerkorian or Tracinda Corporation is a Party with the DW Member or Affiliates of the DW Member, except as set forth in such other agreement. 

  
 39 

 (b) Without in any way limiting the provisions of this Section 20.24.1, the
Parties acknowledge that in the event there is a default or an alleged default by DW Member under the arrangements contemplated by this Agreement, or if any Party has any Claim arising from the arrangements contemplated in this Agreement, no Party
shall commence any lawsuit or otherwise seek to impose any liability whatsoever against either the Government of Dubai, the United Arab Emirates, any corporation or entity controlled by the Government of Dubai or the United Arab Emirates (other than
DW Member and its subsidiaries) or any principals of DW Member or the Affiliates of such principals (the “Dubai World Restricted Affiliates”). The Parties hereby further agree that none of the Dubai World Restricted Affiliates shall
have any liability whatsoever with respect to this Agreement. The Parties hereby further agree that they shall not permit or cause Owner to assess a Claim or impose any liability against any Dubai World Restricted Affiliate, either collectively or
individually, as to any matter or thing arising out of or relating to this Agreement. In addition, the Parties agree that none of the Dubai World Restricted Affiliates, individually or collectively, are a Party to this Agreement or liable for any
alleged breach or default of this Agreement by DW Member or its Affiliates. 
 20.25 Use of Affiliates by Manager.
In fulfilling its obligations under this Agreement, Managers may, subject to the Joint Venture Agreement, use the services of one or more of its Affiliates. If any Affiliate of a Manager performs services that any Manager is required to provide
under this Agreement, the applicable Manager shall be ultimately responsible to Owner for its Affiliate’s performance. In addition, the compensation and other terms and conditions of any such Affiliate transaction shall be no less favorable to
Owner than those that the Manager knows could reasonably be obtained at the time from an unrelated Party providing comparable goods or services, and it is expressly understood and agreed that Owner shall not enter into any contracts with an
Affiliate of Manager other than at such Affiliate’s cost. Notwithstanding the foregoing, in the event Owner provides reasonable proof to Manager that the cost of a third party’s services is less than the cost charged by Manager’s
Affiliate for the same or comparable service to be provided by such Affiliate, Owner shall be entitled to engage such third party in lieu of the Manager’s Affiliate. 
 20.26 Publicity. Owner and Managers shall coordinate with one another on all press releases relating to those matters material to the operation and management of the Resort Hotel and Casino.

 20.27 Waivers. For purposes of this Agreement and the Aircraft Time Share Agreement, no consent or waiver,
express or implied, by any Party to or of any breach or default by the other Party in the performance of its obligations under this Agreement shall be deemed or construed to be a consent to or waiver of any other breach or default in the performance
by such other Party of the same or any other obligations of such other Party under this Agreement. Failure on the part of either Party to complain of any act or failure to act of the other Party or to declare the other Party in default, irrespective
of how long such failure continues, shall not constitute a waiver by such Party of its rights under this Agreement. No consent or waiver by Owner to or of any breach or default by Manager in the performance of its obligations under this Agreement
shall be effective unless such consent to or waiver of any such breach or default has been given in writing by the DW Member. 

20.28 Other Agreements. Except to the extent as may now or hereafter be specifically provided, nothing contained in this
Agreement will be deemed to modify any other agreement between Owner and Manager with respect to the Project or any other property executed and delivered contemporaneously with this Agreement (the “Concurrent Agreements”). This
Agreement contains the entire agreement between Owner and Manager regarding the management of the Resort Hotel and Casino and Owner’s and Manager’s rights, duties and obligations related thereto and supersedes all prior oral or written
agreements, understandings, representations and covenants, other than the Concurrent Agreements and the Joint Venture Agreement. 
 20.29 Periods of Time. Whenever any determination is to be made or action is to be taken on a date specified in this Agreement, if such date falls on a day that is not a Business Day, then
that date will be extended to the next day which is a Business Day. 
 20.30 Attorney’s Fees and Other Costs.
The Parties to this Agreement will bear their own attorneys’ fees in relation to negotiating and drafting this Agreement. Subject to the provisions of Section 20.19 of this Agreement, if Owner or Manager engages in litigation to
construe, interpret or enforce this Agreement, the prevailing Party will have the right to indemnity by the non-prevailing Party for an amount equal to the prevailing Party’s reasonable attorneys’ fees, court costs and expenses arising
therefrom. 

  
 40 

 20.31 Electronic Signatures. Signatures to this Agreement transmitted by
facsimile or by electronic mail shall be valid and effective to bind the Party so signing. Each Party agrees to promptly deliver an execution original to this Agreement with its actual signature to the other Party, but a failure to do so shall not
affect the enforceability of this Agreement, it being expressly agreed that each Party to this Agreement shall be bound by its own telecopied or scanned signature and shall accept the telecopied or scanned signature of the other Party to this
Agreement. 
 20.32 Relationship of Owner to Manager. Subject to the fiduciary duties owed by Manager to Owner
pursuant to this Agreement and the Joint Venture Agreement, in carrying out its duties and obligations hereunder, the relationship of Manager and any of its Affiliates providing the Manager’s services to Owner will be that of an agent; in every
instance where a Manager executes any agreement or document on behalf of Owner (pursuant to its rights set forth in this Agreement), such Manager shall do so in its capacity as an agent of Owner and shall make such designation evident in any such
agreement. 
 20.33 Notices. 
 20.33.1 Other than as provided in Section 20.33.2, all notices or other communications required or permitted by this Agreement shall be in writing and shall be deemed to have been duly given
on the date of delivery if delivered personally to the Party to whom notice is given, on the next Business Day if sent by confirmed facsimile transmission or on the date of actual delivery if sent by overnight commercial courier or by first class
mail, registered or certified, with postage prepaid and properly addressed to the Party at its address set forth below, or at any other address that any Party may from time to time designate by written notice to the others: 

If to any Manager: 
 Project CC, LLC 
 3950 Las Vegas Boulevard South 

Las Vegas, Nevada 89119 
 Attention: Assistant General Counsel 
 Facsimile:
(702) 693-7628  
 With a copy to: 

Project CC, LLC 
 3780 Las Vegas Boulevard South 
 Las Vegas, Nevada 89109

 Attention: Vice President and General Counsel 

Facsimile: (702) 862-1586 
 and  
 With a copy to: 

Christensen, Glaser, Fink, Jacobs, Weil & Shapiro, LLP 

10250 Constellation Boulevard, 19th Floor 

Los Angeles, California 90067-6219 

Attention: Peter M. Weil, Esq. 
 Facsimile: (310) 556-2920 
 and  

With a copy to: 

  
 41 

 
Project CC, LLC 
 3780 Las Vegas Boulevard South

 Las Vegas, Nevada 89109 

Attention: Vice President and General Counsel 

Facsimile: (702) 862-1586 
 If to Owner: 
 CITYCENTER HOLDINGS, LLC 

c/o Project CC, LLC 
 3950 Las Vegas Boulevard South 
 Las Vegas, Nevada 89109

 Attention: Assistant General Counsel 

Facsimile: (702) 632-9878  

With a copy to: 
 Project CC, LLC 
 3780 Las Vegas Boulevard South 

Las Vegas, Nevada 89109 
 Attention: Vice President and General Counsel 
 Facsimile:
(702) 862-1586 
 and  

With a copy to: 
 Christensen, Glaser, Fink, Jacobs, Weil & Shapiro, LLP 

10250 Constellation Boulevard, 19th Floor 

Los Angeles, California 90067-6219 

Attention: Peter M. Weil, Esq. 
 Facsimile: (310) 556-2920 
 and  

With a copy to:  
 INFINITY WORLD DEVELOPMENT CORP 
 c/o: Dubai World 

Emirates Towers, Level 47 
 Sheikh Zayed Road 
 P. O. Box 17000 

Dubai, United Arab Emirates 
 Attention: Mr. Kar Tung Quek 
 Facsimile: 011-971-4-361-2530

 and  
 With a copy to:  

  
 42 

 
INFINITY WORLD DEVELOPMENT CORP  
 c/o: Dubai World

 Emirates Towers, Level 47 

Sheikh Zayed Road 
 P. O. Box 17000 
 Dubai, United Arab Emirates 

Attention: DW Representative 
 Facsimile: 011-971-4-361-2530 
 and  

With a copy to:  
 Paul, Hastings, Janofsky & Walker, LLP 
 515 South Flower
Street, 25th Floor 
 Los Angles, California 90071 

Attention: Rick S. Kirkbride, Esq. 

Facsimile: (213) 996-3261  

If to MGM MIRAGE:  
 MGM MIRAGE 
 3950 Las Vegas Boulevard South 

Las Vegas, Nevada 89119 
 Attention: General Counsel 
 Facsimile: (702) 693-7268 

 With a copy to:  

Christensen, Glaser, Fink, Jacobs, Weil & Shapiro, LLP 

10250 Constellation Boulevard, 19th Floor 

Los Angeles, California 90067-6219 

Attention: Peter M. Weil, Esq. 
 Facsimile: (310) 556-2920 
 20.33.2 Addresses for Reporting Submissions
and Property Level Information. With respect to the reports and other information, materials or documents prepared by Manager or General Manager in accordance with the provisions of this Agreement which are created or produced for the
purpose of providing Component operating or financial reporting information, Manager and General Manager shall provide copies of all such items to the DW Representative at the address provided above. 

[SIGNATURES ON FOLLOWING PAGE] 

  
 43 

 IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement as of the
Effective Date. 
  

			
	OWNER:
	
	CITYCENTER LAND, LLC,
	a Nevada limited liability company
		
	By:	 	CityCenter Holdings, LLC,
		 	a Delaware limited liability company,
		 	its sole member
		
	By:	 	Project CC, LLC,
		 	 a Nevada limited liability company,
 its managing member

		
		 	By: /s/ Bryan L.
Wright                                
		 	Name: Bryan L. Wright
		 	Title: Assistant Secretary
	
	GENERAL MANAGER:
	
	PROJECT CC, LLC,
	a Nevada limited liability company
	
	By: /s/ Bryan L.
Wright                                    

	Name: Bryan L. Wright
	Title: Assistant Secretary
	
	RESORT HOTEL AND CASINO OPERATOR:
	CITYCENTER HOTEL & CASINO, LLC,
	a Nevada limited liability company
	
	By: /s/ Bryan L.
Wright                                    

	Name: Bryan L. Wright
	Title: Assistant Secretary

  
 [SIGNATURE
PAGES TO HOTEL AND CASINO OPERATION AND HOTEL ASSETS MANAGEMENT AGREEMENT] 
 S-1 

 With respect to its obligations pursuant to ARTICLE 11, 

ARTICLE 16, Section 3.1.10, Section 3.1.14(b), Section 3.4 and Section 20.5 only; 

provided, however, that the provisions of Section 20.5 are not in 
 any manner limited by specific reference to the foregoing provisions. 
 MGM MIRAGE:

 MGM MIRAGE, 
 a Delaware
corporation 
  

			
	By: /s/ Bryan L.
Wright                                       
                 
	Name: Bryan L. Wright
	Title: Sr. Vice President; Assistant General Counsel
	and Assistant Secretary

  
 [SIGNATURE
PAGES TO HOTEL AND CASINO OPERATION AND HOTEL ASSETS MANAGEMENT AGREEMENT] 
 S-2 

 EXHIBIT A 

MASTER GLOSSARY OF DEFINITIONS 
 “Accounting Month” shall mean a full calendar month (or partial calendar month if at the beginning or end of the Term). 

“Aircraft Time Share Agreement” shall have the meaning ascribed to such term in Section 11.3.2. 

“Agreement” shall have the meaning ascribed to such term in the introductory paragraph of this Agreement. 

“Affiliate” shall mean (a) any person directly or indirectly controlling, controlled by or under common control
with such other person; and (b) any member of the immediate family (e.g., grandmother, grandfather, father, mother, son, daughter, brother, sister, aunt, uncle, niece, nephew, grandson or granddaughter) of any of the foregoing persons;
provided, however, that none of Mr. Kirk Kerkorian, Tracinda Corporation, any other corporation or entity controlled by Mr. Kirk Kerkorian (other than MGM MIRAGE or its subsidiaries), the Government of Dubai, the United Arab Emirates or
any corporation or entity controlled by the Government of Dubai or the United Arab Emirates (other than DW Member or its subsidiaries) shall be deemed an Affiliate of any Manager, MGM MIRAGE, Owner, or DW Member. For purposes hereof, the term
“control” shall mean the possession directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, either alone or in combination with any one or more persons. 

“Alteration” shall mean any alteration, change, renovation or refurbishing, improvement or rebuilding of, or addition
to, the Improvements (as hereinafter defined) or any part thereof, structural or otherwise. 
 “Annual
Statement” shall have the meaning ascribed to such term in Section 10.4. 
 “Base Management
Fee” shall have the meaning ascribed to such term in Section 5.1. 
 “Business Days” means
each day other than a Saturday, Sunday or any day observed by the Federal, State of Nevada or local government in Las Vegas, Nevada as a legal holiday. 
 “Board of Directors” shall have the meaning ascribed to such term in the Joint Venture Agreement. 
 “Capital Budget” shall mean the capital budget showing expenditures required for Capital Improvements to the Resort Hotel and Casino for each Operating Year and the purchases of

 
Equipment to be funded out of the Replacement Reserve Fund, Working Capital, or other sources of funds, as applicable. 
 “Capital Improvements” shall mean all Alterations whose costs are not charged to repairs and maintenance in accordance with GAAP and consistent with the financial statements of, and
formats for, wholly owned properties of MGM MIRAGE. 
 “Casualty” shall mean any fire, flood or other act of
God or casualty that results in damage or destruction to the CityCenter Project or any Component thereof. 

“CCL” shall have the meaning ascribed to such term in the recitals of this Agreement. 

“Central Plant” shall mean the on-site central plant to be governed by a central plant agreement that will be executed
in the future. 
 “Centralized Services” shall have the meaning ascribed to such term in
Section 11.1. 
 “Certified Financial Statements” shall mean the annual financial statements of
Owner audited by the Company Accountant for each applicable Operating Year in accordance with the Joint Venture Agreement, together with the opinion of the Company Accountant thereon based on such audit. 

“CityCenter Guest Data” shall mean any guest contact information (e.g., addresses, phone numbers, facsimile numbers and
email addresses), histories, preferences and similar information obtained in the ordinary course of business from guests of the Component during such guests’ stay at any of the Components, but excluding any such data obtained by a Manager or
its Affiliates through any other sources (including from other Operator Group Hotels). 
 “CityCenter Project”
shall mean, collectively, the Resort Hotel and Casino, the Veer Component, the Mandarin Component, the Harmon Component, the Vdara Component, the Crystals Component, and the Other Project Component. 

“CityCenter Project Manager” shall mean the chief executive officer of the CityCenter Project appointed from time to
time in accordance with Section 7.1. 
 “Claim” shall mean any and all claims, demands, damages,
judgments, costs, losses, penalties, fines, liens, suits, and expenses and liabilities, including, without limitation, attorneys’ fees and costs and expenses incident thereto. 

“Company Accountant” shall have the meaning ascribed to such term in the Joint Venture Agreement. 

“Compensation” shall mean all compensation and other benefits for Personnel, including, without limitation, salaries,
usual and customary fringe benefits, including health, life and disability insurance, pension and profit sharing plans, stock options, stock appreciation rights and other equity compensation plans, payroll taxes and any other remuneration or
expenses of such Personnel, prorated, with respect to Other Personnel, to take into account the portion of such individual’s time devoted or allocated to providing services to any of the Components. 

 “Complimentaries” shall mean any goods or services (other than any Gaming
incentive, such as match play coupons, promotional chips or other Gaming promotions) provided to customers free of charge, at a discounted rate or in the form of a rebate or credit. Such goods or services may include, for example, rooms, food and
beverage, spa services and retail merchandise. Complimentaries may be provided to customers pursuant to a discretionary incentive program, targeted to either past, current or potential customers and may or may not be related to the customer’s
level of past play. Conversely, complimentaries may be provided to customers pursuant to a nondiscretionary incentive program, such as a loyalty program, whereby the customer has earned the Complimentaries based on the customer’s level of past
play. 
 “Component” shall mean any of the Mandarin Component, Resort Hotel and Casino, Harmon Component, Vdara
Component, Crystals Component, Veer Component or Other Project Component, in each case, in its entirety taken as a whole. 

“Concurrent Agreements” shall have the meaning ascribed to such term in Section 20.28. 

“Condemnation” shall have the meaning ascribed to such term as set forth in Section 17.2. 

“CPI” shall mean that certain index published by the United States Department of Labor, Bureau of Labor Statistics,
known as the Consumer Price Index For All Urban Consumers, (1982—1984 = 100) for the market area that includes the Resort Hotel and Casino. When adjusting an amount for a change in the CPI, the amount in question shall be determined by
multiplying such amount by a fraction, the numerator of which is the CPI as of the date the adjustment is to occur, and the denominator of which is the CPI applicable to such amount as of the date the base period at issue commenced. If such index
does not exist on any adjustment date in the same format as referred to in this paragraph, Owner shall substitute in lieu thereof an index reasonably comparable to such index referred to above which is then published by the Bureau of Labor
Statistics, or successor or similar governmental agency, or if no governmental agency then publishes an index, Owner shall substitute therefor any comparable index then published by a reputable private organization. 

“CPI Annual Percentage Increase” shall have the meaning ascribed to such term in Section 8.1.4(c). 

“Crystals Component” shall mean the retail and entertainment facility located within the CityCenter Project. 

“Crystals Retail Management Agreement” shall mean that certain Retail Management Agreement dated as of November 15,
2007, by and among The Crystals at CityCenter Management, LLC, a Nevada limited liability company, Project CC, LLC, a Nevada limited liability company, and MGM MIRAGE, a Delaware corporation, as amended from time to time by the parties thereto in
writing. 
 “Cure Right” shall have the meaning ascribed to such term in Section 15.2. 

 “Development Management Agreement” shall mean that certain Development
Management Agreement dated November 15, 2007 by and between Development Manager and Owner. 
 “Development
Manager” means Project CC, LLC, a Nevada limited liability company. 
 “Dubai World Restricted
Affiliates” shall have the meaning ascribed to such term in Section 20.24.1(b). 
 “DW Member”
shall mean Infinity World Development Corp, a Nevada corporation (as successor-in-interest to Dubai World, a Dubai, United Arab Emirates government decree entity), its successors and assigns. 

“DW Member Representative” shall have the meaning ascribed to such term in Section 20.19.2. 

“DW Representative” shall have the meaning ascribed to such term in Section 6.1.5. 

“EBITDAM” means Gross Revenue less (i) Operating Expenses and (ii) the Base Management Fee. 

“Effective Date” shall mean November 15, 2007. 

“Environmental Law” shall mean any current or future governmental rule, regulation, law, regional or international
treaty and/or other enactment now or hereafter in effect and applicable to the CityCenter Project or any portion thereof or to activities carried on thereat or with respect thereto (whether of a national, regional, state, international or local
government, agency or instrumentality), regulating, relating to, or imposing liability or standards of conduct concerning the use, generation, treatment, storage, disposal or abatement of Hazardous Materials. 

“Equipment” shall mean a collective term for the Furniture, Fixtures, Structural Repairs and Equipment, the Operating
Equipment and the Gaming Equipment. 
 “Event of Default” shall have the meaning ascribed to such term as set
forth in Section 16.1. 
 “Excess Capacity Agreement” shall refer to that certain Central Plant
Excess Capacity Agreement between MGM MIRAGE and Owner, dated as of November 15, 2007. 
 “Financing
Instrument” shall mean any agreement(s) and instrument(s) relating to any debt proceeds that may finance the development and/or operation of the CityCenter Project (or any Component thereof) from time to time, whether or not secured by a
Mortgage, together with all promissory notes, loan agreements and other documents relating thereto, as the same may exist from time to time pursuant to the terms of this Agreement. 

“Force Majeure Event” shall mean any one or more of the following events or circumstances that, alone or in combination,
directly or indirectly adversely affects the operation of the CityCenter Project or any Component thereof: fire, earthquake, storm or other casualty; 

 
strikes, lockouts, or other labor interruptions; war, rebellion, riots, acts of terrorism, or other civil unrest; acts of God or of any government; disruption to local, national or international
transport services; shortages of materials, epidemics, quarantine or any other public health restrictions or public health advisories; or any other similar event beyond the Parties’ reasonable control (but excluding causes which can be
controlled by the expenditure of money in accordance with usual business practices and the Project Budget). Changes in market conditions, without another event or circumstance affecting the CityCenter Project (or any Component thereof) as enumerated
above, shall not constitute a Force Majeure Event. 
 “Furniture, Fixtures, Structural Repairs and Equipment”
shall mean all furniture, furnishings, fixtures and equipment required for the operation of a Component at the Operating Standard, including, without limitation: carpeting and other floor coverings, draperies, fabrics, paintings, works of art,
bedspreads, and television sets; office furniture, fixtures, equipment and machines, including safes, cash registers, and accounting, duplicating and communication machines and equipment; guest room and lobby furniture; specialized hotel and
restaurant equipment, such as equipment required for the operation of kitchens, laundries, the front desk, dry cleaning facilities, bars and cocktail lounges, and special lighting and other equipment; vehicles, material handling equipment, and
cleaning equipment and all other fixtures, equipment, apparatus and personal property needed for such purpose, other than Operating Equipment, Operating Supplies, and fixtures attached to and forming part of the Improvements and structural repairs.

 “GAAP” shall mean generally accepted accounting principles set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been generally accepted
by a major accounting firms in the United States. Any accounting terms not otherwise defined herein shall be construed and applied according to such generally accepted accounting principles. 

“Gaming” shall mean any game played with cards, dice, equipment or any mechanical, electromechanical or electronic
device or machine for money, property, checks, markers or any representative of value, including, without limiting the generality of the foregoing, faro, monte, roulette, keno, bingo, fan-tan, twenty-one, blackjack, seven-and-a-half, big injun,
klondike, craps, poker, chuck-a-luck, Chinese chuck-a-luck (dai shu), wheel of fortune, chemin de fer, baccarat, pai gow, beat the banker, panguingui, slot machine, any banking or percentage game, race and sport activities or any other game or
device approved by the Nevada Gaming Authorities. 
 “Gaming Approval” shall mean any governmental approval or
permit required for Resort Hotel and Casino Operator’s operation of the casino including, but not limited to, any liquor license, business license, Gaming or special use permit or variance. 

“Gaming Equipment” shall mean all electronic, manual, video equipment, devices or machinery, together with all
computerized software and hardware necessary for the use, operation and enjoyment of such equipment or devices and other related gaming equipment and supplies, including, without limitation, slot machines, gaming tables, cards, dice, chips, tokens,
player tracking systems, cashless wagering systems (as defined in NRS § 463.014) and 

 
associated equipment (as defined in NRS § 463.0136), used in connection with the operation of a casino, which may be purchased, leased, or licensed to a Manager or Owner for
installation and use at the casino. 
 “General Manager” shall have the meaning ascribed to such term in the
introductory paragraph of this Agreement. 
 “Governmental and Regulatory Authority” shall mean any court,
tribunal, arbitrator, authority, agency, commission, official or other instrumentality of the United States, any foreign country or any domestic or foreign state, county, city or other political subdivision, or the Nevada Gaming Authorities.

 “Gross Gaming Revenue” shall mean net win from Gaming activities, to be recorded on an accrual basis, and is
defined as the difference between Gaming wins and losses before deducting costs and expenses—reduced by jackpot accruals, customer discounts, accruals for certain loyalty program costs, and certain other adjustments. All such adjustments shall
be in accordance with the requirements of GAAP and the American Institute of Certified Public Accountant’s then-current version of the Audit and Accounting Guide for Casinos. 

“Gross Revenue” shall mean, with respect to each individual Component, all revenue and income derived directly from the
operation of such Component and properly attributable to such period, determined in accordance with GAAP, including, without limitation, Gross Gaming Revenue, but expressly excluding the following: (i) sales, occupancy, value added, use, excise
taxes and similar taxes imposed by a Governmental and Regulatory Authority and collected directly from patrons or guests, or as a part of the sales price of any goods, services, or displays, including gross receipts, admission, cabaret and similar
taxes; (ii) receipts from the financing, sale or other disposition of capital assets and other items not in the ordinary course of such Component’s operations and income derived from securities and other property acquired and held for
investment; (iii) receipts from any Condemnation, but only to the extent that such amounts are specifically identified as compensation for alterations or physical damage to such Component; (iv) proceeds of any insurance, including the
proceeds of any business interruption insurance; and (v) rebates, discounts or credits for any goods or services provided by Manager of such Component (provided that charge and credit card commissions shall not reduce Gross Revenue, but shall
constitute an Operating Expense). 
 “Guaranteed Obligations” shall have the meaning ascribed to such term in
Section 20.5.1. 
 “Harmon” shall mean Harmon Hotel LLC. 

“Harmon Component” shall mean the Harmon hotel and residences. 

“Harmon Management Agreement” shall mean that certain Management Agreement dated June 30, 2006 by and between
Project CC, LLC and Harmon Hotel LLC, as manager which Harmon Management Agreement was subsequently assigned to Owner. 

“Hazardous Materials” shall mean any substance or material containing one or more of the following: hazardous material,
hazardous waste, hazardous substance, regulated substance, petroleum, pollutant, contaminant or asbestos, as such terms are defined in any applicable 

 
Environmental Law, in such concentration(s) or amount(s) as may require clean-up or removal, or which could reasonably be expected to present a risk of harm to guests, invitees or Personnel.

 “Hotel Assets” shall mean the Harmon Component together with the Mandarin Component. 

“House Accounts” shall mean any house accounts established by a Manager in addition to the Operating Accounts and the
Replacement Reserve Fund as established by a Manager to maintain petty cash funds at the respective Component. 

“Impositions” shall mean all taxes (including but not limited to all hotel occupancy, personal property, sales, use and
real property taxes), assessments, water, sewer or other rents, rates and charges, levies, license fees, permit fees, inspection fees, and any other authorization fees and charges, which at any time may be assessed, levied, confirmed or imposed on
or with respect to a Component (including any portion or department thereof) or the furnishing, equipping, use or operation thereof. 
 “Improvements” shall mean all improvements which currently exist or in the future exist on the CityCenter Project including, if any, (i) the building containing the hotel and the
casino; (ii) restaurant, laundry and other commercial space, meeting rooms and public rooms; (iii) back and front offices; (iv) storage and service areas; and (v) all Equipment attached to, forming a part of and necessary for the
operation of such building, structures or improvements (including, without limitation, ventilating, plumbing, air conditioning, electrical, refrigeration and acoustical systems). 

“Infrastructure” shall mean structures, buildings and other improvements except any structure, building or improvement
comprising a Component. 
 “Incentive Management Fee” has the meaning ascribed to such term in
Section 5.1. 
 “Insurance Requirements” shall mean all terms of each insurance policy and all
orders, rules, regulations and other requirements of the National Board of Fire Underwriters applicable to the CityCenter Project and/or each Component thereof, or the construction, furnishing, equipping or operation thereof, excluding
recommendations of the insurance carriers. 
 “Joint Venture” shall mean CityCenter Holdings, LLC, a Delaware
limited liability company. 
 “Joint Venture Agreement” shall mean that certain Limited Liability Company
Agreement of CityCenter Holdings LLC dated as of August 21, 2007, by and between MGM Member and DW Member, as amended by that certain Amendment No. 1 to the Joint Venture Agreement dated as of November 15, 2007 as the same may be
further modified, amended and restated from time to time in writing. 
 “Legal Requirements” shall mean all
laws (including Environmental Laws and Nevada Gaming Laws), statutes, ordinances, orders, rules, regulations, permits, licenses, authorizations, directions and requirements of all Governmental and Regulatory Authority (including, without limitation,
all appropriate beverage control authorities) and public utilities which now or 

 
hereafter may be applicable to the CityCenter Project or any Component thereof or the furnishing, equipping or operation thereof. 

“LET” shall mean Live Entertainment Tax. 
 “Major Decision” shall have the meaning set forth in the Joint Venture Agreement. 
 “Management Agreements” shall mean the Harmon Management Agreement, the Mandarin Offshore Management Agreement and the Mandarin Onshore Management Agreement. 

“Manager” shall have the meaning ascribed to such term in the introductory paragraph of this Agreement. 

“Managing Member” shall have the meaning ascribed to such term in the Joint Venture Agreement. 

“Manager Representative” shall have the meaning ascribed to such term in Section 20.19.2. 

“Mandarin Component” shall mean the 400-room Mandarin Oriental hotel and residences. 

“Mandarin Offshore” shall mean Mandarin Oriental Overseas Management Limited. 

“Mandarin Offshore Management Agreement” shall mean that certain Offshore Management Agreement dated October 27,
2005 by and between Project CC, LLC and Mandarin Offshore, which is the Mandarin Offshore Management Agreement. 

“Mandarin Onshore” shall mean Mandarin Oriental Management (USA) Inc. 

“Mandarin Onshore Management Agreement” shall mean that certain Onshore Management Agreement dated October 27, 2005
by and between Project CC, LLC and Mandarin Onshore, which Mandarin Onshore Management Agreement. 
 “Markers”
shall have the meaning ascribed to the term “Credit instrument” in NRS § 463.01467. 
 “Material
Event of Default” shall have the meaning ascribed to such term as set forth in Section 16.3.3. 

“Members” shall mean, collectively, the MGM Member and DW Member. 

“MGM Guest Data” shall mean all guest or customer contact information (e.g., addresses, phone numbers, facsimile numbers
and email addresses), customer profiles, histories, preferences and similar information in any database of a Manager or its Affiliates, including information gathered through MGM MIRAGE’s guest loyalty program, or otherwise through the websites
and databases operated or maintained by MGM MIRAGE in connection with the 

 
Operator Group Hotels or any facility associated with the Operator Group Hotels (such as restaurants and spas), but specifically excluding the CityCenter Guest Data. 

“MGM MIRAGE” shall have the meaning ascribed to such term in the introductory paragraph of this Agreement. 

“MGM Member” shall mean Project CC, LLC, a Nevada limited liability company in its role as Managing Member, its
successors and assigns. 
 “MGM MIRAGE Restricted Affiliates” shall have the meaning ascribed to such term in
Section 20.24.1(a). 
 “Monthly Statements” has the meaning ascribed to such term in
Section 10.3. 
 “Mortgage” shall mean any real estate, leasehold, chattel mortgage, security
agreement, mortgage, security deed or similar document or instrument encumbering the CityCenter Project (or any Component thereof) or any interest therein, together with all promissory notes, loan agreements or other documents relating thereto.

 “Mortgagee” shall mean any holder or beneficiary of a Mortgage. 

“Nevada Gaming Authorities” shall mean, collectively, the Nevada Gaming Commission, the Nevada State Gaming Control
Board, and all other state and local regulatory and licensing bodies with authority over gaming activities and devices in the State of Nevada. 
 “Nevada Gaming Laws” shall mean all laws pursuant to which any Nevada Gaming Authority possesses regulatory, licensing or permit authority over gaming or the distribution of gaming
devices and associated equipment, codified in NRS Chapter 463 and the regulations of the Nevada Gaming Commission promulgated thereunder. 
 “NRS” shall mean the Nevada Revised Statutes, currently in effect and as amended from time to time. 
 “Operating Accounts” shall mean the bank accounts established for each Component in accordance with this Agreement. 

“Operating Expenses” means with respect to each individual Component, all ordinary and necessary expenses incurred in
the operation of such Component as determined in accordance with GAAP, excluding all (i) income taxes; (ii) any depreciation and amortization; (iii) Pre-Opening Expenses; (iv) asset write-downs; (v) impairments;
(vi) costs incurred in connection with any Casualty or Condemnation; and (vii) any interest expense. 

“Operating Equipment” shall mean all chinaware, glassware, linens, silverware, flatware and hollowware, uniforms,
kitchen utensils, and other items of a similar nature required for the operations of a Component in accordance with the Operating Standard. 
 “Operating Fee” shall have the meaning ascnoed to such term in Section 5.1. 
 “Operating Standard” shall mean, subject to the limitations of the Project Budget and the availability of funds, the standards according to which the CityCenter Project (and any

 
Component thereof) is to be operated, maintained, furnished, equipped and refurbished, that is, as reasonably deemed necessary by the General Manager or the Resort Hotel and Casino Operator
(a) with respect to the Resort Hotel and Casino, at a level of service and quality generally considered to be “world class luxury level,” (b) in accordance with the terms of all Financing instruments, including, but not limited
to, any Mortgage, (c) in accordance with, subject to Section 8.l.5, the applicable approved Project Budget, and (d) in a manner reasonably expected to: (i) protect and preserve the assets that comprise the CityCenter Project (and
any Component thereof), and (ii) maximize the profitability and value of both the CityCenter Project as a whole, and each Component thereof over the ensuing five (5) year period. 

“Operating Supplies” shall mean the following items and inventories thereof: food and beverage and other immediately
consumable items used in the operation of a Component, such as fuel, soap, light bulbs, mechanical stores, cleaning material, matches, stationary, paper supplies, and similar items. 

“Operating Year” shall mean a full calendar year, except that the first Operating Year for a Component shall commence on
the Resort Hotel and Casino Opening Date, and the last Operating Year shall end on the expiration of the Term, unless sooner terminated pursuant to the provisions of this Agreement. 

“Operator Group Additional Managed Assets” shall mean all property in the United States that is owned or managed by any
of the Managers and/or their respective Affiliates. 
 “Operator Group Hotels” shall mean all hotels and
casinos in the United States that are owned or managed by any of the Managers and/or their respective Affiliates. 

“Other Personnel” shall mean all individuals, other than Project Personnel, CityCenter Project Manager, and such
executive officers of MGM MIRAGE who are subject to reporting obligations under Section 16(a) of the Securities Exchange Act of 1934, performing services in the name of the CityCenter Project (or any Component thereof), regardless of the
identity of the employer of such individuals. 
 “Other Project Component” shall mean the fire station, people
mover station, garage, Infrastructure, and the Central Plant, collectively. 
 “Owner” shall mean,
collectively, CCL and any direct or indirect wholly-owned subsidiary of the Joint Venture that may directly own any of the Components now or at any time hereafter. To the extent there are any future “Owners,” each such “Owner”
shall be required to sign a joinder agreement in the form attached hereto as Exhibit E. 
 “Parties” or
“Party” shall have the respective meanings ascribed to such terms in the introductory paragraph of this Agreement. 
 “Performance Test Failure” shall have the meaning ascribed to such term in Section 15.1. 
 “Performance Test Period” shall have the meaning ascribed to such tern in Section 15.1. 

 “Personnel” shall mean the Project Personnel, CityCenter Project Manager,
and Other Personnel. 
 “Pre-Opening Budget” shall have the meaning ascribed to such term as set forth in
Section 4.1. 
 “Pre-Opening Expenses” shall have the meaning ascribed to such term as set forth in
Section 4.2. 
 “Pre-Opening Services” shall mean such pre-opening services for the Resort Hotel
and Casino set forth in Section 4.1. 
 “Project Agreements” shall mean this Agreement, the Vdara
Condo-Hotel Management Agreement, and the Crystals Retail Management Agreement. 
 “Project Budget” shall mean
the operating budgets and Capital Budgets prepared for the Resort Hotel and Casino in accordance with this Agreement. 

“Project Personnel” means all individuals dedicated to the CityCenter Project (or any Component thereof) on a full time
basis and performing services in the name of the CityCenter Project (or any Component thereof), regardless of the identity of the employer of such individuals. 
 “Property Operators” shall mean collectively, Mandarin Onshore, Harmon and Mandarin Offshore, and any other third party operator engaged with respect to an Operator Group Additional
Managed Asset. 
 “Proprietary Information” shall mean all intellectual property relating to a Manager or any
of its Affiliates, the business affairs of a Manager or any of its Affiliates, or any hotel, resort, casino, restaurant, café, club or other similar operation, spa or similar facility (or amenity thereto) which a Manager or any of its
Affiliates owns, leases, operates or franchises, including, without limitation: (i) Trademarks; (ii) proprietary software (including proprietary applications and interface software specifically acquired, developed or modified in whole or
in part by or for a Manager or its Affiliates) used in the operation of a Component; (iii) MGM Guest Data; (iv) creative material relating to the operating and design standards of any hotel or resort owned, leased, operated or franchised
by a Manager or any of its Affiliates, including artwork, graphics, collateral, promotions, designs, layouts and prototypes; and (v) all trade secrets and copyrightable or patentable subject matter (including, by way of example, operational
manuals; procedures, methods, techniques, ideas and know-how) developed, acquired, or licensed by a Manager or any of its Affiliates in the operation of a Component or in any other hotel owned, leased, operated or franchised by a Manager or any of
its Affiliates, and all intellectual property rights relating to any of the foregoing. 
 “Purchasing Program”
shall mean programs made by any Manager and/or their respective Affiliates for the purchase of certain Equipment or Operating Equipment from time to time to the Operator Group Hotels (whether on a national, regional, mandatory, optional or other
basis). 

 “Quarterly Period” shall mean a three-month period ending on
March 31, June 30, September 30, and December 31 of each Operating Year. 
 “Quarterly
Statements” shall have the meaning ascribed to such terms in Section 10.3. 
 “Reimbursable
Expenses” has the meaning ascribed to such term in Section 5.3. 
 “Reimbursable Services”
has the meaning ascribed to such term in Section 11.3. 
 “Remedy” shall have the meaning ascribed
to such term in Section 20.5.1(b). 
 “Replacement Reserve Amount” shall have the meaning ascribed to
such term in Section 9.2. 
 “Replacement Reserve Fund” shall mean an interest-bearing bank account
at a bank designated by Owner for deposit of the monthly Replacement Reserve Amount. 
 “Reporting Period
Statements” shall have the meaning ascribed to such terms in Section 10.3. 
 “Resort Hotel and
Casino” shall mean, collectively, the approximately four thousand (4000) room resort and hotel located within the CityCenter Project and all related facilities. 
 “Resort Hotel and Casino Operator” shall have the meaning ascribed to such term in the introductory paragraph of this Agreement. 

“Resort Hotel and Casino Opening Date” shall mean, with respect to the Resort Hotel and Casino, that date on which the
Resort Hotel and Casino shall be open for business to the general public. 
 “Surveillance Equipment” shall
mean all surveillance devices for the Resort Hotel and Casino as required by Nevada Gaming Authorities and applicable Nevada Gaming Laws and as is customary for the operation of a first-class hotel and casino on the Las Vegas strip. 

“Successor” shall have the meaning ascribed to such term in Section 20.7.1(a). 

“Term” has the meaning ascribed to such term in Section 2.1. 

“Third-Party Operated Areas” shall mean any areas of a Component operated by Third-Party Operators. 

“Third-Party Operators” shall mean third parties that operate certain areas of the Component not otherwise operated by a
Manager. 
 “Trademarks” shall mean the trademarks, trade names, service marks and copyrights owned or
controlled by a Manager or any of its Affiliates, and any related marks, logos or symbols, together with the right to use any and all slogans, derivations, trade secrets, know-how and trade dress and all other proprietary rights associated with such
names, marks and slogans, owned or controlled by a Manager or its Affiliates. 

 “Transfer” shall mean any direct or indirect sale, assignment, transfer,
exchange, conveyance, leasing or other disposition or transfer, for value or otherwise, voluntary or involuntary, by operation of law or otherwise. 
 “Uncontrollable Expenses” shall mean those certain expenses, including real estate and personal property taxes, utilities, insurance premiums, license, permit fees and charges provided
for in contracts and leases entered into pursuant to this Agreement, or prices or fees charged by third parties for goods and services, in each case, that are not within the ability of a Manager to control. 

“Vdara Component” shall mean the condominium tower located within the CityCenter Project. 

“Vdara Condo-Hotel Management Agreement” shall mean that certain Condo Hotel Management Agreement by and among Vdara
Condo Hotel, LLC, a Nevada limited liability company, and CityCenter Vdara Development, LLC, a Nevada limited liability company, dated November 15, 2007, as amended time to time by the parties thereto in writing. 

“Veer Component” shall mean the twin luxury condominium towers located within the CityCenter Project. 

“Working Capital” shall mean, with respect to a Component, funds which are reasonably necessary for the day-to-day
operation of such Component’s business in accordance with this Agreement. 

 EXHIBIT B 
 PLAYER’S CLUB 
 Player’s Club is MGM MIRAGE’s player loyalty
program that uses one card for tracking both slots and table games play. Points can be redeemed at participating casinos. The database for Player’s Club maintains customer data and includes a compilation of information regarding individual
players, customers or patrons who have had their table, slot play or other expenditures tracked. Membership in Player’s Club is free. 

 EXHIBIT C 

OTHER CORPORATION ALLOCATIONS 
 Call Center 
 Community Affairs/Diversity 
 Design Center 
 Energy Management 
 Graphic Arts 
 Human Resources (Corp.) 
 Internal Audit 
 Internet/Leisure Sales (Corp.) 

Loyalty Marketing 
 Public Relations 

Purchasing (Corp.) 
 Retail (Corp.) 

Risk Management (Corp.) 
 Security (Corp.)

 Shared Services 

 AMENDMENT NO. 1 

TO 

HOTEL AND CASINO OPERATIONS AND HOTEL ASSETS 
 MANAGEMENT AGREEMENT 
 This Amendment No. 1 to the Hotel and
Casino Operations and Hotel Assets Management Agreement (this “Amendment”) is entered into and dated as of April 29, 2009 (the “Amendment Effective Date”), by and among CITYCENTER HOTEL & CASINO, LLC,
a Nevada limited liability company (the “Resort Hotel and Casino Operator”), PROJECT CC, LLC, a Nevada limited liability company (individually “General Manager” with General Manager and Resort Hotel and Casino
Operator being referred to collectively as the “Managers” individually as a “Manager”), MGM MIRAGE, a Delaware corporation (“MGM”), and Owner. 

RECITALS 

WHEREAS, Managers, MGM and Owner entered into that certain Hotel and Casino Operations and Hotel Assets Management Agreement (the
“Agreement”) dated November 15, 2007, with respect to the subject matters set forth therein; and 

WHEREAS, Managers, MGM and Owner desire to amend the Agreement as set forth in this Amendment. 

NOW, THEREFORE, in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties hereto hereby agree as follows: 
 Section 1 Defined Terms. Each
capitalized term used and not defined herein shall have the meaning assigned to it in the Agreement (as amended hereby). 
 Section 2
Amendment to the Agreement. Effective as of the Amendment Effective Date, the Agreement is hereby amended as follows: 
 2.1 Project Budget: Section 8.1.1 is hereby deleted and replaced in its entirety with the following: 

“8.1.1 Preparation of Proposed Project Budget. No later than ninety (90) days prior to the Resort Hotel
and Casino Opening Date, each Manager shall prepare and submit to Owner the Project Budget with respect to the first Operating Year for its respective Component (other than with respect to any Component, including the Hotel Assets, for which a third
party manager is obligated to provide a budget, in which event Managers shall use commercially reasonable efforts to cause the third party manager to prepare and deliver the draft budget in accordance with the applicable management agreement) for
Owner’s review and written 

 approval. Thereafter, at least ninety (90) days prior to the beginning of each
subsequent Operating Year, each Manager shall prepare and submit to Owner the Project Budget for such Operating Year for its respective Component (other than with respect to any Component, including the Hotel Assets, for which a third party manager
is obligated to provide a budget, in which event Managers shall use commercially reasonable efforts to cause the third party manager to prepare and deliver the draft budget in accordance with the applicable management agreement) for Owner’s
review and written approval. Each Manager shall act reasonably and exercise prudent business judgment in preparing each proposed Project Budget.” 
 2.2 Books and Records: The following sentence shall be added to the end of Section 10.1: “All books and records for the Resort Hotel and Casino and the Hotel Assets shall be
located onsite at the Resort Hotel and Casino or at another location which affords reasonable access to all Parties to this Agreement.” 
 2.3 Events of Default: 
 (a) The introductory clause of
Section 16.1.1 is hereby deleted and replaced in its entirety with the following: 
 “16.1.1
Events of Default on the Part of Either Party. The following shall constitute an event of default under this Agreement (each such event being referred to herein as an “Event of Default”) but each Party acknowledges and agrees
that the other Party will not be in default or breach of this Agreement to the extent that such default or breach arises from an action or omission of the other Party or any of its Affiliates (including without limitation MGM MIRAGE) and, with
respect to Owner, to the extent that such default or breach arises regarding a matter that is within the control of Manager or its Affiliates (including without limitation MGM MIRAGE):” 

(b) Section 16.1.1(c) is hereby deleted and replaced in its entirety with the following: 

“(c) Insolvency. (i) The institution by a Party of proceedings under any federal or state law for the
relief of debtors wherein such Party is seeking relief as a debtor, (ii) a general assignment by a Party for the benefit of creditors, (iii) the institution by a Party of a proceeding for relief under the United States Bankruptcy Code,
(iv) the institution against a Party of a proceeding under the United States Bankruptcy Code, which proceeding is not dismissed, stayed or discharged within 60 days after the filing thereof or, if stayed, which stay is thereafter lifted without
a contemporaneous discharge or dismissal of such proceeding, (v) the admission by a Party in writing of its inability to pay its debts as they mature or (vi) the attachment, execution or other judicial seizure of all or any substantial
part of the membership interests, stock, partnership interests or other equity interests in a Party which remains undismissed or undischarged for a period of 15 days after the levy thereof, if such attachment, execution or other judicial seizure
would reasonably be expected to have a material adverse effect upon the performance by such 

  
 2 

 
Party of its obligations under this Agreement; provided, however, that any such attachment, execution or seizure shall not constitute an Event of Default if such Party posts a bond
sufficient to fully satisfy the amount of such claim or judgment within 15 days after the levy thereof and the Party’s membership interests are thereby released from the lien of such attachment (each an “Event of Bankruptcy”);
provided, however, that notwithstanding the foregoing or any provision of Delaware law to the contrary, none of the Events of Bankruptcy enumerated above shall be deemed an Event of Default hereunder until such time as: (a) a chapter 11
trustee or an examiner with expanded powers is appointed to exercise rights otherwise vested in the Party’s estate or in the Party as debtor in possession, (b) the Event of Bankruptcy is a chapter 7 case in which an order for relief is
entered, or a chapter 11 case that has been converted to chapter 7 by entry of an order directing such conversion, (c) following an Event of Bankruptcy, the Party does not perform its obligations hereunder, or (d) following an Event of
Bankruptcy, the Required Lenders under the Construction Facility declare an event of default thereunder.” 
 2.4
Termination Rights: Section 16.4.2 is hereby deleted and replaced in its entirety with the following: 

“16.4.2 At any time during the Term, General Manager or its Affiliates cease, collectively, to own directly or indirectly at least
twenty-five (25%) of the equity of Owner;”. 
 2.5 Force Majeure Event: Each Manager shall make good faith,
reasonable efforts to notify Owner and the DW Member Representative as soon as such Manager becomes aware of an Emergency Situation (which must be within twenty-four (24) hours following the Emergency Situation). Each Manager will provide
immediate notice of a Force Majeure Event to Owner and the DW Member Representative specifying the circumstances of the Force Majeure Event, providing any supporting documentation as may be available to evidence such circumstances, and shall
periodically update Owner and the DW Member Representative on the progress of the Force Majeure Event. 
 2.6 Replacement of
DW Member Representative: William Grounds is hereby designated as the DW Member Representation in place of Kar Tung Quek 
 2.7 Replacement of Notice Party: George Dalton hereby replaces Kar Tung Quek as a notice party and copies of written notices required to be delivered to the attention of Kar Tung Quek on behalf of
Infinity World Development Corp in accordance with Section 20.33.1 shall be delivered to the attention of George Dalton. 
 2.8 Definitions: Exhibit A to the Agreement is hereby amended as follows: 
 (a) The definition of “Project Budget” is amended to read in its entirety as follows: 

  
 3 

 ““Project Budget” shall mean the operating budget and Capital Budgets
prepared for the Resort Hotel and Casino in accordance with this Agreement, as approved by Owner pursuant to Section 8.1.2 above.” 
 (b) A new defined term “Emergency Situation” is hereby added to Exhibit A to the Agreement and shall read as follows: 

““Emergency Situation” shall mean a bona fide emergency situation which creates an imminent risk to life, safety or
significant damage to the CityCenter Project.” 
 Section 3 Effect of Amendment. Except as
expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Parties under the Agreement. This Amendment shall apply and be effective only
with respect to the provisions of the Agreement specifically referred to herein. On and after the Amendment Effective Date, each reference in the Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”
or words of like import, shall be deemed a reference to the Agreement as amended hereby. 
 Section 4 Governing
Law. This Amendment shall be governed by and construed in accordance with the Legal Requirements of the State of California excluding its conflict of laws principles. In the event of any litigation between the Parties concerning or
arising out of this Agreement, the Parties hereby consent to the exclusive jurisdiction of the federal and state courts in California. 

Section 5 Counterparts. This Amendment may be executed in two or more counterparts (including by facsimile or
similar means of electronic communication), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 [signature pages follow] 

  
 4 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the Amendment
Effective Date. 
  

					
	 OWNER:
  

CITYCENTER LAND, LLC, a Nevada
 limited liability
company

		
	By:	 	City Center Holdings, LLC,
		 	 a Delaware limited liability company, its sole
 member

		
	By:	 	Project CC, LLC,
		 	 a Nevada limited liability company, its
 managing member

			
		 	By:	 	/s/ John M. McManus        
		 	Name: John M. McManus
		 	Title: Assistant Secretary
	
	  
 GENERAL MANAGER:

 
 PROJECT CC, LLC,
 a Nevada limited liability company

			
		 	By:	 	/s/ John M. McManus        
		 	 Name: John M. McManus
 Title: Assistant Secretary

	
	RESORT HOTEL AND CASINO OPERATOR:
	
	 CITYCENTER HOTEL & CASINO, LLC,
 a Nevada limited liability company

			
		 	By:	 	/s/ John M. McManus        
		 	Name: John M. McManus
		 	Title: Assistant Secretary

  

 [signatures continued on next page] 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO THE 
 HOTEL AND CASINO OPERATIONS AND HOTEL ASSETS MANAGEMENT AGREEMENT] 

  

 With respect to its obligations pursuant to ARTICLE 11 

ARTICLE 16, Section 3.1.10, Section 3.1.14(b), Section 3.4 and Section 20.5 of the 

Agreement only; provided, however, that the provisions of Section 20.5 are not in any 
 manner limited by specific reference to the foregoing provisions. 
  

					
	MGM MIRAGE:	 	
		
	 MGM MIRAGE,
 a
Delaware corporation
	 	
			
	By:	 	/s/ John M McManus	 	
	Name: John M McManus	 	
	Title: Senior VP, Asst. General Counsel, Assistant Secretary

  

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO THE 

HOTEL AND CASINO OPERATIONS AND HOTEL ASSETS MANAGEMENT AGREEMENT]Operations Management Agreement between Vdara Condo Hotel, LLC and CityCenter

 Exhibit 10.13 
 CONDO-HOTEL OPERATIONS MANAGEMENT AGREEMENT 
 AMONG 

VDARA CONDO HOTEL, LLC 
 AND 
 CITYCENTER VDARA DEVELOPMENT, LLC 

FOR 

CITYCENTER 

LAS VEGAS, NEVADA 
 NOVEMBER 15, 2007 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 

  
 i 

									
	 ARTICLE 1
	 		 	 DEFINITIONS AND EXHIBITS
	  	 	2	  
				
	1.1	 		 	 Definitions
	  	 	2	  
				
	1.2	 		 	 Exhibits
	  	 	2	  
				
	ARTICLE 2	 		 	 TERM
	  	 	2	  
				
	2.1	 		 	 Term
	  	 	2	  
				
	ARTICLE 3	 		 	 ENGAGEMENT OF OPERATOR
	  	 	2	  
				
	3.1	 		 	 Grant of Authority
	  	 	2	  
				
	3.2	 		 	 Limitations on Authority
	  	 	5	  
				
	3.3	 		 	 Standard of Care
	  	 	5	  
				
	3.4	 		 	 Obligations of MGM MIRAGE
	  	 	6	  
				
	ARTICLE 4	 		 	 PRE-OPENING ACTIVITIES
	  	 	6	  
				
	4.1	 		 	 Pre-Opening Services
	  	 	6	  
				
	4.2	 		 	 Costs and Expenses
	  	 	7	  
				
	4.3	 		 	 Pre-Opening Budget
	  	 	7	  
				
	4.4	 		 	 Funding of Pre-Opening Expenses
	  	 	8	  
				
	4.5	 		 	 Monthly Statements
	  	 	8	  
				
	ARTICLE 5	 		 	 CONDOMINIUM DOCUMENTS; HOTEL RELATED SERVICES; RENTAL PROGRAM
	  	 	9	  
				
	5.1	 		 	 Condominium Documents
	  	 	9	  
				
	5.2	 		 	 Condo-Hotel Services for the Residential Units
	  	 	9	  
				
	5.3	 		 	 Rental Program
	  	 	11	  
				
	5.4	 		 	 Management of Condominium
	  	 	11	  
				
	5.5	 		 	 Operator Covenants and Acknowledgments
	  	 	12	  
				
	5.6	 		 	 Operator Rental Program Rights and Obligations
	  	 	12	  
				
	ARTICLE 6	 		 	 PAYMENT OF FEES
	  	 	12	  
				
	6.1	 		 	 Operating Fee
	  	 	12	  
				
	6.2	 		 	 Time and Manner of Payment
	  	 	13	  
				
	6.3	 		 	 Payment of Expenses
	  	 	13	  
				
	6.4	 		 	 Quarterly and Annual Reconciliations
	  	 	13	  
				
	6.5	 		 	 Interest
	  	 	14	  
				
	ARTICLE 7	 		 	 OWNER’S OBLIGATIONS
	  	 	14	  
				
	7.1	 		 	 General Obligations
	  	 	14	  

  
 ii 

									
	ARTICLE 8	 		 	 PERSONNEL
	  	 	16	  
				
	8.1	 		 	 Hiring of Personnel
	  	 	16	  
				
	8.2	 		 	 Compensation of Personnel
	  	 	16	  
				
	8.3	 		 	 Personnel Information
	  	 	17	  
				
	8.4	 		 	 Unions
	  	 	17	  
				
	ARTICLE 9	 		 	 PROJECT BUDGET
	  	 	18	  
				
	9.1	 		 	 Submission and Approval of Project Budget
	  	 	18	  
				
	ARTICLE 10	 		 	 FUNDS AND ACCOUNTS; MAINTENANCE
	  	 	20	  
				
	10.1	 		 	 Minimum Working Capital Amount
	  	 	20	  
				
	10.2	 		 	 Reserve Fund Contribution
	  	 	20	  
				
	10.3	 		 	 Establishment of Shared Components Reserve Fund
	  	 	21	  
				
	10.4	 		 	 Repairs and Maintenance
	  	 	21	  
				
	10.5	 		 	 Emergency Repairs
	  	 	21	  
				
	10.6	 		 	 Enforcement of Guaranties and Warranties
	  	 	21	  
				
	10.7	 		 	 Impositions and Insurance Premiums
	  	 	21	  
				
	10.8	 		 	 Operating Account
	  	 	22	  
				
	10.9	 		 	 Control and Ownership of Accounts
	  	 	22	  
				
	10.10	 		 	 Pledge of Credit
	  	 	22	  
				
	ARTICLE 11	 		 	 BOOKS AND RECORDS
	  	 	22	  
				
	11.1	 		 	 Maintenance of Books and Records
	  	 	23	  
				
	11.2	 		 	 Inspection of Books and Records
	  	 	23	  
				
	11.3	 		 	 Monthly and Quarterly Reports
	  	 	23	  
				
	11.4	 		 	 Annual Statements
	  	 	24	  
				
	11.5	 		 	 Audit Right of DW Member
	  	 	24	  
				
	ARTICLE 12	 		 	 CENTRALIZED SERVICES AND REIMBURSABLE SERVICES
	  	 	25	  
				
	12.3	 		 	 Reimbursable Services
	  	 	26	  
				
	ARTICLE 13	 		 	 INSURANCE
	  	 	27	  
				
	13.1	 		 	 Insurance to Be Maintained by Owner During Term
	  	 	27	  
				
	13.2	 		 	 Insurance to Be Maintained by Manager During Term
	  	 	27	  
				
	13.3	 		 	 Waiver of Liability
	  	 	27	  
				
	ARTICLE 14	 		 	 CONFIDENTIAL INFORMATION
	  	 	28	  
				
	14.1	 		 	 Confidential Information
	  	 	28	  

  
 iii

									
	ARTICLE 15	 		 	 MORTGAGES AND FINANCING
	  	 	28	  
				
	15.1	 		 	 Right to Mortgage
	  	 	28	  
				
	15.2	 		 	 Subordination
	  	 	28	  
				
	15.3	 		 	 Evidence of Subordination; Delivery of Separate Documents and Instruments
	  	 	28	  
				
	ARTICLE 16	 		 	 PERFORMANCE TERMINATION
	  	 	29	  
				
	16.1	 		 	 Performance Test
	  	 	29	  
				
	16.2	 		 	 Cure Right
	  	 	29	  
				
	ARTICLE 17	 		 	 DEFAULT and TERMINATION
	  	 	29	  
				
	17.1	 		 	 Events of Default
	  	 	29	  
				
	17.2	 		 	 Excused Non-Performance
	  	 	30	  
				
	17.3	 		 	 Remedies and Other Termination Rights
	  	 	31	  
				
	17.4	 		 	 DW Member Enforcement; Termination Rights
	  	 	31	  
				
	17.5	 		 	 Operator’s Termination Rights
	  	 	33	  
				
	17.6	 		 	 Rights and Obligations on Termination
	  	 	33	  
				
	17.7	 		 	 WARN Act; 401(k) Compliance
	  	 	35	  
				
	ARTICLE 18	 		 	 CASUALTY AND CONDEMNATION
	  	 	36	  
				
	18.1	 		 	 Casualty
	  	 	36	  
				
	18.2	 		 	 Condemnation
	  	 	36	  
				
	ARTICLE 19	 		 	 INDEMNIFICATION
	  	 	37	  
				
	19.1	 		 	 Indemnification by Operator
	  	 	37	  
				
	19.2	 		 	 Indemnification by Owner
	  	 	37	  
				
	19.3	 		 	 Survival
	  	 	37	  
				
	ARTICLE 20	 		 	 REPRESENTATIONS AND WARRANTIES
	  	 	37	  
				
	20.1	 		 	 Operator’s Representations and Warranties
	  	 	37	  
				
	20.2	 		 	 Owner’s Representations and Warranties
	  	 	38	  
				
	ARTICLE 21	 		 	 GENERAL PROVISIONS
	  	 	39	  
				
	21.12	 		 	 Estoppel Certificate
	  	 	44	  
				
	21.33	 		 	 Compliance with Securities Laws
	  	 	50	  

  
 iv 

 CONDO-HOTEL OPERATIONS MANAGEMENT AGREEMENT 

This Condo-Hotel Operations Management Agreement (this “Agreement”) is entered into as of the Effective Date, by and
among Vdara Condo Hotel, LLC, a Nevada limited liability company (“Operator”) and CityCenter Vdara Development, LLC, a Nevada limited liability company (“Developer”, on behalf of Owner). Operator and Owner are
sometimes referred to collectively in this Agreement as the “Parties” and individually as a “Party.” 
 RECITALS 
 A. CityCenter Land, LLC, a Nevada limited liability company
(“CCL”), owns the land on which Owner is in the process of constructing the CityCenter Project. For purposes of this Agreement, unless specifically indicated otherwise, as the context requires, the defined term
“Owner” shall refer to (1) CCL, as the owner of the land on which the Condo-Hotel is located, before transferring such land to Developer, (2) Developer, as the owner of the land on which the Condo-Hotel is located, after
taking transfer of such land (all subject to the Inter-Company Agreement), and in its role as the developer and owner of the Condo-Hotel before selling and/or transferring all of its interest therein, and (3) CityCenter Vdara Condo Hotel
Holdings, LLC, a Nevada limited liability company (“Vdara Condo Hotel Holdings”), as owner of the Hotel Unit after taking transfer thereof (all subject to the Inter-Company Agreement). 

B. As part of the CityCenter Project, Developer is developing and constructing a hotel condominium project containing approximately 1543
residential units (the “Residential Units”), as well as food and beverage facilities and all other amenities provided therein (collectively, the “Condo-Hotel”). 

C. The Condo-Hotel will be known as the “Vdara”. 
 D. Owner intends to assign to Developer all of its right, title and interest in and to the land on which the Condo-Hotel is located as well as any improvements located thereon. Developer, in turn, shall
assign that portion of the Condo-Hotel defined in the certain Declaration of Covenants, Conditions and Restrictions and Reservation of Easements for Vdara Condo Hotel, as amended from time to time (the “Declaration”), as the
“Hotel Unit” to the Hotel Unit Owner. 
 E. Developer intends to sell the Residential Units to individual purchasers
(such purchasers or any subsequent third-party owners of the Residential Units, the “Unit Owners”) and otherwise retain ownership of certain other portions of the Condo-Hotel, all pursuant to the terms set forth in the Declaration.

 F. Developer has the approval and is authorized on behalf of CCL and Vdara Condo Hotel Holdings to enter into this Agreement
and, if necessary, to assign this Agreement to either such party. 
 G. Operator is experienced and knowledgeable in the
management and operation of first-class luxury hotels, condo-hotels and residential projects, directly and through affiliated entities. 

  
 1 

 H. Operator possesses the skills, experience and capability to manage and operate the
Condo-Hotel in accordance with this Agreement. 
 I. The Parties desire to enter into this Agreement for the management,
including the management of Pre-Opening Services, of the Condo-Hotel following the completion of its construction. 

AGREEMENT 

NOW THEREFORE in consideration of the recitals, promises and covenants set forth in this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are acknowledged by the Parties, the Parties hereby agree: 
 ARTICLE 1

 DEFINITIONS AND EXHIBITS 
 1.1 Definitions. All capitalized terms not defined herein shall have the meanings assigned to such terms in the Master Glossary of Definitions attached hereto as Exhibit A.

 1.2 Exhibits. The exhibits attached hereto are incorporated in, and deemed to be an integral part of, this
Agreement. 
 ARTICLE 2 
 TERM 
 2.1 Term. This Agreement shall be effective
upon full execution and delivery as of the Effective Date. The term of this Agreement shall commence as of the Effective Date, and shall continue until the first to occur of (i) the termination of this Agreement resulting from an Event of
Default or other right of termination set forth in ARTICLE 17, (ii) the termination, dissolution or other liquidation of the Joint Venture, in accordance with the terms of the Joint Venture Agreement, or (iii) the termination of
this Agreement resulting from a Performance Test Failure as set forth in ARTICLE 16 (the “Term”). 

ARTICLE 3 

ENGAGEMENT OF OPERATOR 
 3.1 Grant of Authority. 
 3.1.1 Operator. Except as
otherwise specified in this Agreement, the management and operation of (i) the Hotel Unit and (ii) the Residential Units, to the extent the right to do so has been conferred upon Operator pursuant to the (a) Rental Program Agreement
and (b) the Condominium Documents, shall be under the exclusive supervision and control of Operator, and Operator shall operate the Hotel Unit and the Residential Units, as applicable, in a proper and efficient manner that is consistent with
the Operating Standard, Condominium Documents and Rental Program Agreement. Except as otherwise specified in the Joint Venture Agreement, this Agreement, and further subject to Sections 3.2 and Section 3.3 hereof, Operator shall
have discretion and control, free from interference, interruption, or disturbance, in all matters relating to the management and operation of the Hotel Unit and the Residential Units, as 

  
 2 

 
applicable. Owner’s grant of authority to Operator pursuant to this Section 3.1 with regard to the Hotel Unit shall specifically include the exclusive power and authority,
subject to and consistent with the provisions of this Agreement, the Joint Venture Agreement, and the Project Budget for the Condo-Hotel (including any limitations on authority and duty) to: 

(a) determine the terms of admittance for the Condo-Hotel and each portion thereof, charges for rooms and commercial space, charges for
entertainment, charges for use of facilities, food and beverages, which rights shall specifically allow Operator, in its reasonable discretion and generally consistent with the business practices of MGM MIRAGE, the Project Budget and the standard of
care set forth in Section 3.3, to charge varying rates for Complimentaries to different customers or groups of customers; provided, however, no amount of deemed revenue attributable to such Complimentaries shall be included in Gross
Revenue for purposes of any calculation under this Agreement (including, without limitation determining the occurrence of a Performance Test Failure); 
 (b) establish all credit policies designed, among other things, to minimize the risk of loss; 
 (c) collect and remit to any Governmental and Regulatory Authority all sales, occupancy, value added, use, excise and similar taxes to be collected by the Condo-Hotel and the Rental Program directly from,
guests or other customers on all revenues; 
 (d) establish policies concerning the receipt, holding and disbursement of funds,
the establishment and maintenance of Operating Account and appropriate records management and retention, the procurement of Operating Supplies and other goods and services and all activities necessary for the operation and management of the
Condo-Hotel and the Rental Program, as more specifically set forth herein; 
 (e) supervise and purchase all Equipment,
Operating Supplies and other goods and services as necessary to operate the Condo-Hotel and the Rental Program in accordance with the Project Budget; 
 (f) negotiate and enter into such reasonable contracts, leases, licenses, arrangements, and concessions agreements for any Condo-Hotel operations, parking, restaurant, bar, or food service operations,
retail space, or any other commercial operation in or about the Condo-Hotel as an Operating Expense, as Operator deems reasonably necessary or advisable in connection with the operation of the Condo-Hotel and the Rental Program in accordance with
this Agreement; 
 (g) perform the obligations of Owner, as landlord, or concessionaire, under leases, licenses, and contracts
made or granted with respect to space within the Condo-Hotel and the Rental Program; 
 (h) collect rents and other sums
collectible under leases, licenses, or contracts made or granted with respect to (i) space within the Condo-Hotel and (ii) the Rental Program; 

  
 3 

 (i) perform the Hotel Related Services, A la Carte Services and Transient Services, as
applicable 
 (j) collect all charges imposed in connection with the payment of the “Hotel Shared Costs” (as defined
in Section 9.1 of the Declaration); 
 (k) to the extent applicable, collect the Daily Transient Rental Fee and the Monthly
Transient Rental Fee charged in connection with Transient Services; 
 (1) to the extent applicable, collect all charges imposed
in connection with the provision of A la Carte Services; 
 (m) subject to Section 8.1, hire, promote, discharge,
supervise, train and, subject to Legal Requirements, determine the terms of employment for the Personnel designated to the Condo-Hotel and determine and implement all personnel policies and practices relating to the Condo-Hotel and the Rental
Program; 
 (n) commence, settle or compromise, in its name or in the name of Owner, (i) any Claim or litigation required
to collect charges, rent or other income for the Condo-Hotel, or (ii) any legal action or proceeding (or any related group of actions or proceedings) relating to any subject matter of this Agreement and/or the Project Agreements in an amount
not exceeding Five Million Dollars ($5,000,000), it being acknowledged and agreed that Operator shall promptly forward notice of any such Claims to the appropriate insurer; 
 (o) perform those services relating to the operation of the Rental Program required of Operator as particularly set forth in the Rental Program Agreement; 

(p) establish appropriate rental policies and procedures for the rental of Residential Units to third parties by (i) individual Unit
Owners themselves or (ii) third party rental agents, as applicable; 
 (q) perform all the duties and obligations conferred
upon the Hotel Unit Owner under the Condominium Documents on behalf of the Hotel Unit Owner; 
 (r) perform all acts in and
about the Condo-Hotel, as reasonably necessary to comply with Legal Requirements and/or Insurance Requirements; and 
 (s)
subject to, and in accordance with, ARTICLE 11 supervise and maintain complete books and records for the Condo-Hotel consistent with the policies for the wholly owned properties of MGM MIRAGE and GAAP, as applicable; 

3.1.2 In addition, Operator shall provide the Condo-Hotel with such advertising, public relations, and promotional services as are judged
by it to be reasonably necessary and appropriate in order to promote the name and facilities of the Condo-Hotel, including, but not limited to, providing assistance in the following areas: 

(a) developing and implementing the Condo-Hotel’s individual marketing plan with Owner’s input and consultation, including
planning, publicity and internal 

  
 4 

 
communications, and organizing and budgeting the Condo-Hotel’s advertising and public relations programs; 
 (b) selecting and providing guidance as required for the public relations Personnel; 
 (c) consistent with the provisions of Section 21.26 preparing and disseminating news releases for trade and consumer publications, both national and international; and 

(d) selecting an advertising agency, if any. 
 3.1.3 At all times during the Term, the Condo-Hotel shall be promoted as an affiliated “MGM MIRAGE” condo-hotel and as part of the MGM MIRAGE system of hotels, in each case, consistent with its
then-current practices as applicable to the Operator Group Hotels. Prior to the Effective Date, Operator shall provide written confirmation, in form and substance reasonably acceptable to Owner, that MGM MIRAGE has authorized Operator to use the
Trademarks “MGM MIRAGE” during such period and for such purpose and otherwise for the development, identification, marketing, management and operation of the Condo-Hotel pursuant to this Agreement. 

3.1.4 Operator shall be entitled to display MGM MIRAGE’s literature and literature from other MGM MIRAGE brands in the Condo-Hotel
during the Term, as Operator may determine in accordance with the brand strategy for the Operator Group Hotels from time to time during the Term. 
 3.2 Limitations on Authority. Notwithstanding any authority granted to Operator pursuant to any other provision of this Agreement (including any Exhibits to this Agreement), Operator shall
not, without the prior written consent of Owner, take any action that would otherwise (i) conflict with Section 9.1.5 hereof, or (ii) constitute a Major Decision under the Joint Venture Agreement. 

3.3 Standard of Care. Operator shall, in fulfilling its duties and obligations under this Agreement, act in a manner
consistent with an appropriate standard of care, efficiency, quality and diligence typically exercised by first-class companies performing similar types of services for projects of a quality comparable to the CityCenter Project and consistent with
the fiduciary relationship of trust and confidence between Owner and Operator, which evidences Operator’s good faith and fair dealing and the application of its reasonable business judgment in the best interest of the Condo-Hotel. Furthermore,
Operator shall, in fulfilling its obligations hereunder (including, but not limited to, any decisions regarding whether or not the Condo-Hotel will participate in specialized initiatives, including, but not limited to, Purchasing Programs), act at
all times in a manner that is consistent with the fiduciary duty owed by Operator to Owner and consistent with the fiduciary relationship of trust and good faith and confidence between Owner and Operator. Operator acknowledges and affirms to Owner,
and each of its members, respectively, that the actions, duties and obligations contemplated herein to be performed and/or undertaken by Operator are not in any way intended, nor will such actions, duties and obligations supplant any duty or
obligation to be performed by the MGM Member in its capacity as 

  
 5 

 
Managing Member pursuant to the terms of the Joint Venture Agreement. Operator acknowledges that all actions taken by it pursuant to this Agreement, whether on its own behalf or through its
Affiliates and subsidiaries (including, without limitation, Operator), are and shall be deemed actions taken by the MGM Member for and on behalf of Owner as if taken by MGM Member as the Managing Member under the Joint Venture Agreement (and MGM
Member shall be responsible and liable for all such actions or omissions as if taken by the MGM Member itself); provided, however, that any action or omission of Operator made under this Agreement shall not constitute a breach of the Joint Venture
Agreement by the MGM Member unless such action or omission, if made by the MGM Member, would constitute a breach under the Joint Venture Agreement. During the Term, Operator shall not manage or operate any business unrelated to the Condo-Hotel or
the other Components of the CityCenter Project. Owner acknowledges, however, that Affiliates of MGM MIRAGE (excluding Operator and its subsidiaries) do and will engage in operations, ownership, or other activities or businesses that compete with the
operations and business of the Condo-Hotel, and such actions and conduct are expressly permitted. 
 3.4 Obligations of
MGM MIRAGE. MGM MIRAGE shall cause Operator to perform all of its obligations and duties pursuant to the terms and conditions of this Agreement. 
 ARTICLE 4 
 PRE-OPENING ACTIVITIES 

4.1 Pre-Opening Services. Owner acknowledges and agrees that various pre-opening activities for the Operator have commenced
as of the Effective Date and are continuing, and will continue to ensure that the Condo-Hotel is ready to accept guests by the Opening Date. These pre-opening services are being performed pursuant to and in accordance with the pre-opening budget
established as part of the construction budget approved in connection with the execution of the Joint Venture Agreement, or, if not previously provided, shall comprise a portion of the Annual Budget (as defined in the Joint Venture Agreement) to be
prepared and approved as required by the Joint Venture Agreement (the “Pre-Opening Budget”). These services (collectively, the “Pre-Opening Services”) include, without limitation: 

4.1.1 subject to Section 8.1, hiring and training of all Personnel; 

4.1.2 pre-marketing and marketing programs, including pre-opening promotion and opening celebrations, and the preparation of a pre-opening
marketing plan which shall include, without limitation: (a) public relations and communications activities, (b) implementation of a marketing, advertising and reservations program, and (c) representation of the Condo-Hotel by regional
sales and corporate marketing personnel of Operator and its Affiliates to position the Condo-Hotel in accordance with the Operating Standards; 
 4.1.3 administering and coordinating with Owner applications for or transfers of licenses, permits, approvals, and/or other instruments necessary for the management and operation of the Condo-Hotel as
contemplated by this Agreement; 

  
 6 

 4.1.4 causing the purchase of initial Operating Supplies and Operating Equipment to the
extent not purchased and installed by Owner during the development of the Condo-Hotel as set forth in the approved Pre-Opening Budget; 
 4.1.5 preparing necessary budgets, including without limitation, the Pre-Opening Budget; 
 4.1.6 identifying tenants for retail outlets and lobby space in the Condo-Hotel; 

4.1.7 negotiating concession contracts and/or leases for retail outlets and lobby space in the Condo-Hotel; 

4.1.8 coordinating the testing of operations of the Condo-Hotel, including incorporating any other technology systems required to operate
the Condo-Hotel or provide the Centralized Services; 
 4.1.9 providing a task force of experts and Personnel to supervise and
assist with certain pre-opening and opening operations; 
 4.1.10 subject to any conditions required by the Joint Venture
Agreement, determining the Opening Date; and 
 4.1.11 rendering such other services incidental to the preparation and
organization of the Condo-Hotel’s management and operation as may be required. 
 4.2 Costs and Expenses. The
costs and expenses relating to the activities described in Section 4.1 above for the initial opening of the Condo-Hotel for the CityCenter Project (collectively, the “Pre-Opening Expenses”) may include, without
limitation but subject to Section 4.3 hereof, each of the following items as they directly relate and are directly incurred by the Condo-Hotel as a Pre-Opening Expense: (i) Compensation; (ii) interim office space costs, if any,
for non-corporate-related services; provided, however, that no rent shall be charged or reimbursed with respect to the sales office, Perini field office, or the project office (such expenses may continue to be incurred as a Reimbursable Expense
after the Opening Date); (iii) legal, accounting, and other professional fees; (iv) telecommunications expenses; (v) staff hiring and training costs; (vi) opening celebration costs; (vii) utilities, including, without
limitation, heat, air conditioning, light, power, water, and any sewage treatment and disposal costs; provided, however, with respect to the sales office, Perini field office and the project office, such expenses may continue to be incurred as a
Reimbursable Expense after the Opening Date; (viii) advertising and promotion expenses; (ix) real property taxes; and (x) consistent with the provisions of Section 6.3, the reasonable travel, living, and other
out-of-pocket expenses of Personnel from the corporate and regional offices of Operator and its Affiliates. 
 4.3
Pre-Opening Budget. Operator has prepared and submitted to Owner the Pre-Opening Budget (which budget is a component of the larger Project Budget (as defined in the Hotel and Casino Management Agreement)), which has been approved
pursuant to the Joint Venture Agreement); provided, however, it is understood and agreed that changes in development plans, business plans, market conditions, general economic conditions and other unforeseen circumstances may make adherence to the
Pre-Opening Budget impractical or 

  
 7 

 
impossible, and Operator shall be entitled to depart from the Pre-Opening Budget and incur Pre-Opening Expenses in excess of the Pre-Opening Budget without DW Member’s approval to the extent
any such departure does not constitute a Major Decision. Operator shall notify Owner promptly of any substantial change to the Pre-Opening Budget and shall provide all information in relation to such changes as Owner may reasonably request.
Furthermore, if the Opening Date is delayed from the originally projected dates (other than a delay caused by Operator), the Pre-Opening Budget shall be revised to reflect any increases in Pre-Opening Expenses caused by such delay after consultation
with and approval by Owner in accordance with the Joint Venture Agreement (or by DW Member, as may be required by the Joint Venture Agreement). Increased Pre-Opening Expenses may include, as applicable, all out-of-pocket cancellation penalties if
Operator cancels reservations made for guestrooms, meeting rooms, and other areas as a result of such delay; provided, however, that in the event that such delay is caused by a breach of the Development Management Agreement by the Development
Manager, such increase in Pre-Opening Expenses resulting from such out-of-pocket cancellation penalties shall be deemed an Operating Expense in calculating EBITDAM and the corresponding Incentive Management Fee for the first Operating Year.

 4.4 Funding of Pre-Opening Expenses. Other than as set forth in Section 4.3, Pre-Opening Expenses
incurred in accordance with this ARTICLE 4 shall be borne solely by Owner as a capital expense and shall not be classified as an Operating Expense. To facilitate the funding of Pre-Opening Expenses, Owner shall maintain a bank account or, at
its option, line of credit with an insured bank designated by Owner and approved by Operator. Owner shall ensure that the bank account or line of credit may be drawn upon for Pre-Opening Expenses by Operator acting alone and shall ensure that,
subject to Section 4.3 hereof, sufficient funds or line of credit are available to pay for the Pre-Opening Expenses, including reimbursement to Operator for any Pre-Opening Expenses paid by Operator. The terms of the bank account or line
of credit and any amendments thereto will be in form and substance approved by Owner and Operator and will expressly provide that during the period in which Pre-Opening Services are being provided, no instruction by Owner terminating, diminishing or
otherwise materially and adversely affecting Operator’s right to draw funds will be effective without Operator’s prior written approval. Subject to Section 4.3 hereof, Operator will be entitled any time or from time to time to
draw cash from the bank account or under the line of credit in any amount required to pay the Pre-Opening Expenses in accordance with this Agreement. In addition, Pre-Opening Expenses incurred or paid by Operator shall be promptly reimbursed to
Operator from such account or line of credit, and Operator shall provide a statement of account to Owner for such Pre-Opening Expenses reimbursed to Operator. If following the Opening Date, there are outstanding Pre-Opening Expenses which have not
been paid, Operator shall be entitled to withdraw such amounts (plus interest thereon if such Pre-Opening Expenses were paid by Operator) from the Operating Account for the Condo-Hotel. 

4.5 Monthly Statements. Operator shall submit to Owner a monthly statement during the period of the Pre-Opening Services
until the Opening Date, which report shall include a statement of all Pre-Opening Expenses incurred by Operator during the prior calendar month. Operator shall provide a final accounting and statement to Owner for the Pre-Opening Expenses incurred
for the Condo-Hotel and any other outstanding amounts that are owed to Operator and its Affiliates within one hundred twenty (120) days after the Opening Date. 

  
 8 

 ARTICLE 5  

CONDOMINIUM DOCUMENTS; HOTEL RELATED SERVICES; RENTAL PROGRAM 

5.1 Condominium Documents. 
 5.1.1 Owner, in its capacity as the current owner of the Condo-Hotel, shall execute and record the Condominium Documents, including such documents binding on future owners and operators of the various
components of the Condo-Hotel, as may be necessary to ensure that such owners and operators of the Condo-Hotel (and any components thereto) are similarly obligated to construct, operate and maintain the portions of the Condo-Hotel owned or
controlled by each such person to a standard consistent with this Agreement and in a manner that shall enable and not interfere with the operation of the Condo-Hotel as contemplated by this Agreement. 

5.1.2 Operator has received, reviewed and approved the current draft of the Condominium Documents and will have the continuing right to
further approve any modifications thereto over which Owner has control (through exercise of voting rights or otherwise) and Owner shall not amend or modify any of the same in a manner that would materially and adversely affect Operator’s rights
or obligations under this Agreement (provided, however, if the amendment or modification is necessary to comply with Legal Requirements, the Parties shall cooperate in good faith to address and resolve the issue). In the event that the Condominium
Documents are amended and/or modified, Owner shall provide Operator with copies of such Condominium Documents promptly upon their execution or finalization, as may be applicable. 

5.1.3 Owner shall take (and not fail to take) any action or exercise (and not fail to exercise) such rights under the Condominium
Documents (through exercise of voting rights, enforcement of remedies or otherwise, subject to any constraints imposed under Legal Requirements) as may be necessary or desirable in order (a) to ensure that each component of the Condo-Hotel over
which Owner has control is constructed, maintained and operated in accordance with this Agreement, and (b) to effectuate the terms of this Agreement and the other agreements and documents referred to in this ARTICLE 5; provided, however,
in the event Owner’s action or inaction would (i) violate applicable Legal Requirements or the Condominium Documents, or (ii) otherwise subject Owner to legal liability, the parties shall cooperate in good faith to address and resolve
the issue. 
 5.1.4 The Parties shall negotiate in a good faith and timely manner any other agreements reasonably required in
connection with the condominium structure agreed upon between the parties for the Condo-Hotel. 
 5.2 Condo-Hotel Services
for the Residential Units. 
 5.2.1 Hotel Related Services, Transient Services and Other Services.

 (a) Operator shall have the exclusive right to provide to the Residential Units the Hotel Related Services in accordance with
the Condominium Documents. 

  
 9 

 
Operator shall further have the right to determine the Hotel Related Services in its commercially reasonable discretion. 
 (b) Operator shall provide Residential Units that are rented to third parties (whether by a Rental Program Agreement or otherwise) with Transient Services. The exact nature and extent of the Transient
Services to be provided to any category of Residential Units shall be subject to the Declaration and the agreement between Owner and Operator of the services to be performed in accordance therewith. 

(c) In addition, Operator shall be obligated to (i) comply with and fulfill the terms and conditions of the Condominium Documents
and (ii) provide appropriate staffing to the Condo-Hotel using good business judgment and in accordance with the standard of care as set forth in Section 3.3. 
 5.2.2 Furthermore, it is possible that the Unit Owners (or if there is more than one category of Unit Owners, particular categories of Unit Owners) will have the option to pay for and receive various
“A la Carte Services” (provided that some A la Carte Services may be mandatory under the Rental Program) such as: (a) housekeeping services, (b) laundry services and dry cleaning services, (c) personal services (such
as massage and personal training), (d) food and beverage services (such as room service and catering), (e) coordination of private air and land transportation, off-site restaurant reservations, florist services, tours, babysitters, car
rentals and flight changes; (f) mail, newspaper and similar deliveries; (g) storage; and/or (h) other services to the extent deemed appropriate by Operator from time to time. The scope of the A la Carte Services, if any, to be
provided to any category of Unit Owners shall be subject to the agreement of Operator and Owner, all in accordance with the standard of care as set forth in Section 3.3. The charges for the A la Carte Services shall be established by
Operator as it reasonably determines from time to time and billed directly to the Unit Owners on a usage basis and paid to Operator on behalf of the Condo-Hotel, which usage charges may include a profit component to Operator. Operator and Owner
shall have the right to condition the provision of any A la Carte Services to the Unit Owners upon the execution by such Unit Owner of a separate A la Carte Services agreement with Operator whereby, among other things, such Unit Owner agrees to pay
directly to Operator the charges for all A la Carte Services requested by such Unit Owner or any of its designated guests or occupants. Operator shall prepare a budget annually for the estimated costs of the A la Carte Services, if any, and include
such budget within the Project Budget, if applicable. 
 5.2.3 Either Party may withhold its approval of the Rental Program
and/or the Rental Program Agreement, to the extent the proposed terms and conditions of the Rental Program and/or the Rental Program Agreement deviate from or conflict with the following: 

(a) the Rental Program shall comply with all Legal Requirements; 

(b) participation in the Rental Program shall be optional; 
 (c) Unit Owners may use any rental agent to rent their Residential Units and may also personally rent their Residential Units; and 

  
 10 

 (d) at no time shall any gross rooms revenues attributable to the applicable Participating
Unit be “pooled” with the other Participating Units participating in the Rental Program. 
 5.3 Rental
Program. 
 5.3.1 Operator shall, subject to Legal Requirements, prepare and determine the terms and conditions of the
rental program pursuant to which all Unit Owners may rent their Residential Units in accordance with the Rental Program Agreement (the “Rental Program”); provided, however, that (i) Operator shall act reasonably and exercise
prudent business judgment in preparing the Rental Program, all in accordance with the standard of care as set forth in Section 3.3; (ii) the Rental Program must (a) be for a term equal to or less than five (5) years,
(b) be prepared in good faith in such a manner so as to optimize Gross Revenue and the rental split thereof, and (c) comply with the terms of Section 5.2.3(a)-5.2.3(d); and (iii) DW Member shall have the right to review
the proposed Rental Program and shall advise Operator in writing of any objections to the Rental Program within ten (10) Business Days after Operator provides DW Member with such proposed Rental Program. Operator agrees to meet with DW Member,
if requested by DW Member, during such ten (10) Business Day period to review and discuss the proposed Rental Program. Within ten (10) days after receiving DW Member’s written objection(s) to the proposed Rental Program, DW Member and
Operator shall meet at the Condo-Hotel (or such other location as they may mutually agree) and endeavor in good faith to resolve such objections and arrive at an approved Rental Program. If they are unable to do so within ten (10) days after
Operator receives DW Member’s written objection(s), Operator shall have the right to proceed forward and implement such proposed Rental Program, so long as it does not violate any terms regarding the Rental Program as set forth in this
Agreement (specifically in this Section 5.2.3) and/or the Condominium Documents. Operator shall have the right to amend and/or modify the Rental Program in its sole but reasonable discretion; provided, however, that such revised Rental
Program complies with the aforementioned provisions as set forth in this Section 5.3.1; and provided further, however, that Owner shall have the right to review and approve of such revised Rental Program, in its sole but reasonable
discretion, to the extent that any such modifications are deemed to be material, but in no event shall Owner’s right to review and approve in this clause be greater than its right to review and approve the initial Rental Program as set forth
above in this Section 5.3.1. 
 5.3.2 Pursuant to the terms of the Rental Program Agreement, Operator shall be
obligated to perform all duties of Owner under the Rental Program Agreement. 
 5.3.3 Neither Owner nor Operator shall, under any
circumstances, permit any Unit Owner to participate in the Rental Program, unless such Unit Owner has entered into a Rental Program Agreement. 
 5.3.4 The rental operation and interior maintenance of each Participating Unit shall be governed by the Rental Program Agreement. 
 5.4 Management of Condominium. Owner, or an Affiliate of Owner, may cause the Condominium Association to enter into a management agreement with an unaffiliated third-party

  
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manager (the “Association Management Agreement”) for the management of the governance and administrative matters of the Condominium Association. 

5.5 Operator Covenants and Acknowledgments. 
 Operator hereby acknowledges and agrees as follows: 
 5.5.1 Owner cannot guarantee
the participation of Residential Units in the Rental Program and, therefore, cannot guarantee to Operator a minimum level of transient occupancy at the Condo-Hotel at any given time. Accordingly, Operator covenants that, subject to the standard of
care as set forth in Section 3.3 and at all times during the Term, it shall use commercially reasonable efforts to effectively manage the “fixed costs” associated with the operation of the Condo-Hotel (which comprise a portion
of the Operating Expenses) in a manner so as to minimize any negative EBITDAM and, correspondingly, optimize EBITDAM; provided, however, that Operator shall not take any action that, in Operator’s reasonable judgment, would materially adversely
affect its ability to operate the Condo-Hotel in accordance with this Agreement, including maintaining the Condo-Hotel in accordance with the Operating Standard (subject to any limitations set forth herein). 

5.5.2 Owner shall be obligated to fund Operating Expenses and otherwise provide Working Capital or other funds necessary for Operator to
perform its obligations hereunder in accordance with the Project Budget and the terms and conditions herein. Owner shall not be required to fund any capital contributions or other amounts in connection therewith, unless such contributions are
contemplated by the Project Budget and the Condominium Documents and have been approved by the appropriate parties. 
 5.6
Operator Rental Program Rights and Obligations. In addition to the terms and conditions of the Rental Program Agreement, Owner and Operator acknowledge and agree that Operator shall have the following rights and obligations in
connection with the Rental Program: 
 5.6.1 Operator shall be responsible for the creation of a fair and equitable system of
assignment with respect to the Participating Units, taking into account guest requests and preferences; 
 5.6.2 Operator shall
require that the owners of the Residential Units (and all occupants of a Residential Unit), regardless of whether such Residential Units are Participating Units, check in and out with at the front desk of the Condo-Hotel (or such separate front desk
as may be established solely for the Unit Owners). 
 ARTICLE 6 

PAYMENT OF FEES 
 6.1 Operating Fee. For each Operating Year, Operator shall be paid, in respect of its management services provided to the Condo-Hotel, a total annual fee (the “Operating
Fee”) in the form of (i) a base fee in an amount equal to two percent (2.0%) of the Gross Revenue derived solely from the Condo-Hotel (the “Base Management Fee”) and (ii) an incentive fee (the
“Incentive Management Fee”) in an amount equal to five percent (5.0%) of the EBITDAM of the 

  
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Condo-Hotel. In the event that the Condo-Hotel shall have negative EBITDAM during any Operating Year, then such calculated negative amounts shall be deducted from the calculation of EBITDAM (as
defined in the Hotel and Casino Management Agreement) for the Resort Hotel and Casino in calculating the Incentive Management Fee (as defined in the Hotel and Casino Management Agreement) for the Resort Hotel and Casino. 

6.2 Time and Manner of Payment. The Operating Fee shall commence to accrue upon the Opening Date. The Base
Management Fee shall be payable in monthly installments calculated on the Gross Revenue derived from the Condo-Hotel for such prior Accounting Month. The Incentive Management Fee shall be payable in quarterly installment payments derived from the
Condo-Hotel EBITDAM calculation for the relevant Quarterly Period. The Base Management Fee and the Incentive Management Fee due and Owing to Operator shall be paid by Operator by withdrawing the same from the Operating Account for the Condo-Hotel at
any time following delivery to Owner of the Monthly Statements for the relevant Accounting Month and the Quarterly Statements for the relevant Quarterly Period. 
 6.3 Payment of Expenses. Subject to the terms of this Agreement, including without limitation, ARTICLE 12, in addition to the Base Management Fee and Incentive Management Fee,
Operator shall be entitled to pay from the appropriate Operating Account or reimburse itself all actual and reasonable Operating Expenses directly incurred by Operator in the operation of the Condo-Hotel, including, without limitation, all actual
costs and expenses incurred in maintaining on-site structures and offices used in, and all Compensation in connection with, the management and operation of the Condo-Hotel (the “Reimbursable Expenses”); provided, however, in no
event shall the Reimbursable Expenses be subject to any mark-up or profit. Notwithstanding the foregoing, and other than with respect to Reimbursable Expenses payable to Operator pursuant to the first sentence of this Section 6.3, the
Parties acknowledge and agree that Reimbursable Expenses shall not include, and neither the CityCenter Project nor Owner shall be allocated, and neither MGM MIRAGE nor any Affiliate thereof shall be paid or reimbursed by Owner or Operator for,
(x) any corporate overhead, administrative costs, or other corporate allocations of any kind incurred by MGM MIRAGE or any Affiliate thereof, (y) any rent, utilities or other similar overhead of any kind incurred by MGM MIRAGE or any
Affiliate thereof, or (z) any personnel costs of any kind incurred by MGM MIRAGE or any Affiliate thereof, or other similar amounts incurred by MGM MIRAGE or its Affiliates thereof including, but not limited to, any costs or expense incurred by
MGM MIRAGE or its Affiliates thereof (i) in the operation of MGM MIRAGE or any Affiliate thereof, (ii) in the maintenance of the corporate offices of MGM MIRAGE at the Bellagio Hotel & Casino or otherwise, or (iii) in the
provision of the Centralized Services by MGM MIRAGE or any Affiliate thereof (except for any such services otherwise provided by third parties or under the Development Management Agreement). 

6.4 Quarterly and Annual Reconciliations. If, during any Operating Year, the amount of the installments of the
Operating Fee paid to Operator shall be less than or more than the actual Operating Fee payable during (x) any Quarterly Period of such Operating Year, or (y) at the close of such Operating Year based upon the final determination of Gross
Revenue and EBITDAM for such year as set forth in the Annual Statements, then, within fifteen (15) days after the delivery of each such Quarterly Statements or Annual Statements to Owner, Operator shall withdraw from the appropriate Operating
Account for the Condo-Hotel the net amount of 

  
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any such underpayment or, if overpaid, pay into the Operating Account established for the Condo-Hotel, the net amount of the overpayment. 

6.5 Interest. Any and all amounts that may become due and owing to either Party under this Agreement that are not
paid, with respect to Reimbursable Expenses, when due, or, with respect to other payables, within ten (10) days of the respective due dates shall bear interest from and after the respective due dates thereof until the date on which the amount
is received in the bank account designated by Operator, at an annual rate of interest equal to the lesser of (i) the weighted average of the annual interest rates for all outstanding indebtedness of MGM MIRAGE under its indentures and credit
agreements plus two hundred (200) basis points and (ii) the highest rate permitted by Legal Requirements; provided, however, the foregoing shall not apply if the delinquency shall have occurred solely due to the fault of the Party that is
to receive such payment; provided, further, that no interest shall be payable on amounts owed by Owner to Operator to the extent Operator is authorized to directly pay such amounts to themselves under this Agreement (unless there are insufficient
funds in the Operating Account therefor). 
 ARTICLE 7 

OWNER’S OBLIGATIONS 
 7.1 General Obligations. During the Term, Owner shall have the obligations set forth below: 
 7.1.1 Licenses and Permits. Owner, with the cooperation of Operator, shall obtain and maintain all governmental permissions, licenses and permits required to be held in Owner’s
name (or at the request of Owner, the name of an individual on its behalf or a combination thereof) that are necessary to enable Operator to operate the Condo-Hotel in accordance with the terms of this Agreement, and each Party shall cooperate
diligently with the efforts of the other to obtain and maintain such permits and licenses. Such licenses and permits shall, to the extent applicable, include, but not be limited to, business licenses, event and entertainment operation licenses, and
alcoholic beverage licenses permitting the Condo-Hotel to sell and serve alcohol to guests. 
 7.1.2 Operating Funds and
Capital Funds. The performance by Operator of its responsibilities under this Agreement is conditioned upon Owner providing sufficient funds to Operator on a timely basis to enable Operator to perform its obligations hereunder. Owner
shall provide all funds necessary to (a) enable Operator to manage and operate the Condo-Hotel in accordance with the terms of this Agreement and the applicable Project Budget, (b) maintain the Condo-Hotel in accordance with the Operating
Standards, and (c) comply with all Legal Requirements. Owner and Operator shall cooperate fully with each other in establishing appropriate procedures and timetables for Owner to undertake capital replacement and/or improvement projects, all of
which shall be managed by Operator at no additional fee to the Owner. If the Operating Account for the Condo-Hotel are insufficient to fund Operator for the Reimbursable Expenses or the Operating Fees due and owing to Operator, Owner shall be
obligated to fund the Operating Account to pay such Reimbursable Expenses and the Operating Fees within fifteen (15) days following Owner’s receipt of a written notice from Operator requesting such funds subject however, to the agreed
limitation of liability set forth in Section 21.24 with respect to the Condo-Hotel. In no event shall Operator be required or obligated to 

  
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advance any of its funds to, or for the operation of, the Condo-Hotel, nor shall Operator be required to incur any liability in connection therewith, unless Owner shall have furnished Operator
with funds necessary for the discharge thereof. 
 7.1.3 Payments to Operator. Owner shall pay to Operator
all amounts due to Operator under this Agreement in the manner and at the times described in this Agreement. 
 7.1.4
Environmental Matters. Operator shall use commercially reasonable efforts to operate and maintain the Condo-Hotel in compliance with all Environmental Laws. However, if any Hazardous Material is discovered at any time on any portion of
the Condo-Hotel in violation of or as would reasonably be expected to result in liability under any Environmental Law, or if any Environmental Law is violated at any time, Owner at its expense shall promptly remove, remediate or abate such Hazardous
Material (and all contaminated soil and containers), take all other necessary steps to remedy the problem in accordance with all Environmental Laws and comply with all Environmental Laws. Owner, with respect to any Hazardous Materials or the
violation of any Environmental Law occurring on or after the Effective Date shall also indemnify, defend and hold harmless Operator in accordance with the provisions of Section 19.2. 

7.1.5 DW Representative. DW Member shall have the right to appoint a representative for the CityCenter Project (the
“DW Representative”), the identity of whom shall be subject to the reasonable approval of Operator (not to be unreasonably withheld, conditioned or delayed). The DW Representative shall have the right to communicate with Operator on
a daily basis, shall receive a copy of all written notices and reports as and when provided to Owner, to Operator and to executive officers of MGM MIRAGE, may attend monthly, quarterly and other material meetings with Operator relating to the
operation of the Condo-Hotel or any material part thereof and shall have such other rights as customarily afforded asset managers of institutional real estate. DW Member may replace (subject to the reasonable approval of Operator) or dismiss the DW
Representative at any time by giving written notice of such replacement or dismissal to Operator and Owner specifying a replacement DW Representative. DW Representative shall be restricted, to the same extent that DW Member or Owner would be
restricted, from disclosing any information pertaining to the Condo-Hotel (or any component thereof) or MGM MIRAGE or its Affiliates, and DW Member shall cause the DW Representative to abide by such restriction. In addition, DW Member shall use good
faith efforts to request that the DW Representative take no action that may materially interfere with, or interrupt, the operation or management of the Condo-Hotel by Operator. Operator shall provide office space to the DW Representative located at
the Project and suitable to ease of administration and function in the exercise of the DW Representative’s duties. 
 7.1.6
Contesting Legal Requirements. Owner shall have the right to contest the validity and enforcement of any Legal Requirement (with the exclusion of business licenses, Gaming licenses, event and entertainment operation licenses,
and alcoholic beverage licenses permitting the relevant portions of the Condo-Hotel to sell and serve alcohol to guests or other privileged licenses and permits of Owner, MGM MIRAGE or their respective Affiliates) concerning the Condo-Hotel,
provided that (i) Owner believes, based on a good faith determination of counsel reflected in written advice from counsel (a copy of which is provided to Operator), that Owner need not comply with such Legal Requirement (or that such Legal
Requirement is not applicable to the Condo-Hotel), (ii) Owner agrees in writing to indemnify, 

  
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defend and hold harmless Operator with respect to all costs, expenses, fines, damages or liability (including reasonable attorneys’ fees) that Operator may suffer as a result of Owner’s
failure or refusal to comply with such Legal Requirement, (iii) Owner’s failure or refusal to comply with such Legal Requirement will not expose Operator to criminal liability or materially impair Operator’s ability to carry out its
business, whether at the Condo-Hotel or elsewhere, and (iv) if compliance with such Legal Requirement has not been required by judicial or administrative order or a specific directive from a governmental authority, then Owner shall not be
required to comply with such Legal Requirement for such time as Owner is diligently and continuously pursuing a good faith contest of such Legal Requirement. 
 7.1.7 Release of Obligation. At any time, Operator may, if it reasonably deems it to be necessary or appropriate, request written instructions from Owner within a reasonable period
prior to the necessity for taking action with respect to any matter contemplated by this Agreement where the approval of Owner is required, or in those instances where Operator is cognizant of the fact that the approval of the Members of the Joint
Venture is required under the Joint Venture Agreement, then Operator, as required, may defer action thereon pending receipt of such written instructions. Owner shall promptly respond to any such request for written instructions. Actions taken by
Operator, its officers, employees and/or representatives in accordance with the written instructions of Owner, or failures to act by such persons pending the receipt of such written instructions, shall be deemed to be proper conduct within the scope
of Operator’s authority under this Agreement. 
 ARTICLE 8 

PERSONNEL 
 8.1 Hiring of Personnel. Operator shall provide all Personnel and shall have full control and authority over such Personnel. Operator shall use reasonable procedures and standards in
the selection of each person employed at the Condo-Hotel to whom the foregoing duties or any of them shall be delegated. All Personnel shall be employees of Operator. Operator shall abide by all Legal requirements applicable to Personnel and shall
use reasonable efforts to cause the Personnel to abide by Legal Requirements. Subject to the terms and conditions of this Agreement and the Project Budget, Operator shall have the exclusive right to: (i) establish and modify from time to time
any and all Compensation, including all plans related thereto; and (ii) determine all matters with regard to such Personnel and laborers, including, without limitation, replacement of such Personnel and laborers. For the avoidance of doubt,
Owner shall not have the right to, under any circumstances, direct or otherwise exert any authority or control over any Personnel or approve the hiring or dismissal of any Personnel, and all decisions relating to the employment of such Personnel,
including (without limitation) the transfer and dismissal of such Personnel, shall be made by Operator. 
 8.2 Compensation
of Personnel. The Compensation of Personnel and Other Personnel shall be an Operating Expense of the Condo-Hotel, shall be the responsibility of Owner, and may be paid for by Operator from the Operating Account. Subject to the terms
of this Agreement, if the Operating Account is insufficient to reimburse such Compensation, Owner shall be obligated to fund the aggregate Compensation with respect to each payroll period. The Compensation shall not include any form of corporate or
other overhead or general and administrative allocation on behalf of any Personnel. During any Operating Year, pursuant to 

  
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this Agreement and in connection with all Project Agreements, it being understood that this limitation applies to the entire CityCenter Project„ Operator shall have not the right to
designate (i) more than fifty (50) individuals as Other Personnel; or (ii) more than Twenty Million Dollars ($20,000,000) in base salary for Other Personnel in any Operating Year, in each case without obtaining Owner’s prior
written approval. The Other Personnel shall be held to the same standard of responsibility and duty of care with respect to the Operating Standard as all Personnel. Operator under this Agreement, and the “Managers” under the Crystals
Retail Management Agreement and the “Managers” under the Resort Hotel and Casino Management Agreement shall further ensure that designation of Other Personnel shall not cause any undue delay in the performance of such Other
Personnel’s performance of their duties, increased cost or expense or other prejudice to the operation of the Condo-Hotel. Notwithstanding anything to the contrary contained herein, the Parties acknowledge and agree that Compensation paid to
the Operator shall be an Operating Expense of the Condo-Hotel. For the avoidance of doubt, the aforementioned concept in this Section 8.2 shall be cumulative across the Project Agreements. 

8.3 Personnel Information. To the extent not otherwise prohibited by Legal Requirements, upon request of Owner from
time to time, Operator shall make available for inspection by Owner, (i) copies of all employee policies and procedures, including, without limitation, copies of employee manuals and handbooks in effect at the Condo-Hotel; and
(ii) employee job classifications, number of employees in each job classification, job descriptions (if applicable), pay scales and benefits provided to each job classification. 

8.4 Unions. Operator or its Affiliate shall have the authority to negotiate with any labor unions which are
certified as or otherwise recognized as exclusive bargaining representatives of the Personnel; provided, however, Operator acknowledges and agrees that, in addition to whatever additional rights that DW Member may have under the Joint
Venture Agreement, Operator shall (i) keep DW Member reasonably informed of all material discussions and negotiations with labor unions and their representatives, (ii) promptly deliver copies of all drafts of agreements and other material
written communications therewith, (iii) from time to time meet with DW Member during such negotiations and discussions and in good faith take into account DW Member’s issues and concerns with respect thereto, and (iv) provide DW
Member copies of all agreements as early as possible prior to their execution if it is possible to do so without jeopardizing the objective of the negotiations. In addition to the foregoing, Operator shall use and be subject to the standard of care
set forth in Section 3.3 in its negotiation and execution of all agreements with all labor unions and other collective bargaining agreements (which standard of care shall include, but shall no be limited to, negotiating and executing
agreements for the CityCenter Project that treat employees of Operator in a manner generally consistent with the treatment of employees of other similarly sized and class Operator Group Hotels in Las Vegas, Nevada). Finally, Operator shall notify
Owner promptly of any material defaults under collective bargaining agreements, proceedings involving material union disputes and other similar proceedings and otherwise provide DW Member the same level of information and protection provided to DW
Member in the negotiation of new agreements as provided in the proviso of the first sentence of this Section 8.4. 

  
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 ARTICLE 9  

PROJECT BUDGET 
 9.1 Submission and Approval of Project Budget. 
 9.1.1
Preparation of Proposed Project Budget. Prior to the beginning of each Operating Year, Operator shall submit the Project Budget for the Condo-Hotel to Owner for its review and written approval (subject to DW Member’s rights
pursuant to the Joint Venture Agreement). Operator shall act reasonably and exercise prudent business judgment in preparing each proposed Project Budget. Each proposed Project Budget shall include sufficient details with respect to an estimate of
costs and expenses, revenue and profit, and a marketing budget, as may be requested or required by the Board of Directors, including, but not limited to, revenue and expense projections showing (by Residential Unit type) projected occupancy for
Participating Units (and an estimate of proposed room rates for Participating Units) and cash distributions to Owner and all Unit Owners of Participating Units. In addition to the foregoing, each Project Budget shall provide a forecast of capital
expenditures anticipated for the Condo-Hotel during the one year subsequent to the subject Operating Year for informational purposes only, so that Owner can reasonably anticipate the subsequent year’s potential expenditure, but Operator shall
be bound to the Project Budget for any given Operating Year only. 
 9.1.2 Approval by Owner. Subject to and
consistent with the protocols for the timing, review and completion of the Project Budget as mandated by the Joint Venture Agreement, Owner shall have the right to review and approve or disapprove of the proposed Project Budget and shall advise
Operator in writing of any objections to the Project Budget as required by and consistent with the Joint Venture Agreement. 

9.1.3 Resolution of Owner Objections Regarding Budget. At any time prior to the day which is sixty (60) days prior to
the beginning of each Operating Year, if Owner and Operator have not resolved any objections to the Project Budget as set forth in Section 9.1.2, then any such dispute shall be governed by, and resolved in accordance with, the Joint
Venture Agreement. 
 9.1.4 Interim Period. If the Project Budget has not been entirely approved by the beginning
of the Operating Year to which it pertains, then pending such approval, the following items shall be addressed as follows: 

(a) insurance, taxes, common charges, utilities, debt service, labor expenses and required capital expenditures (necessary to comply with
any Legal Requirements or existing contractual obligations) shall each be adjusted to actual amounts, 
 (b) all capital and
non-recurring items (other than the aforesaid required expenditures) for the current calendar year in such Project Budget shall remain the same as in the expiring Project Budget, and 

(c) all other expense line items shall be adjusted by an amount equal to the CPI Annual Percentage Increase (as hereinafter defined) as
of the date of the expiring Project Budget. The line items in the Project Budget have been approved by Owner shall replace the applicable line items in the prior Project Budget. The “CPI Annual Percentage Increase”

  
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computed as of a particular calendar month shall be equal to the percentage difference between the CPI for such calendar month and the CPI for the calendar month which is twelve (12) months
prior to such calendar month. With respect to the Project Budget, Operator shall operate the Condo-Hotel in accordance with the items or portions of the Project Budget which have not been objected to by Owner and, with respect to the items or
portions of the Project Budget which have been objected to by Owner, Operator shall operate the Condo-Hotel in accordance with the previous Operating Year’s Project Budget, with suitable adjustments of rates and expenses as dictated by
increases in the CPI and other expenses outside the control of the Condo-Hotel (e.g. utilities, taxes and insurance) adjusted to actual amounts. 
 9.1.5 Compliance with Project Budget. Operator shall use all reasonable efforts to act in accordance with the Project Budget (as modified by any subsequent changes agreed between Owner and
Operator) for the corresponding Operating Year. However, it is understood that each Project Budget is an estimate only and that inflation, currency fluctuation, general market conditions, changes in business plans and strategies and unforeseen
circumstances may make adherence to the Project Budget impracticable, and Operator shall be entitled to depart from it due to any such circumstances. Operator shall promptly notify and consult with Owner regarding any substantial change from the
Project Budget, and to make any necessary adjustments to the Project Budget as Owner and Operator shall agree in light of unforeseen circumstances. Furthermore, Owner acknowledges and agrees as follows: 

(a) With respect to the Condo-Hotel, certain expenses provided for in the Project Budget for any Operating Year will vary based on the
occupancy and use of the Condo Hotel and, accordingly, to the extent that occupancy and use of the Condo-Hotel for any Operating Year exceeds the occupancy and use projected in the approved Project Budget for such Operating Year, such approved
Project Budget shall be deemed to include corresponding increases in such variable expenses; provided, however, Operator shall use commercially reasonable efforts to minimize Operating Expenses to the extent that occupancy and use of the Condo-Hotel
for any Operating Year is less than the occupancy and use projected in the approved Project Budget for such Operating Year; 

(b) To the extent allowed under the Condominium Documents, Operator shall have the right to pay from the Operating Account all
Uncontrollable Expenses; provided, however, Operator hereby covenants and agrees to use commercially reasonable efforts throughout the Term to manage, whenever reasonably possible, the Uncontrollable Expenses related to the Condo-Hotel and the
operation thereof (including, by way of example, contesting, when reasonable appropriate, the amount and/or imposition of taxes); 
 (c) If any expenditures are required on an emergency basis to avoid damage to the Condo-Hotel and/or injury to persons or property, Operator may make such expenditures; provided, however, in connection
with any expenditure required on an emergency basis that was not specifically contemplated in the Project Budget, Operator shall (i) use commercially reasonable efforts to notify Owner prior to the time that the expenditures in question are
made and shall in any event notify Owner as soon as reasonably possible after such expenditures are made, (ii) use commercially reasonable efforts to minimize the expenditures made without Owner’s approval, and (iii) to the extent
possible, cooperate with Owner to develop a strategy for responding to the emergency in a reasonable and prudent, but cost-

  
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efficient manner (i.e. in a manner that will minimize to the extent reasonably possible the expenses to Owner in responding to the subject emergency); and 

(d) If any expenditures are required to comply with any Legal Requirement or to cure or prevent any violation thereof, Operator may make
such expenditures. 
 ARTICLE 10 
 FUNDS AND ACCOUNTS; MAINTENANCE 
 10.1 Minimum Working Capital
Amount. Owner shall commit the financial and other resources necessary to permit the Condo-Hotel to be operated and maintained in accordance with the Operating Standard. In furtherance of the foregoing, Owner shall make available, prior to
the Opening Date, initial Working Capital in accordance with the Project Budget as approved by Owner and in accordance with the Condominium Documents. Owner shall thereafter throughout the Term maintain Working Capital in accordance with the Project
Budget in accordance with the Joint Venture Agreement and the Condominium Documents. Operator shall be entitled to retain Working Capital in the Operating Account. 
 10.2 Reserve Fund Contribution. 
 10.2.1 Replacement
Reserve. During each Operating Year, Operator shall, for each Accounting Month included in such Operating Year, pay into a reserve fund (the “Shared Components Reserve Fund”) a portion of the Common Expenses collected by
Operator sufficient to facilitate the repair, replacement, improvement and maintenance of the Shared Components, in accordance with the Condominium Documents and the Project Budgets (the “Replacement Reserve Amount”). At the end of
each Operating Year, any amounts remaining in the Shared Components Reserve Fund shall be carried forward to the next Operating Year pursuant to the Project Budget. 
 10.2.2 Use. Withdrawals from the Shared Components Reserve Fund shall only be used for the repair, replacement, improvement and maintenance of the Shared Components in accordance with the
Condominium Documents and the Project Budgets, or as otherwise approved by Owner in its sole and absolute discretion. Any withdrawals from the Shared Components Reserve Fund shall only require (or be permitted upon) the signature of Operator. Any
Improvements made to the Shared Components or Equipment so replaced or added and paid for by Owner or from such Shared Components Reserve Fund shall be and become, forthwith upon acquisition and installation, and without further act or action, the
property of Owner. Any funds remaining in the Shared Components Reserve Fund at the expiration or earlier termination of this Agreement shall remain the property of Owner. 
 10.2.3 Estimates and Additional Contributions. If the aggregate amount for the repair, replacement, improvement and maintenance of the Shared Components exceeds the available funds in
the Shared Components Reserve Fund or if sufficient funds are not available in the Shared Components Reserve Fund to sufficiently provide for the repair, replacement, improvement and maintenance of the Shared Components in accordance with the
Condominium Documents and the Project Budgets, then, in accordance with Section 9 of the Declaration, 

  
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additional amounts shall collected by Operator to sufficiently replenish the Shared Components Reserve Fund. 
 10.3 Establishment of Shared Components Reserve Fund. The Shared Components Reserve Fund shall be established at a bank or other financial institution designated by Owner and approved by
Operator (such approval not to be unreasonably withheld, conditioned or delayed) and shall be established in the name of Owner. Interest or other income earned during any period on the amounts in such Shared Components Reserve Fund shall be excluded
from Gross Revenue, remain part of such Shared Components Reserve Fund and be credited against the Replacement Reserve Amount to be contributed for such Accounting Month. To the extent that Operator shall be required to pay income taxes on such
interest or other income as a fiduciary, the same shall be payable out of such Shared Components Reserve Fund. 
 10.4
Repairs and Maintenance. Operator shall repair and maintain the Hotel Unit and as applicable, the Residential Units, in accordance with the Condominium Documents and the Rental Program Agreement. Notwithstanding anything in this
Agreement (including, without limitation, Section 10.5) and/or the Condominium Documents to the contrary, other than Routine Capital Improvements and Capital Improvements specifically approved in the Project Budget for each Operating
Year, Owner shall not be obligated to fund any additional Routine Capital Improvements and Capital Improvements not approved in the Project Budget, unless such Routine Capital Improvements and Capital Improvements are approved by Owner in writing in
its sole and absolute discretion and shall be credited towards the Replacement Reserve Amount required for such Operating Year. 

10.5 Emergency Repairs. If Operator shall, at any time, reasonably believe that (i) a dangerous condition exists at
the Condo-Hotel, (ii) repairs are required to comply with any applicable Legal Requirements or Insurance Requirements, or (iii) expenditures are required to eliminate a dangerous condition or to prevent further property damage arising out of a
Casualty or other emergency, Operator may take all steps and make, on behalf of Owner utilizing the funds as described below in this Section 10.5, all reasonable expenditures necessary to cure such condition or make such repairs, or
which are otherwise so required, whether or not provided for in the Project Budget, but in accordance with the Condominium Documents. In the event of the circumstances described in clauses (i), (ii) and (iii) immediately above, Operator
shall have the right, power and authority to use (a) first, all or part of the Shared Components Reserve Fund, and (b) second, the monies in the Operating Account, for the making of such repairs. Owner shall, within ten (10) days
after written notice from Operator, provide Operator with all funds necessary pursuant to this Section 10.5 if adequate funds are not otherwise available from the Shared Components Reserve Fund and the Operating Account. 

10.6 Enforcement of Guaranties and Warranties. On or about the Opening Date, Owner shall furnish or cause to be furnished
to Operator copies of any guaranties and warranties relating to the Condo-Hotel and a summary of the expiration dates of such guaranties and warranties. If any repairs or Routine Capital Improvements and Capital Improvements shall be made necessary
by any condition against the occurrence of which the builder of any renovation or construction or any supplier of labor or materials for the Condo-Hotel or any other party has provided a guaranty or warranty, then Operator shall use all commercially
reasonable efforts to 

  
 21 

 
enforce such guaranty or warranty, and Owner will reasonably cooperate with Operator in such efforts. 
 10.7 Impositions and Insurance Premiums. Subject to the terms of this Agreement, Operator shall, prior to delinquency, and as long as the Condo-Hotel has been supplied with bills and
invoices, pay from the Operating Account, to the extent of funds available therein (and Owner shall timely provide such funds to the extent they are not available from Operating Account), all Impositions assessed against the Condo-Hotel, and all
insurance premiums on all policies of insurance maintained with respect to the Condo-Hotel and its operations. 
 10.8
Operating Account. Operator shall establish an Operating Account for the Condo-Hotel at a bank or other financial institution designated by Owner and approved by Operator (such approval not to be unreasonably withheld, conditioned or
delayed). The Operating Account shall be established in the name of Owner. Operator shall deposit into the Operating Account all moneys advanced as Working Capital by Owner, and all moneys received by Operator from the operations of the Condo-Hotel
shall be promptly counted no less frequently than required by applicable MGM MIRAGE corporate policies and in compliance with applicable Legal Requirements. The Parties hereto agree to obtain a bonded transportation service to effect the safe
transportation of the daily receipts to the bank, if such service is available at reasonable cost and if not provided by the bank, which expense shall constitute an Operating Expense. The Operating Account shall serve as the general account for the
Condo-Hotel. Operator and Owner shall be authorized signatories on such Operating Account; provided, however, Operator shall be responsible for making all payments due and owing out of such Operating Account, on behalf of Owner, to the extent
sufficient funds are available from time to time therein, including, without limitation, payment of all Operating Expenses, the Compensation, the Operating Fee and any other amounts due and owing to Operator or its Affiliates under the express terms
of this Agreement. Owner shall be provided with internet access to each and all Operating Account permitting Owner to examine balances and activity in the Operating Account. Operator shall establish controls to ensure accurate reporting, safety and
security of all transactions involving the corresponding Operating Account. 
 10.9 Control and Ownership of
Accounts. The policies and procedures for authorization of Personnel to withdraw from the Operating Account or the Reserve Fund shall be approved by the Board of Directors in accordance with the Joint Venture Agreement. In addition to such
Operating Account and Shared Components Reserve Fund, Operator shall be entitled to maintain House Accounts as Operator deems reasonably necessary in the operation of the Condo-Hotel. All of the funds in the House Accounts shall belong to Owner and
Operator shall not commingle its own, or any third party’s funds, in the Operating Account. Owner retains the right at all times to withdraw funds from the Operating Account. 

10.10 Pledge of Credit. Operator shall not (i) pledge the credit of Owner nor borrow funds in its name; provided,
however, that this restriction will not prohibit Operator from accessing any line of credit obtained by Owner in accordance with the policies and procedures for draws established by Owner, or (ii) alienate, hypothecate or otherwise encumber any
of the moneys or assets which are the property of Owner except in the ordinary course of business. 

  
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 ARTICLE 11  

BOOKS AND RECORDS 
 11.1 Maintenance of Books and Records. Operator shall keep and maintain the books and records of the Condo-Hotel, and the financial position and the results of operations recorded, in a
manner that shall reflect all transactions of the Condo-Hotel and shall otherwise be appropriate and adequate for the business of the Condo-Hotel in accordance with all Legal Requirements and GAAP for financial reporting purposes and in accordance
with all Legal Requirements for tax reporting purposes. The books and records shall be kept on the accrual method of accounting applied in a consistent manner and shall reflect all transactions of the Condo-Hotel as appropriate and adequate for
Owner’s business in a manner consistent with MGM MIRAGE’S practices and reporting policies for its wholly-owned properties. 
 11.2 Inspection of Books and Records. Operator shall afford to Owner, any Member of Owner, and the accountants, attorneys and agents of Owner or such Member the right at any time and for any
reason during the Term during normal business hours to inspect, at Owner’s sole cost and expense, the Condo-Hotel or examine and make extracts from the books and records of the Condo-Hotel. Such inspections and examinations shall be made with
as little disruption to the business operations of the Condo-Hotel as reasonably practicable. Upon the termination of this Agreement, all books and records of the Condo-Hotel shall forthwith be turned over to Owner so as to ensure the orderly
continuation of the operation of the Condo-Hotel; provided, however, that all such books and records shall thereafter be available for a period of five (5) years to Operator for inspection, audit, examination and extracting, at all reasonable
times and at Operator’s sole cost and expense, upon two (2) Business Days’ prior written notice to Owner. 
 11.3
Monthly and Quarterly Reports. Operator shall deliver to Owner, or to any Member upon request, within fifteen (15) days after the end of (i) each Accounting Month and (ii) each Quarterly Period; unaudited financial
statements prepared from the books of account maintained by Operator with respect to the Condo-Hotel for each Accounting Month (“Monthly Statements”) and for each Quarterly Period (the “Quarterly Statements”) (the
Monthly Statements and the Quarterly Statements, collectively, the “Reporting Period Statements”) containing: (a) a balance sheet as of the end of each Accounting Month and Quarterly Period; (b) an income statement showing
the results of operation of the Condo-Hotel for each Accounting Month and Quarterly Period; and (c) a statement of Gross Revenue, Operating Expenses and EBITDAM. The Reporting Period Statements shall also show, to the extent applicable:
(x) the amount of the Base Management Fee, Incentive Management Fee and/or any other fee payable to Operator pursuant to this Agreement, earned and accrued for the fiscal period then ended, and (y) an accounting with respect to the Shared
Components Reserve Fund for the Condo-Hotel showing the amount deposited therein during the fiscal period then ended, the amounts withdrawn therefrom during such period, and a statement, in reasonable detail, showing the purpose or purposes for
which such withdrawals were made. The Reporting Period Statements shall include, either as part of the report or by supplemental schedule, sufficient information from which Owner can determine, for the period in question the Reimbursable Expenses
paid to Operator under Section 6.3. The cost of preparing the Reporting Period Statements for the Condo-Hotel for each Operating Year shall be charged as an Operating Expense. 

  
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 11.4 Annual Statements. Operator shall, not later than twenty (20) days
following the conclusion of each Operating Year, cause to be prepared and delivered to Owner or any Member upon request, unaudited financial statements for the preceding Operating Year containing all of the items required for the Monthly Statements
as set forth in Section 11.3 as well as a comparison of the results of operations (as may be consolidated) for the Condo-Hotel for the Operating Year then ended with the applicable approved Project Budget and with the comparable period
in the prior Operating Year (the “Annual Statement”). Operator shall assist and cooperate with the Managing Member in providing Annual Statements of the Owner, as audited by the Company Accounts, required to be delivered by the
Managing Member under the Joint Venture Agreement; provided, however, that to the extent that, as part of the audited Annual Statements of Owner prepared in accordance with the Joint Venture Agreement, a separate audit is performed and prepared for
the Condo-Hotel, such audited financials shall be provided to Owner. 
 11.5 Audit Right of DW Member. DW Member
reserves the right, in its sole discretion, and without cost or expense to Owner (unless any such audit is approved by MGM Member pursuant to the Joint Venture Agreement, in which case the audit shall be an operating expense of the Owner or as
further provided in this Section 11.5), to conduct inspections and to audit the books and records of the Condo-Hotel as maintained by Operator following reasonable written notice of its intention to do so and a brief description of any
specific materials comprising the books and records which DW Member is seeking to examine. DW Member will cooperate with Operator to undertake such audit in a collaborative manner so as not to disrupt the business enterprise. In requesting such
audit and inspection of the books and records of the Condo-Hotel, DW Member is not required to provide any reason or to assert any claim or disagreement with any information, financial reports, or financial information previously provided to DW
Member in connection with this Agreement or otherwise. DW Member agrees to limit the exercise of its audit rights pursuant to this Section 11.5 to once in any twelve (12) month period, unless DW Member has a good faith reason to
believe that an additional audit during such period is necessary or advisable. Operator shall provide to the Owner and DW Member the location of the books and records for the Condo-Hotel if such location is not at the offices of Operator. Operator
shall no relocate the books and records relating to the Condo-Hotel, or if in electronic form, change the manner and form of access and storage for those records specific to the Condo-Hotel at any time during the Term without the prior written
notice to and the consent of DW Member. Notwithstanding anything to the contrary contained in this Section 11.5, if, during the course of any audit conducted pursuant to this Section 11.5, any of Gross Revenue or Operating
Expenses as set forth in the Reporting Period Statements or Annual Statement, as applicable, for the Condo-Hotel are found to be overstated by either (i) Five Million Dollars ($5,000,000) of Gross Revenue or (ii) Five Hundred Thousand
Dollars ($500,000) of Operating Expenses, as the case may be, then Operator immediately shall (a) reimburse to the DW Member or Owner, as applicable, the cost of such audit out of Operator’s own funds, and (b) correct the
misstatements and pay any amounts owing to the DW Member or Owner, as applicable, as shown by such audit; provided, however, that the DW Member or Owner, as applicable, shall only be entitled to such reimbursement if the cost of such audit is
reasonable in light of discrepancies sought or in good faith proposed to be recovered. If any audit conducted pursuant to this Section 11.5 discloses an overstatement greater than any of the thresholds in the immediately preceding
sentence, then Operator immediately shall correct the misstatements and pay any amounts owing to the DW Member or Owner, as applicable. 

  
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 ARTICLE 12  

CENTRALIZED SERVICES AND REIMBURSABLE SERVICES 
 12.1 Non-Reimbursable Centralized Services. Except as otherwise specifically provided for in the Development Management Agreement, MGM MIRAGE and/or its Affiliates shall provide (or cause to
be provided) to the Condo-Hotel the centralized services, which consist of services provided directly by MGM MIRAGE utilizing its internal resources and as described below, as well as all other services that are presently and from time to time in
the future generally provided by MGM MIRAGE and/or its Affiliates to the Operator Group Hotels to the extent consistent with the Operating Standard (collectively, the “Centralized Services”). Under no circumstances shall any third
party expense incurred solely for the benefit of the Condo-Hotel be included as a Centralized Service. Notwithstanding the foregoing, while Owner acknowledges and agrees that the services that presently comprise the Centralized Services are not
static and may be changed, modified, amplified, upgraded and revised from time to time by MGM MIRAGE and its Affiliates, MGM MIRAGE and Operator and their respective Affiliates acknowledge and agree that: (i) MGM MIRAGE and Operator and their
respective Affiliates may add, reduce or eliminate any Centralized Services provided to Owner and to the Condo-Hotel only in the event that the same are added, reduced or eliminated at all or substantially all other Operator Group Hotels; and
(ii) in the event of a material addition, reduction or elimination of some or all of the Centralized Services, the Operating Fee may be equitably adjusted only after consultation with Owner and DW Member and good faith negotiation amongst such
parties concerning any such proposed adjustment which in no event shall be less favorable than the proportionate adjustment of the corporate allocation to the Operator Group Hotels. In the event that MGM MIRAGE and, with the consent of DW Member,
Owner are unable to reach agreement concerning the adjustment to be made, then in the case of an addition, the proposed service shall not be added and in the case of a reduction or an elimination the Operating Fee shall be reduced by an amount equal
to the costs associated with the provision of the eliminated or reduced service each Operating Year during the Term. 
 12.1.1
Advertising. MGM MIRAGE shall provide the professional and administrative support utilizing its internal resources for the advertising campaign of the Condo-Hotel and the CityCenter Project including, but not limited to, media
placement, agency management and other services as may change from time to time. In addition, MGM MIRAGE shall include the Condo-Hotel, as appropriate, in any centralized marketing program that includes the other Operator Group Hotels in a similar
brand position. 
 12.1.2 Information Systems. The Condo-Hotel shall utilize all information systems necessary to
enable the Condo-Hotel to function both independently and with the Operator Group Hotels, including each of the systems, licenses, facilities, and services, including, but not limited to access to the “Help Desk” and corporate IS support,
typically provided to the other Operator Group Hotels. 
 12.1.3 Centralized Marketing. MGM MIRAGE shall provide
centralized marketing services, both national and international, to the Condo-Hotel to promote, develop and sustain relationships with existing casino customers as is typically provided to the top brands within the other Operator Group Hotels. This
shall include support from any established national or international branch offices. 

  
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 12.1.4 Other Corporate Allocations. MGM MIRAGE shall supply to the
Condo-Hotel, among other things, each of the products and services set forth on Exhibit B as is typically provided to the other Operator Group Hotels. 
 12.1.5 Purchasing. As of the Effective Date, Operator maintains the Purchasing Program as a Centralized Service at prices and terms that generally reflect competitive market rates.
Notwithstanding anything to the contrary contained in this Agreement, (i) Operator hereby covenants and agrees that it shall act in a prudent manner when purchasing items for the Condo-Hotel and in a manner consistent with the standard of care
set forth in Section 3.3, whether under a Purchasing Program or otherwise, and shall use commercially reasonable efforts to achieve the lowest available price for any Equipment or Operating Equipment being purchased (provided that such
Equipment and Operating Equipment is in compliance with the Operating Standard) and (ii) any rebate received from a vendor or supplier under a contract for the Condo-Hotel (or for any regional or national contract covering other Operator Group
Hotels) shall be equitably apportioned to Owner in the case of regional or national contracts. 
 12.2 Cost and
Expense. Other than as specifically provided for in the Development Management Agreement, the Centralized Services (other than third party expenses) shall be provided at no cost or expense to Owner and the Condo-Hotel (as the same are
included in the payment of Operating Fees), and, other than as specifically provided for in the Development Management Agreement, Operator acknowledges and agrees that in no event shall MGM MIRAGE or Operator or any Affiliate thereof pass through to
Owner or the Condo-Hotel or otherwise seek payment or reimbursement (as Reimbursable Expenses or otherwise) from Owner or the Condo-Hotel for any costs whatsoever incurred by MGM MIRAGE or Managers or any of their respective Affiliates (whether in
the form of rent, utilities or other overhead, employee compensation, benefits or other or personnel costs, or any other internal cost or expense in any form incurred by MGM MIRAGE or Managers or any Affiliate thereof) for providing any Centralized
Services. 
 12.3 Reimbursable Services. In addition to the Centralized Services provided pursuant to
Section 12.1 above, Operator shall provide the services set forth in this Section 12.3 (the “Reimbursable Services”), and subject to Section 6.3, Operator and/or its Affiliates, as applicable,
shall be reimbursed for all actual and reimbursable Operating Expenses directly incurred by such Operator or Affiliates in providing such Reimbursable Services. 
 (a) Bookings. Operator shall secure bookings for the Condo-Hotel for which reservations and advance bookings are consistent with industry requirements and the Operating Standard, through
Operator’s sales and reservations offices and other distribution and sales systems, and shall encourage the use of the Condo-Hotel by tourists, special groups, travel congresses, travel agencies, airlines, and other recognized sources of
Condo-Hotel business. Operator shall process reservations for the Condo-Hotel through Operator’s and its Affiliates’ worldwide communications network. To facilitate Operator’s provision of such reservations services, Owner agrees that
the Condo-Hotel shall be listed in all airline reservations systems (which include what are known in the hospitality industry as global distribution systems) under the applicable code for Resort Hotel and Casinos operated under the “MGM
MIRAGE” and “CityCenter” name. In addition to and independent from the reservations telephone line or communications device maintained by Operator or its Affiliates in connection with the

  
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worldwide communications network of Operator and its Affiliates, Owner may, at its own election, also maintain and use (and require Operator to use) in connection with the Condo-Hotel a separate
and dedicated toll-free or similar telephone line or communications device for making reservations at the Condo-Hotel. Throughout the Term, Owner shall permit Operator to load into the reservations system maintained by Operator and its Affiliates,
and to maintain on a current basis, the Condo-Hotel total rooms inventory and all associated room rates. 
 ARTICLE 13 

 INSURANCE 
 13.1 Insurance to Be Maintained by Owner During Term. At all times during the Term, Owner shall procure and maintain, on behalf of Owner and Operator, insurance coverage respecting the
Condo-Hotel in consultation with Operator. All premiums and other costs of such insurance, and any applicable deductibles or co-insurance requirements, shall be an Operating Expense of the Condo-Hotel. If Owner and Operator shall mutually agree,
Operator shall procure such insurance on behalf of Owner. Operator does not purport to be an advisor on insurance matters and as between Owner and Operator, it shall be Owner’s responsibility to cause itself to be adequately insured. Operator
shall propose the insurance coverage respecting the Condo-Hotel to be set forth in the Business Plan (as such term is defined in the Joint Venture Agreement) for submission to Owner for review and approval in accordance with the Joint Venture
Agreement. The delivery of the proposal for the insurance coverage shall be made as soon as reasonably possible following the Effective Date. Furthermore, Owner shall be authorized to modify the insurance coverage that Operator, in accordance with
the standard of care as set forth in Section 3.3 hereof, believes is in the best interest of the Condo-Hotel and to the extent that such modification would not constitute a Major Decision. 

13.2 Insurance to Be Maintained by Manager During Term. Operator shall obtain and maintain (either itself or through
blanket general liability insurance policies carried by MGM MIRAGE) during the Term of this Agreement insurance in the forms and coverages, policy limitations and amounts as are customarily obtained and retained by managers of similar projects in
the hotel, casino, Gaming, and leisure and resort industry. All such coverages shall be at Operator’s (or, if applicable, MGM MIRAGE’S) sole cost and expense and shall not be an Operating Expense. 

13.3 Waiver of Liability. Neither Operator nor Owner shall assert against the other, and each does hereby waive with
respect to the other to the extent it is legally possible to do so, any Claims incurred or sustained by it on account of damage or injury to persons or property arising out of the ownership, operation or maintenance of the Condo-Hotel, to the extent
that the same are covered by the proceeds received as a result of any insurance, so long as such waiver does not adversely affect such insurance coverage. Owner or the Operator, as the case may be, shall cause all policies to contain a waiver of
subrogation clause to the extent the same shall be available at no extra cost and shall notify the other if a waiver of subrogation clause is not available at no extra cost, to permit Owner and Operator to determine if additional payments should be
made to obtain the waiver of subrogation clause. The provisions of this Section 13.3 are intended to restrict each Party (as permitted by Legal Requirements) to recovery against insurance carriers to the extent of such coverage and waive
fully, and for the benefit of each, any rights and/or Claims which might give rise to a right of subrogation in any insurance carrier. 

  
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 ARTICLE 14  

CONFIDENTIAL INFORMATION 
 14.1 Confidential Information. The Parties agree that the matters set forth in this Agreement are strictly confidential. In addition, the parties agree to keep strictly confidential all
information of a proprietary or confidential nature about or belonging to the other Party or to any Affiliate of such Party to which the other Party gains or has access by virtue of the relationship between the Parties. Except as disclosure may be
required to obtain the advice of professionals or consultants, or financing for the Condo-Hotel from an institutional lender, or in furtherance of a permitted assignment of this Agreement, or as may be required by law or by the order of any
government, regulatory authority, or tribunal or otherwise to comply with Legal Requirements (including reporting requirements applicable to companies the shares or stock of which are traded on any stock exchange anywhere in the world) whether or
not having the force of law, each party shall make every effort to ensure that such information is not disclosed to any third party without the prior consent of the other Party. The obligations set forth in this Section 14.1 shall
survive any termination or expiration of this Agreement. 
 ARTICLE 15  

MORTGAGES AND FINANCING 
 15.1 Right to Mortgage. Owner shall have the absolute and unrestricted right from time to time in its sole and absolute discretion to encumber all of the assets that comprise the
Condo-Hotel, or any part thereof, all as contemplated in any Mortgage and/or Financing Instrument that is entered into by the Owner, and to assign all of the Owner’s right, title and interest in and to the Condo-Hotel or any part thereof as
security for any Mortgage and/or Financing Instrument. 
 15.2 Subordination. Operator agrees that this Agreement
shall in all respects be and is hereby expressly made subordinate and inferior to the liens, security interest and/or terms of any Mortgage and to the promissory note (or other evidence of repayment obligation) and other indebtedness now secured or
hereafter to be secured thereby and to all other instruments evidencing or securing or to evidence or secure said indebtedness, and all amendments, modifications, supplements, consolidations, extensions and revisions of such note and other
instruments. 
 15.3 Evidence of Subordination; Delivery of Separate Documents and Instruments. In addition,
Operator shall, within ten (10) days after receipt of written notice from Owner or any Mortgagee and/or lender under any Financing Instrument, execute, acknowledge and deliver any and all estoppel certificates and other documents (including,
without limitation, a subordination agreement allowing any such Mortgagee and/or lender to terminate Operator’s duties and obligations under this Agreement upon foreclosure) requested by the Owner and/or Mortgagee and/or any lender under any
Financing Instrument that subordinates or evidences the subordination of this Agreement and Operator’s rights thereunder to any such Mortgage and/or Financing Instrument. 

  
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 ARTICLE 16  

PERFORMANCE TERMINATION 
 16.1 Performance Test. In addition to any other termination rights of Owner as set forth herein, Owner shall have the right to terminate this Agreement in the event of a Performance Test
Failure. For purposes of this Section 16.1, a “Performance Test Failure” shall occur when the EBITDAM of the Condo-Hotel for any two (2) consecutive Operating Years (the “Performance Test Period”)
commencing after the first (1st) Operating Year following the Opening Date (with the first Performance Test Period being the second (2nd) and third (3rd) full Operating Years following the Opening Date) for the Condo-Hotel is less
than seventy-five percent (75%) of the EBITDAM set forth in the Project Budgets for the applicable Operating Years. In the event of a Performance Test Failure as set forth in this Section 16.1, Owner shall have the right, subject to
Section 16.2, to terminate this Agreement provided that (a) a written notice of termination shall be given to Operator within sixty (60) days after receipt by Owner of the applicable Certified Financial Statements, and
(b) such notice shall specify a termination date not less than sixty (60) days nor more than ninety (90) days after the giving of such notice. Notwithstanding the foregoing, in determining whether a Performance Test Failure has
occurred, the Parties acknowledge and agree that the EBITDAM shall be equitably adjusted to account for the following circumstances: (1) a Force Majeure Event, (2) failure of Owner to provide Working Capital funds as required under this
Agreement, or any other Event of Default, (3) a Casualty, (4) a Condemnation, or (5) if the Condo-Hotel has fewer Residential Units participating in the Rental Program than projected. 

16.2 Cure Right. Notwithstanding Section 16.1, if Owner shall have the right to terminate this Agreement
pursuant to such Section 16.1, and shall have delivered a written notice of such termination in accordance with such Section 16.1, then within ninety (90) days after receipt by Operator of such notice, Operator shall
have the right (the “Cure Right”), but not the obligation, to pay to Owner the difference between (a) seventy-five percent (75%) of the projected EBITDAM set forth in the Project Budgets for both Operating Years giving
rise to Owner’s right to terminate, and (b) the actual EBITDAM for such Operating Years. In the event Operator exercises its Cure Right and makes such payment, Owner’s notice of termination shall be deemed withdrawn and Owner shall
not have the right to send another notice of termination unless the conditions of Section 16.1 are met for each of two (2) consecutive Operating Years thereafter, in which case the Cure Right may be exercised again. 

ARTICLE 17  
 DEFAULT AND TERMINATION 
 17.1 Events of
Default. 
 17.1.1 Events of Default on the Part of Either Party. The following will, at
Operator’s election, constitute an event of default by Owner under this Agreement (each such event being referred to herein as an “Event of Default”) but Operator acknowledges and agrees that Owner will not be in default or
breach of this Agreement if such default or breach arises from an action or omission of Operator or any of its Affiliates (including without limitation MGM MIRAGE) or arises regarding a matter that is within the control of Operator or its Affiliates
(including without limitation MGM MIRAGE): 

  
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 (a) Monetary. The failure of either Party to pay to the other Party when due
any sum which may become due with respect to the Condo-Hotel within ten (10) days after receipt by the defaulting Party of written notice from the other Party specifying such failure; 

(b) Non-Monetary. The failure by any Party timely to perform, keep or fulfill all or any portion of the material terms,
covenants, undertakings, obligations or conditions set forth in this Agreement with respect to the Condo-Hotel, and the continuance of such failure for a period of sixty (60) days after receipt by the defaulting Party of written notice thereof
from the other Party specifying such failure, provided that in the event such failure is amenable to cure and is of a nature that it cannot, with due diligence, all commercially reasonable efforts, and in good faith, be cured within sixty
(60) days, it shall not constitute an Event of Default unless such defaulting Party fails to proceed promptly and with due diligence, all commercially reasonable efforts, and in good faith to cure the same, and thereafter to prosecute the
curing of such failure with due diligence and in good faith (it being intended that, in connection with a failure not susceptible of being cured with diligence and in good faith within sixty (60) days, the time of such defaulting Party within
which to cure the same shall be extended for such period as may be necessary for the curing thereof with due diligence, all commercially reasonable efforts and in good faith); 
 (c) Insolvency. If any Party shall apply for or consent to the appointment of a receiver, trustee or liquidator of such Party or of all or a substantial part of its assets, file a voluntary
petition in bankruptcy or admit in writing its inability to pay its debts as they come due, make a general assignment for the benefit of creditors, file a petition or an answer seeking reorganization or agreement with a creditor or take advantage of
any insolvency law, or file an answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization or insolvency proceeding, or if an order, judgment or decree shall be entered by any court of competent
jurisdiction, on the application of a creditor, adjudicating such Party a bankrupt or insolvent or approving a petition seeking reorganization of such Party or appointing a receiver, trustee or liquidator of such Party or of all or a substantial
part of its assets, and such order, judgment or decree shall continue unstayed and in effect for a period of ninety (90) consecutive days; or 
 (d) Transfer. If any Party shall assign this Agreement in violation of Section 21.7; 
 (e) Default by MGM MIRAGE. Any breach or default by MGM MIRAGE of the provisions of Section 21.5 of this Agreement. 

17.2 Excused Non-Performance. Notwithstanding any contrary provision of this Agreement, Operator shall be excused from the
performance of any obligation hereunder (including the obligation to operate the Condo-Hotel in conformity with the Operating Standard), and shall not be deemed in default, for such period of time as such performance is prevented by a Force Majeure
Event, a breach of this Agreement by Owner or a limitation imposed on Operator’s ability to expend funds in respect of the Condo-Hotel, due to Owner’s act or Owner’s failure to act upon Operator’s request for funds (provided
Operator has provided Owner with reasonably timely notice of the need for additional funds and that the failure to expend funds by 

  
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reason of the operation of such limitation shall reasonably prevent Operator from meeting such obligation). 
 17.3 Remedies and Other Termination Rights. 
 17.3.1 Right to
Terminate upon an Event of Default as set forth in Section 17.1.1. Subject to the terms and conditions of this Agreement, the non-defaulting Party shall, at its option, give to the defaulting Party notice, following the expiration of
the applicable cure period as may be set forth in Section 17.1.1(a) through Section 17.1.1(e), of its intention to pursue any right to any and all remedies (including specific performance, indemnification for breach of this
Agreement and other equitable relief or any and all right to damages) which the non-defaulting Party may have against the defaulting Party under Legal Requirements or equity subject to the terms of this Agreement. Notwithstanding the foregoing, if
an Event of Default shall occur with respect to this Agreement that does not constitute a Material Event of Default, the non-defaulting Party shall not have the right to terminate this Agreement, but shall have the right to exercise any and all
remedies (including specific performance and other equitable relief or any and all right to damages or claims to indemnification) which the non-defaulting Party may have against the defaulting Party under Legal Requirements or equity subject to the
terms of this Agreement. 
 17.3.2 Right to Terminate upon Material Breach of the Standard of Care. In the event
that Operator shall commit a breach of the standard of care set forth in Section 3.3, then DW Member may, at its option, give to the defaulting Party notice of its intention to terminate this Agreement after the expiration of a period of
thirty (30) days from the date of such notice if the Event of Default has not been cured prior to expiration of such thirty (30) day period, and, upon expiration of such period, this Agreement shall terminate on the date specified in the
notice. Such termination shall be without prejudice to any right to any and all remedies (including specific performance and other equitable relief or any and all right to damages) which the non-defaulting Party may have against the defaulting Party
under Legal Requirements or equity subject to the terms of this Agreement. For purposes of this Agreement, a breach under this Section 17.3.2 shall be deemed a Material Event of Default. 

17.3.3 Right to Terminate upon a Material Event of Default, Condo-Hotel. Subject to the terms of this Agreement, if an Event
of Default (or series of related Events of Default) shall occur with respect to the CityCenter Project (or any Component thereof) pursuant to any of the Project Agreements that would, in the aggregate, result in a monetary loss to either Party in
excess of Twenty-Five Million Dollars ($25,000,000) (a “Material Event of Default”), the non-defaulting Party may, at its option, give to the defaulting Party notice of its intention to terminate this Agreement after the expiration
of a period of thirty (30) days from the date of such notice if the Event of Default has not been cured prior to the expiration of such thirty (30) day period, and, upon expiration of such period, this Agreement shall terminate on the date
specified in the notice. Such termination shall be without prejudice to any right to any and all remedies (including specific performance and other equitable relief or any and all right to damages) which the non-defaulting Party may have against the
defaulting Party under Legal Requirements or equity subject to the terms of this Agreement. Notwithstanding the foregoing, if an Event of Default shall occur with respect to this Agreement that does not constitute a Material Event of Default, the
non-defaulting Party shall not have the right to terminate this Agreement, but shall 

  
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have the right to exercise any and all remedies (including specific performance and other equitable relief or any and all right to damages or claims to indemnification) which the non-defaulting
Party may have against the defaulting Party under Legal Requirements or equity subject to the terms of this Agreement. 
 17.3.4
Cross Termination. The Parties acknowledge and agree that a termination of the Hotel and Casino Management Agreement for any reason shall result in the immediate termination of this Agreement and the Crystals Retail Management
Agreement, without further action of the Parties, which termination shall be effective on, at and as of on the effective date of the termination of the Hotel and Casino Management Agreement. 

17.3.5 Governmental Approvals. In the event any such approval or permit, or any such approval or permit in connection with
Operator operation of the premises, cannot be obtained or can be obtained but only in connection or compliance with, or upon the satisfaction of, requirements, limitations or restrictions which are not reasonably satisfactory to Owner or Operator,
either the Owner or Operator may, in its respective sole discretion, terminate this Agreement. 
 17.4 DW Member
Enforcement; Termination Rights. DW Member shall have the power and authority to enforce any breach or to allege and enforce any Event of Default under this Agreement without the necessity of including Owner in any such action, it being
understood that the right of the DW Member to enforce and require the performance of all of the terms, covenants, and conditions of this Agreement is an independent right granted by the Parties to DW Member pursuant to this Agreement. Operator
acknowledges to and for the benefit of DW Member that it does not and is not authorized to waive, on behalf of Owner, the occurrence or continuance of any default or Event of Default or Material Event of Default of this Agreement without the prior
written consent of DW Member, which consent may be withheld by DW Member in its sole and absolute discretion. In addition, DW Member may, in its sole and absolute discretion, enforce the provisions of this Agreement and terminate this Agreement on
behalf of Owner immediately upon written notice to Operator if: 
 17.4.1 At any time during the Term, the Owner has the right to
terminate this Agreement pursuant to Section 17.3. 
 17.4.2 At any time during the Term, Operator or its Affiliates
cease, collectively, to own directly or indirectly at least ten percent (10%) of the equity of the Owner as a result of the Transfer of such equity interest to DW Member or an Affiliate thereof; 

17.4.3 A foreclosure on the CityCenter Project occurs (unless, pursuant to any subordination and non-disturbance agreement between
Operator, Mortgagee and/or a lender, this Agreement may otherwise remain in place); or 
 17.4.4 Owner Transfers the CityCenter
Project to an unrelated bona fide third-Party purchaser (unless the purchaser, at its option, elects to keep this Agreement in place for the remaining Term or portion thereof). 

  
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 In the event of any such termination in accordance with this Section 17.4, in no
event shall Owner or DW Member be required to pay to MGM MIRAGE or Operator a termination fee, penalty or additional fee. 

17.5 Operator’s Termination Rights. Operator may, on behalf of MGM MIRAGE, in its sole and absolute discretion, in
addition to any other termination right granted to Operator in accordance with the express terms of this Agreement, terminate this Agreement immediately upon written notice to Owner if: 

17.5.1 At any time during the Term, DW Member or its Affiliates cease, collectively, to own directly or indirectly at least ten percent
(10%) of the equity of the Owner as a result of the Transfer of such equity interest to Operator or an Affiliate thereof; or 
 17.5.2 Owner Transfers the CityCenter Project to an unrelated bona fide third-Party purchaser. 

In the event of any such termination in accordance with this Section 17.5, in no event shall MGM MIRAGE or Operator be required to pay to
Owner or any member or other equity owners of Owner a termination fee, penalty or additional fee. 
 17.6 Rights and
Obligations on Termination. Unless otherwise specifically provided in this Agreement, the termination of this Agreement shall not affect (a) the rights of either Party with respect to liability or claims accrued, or arising out of
events occurring prior to the date of the termination of this Agreement, or (b) specific rights which this Agreement provides shall survive termination. Upon the termination of this Agreement for any reason under this or any other Article
contained herein, the following provisions, which shall survive termination of this Agreement, shall be applicable in addition to, and without limiting any other rights of Owner or Operator pursuant to this Agreement or at law or equity: 

17.6.1 Amounts Due; Receivables. All accrued and unpaid fees, charges, reimbursements, and other payments due Operator under
this Agreement as of the date of termination (including but not limited to any portion of any Operating Fees, and any portion of any Compensation and any other Reimbursable Expenses) shall be paid by Owner to Operator within ten (10) days after
the remittance to Owner by Operator of statements therefor. All accrued unpaid amounts, charges, reimbursements, and other payments due Owner by Operator pursuant to this Agreement shall be paid by Operator to Owner within thirty (30) days of
termination or expiration of the applicable agreement. The Operating Account and any remaining funds therein after payment of the foregoing shall be promptly transferred to Owner. All receivables of the Condo-Hotel outstanding as of the effective
date of termination, including, without limitation, guest ledger receivables, shall continue to be the property of Owner. 

17.6.2 Permits. To the extent assignable, Operator shall assign and transfer to Owner all of Operator’s right, title
and interest in and to all liquor, restaurant and other licenses and permits, if any, which apply solely to the Condo-Hotel. Operator shall use commercially reasonable efforts to provide Owner with a complete listing of all permits and licenses
(whether or not in Operator’s name or in the name of Owner) as soon as reasonably practicable prior to the effective date of termination so as to permit Owner or successor operator sufficient time to apply

  
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for new licenses or permits or to effect transfer to Owner’s name or the name of successor operator. The foregoing shall be without fee or other compensation to Operator; provided, however,
that if Operator has expended any of its own funds in connection with the foregoing pursuant to this Section 17.6.2, Owner shall, subject to Section 6.3, reimburse Operator therefor. 

17.6.3 Vacate. Operator shall peacefully vacate and surrender the Condo-Hotel to Owner, and shall deliver to Owner any and
all keys, locks and safe combinations, reservation lists, ledgers, bank statements for the Operating Account, budgets, accounting books and records, insurance policies, bonds and other documents, memoranda, schedules, lists, contracts, agreements,
leases, licenses, with respect to the Condo-Hotel all as is reasonably necessary to permit continued and uninterrupted operation of the Condo-Hotel, complete copies of correspondence, other files and records generated by Operator in the course of
operating the Condo-Hotel and relating exclusively to the Condo-Hotel, nonproprietary software used in the accounting, reservation and other systems of the Condo-Hotel and any licenses required for use thereof, all depository accounts for the
Condo-Hotel including the Operating Account and the Shared Components Reserve Fund, and other items required for the operation of the Condo-Hotel. Notwithstanding the foregoing, Operator shall not be required to assign to Owner pursuant to the
foregoing sentence any Proprietary Information. Accounting and other books and records shall include all electronic as well as paper records, except in the case of any software that is proprietary to Operator or its Affiliates. If any such
non-Proprietary Information is maintained Operator or its Affiliates in a regional or central location and is not located at the Condo-Hotel, Operator shall cause such information with respect to the Condo-Hotel to be electronically transferred into
systems designated by Owner (including systems of a successor operator) to the extent electronic data is compatible with Owner’s or successor operator’s systems and if not compatible shall cooperate, in all reasonable respects, with Owner
and the successor operator in seeking to convert such data to a compatible format. Costs and expenses incurred in connection with any of the foregoing shall be an Owner expense and shall not be the obligation or liability of Operator. 

17.6.4 Management Transition. Operator shall cooperate in all reasonable ways in the transition of the operation and
management of the Condo-Hotel to Owner or Owner’s new operator to effect an orderly and expeditious transition of management functions, with as little hindrance to the operation of the Condo-Hotel as reasonably practicable. 

17.6.5 Notification of Vendors; Assignment or Termination of Service Contracts. Operator shall assign to Owner all service
and supply contracts for the Condo-Hotel which Operator made in its own name in accordance with this Agreement, except for contracts which may not be assigned, or which are with an Affiliate of Operator, or which can be terminated without penalty
upon termination and which Owner timely requests be terminated as of the date of termination of this Agreement. 
 17.6.6
Bookings. To the extent applicable to the Condo-Hotel, Operator shall, no later than the effective date of termination, provide Owner with a complete list of all bookings, the terms applicable thereto, and the amount of advance
deposits (if any) received with respect to each such booking for the Condo-Hotel. Owner shall honor, and shall cause any successor operator to honor, all business confirmed for the Condo-Hotel, as applicable, with reservations

  
 34 

 
dated after the effective date of termination in accordance with such bookings as have been accepted by Operator. 
 17.6.7 Turn-Over of Guest Property. With respect to the Condo-Hotel, Operator and Owner will employ customary procedures on the date of termination for the transfer of custody of and
responsibility for guest property checked with the Condo-Hotel, as applicable, including stored luggage (which will be inventoried and tagged) and safe deposit boxes (each of which will be sealed until the depositor has been notified to check the
contents, then opened in the presence of a representative of Operator and Owner). 
 17.6.8 Financial
Statements. Operator shall prepare and deliver to Owner, within thirty (30) days following the effective date of expiration or termination of this Agreement, an accounting as described in Section 11.4, which
accounting shall be in final form to the extent practicable, the cost of which shall be an Operating Expense of the Condo-Hotel. Operator shall continue to cooperate with Owner and be available, and make any books and records available to the extent
necessary, in order for Owner and the accountants to prepare the Annual Statement for the Condo-Hotel for the last such Operating Year as provided in Section 11.4, including specifically the period up to the termination date together, to
the extent applicable, with the calculation of the amount of the Operating Fee through the effective date of termination. 

17.6.9 Personnel. Owner acknowledges that since the Personnel will be employees of Operator and/or its Affiliates (unless
otherwise permitted or provided herein), the termination of this Agreement may result in a termination of such Personnel. Upon termination of this Agreement, an escrow fund shall be established from Gross Revenue (or with funds provided by Owner if
Gross Revenue is insufficient) to, subject to Section 6.3, reimburse Operator and its Affiliates for all Personnel liability costs and expenses incurred by Operator or its Affiliates arising out of either the transfer or termination of
employment of the Personnel, including, without limitation, severance and seniority payments, reasonable transfer costs, and unemployment compensation. The determination of liability as to the payment of the foregoing expenses attributed to
Personnel upon termination of this Agreement including liability for all accrued payroll, accrued benefits (such as benefit plans, pension plans, profit sharing plans, vacation pay and sick days and other similar accrued employment liabilities,
including, without limitation, severance obligations), and other employment matters if any, through and including the date of such termination shall be made in connection with the overall determination and award of damages or compensation, if any,
following such termination to the Party not causing the Event of Default or right of termination under this Agreement. 
 17.7
WARN Act; 401(k) Compliance. 
 17.7.1 WARN Act. Owner acknowledges that Operator or its
Affiliates may have an obligation under federal, state, or local law to give advance notice to the Personnel of any termination of their employment, and that failure to comply with any such notification obligation could give rise to civil
liabilities. Operator and Owner shall exercise commercially reasonable efforts to cooperate with Owner in carrying out the advance notice requirements of any Legal Requirements, and any failure by either Operator or Owner in that regard shall be a
breach of this Agreement. 

  
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 17.7.2 401(k) Compliance. On any termination or expiration of this Agreement,
whether by Transfer of the Condo-Hotel, expiration of the Term of this Agreement, or early termination through exercise of other rights of the Parties hereto, if the successor employer will, or intends to, offer a 401(k) plan for the Personnel of
the Condo-Hotel, and if such Personnel participate in a 401(k) plan at such time, Owner or its successor (or the successor of Operator) shall offer a 401(k) plan to such of the participating employees who will continue to work at the Condo-Hotel
thereafter, and the new Owner or successor Operator shall accept (and is permitted to accept under its plan and applicable law) a trust-to-trust transfer of the participants’ 401(k) assets in a manner that complies with all applicable law and
the Condo-Hotel will make such transfer subject to reasonable assurances that the transfer will satisfy all Legal Requirements and not adversely affect its 401(k) plan. 
 ARTICLE 18  
 CASUALTY AND CONDEMNATION 

18.1 Casualty. In the event the Condo-Hotel (or any component thereof) shall be damaged or destroyed by any Casualty, Owner
shall have the right, in its sole option, in accordance with the Joint Venture Agreement and the Condominium Documents (specifically Section 14 of the Declaration), to elect whether or not to undertake a restoration of the Condo-Hotel or any
damaged component thereof. In the event Owner elects to proceed with the restoration, (i) Owner shall, in a commercially reasonable manner, undertake the restoration with respect to that portion of the Condo-Hotel owned by Owner and, with
respect to that portion of the Condo-Hotel not owned by Owner, Owner shall exercise its rights under the Condominium Documents, if any, to cause the Condominium Association and/or Unit Owners, as applicable, to undertake the restoration with respect
to that portion owned by the Condominium Association and/or the Unit Owners, and (ii) Operator shall provide such technical and development assistance as reasonably necessary to complete such restoration in a timely and cost-efficient manner,
at Owner’s sole cost and expense. Any insurance proceeds obtained as a result of a Casualty shall be held by Owner in trust and allocated in accordance with the terms set forth in the Condominium Documents, including, but not limited to, the
provisions of Section 14.2 of the Declaration. 
 18.2 Condemnation. If all or substantially all of the
Condo-Hotel (or any component thereof) shall be taken or condemned in any eminent domain, condemnation, compulsory acquisition or like proceeding by (or a deed in lieu of condemnation given by Owner to) any competent authority for any public or
quasi public use or purpose (hereinafter called a “Condemnation”), or if such a portion of the Condo-Hotel (or any component thereof) shall be the subject of a Condemnation so as to make it imprudent or unreasonable, in the
reasonable opinion of Owner, to use the remaining portion in the same fashion as immediately preceding such Condemnation, then in either event either Owner or Operator shall have the right to terminate this Agreement, in the event of a Condemnation
of all or substantially all of the Condo-Hotel, as of the earlier to occur of (i) the date that Owner shall be required to surrender possession of the Condo-Hotel or such portion thereof as a consequence of such Condemnation, and
(ii) ninety (90) days after the date on which such determination, and neither Party shall have any obligation to the other excluding those obligations that expressly survive this Agreement. Other than a Condemnation that affects the
Condo-Hotel, if a Condemnation affects only a part of the Condo-Hotel (or any component thereof) that does not make it imprudent, unsuitable or 

  
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commercially impractical to operate the remainder of the Condo-Hotel (or any component thereof) in the same fashion as immediately preceding such Condemnation, this Agreement shall not terminate.
Any Condemnation award or similar compensation received by Owner on account of any Condemnation as set forth in this Section 18.2 shall be the property of Owner (and, possibly, the Unit Owners, as applicable, pursuant to the terms of the
Condominium Documents, including, but not limited to, Section 15.1 of the Declaration), and Operator shall make no claim with respect thereto. Should Owner decide, pursuant to its rights and obligations set forth in Section 15 of the
Declaration, to alter, repair, rebuild or replace those portions of the Condo-Hotel owned by Owner, Owner shall do so in a manner so as to make the Condo-Hotel a satisfactory architectural unit as a condo-hotel of substantially similar type and
class as prior to the Condemnation, and with respect to portion of the Condo-Hotel not owned by Owner, Owner shall exercise its rights under the Condominium Documents, if any, to cause the Condominium Association to repair, rebuild or replace the
Condo-Hotel so as to make the Condo-Hotel a satisfactory architectural unit as a condo-hotel of substantially similar type and class as prior to the Condemnation. 
 ARTICLE 19  
 INDEMNIFICATION 

19.1 Indemnification by Operator. MGM MIRAGE and Operator specifically shall defend, indemnify, protect, and hold Owner, and
its officers, directors, shareholders, employees, agents and representatives harmless from and against any and all third-party Claims, arising from Operator’s (i) gross negligence or willful misconduct, or (ii) breach of this
Agreement. 
 19.2 Indemnification by Owner. Owner shall defend, indemnify, and hold harmless Operator, and its
Affiliates, and their respective trustees, beneficiaries, directors, officers, employees and agents, and the successors and assigns of each of the foregoing, for, from and against any and all third-party Claims arising from Owner’s
(i) gross negligence or willful misconduct, or (ii) breach of this Agreement. 
 19.3 Survival. The
provisions of this ARTICLE 19 shall survive the termination or the expiration of this Agreement. 
 ARTICLE 20 

 REPRESENTATIONS AND WARRANTIES 
 20.1 Operator’s Representations and Warranties. Operator represents and warrants to Owner as of the Effective Date that: 

20.1.1 Organization. Operator is duly formed or organized and is validly existing and in good standing in the jurisdiction
in which it is organized, with requisite power and authority to transact the businesses in which it is now engaged. Operator is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in
connection with the operation of the Condo-Hotel, and the conduct of its businesses and operations. Operator possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to transact the businesses in
which it is now engaged (it being understood and agreed, however, that certain such licenses, permits and authorizations, etc. 

  
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required for the operation of the Condo-Hotel such as liquor and Gaming licenses may be held in the name of Owner and/or other third parties for the benefit of Owner and/or the Condo-Hotel).

 20.1.2 Proceedings. The execution, delivery and performance of this Agreement has been duly authorized by all
necessary limited liability company actions of Operator. This Agreement has been duly executed and delivered by or on behalf of Operator and constitutes legal, valid and binding obligations of Operator enforceable against Operator in accordance with
its terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law). 
 20.1.3 No Conflicts. The execution, delivery and performance of this Agreement by Operator
will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Owner pursuant to the
terms of any Mortgage or partnership agreement, nor will such action result in any violation of the provisions of any Legal Requirements. 
 20.1.4 Litigation. To Operator’s actual knowledge, there are no actions, suits or proceedings at law or in equity by or before any governmental authority or other agency now pending or
threatened in writing against or affecting Operator, which actions, suits or proceedings, if determined against Operator’s interest in the Condo-Hotel, can reasonably be expected to have a material adverse effect on Operator’s ability to
carry out and perform the terms and provisions of this Agreement. 
 20.1.5 Agreements. Operator is not in default
in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Project Agreement or instrument to which it is a Party or by which Operator or the Condo-Hotel is bound.

 20.1.6 Licenses and Permits. Operator holds, to the extent required pursuant to relevant Legal Requirements, all
necessary permits and licenses to operate and manage the Condo-Hotel subject to this Agreement that such Manager is required to obtain pursuant to such Legal Requirements on its own behalf. 

20.2 Owner’s Representations and Warranties. Owner represents and warrants to Operator as of the Effective Date that:

 20.2.1 Organization. Owner is duly formed or organized and is validly existing and in good standing in the
jurisdiction in which it is organized, with requisite power and authority to transact the businesses in which it is now engaged. Owner is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so
qualified in connection with the ownership of the Condo-Hotel, and the conduct of its businesses and operations. Owner possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to transact the
businesses in which it is now engaged. 
 20.2.2 Proceedings. The execution, delivery and performance of this
Agreement has been duly authorized by all necessary limited liability company actions of Owner. This 

  
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Agreement has been duly executed and delivered by or on behalf of Owner and constitutes legal, valid and binding obligations of Owner enforceable against Owner in accordance with its terms,
subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or
at law). 
 20.2.3 No Conflicts. The execution, delivery and performance of this Agreement by Owner will not
conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Owner pursuant to the terms of
any Mortgage or partnership agreement, nor will such action result in any violation of the provisions of any Legal Requirements. 

ARTICLE 21  
 GENERAL PROVISIONS 
 21.1 Owner’s Consultants.
Operator shall cooperate with such Owner’s consultants and representatives, and also shall cooperate with Owner and any actual or prospective purchaser, underwriter, lender or other person in connection with any actual or proposed sale,
investment, offering, debt placement or financing of or related to the Condo-Hotel (provided that Operator shall not be required to release to any such person any of Operator’s Proprietary Information or by reason of such cooperation incur any
underwriting liability). Such cooperation may include the preparation of customary lists and schedules (such as, for example, for inventories) and other information relating to the Condo-Hotel, to the extent regularly maintained or compiled, or if
the requested information is reasonably available to Operator, as may be reasonably requested by a prospective purchaser, underwriter, lender or other person. 
 21.2 Third-Party Operated Areas. The Parties acknowledge that certain areas of the CityCenter Project may be operated by Third-Party Operators under a lease, operating agreement, franchise
agreement or similar agreement. The operation of any Third-Party Operated Areas by a Third-Party Operator, and the selection of a Third-Party Operator for such Third-Party Operated Areas, shall be subject to the approval of both Owner and Operator
(to the extent the approval of such Third-Party Operator constitutes a Major Decision). Any lease, operating agreement, franchise agreement or similar agreement with a Third-Party Operator shall: (i) be consistent with the terms of this
Agreement; (ii) require the Third-Party Operators to operate the Third-Party Operated Areas in a manner consistent with the terms of this Agreement and; (iii) be subject to the review and prior written approval of the Operator. For the
avoidance of doubt, all lease or rental income derived from Third-Party Operated Areas shall be included in Gross Revenue, but all gross receipts derived from the operation of Third-Party Operated Areas shall be excluded from Gross Revenue.

 21.3 Management of Infrastructure. The management, operation and maintenance of the Infrastructure shall be
governed by the Hotel and Casino Management Agreement. In connection therewith, Owner acknowledges and agrees that the Condo-Hotel shall be charged with its fair and reasonable share of the costs of the routine operation, inspection and maintenance
of the Infrastructure and any utilities and/or common fixtures located thereon to the 

  
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extent shared by or provided for the benefit of the Condo-Hotel. The Condo-Hotel’s share of such costs shall be paid from Gross Revenue as an Operating Expense. 

21.4 Third Party Beneficiaries. The Parties acknowledge and agree that DW Member shall be an express third party
beneficiary of this Agreement. Except for the rights and privileges granted to the DW Member under this Agreement, and the limitation of liability with respect to the MGM MIRAGE Restricted Affiliates and the Dubai World Restricted Affiliates, under
Section 21.24.1(a) and Section 21.24.1(b) of this Agreement, all the provisions of this Agreement are intended to bind and to benefit only the Parties hereto and their permitted successors and assigns. Except as provided in
the immediately preceding sentence, it is not intended that any such provisions benefit, and it shall not be construed that these provisions benefit or are enforceable by, any creditors, contractors, brokers or other third parties. 

21.5 Guaranty. 
 21.5.1 MGM MIRAGE hereby irrevocably and unconditionally guarantees to Owner and its successors and assigns the payment and performance of any and all obligations, performances, indemnities, liabilities
and undertakings as and when the same shall be required to be performed, discharged or become due or payable by or on behalf of Manager in accordance with the terms of this Agreement (collectively, the “Guaranteed Obligations”) to
the end and intent that MGM MIRAGE shall be liable to Owner at all times and to the same extent and tenor as Operator hereunder for the payment and performance of any and all obligations, performances, indemnities, liabilities and undertakings. No
single claim or cause of action with respect to the Guaranteed Obligations shall satisfy or release MGM MIRAGE from the Guaranteed Obligations, and this guaranty shall continue in full force and effect until completion of Operator’s
obligations. Upon the satisfaction of all Guaranteed Obligations hereunder, Owner shall provide MGM MIRAGE with an acknowledgement of release and discharge. 
 (a) The guaranty set forth in this Section 21.5 is a guaranty of payment and performance and not of collection, is continuing in nature and applies to all Guaranteed Obligations, whether
existing now or in the future, including Guaranteed Obligations arising or accruing after bankruptcy of MGM MIRAGE. The liability of MGM MIRAGE under this Section 21.5 shall be direct and immediate and not conditional or contingent on
the pursuit of any remedies against Manager or any other person or entity. If there is a failure in the payment or performance of the Guaranteed Obligations, Owner may enforce its rights, powers and remedies hereunder, in any order, without demand
or notice of any kind, and without exercising any rights or remedies against Operator or any other person or entity, and all such rights, powers and remedies available to Owner shall be nonexclusive and cumulative of all other available rights,
powers and remedies until all Guaranteed Obligations are satisfied. Guarantor waives and releases any right of subrogation against Operator or any other person or entity, and waives any rights to enforce any remedy which MGM MIRAGE may have against
Manager. This Section 21.5 shall continue to be effective or shall automatically be revived, reinstated, and restored, as the case may be, if at any time any payment or performance of any Guaranteed Obligations is avoided, rescinded or
rendered ineffective or must otherwise be paid, returned or restored by Owner or any other person pursuant to state or federal law, in connection with or as the result of the bankruptcy, insolvency or reorganization of MGM MIRAGE or Operator, all as
though such payment or performance had not occurred or been tendered or made, as the case may be. MGM 

  
 40 

 
MIRAGE shall have no authority to revoke the guaranty pursuant to this Section 21.5, but if any such revocation shall be deemed to have occurred by operation of law or otherwise, the
provisions of this Section 21.5 shall continue to apply notwithstanding such revocation. 
 (b) The obligations of
MGM MIRAGE pursuant to the guaranty in this Section 21.5, are independent of the obligations of Manager or any other person. Owner may bring action against MGM MIRAGE without bringing action against Operator or any other person and
otherwise independently of any other right, power or remedy (each, a “Remedy”) that may be available to Owner at any time. MGM MIRAGE waives any right to require Owner at any time to proceed against Operator or any other person, or
otherwise enforce, proceed against or pursue any other Remedy in the Owner’s power. 
 (c) MGM MIRAGE waives any defense to
the enforcement of the guaranty in this Section 21.5 arising by reason of: 
 (i) any present or future Legal
Requirements, or orders affecting any Remedy of the Owner; 
 (ii) any discharge or release of any other guarantor or any
impairment or suspension of any Remedy of Owner, whether resulting from any act or omission of the Owner or any other person or by operation of law or otherwise; 
 (iii) the lack of authority or any bankruptcy, insolvency or reorganization of Operator, any guarantor or any disability or other defense of Operator or any other guarantor; 

(iv) any other action by Owner, whether authorized by this Section 21.5 or otherwise, or any omission by Owner or other
failure of Owner to pursue, or any delay in pursuing, any other Remedy in Owner’s power; 
 (v) any defense or benefits
that may be derived from any Legal Requirements of the State of California or any other jurisdiction, and all other suretyship defenses it would otherwise have under the Legal Requirements of the State of California or any other jurisdiction;

 (vi) all benefits of any statute of limitations affecting MGM MIRAGE’s liability under or the enforcement of the
guaranty in this Section 21.5; 
 (vii) all setoffs and counterclaims; 

(viii) promptness, diligence, presentment, demand for performance and protest; 

(ix) notice of nonperformance, default, acceleration, protest or dishonor, 

(x) the absence, impairment or loss of any right of reimbursement, contribution or subrogation or any other right or remedy of MGM MIRAGE
against Manager; or 

  
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 (xi) any modification of the Guaranteed Obligations. 

(d) MGM MIRAGE hereby waives all benefits that might otherwise be available to MGM MIRAGE under California Civil Code Sections 2787
through 2855, inclusive, and 3433, among other provisions of like effect. 
 (e) MGM MIRAGE hereby acknowledges that
(A) the obligations undertaken by MGM MIRAGE pursuant to the guaranty in this Section 21.5 are complex in nature; and (B) numerous possible defenses to the enforceability of these obligations may presently exist and/or may
arise hereafter; and (C) as part of Owner’s consideration for entering into the Agreement, Owner has specifically bargained for the waiver and relinquishment by MGM MIRAGE of all such defenses; and (D) MGM MIRAGE has had the
opportunity to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type contemplated herein. Given all of the above, MGM MIRAGE does hereby represent and confirm to the Owner that MGM MIRAGE is fully
informed regarding, and that MGM MIRAGE does thoroughly understand: (i) the nature of all such possible defenses; and (ii) the circumstances under which such defenses may arise; and (iii) the benefits which such defenses might confer
upon MGM MIRAGE; and (iv) the legal consequences to MGM MIRAGE of waiving such defenses. MGM MIRAGE acknowledges that MGM MIRAGE makes the guaranty in this Section 21.5 with the intent that such guaranty and all of the informed
waivers herein shall each and all be fully enforceable by the Owner, and that the Owner is induced to enter into the Agreement in material reliance upon the presumed full enforceability thereof. 

(f) Payment of Expenses. In the event that MGM MIRAGE should breach or fail to timely perform any provisions of this
Agreement, MGM MIRAGE shall, within fifteen (15) Business Days of demand by Owner, pay Owner all reasonable out-of-pocket costs and expenses (including court costs and reasonable attorneys’ fees) actually incurred by Owner in the enforcement
hereof. In the event MGM MIRAGE fails to pay any such amounts to Owner in the manner and timeframe set forth in this Section 21.5.1(f), such amounts shall accrue interest from and after such payments were due and owing to Owner at the
rate of interest set forth in Section 6.5. The covenants contained in this Section 21.5 shall survive the payment and performance of the Guaranteed Obligations. 

(g) Modifications. MGM MIRAGE waives any right to object to any renewal, extension, increase, modification, alteration or
rearrangement of all or any part of the Guaranteed Obligations. No failure to exercise, and no delay in exercising, on the part of Owner, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any other right. The rights of Owner hereunder shall be in addition to all other rights provided by law. No modification or waiver of any provision of this Agreement nor consent to
departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action
in the same, similar or other instances without such notice or demand. 
 (h) Material Inducement. MGM MIRAGE and
Owner acknowledge and agree that this guaranty constitutes a material and continuing inducement of the Owner to 

  
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enter into this Agreement and the Concurrent Agreements. MGM MIRAGE and Owner further agree that the provisions of this Section 21.5 are subject to the other rights and remedies of
Owner and Operator pursuant to the provisions of this Agreement. 
 21.6 Further Actions. The Parties hereby agree
to execute such other documents and perform such other acts as may be necessary or desirable to carry out the purposes of this Agreement. 
 21.7 Assignment. 
 21.7.1 Operator’s Assignment.
Upon written notice to Owner, Operator shall be entitled at any time, without the consent of Owner to: 
 (a) cede, assign and
delegate its rights and obligations under this Agreement to which it is a Party, to any company which, directly or indirectly, is wholly owned by Operator provided that any such assignee shall agree in writing to be bound to the provisions of this
Agreement (“Successor”); provided, however, in the event of any such assignment to a Successor, such assigning Manager shall nevertheless continue to be liable for such Successor’s obligations under this Agreement; and/or

 (b) assign its right, conditionally or otherwise, to receive payments under this Agreement. 

21.7.2 Owner Assignment. Owner shall be entitled at any time, without the consent of Operator (or if such consent is an
inalienable right under any Legal Requirements, then Operator shall grant such consent), to cede, assign and delegate its rights and obligations under (i) in the event of a Transfer of Owner’s Interest in the CityCenter Project, this
Agreement and all of the Project Agreements, and (ii) in the event of a Transfer of the Joint Venture’s interest in a Component of the CityCenter Project, the applicable Project Agreement encumber the Component which is the subject of the
Transfer. In addition, Owner shall have the right to assign this Agreement and the other Project Agreements to any Mortgagee and/or any lender under any Financing Instrument as additional security for any indebtedness secured (or to be secured) by a
Mortgage and/or any Financing Instrument and in connection with such assignment, each Manager, as applicable, hereby agrees to join in executing such form of consent to such assignment as the Mortgagee and/or any lender under any Financing
Instrument, in its sole discretion, may require. 
 21.7.3 Effect of Prohibited Assignment. Any assignment by
either Party of this Agreement in violation of the provisions of Section 21.7 shall be null and void at the sole discretion of the Party whose rights pursuant to Section 21.7 were violated upon such assignment. 

21.7.4 Assignment Restrictions. Other than as set forth in Section 21.7.1 and Section 21.7.2,
neither Party shall cede, assign or delegate its respective rights or obligations under this Agreement without the prior written consent of the other Party, which consent may be withheld in each Party’s sole and absolute discretion. 

  
 43 

 21.8 Successors and Assigns. Subject to the restrictions on Transfers and
encumbrances set forth herein, this Agreement shall inure to the benefit of and be binding upon the Parties and their respective successors and permitted assigns. Whenever in this Agreement a reference is made to any entity or Party, such references
shall be deemed to include a reference to the successors and permitted assigns of such entity or Party. 
 21.9
Waiver. No consent or waiver, express or implied, by any Party to or of any breach or default by the other Party in the performance of its obligations under this Agreement shall be deemed or construed to be a consent to or waiver of
any other breach or default in the performance by such other Party of the same or any other obligations of such other Party under this Agreement. Failure on the part of either Party to complain of any act or failure to act of the other Party or to
declare the other Party in default, irrespective of how long such failure continues, shall not constitute a waiver by such Party of its rights under this Agreement. 
 21.10 Approval by Owner. In any instance in this Agreement where the approval of Owner is contemplated or required with respect to any matter and a standard is not otherwise set forth in
this Agreement, such approval may be given or withheld by Owner in the exercise of its reasonable judgment. 
 21.11
Severability. If any provisions of this Agreement or the application thereof to any entity or circumstances shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to any
other entity or circumstance shall not be affected thereby and shall be enforced to the greatest extent permitted by law. 

21.12 Estoppel Certificate. Operator agrees to furnish to Owner and any Mortgagee, from time to time no later than ten
(10) Business Days after written request therefor, an estoppel certificate certifying to Owner and any such Mortgagee, to the extent true, (A) that this Agreement is in full force and effect; (B) that all amounts due and owing under
this Agreement or otherwise have been paid in full through the last scheduled date of payment; (C) that no modifications or amendments of this Agreement have been made, except as may be disclosed as an attachment to the estoppel certificate or
this Agreement; (D) that no default or Event of Default has occurred or is continuing under this Agreement; and (E) such other matters as may be reasonably requested or are by their terms considered to be a typical market request in such
context. 
 21.13 Terminology. All personal pronouns used in this Agreement, whether used in the masculine,
feminine or neuter gender, shall include all other genders; the singular shall include the plural; and the plural shall include the singular. Titles of Articles, Sections and Exhibits in this Agreement are for convenience only, and neither limit nor
amplify the provisions of this Agreement. All references in this Agreement to Articles or Sections thereof shall refer to the corresponding Article or Section of this Agreement unless specific reference is made to the articles, sections or
subsections of another document or instrument. 
 21.14 Amendment. No amendment or termination of this Agreement
or any provision of this Agreement shall be binding upon any Party to this Agreement unless it is set forth in a written instrument signed by the Party against whom enforcement of the amendment or termination is sought. No waiver by Owner of any
breach or default by Manager under this 

  
 44 

 
Agreement shall be effective unless such consent to or waiver of any such breach or default has been given in writing by the DW Member. 

21.15 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original and all of which together shall comprise but a single instrument. 
 21.16 Interpretation. No provision
of this Agreement shall be construed against or interpreted to the disadvantage of any Party by any referee, court or other governmental or judicial authority by reason of such Party having or being deemed to have structured or dictated such
provision. 
 21.17 Survival. The covenants contained in this Agreement which, by their terms, require their
performance after the expiration or termination of this Agreement shall be enforceable notwithstanding the expiration or other termination of this Agreement. 
 21.18 Time of the Essence. Time shall be of the essence with respect to all matters under this Agreement. 
 21.19 Arbitration; Applicable Law; Dispute Resolution. 

21.19.1 Governing Law. The interpretation, validity and performance of this Agreement will be governed by and construed in
accordance with the procedural and substantive Legal Requirements of the State of California. 
 21.19.2 Executive
Negotiations. In the event of any dispute between the Parties concerning or arising out of this Agreement, the Party seeking the resolution of such dispute shall give written notice to the other Party. Any notice to Owner under this
Section 21.19.2 shall be delivered to DW Member. DW Member is authorized to deliver notices on behalf of Owner under this Section 21.19.2, and DW Member shall exclusively represent the interests of Owner under this
Section 21.19.2. For a period of ten (10) Business Days following the delivery of such notice, Robert H. Baldwin of the MGM Member (the “Operator Representative”) and Kar Tung Quek of the DW Member (the “DW
Member Representative”) shall meet in person or by teleconference and negotiate with each other in good faith in an attempt to resolve such dispute. MGM Member may designate a replacement or alternate Operator Representative and DW Member
may designate a replacement or alternate DW Member Representative by written notice to the other Party. 
 21.19.3
Mediation. If, despite such good faith efforts, such dispute has not been fully and finally resolved by the expiration of such ten (10) Business Day period, then Operator or DW Member may require that the Parties participate in a
non-binding mediation. Such mediation shall be conducted in Los Angeles, California using a mediator appointed by the Los Angeles, California office of JAMS. Such mediator shall (A) be independent of Operator and the DW Member, (B) not
have been engaged by the DW Member, Operator or any of their respective Affiliates within the last three (3) years, and (C) have at least ten (10) years of work or professional experience in the area of expertise relevant to the
subject matter of the dispute. Operator and DW Member shall use commercially reasonable, good faith efforts to cause such mediation to occur no later than thirty (30) days after delivery of a notice pursuant to this Section

  
 45 

 
requesting the mediation of a dispute. Notwithstanding anything in this Agreement to the contrary, the costs and expenses of the mediator appointed pursuant to this Section 21.19.3
and JAMS in connection with such mediation shall be shared equally by DW Member and Operator. 
 21.19.4 Judicial
Reference. DISPUTES THAT HAVE NOT BEEN RESOLVED THROUGH EXECUTIVE NEGOTIATIONS PURSUANT TO SECTION 21.19.2 OF THIS AGREEMENT OR MEDIATION PURSUANT TO SECTION 21.19.3 OF THIS AGREEMENT SHALL BE HEARD AND DETERMINED BY A
REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638 ET SEQ. IN EFFECT AS OF THE DATE HEREOF. THE VENUE OF ANY PROCEEDING HEREUNDER SHALL BE IN LOS ANGELES COUNTY, CALIFORNIA (UNLESS CHANGED BY THE WRITTEN AGREEMENT OF THE PARTIES).

 THE PARTY (I.E. OPERATOR OR DW MEMBER) SEEKING TO RESOLVE THE DISPUTE SHALL SERVE A COMPLAINT ON THE OTHER PARTY IN THE MANNER PRESCRIBED BY
LAW WITHIN FIVE (5) DAYS AFTER THE SERVICE OF THE COMPLAINT OR STATEMENT OF THE COMPLAINT OR STATEMENT OF CLAIM, THE PARTY SEEKING RELIEF SHALL MAKE A WRITTEN REQUEST FOR THE SPECIFIC DESIGNATION OF A REFEREE TO TRY THE DISPUTE. THEREAFTER THE
PARTIES SHALL USE THEIR BEST EFFORTS TO AGREE UPON THE SELECTION OF A REFEREE. IF THE PARTIES ARE UNABLE TO AGREE UPON A REFEREE WITHIN TEN (10) DAYS AFTER A WRITTEN REQUEST TO DO SO BY ANY PARTY, THEN ANY PARTY MAY PETITION THE PRESIDING JUDGE
OF THE LOS ANGELES COUNTY SUPERIOR COURT TO APPOINT A REFEREE. THE PRESIDING JUDGE SHALL HAVE THE POWER TO ASSIGN SAID REQUEST TO SUCH JUDGE OF THE SUPERIOR COURT AS THE PRESIDING JUDGE DEEMS APPROPRIATE. FOR THE GUIDANCE OF THE JUDGE MAKING THE
APPOINTMENT OF SAID REFEREE, THE PARTIES AGREE THAT THE PERSON SO APPOINTED SHALL BE A RETIRED JUDGE. 
 THE PROVISIONS OF CALIFORNIA CODE OF
CIVIL PROCEDURE, SECTIONS 640, 641, 642, 643, 644, 645 AND 645.1, SHALL BE APPLICABLE TO DISPUTE RESOLUTION BY A REFEREE HEREUNDER. IN AN EFFORT TO CLARIFY AND AMPLIFY THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 644 AND 645, THE
PARTIES AGREE THAT THE REFEREE SHALL DECIDE THE DISPUTE SUBMITTED BY THE PARTIES FOR DECISION IN THE SAME MANNER AS REQUIRED FOR A TRIAL BY COURT AS SET FORTH IN CALIFORNIA CODE OF CIVIL PROCEDURE, SECTIONS 631.8 AND 632, AND CALIFORNIA RULES OF
COURT, RULE 3.1590. THE REFEREE SHALL TRY AND DECIDE THE DISPUTE ACCORDING TO AND BASED ON ALL OF THE SUBSTANTIVE AND PROCEDURAL STATUTORY AND DECISIONAL LAW OF THE STATE OF CALIFORNIA, UNLESS THE PARTIES STIPULATE TO THE CONTRARY. WHEN THE REFEREE
HAS DECIDED THE DISPUTE, THE REFEREE SHALL ALSO CAUSE THE PREPARATION OF A JUDGMENT BASED ON SAID DECISION. THE JUDGMENT TO BE ENTERED BY THE SUPERIOR COURT, BASED UPON THE DECISION OF THE REFEREE, SHALL BE APPEALABLE IN THE SAME MANNER AS IF THE
JUDGE SIGNING THE JUDGMENT HAD TRIED THE CASE. 

  
 46 

 THE PARTIES SHALL DILIGENTLY COOPERATE WITH ONE ANOTHER AND THE PERSON(S) APPOINTED TO RESOLVE THE DISPUTE,
AND SHALL PERFORM SUCH ACTS AS MAY BE NECESSARY TO OBTAIN A PROMPT AND EXPEDITIOUS RESOLUTION OF THE DISPUTE. IF EITHER PARTY REFUSES TO DILIGENTLY COOPERATE, AND THE OTHER PARTY, AFTER FIRST GIVING NOTICE OF ITS INTENT TO RELY ON THE PROVISIONS OF
THIS PARAGRAPH, INCURS ADDITIONAL EXPENSES OR ATTORNEYS’ FEES SOLELY AS A RESULT OF SUCH FAILURE TO DILIGENTLY COOPERATE, THE REFEREE MAY AWARD SUCH ADDITIONAL EXPENSES AND ATTORNEYS’ FEES TO THE PARTY GIVING SUCH NOTICE, EVEN IF SUCH
PARTY IS NOT THE PREVAILING PARTY IN THE DISPUTE. 
 THE COST OF THE PROCEEDING SHALL INITIALLY BE BORNE EQUALLY BY THE PARTIES TO THE DISPUTE,
BUT THE PREVAILING PARTY IN SUCH PROCEEDINGS SHALL BE ENTITLED TO RECOVER, IN ADDITION TO REASONABLE ATTORNEYS’ FEES AND ALL OTHER COSTS, ITS CONTRIBUTION FOR THE REASONABLE COST OF THE REFEREE AS AN ITEM OF RECOVERABLE COSTS. IF EITHER PARTY
REFUSES TO PAY ITS SHARE OF THE COSTS OF THE PROCEEDING, AT THE TIME(S) REQUIRED, THE OTHER PARTY MAY DO SO, IN WHICH EVENT THAT PARTY WILL BE ENTITLED TO RECOVER (OR OFFSET) THE AMOUNT ADVANCED, WITH INTEREST, EVEN IF THAT PARTY IS NOT THE
PREVAILING PARTY. THE REFEREE SHALL INCLUDE SUCH COSTS IN HIS JUDGMENT OR AWARD. 
 21.19.5 Matters Solely Adjudicated
Under the Joint Venture Agreement. Notwithstanding anything in this Section 21.19 to the contrary, any actual or alleged breach of the Joint Venture Agreement by DW Member or the MGM Member, or the making of (or the failure to
make) any decisions or determinations that constitutes a Major Decision under the Joint Venture Agreement shall be adjudicated and otherwise resolved in accordance with the terms and conditions of the Joint Venture Agreement, not the dispute
resolution provisions of this Agreement. The Parties acknowledge and agree that any action or omission of MGM Member or DW Member made under this Agreement shall not constitute a breach of the Joint Venture Agreement by the MGM Member and DW Member,
unless such action or omission, if made by the MGM Member or DW Member under the Joint Venture Agreement, would constitute a breach of the Joint Venture Agreement. 
 21.20 Governing Law and Choice of Forum. This Agreement shall be governed by and construed in accordance with the Legal Requirements of the State of California excluding its conflict of law
principles. In the event of any litigation between the Parties concerning or arising out of this Agreement, the Parties hereby consent to the exclusive jurisdiction of the federal and state courts in California. 

21.21 Agreement Subject to Nevada Gaming Law and Authorities. Notwithstanding anything to the contrary in this Agreement,
this Agreement and all of the terms and conditions contained herein are subject to all Governmental and Regulatory Authority. In the event of any conflict between any Governmental and Regulatory Authority and the terms of this Agreement, the Parties
acknowledge, understand and agree that the Governmental and Regulatory Authority and shall govern and the terms of this Agreement shall be amended accordingly to conform thereto. 

  
 47 

 21.22 Management and Operations Term Sheet. The Parties agree that the
“Management and Operations Term Sheet” attached to the Joint Venture Agreement is superseded by the provisions of this Agreement. 
 21.23 WAIVER OF TRIAL BY JURY. THE PARTIES TO THIS AGREEMENT HEREBY EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING ARISING UNDER OR
WITH RESPECT TO THIS AGREEMENT, OR IN ANY WAY CONNECTED WITH, OR RELATED TO, OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND IRRESPECTIVE OF WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. TO THE EXTENT THEY MAY LEGALLY DO SO, THE PARTIES HEREBY AGREE THAT ANY SUCH CLAIM, DEMAND, CAUSE OF ACTION, OR PROCEEDING SHALL BE DECIDED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 21.19 OF THIS AGREEMENT AND THAT ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OF THIS SECTION 21.23 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE OTHER PARTIES HERETO TO WAIVER OF ITS OR THEIR
RIGHT TO TRIAL BY JURY AND AGREEMENT TO ABIDE BY THE PROCEDURES SET FORTH IN THIS AGREEMENT. 
 21.24 Limitation of
Liability. 
 21.24.1 The provisions of this Agreement to the contrary notwithstanding, the Parties acknowledge
and agree with and for the benefit of Owner and the DW Member that the liability of Owner to make any additional payment or contribution of money at any time and from time to time pursuant to this Agreement and for any purpose pursuant to this
Agreement is expressly limited to the interest of Owner in the Project. Such limitation of liability is further subject to the agreement that in no event shall Owner, the DW Member or Operator have at any time any right, duty or obligation to
contribute to or for the benefit of the Project any capital or other amounts unless specifically required by and authorized by the terms of the Joint Venture Agreement and any actions of Owner’s members taken in accordance with the Joint
Venture Agreement. 
 (a) Without in any way limiting the provisions of this Section 21.24.1, the Parties
acknowledge that in the event there is a default or an alleged default by Manager or MGM MIRAGE under the arrangements contemplated by this Agreement, or if any Party has any Claim arising from the arrangements contemplated in this Agreement, no
Party shall commence any lawsuit or otherwise seek to impose any liability whatsoever against Mr. Kirk Kerkorian, Tracinda Corporation, a Nevada corporation, and any other corporation or entity controlled by Mr. Kirk Kerkorian (other than
MGM MIRAGE and its subsidiaries) or any principals of MGM MIRAGE or the Affiliates of such principals (the “MGM MIRAGE Restricted Affiliates”). The Parties hereby further agree that none of the MGM MIRAGE Restricted Affiliates shall
have any liability whatsoever with respect to this Agreement. The Parties hereby further agree that they shall not permit or cause the Owner to assess a Claim or impose any liability against any MGM MIRAGE Restricted Affiliate, either collectively
or individually, as to any matter or thing arising out of or relating to this Agreement. In addition, 

  
 48 

 
the Parties agree that none of the MGM MIRAGE Restricted Affiliates, individually or collectively, are a Party to this Agreement or liable for any alleged breach or default of this Agreement by
Operator or MGM MIRAGE. It is expressly understood and agreed that this provision shall have no force and effect with respect to any document or agreement as to which Mr. Kirk Kerkorian or Tracinda Corporation is a party with the DW Member or
Affiliates of the DW Member, except as set forth in such other agreement. 
 (b) Without in any way limiting the provisions of
this Section 21.24.1, the Parties acknowledge that in the event there is a default or an alleged default by DW Member under the arrangements contemplated by this Agreement, or if any Party has any Claim arising from the arrangements
contemplated in this Agreement, no Party shall commence any lawsuit or otherwise seek to impose any liability whatsoever against either the Government of Dubai, the United Arab Emirates, any corporation or entity controlled by the Government of
Dubai or the United Arab Emirates (other than DW Member and its subsidiaries) or any principals of DW Member or the Affiliates of such principals (the “Dubai World Restricted Affiliates”). The Parties hereby further agree that none
of the Dubai World Restricted Affiliates shall have any liability whatsoever with respect to this Agreement. The Parties hereby further agree that they shall not permit or cause Owner to assess a Claim or impose any liability against any Dubai World
Restricted Affiliate, either collectively or individually, as to any matter or thing arising out of or relating to this Agreement. In addition, the Parties agree that none of the Dubai World Restricted Affiliates, individually or collectively, are a
Party to this Agreement or liable for any alleged breach or default of this Agreement by DW Member or its Affiliates. 
 21.25
Use of Affiliates by Manager. In fulfilling its obligations under this Agreement, Operator may, subject to the Joint Venture Agreement, use the services of one or more of its Affiliates. If any Affiliate of Operator performs services
that Operator is required to provide under this Agreement, Operator shall be ultimately responsible to Owner for its Affiliate’s performance. In addition, the compensation and other terms and conditions of any such Affiliate transaction shall
be no less favorable to Owner than those that Operator knows could reasonably be obtained at the time from an unrelated party providing comparable goods or services, and it is expressly understood and agreed that Owner shall not enter into any
contracts with an Affiliate of Operator other than at such Affiliate’s cost. Notwithstanding the foregoing, in the event Owner provides reasonable proof to Operator that the cost of a third party’s services is less than the cost charged by
Operator’s Affiliate for the same or comparable service to be provided by such Affiliate, Owner shall be entitled to engage such third party in lieu of Operator’s Affiliate. 

21.26 Publicity. Owner and Operator shall coordinate with one another on all press releases relating to those matters
material to the operation and management of the Condo-Hotel. 
 21.27 Waivers. No consent or waiver, express or
implied, by any Party to or of any breach or default by the other Party in the performance of its obligations under this Agreement shall be deemed or construed to be a consent to or waiver of any other breach or default in the performance by such
other Party of the same or any other obligations of such other Party under this Agreement. Failure on the part of either Party to complain of any act or failure to act of the other Party or to declare the other Party in default, irrespective of how
long such failure continues, shall not constitute a waiver by such Party of its rights under this Agreement. No consent or waiver by Owner to or of any breach or default by Manager in the performance of its

  
 49 

 
obligations under this Agreement shall be effective unless such consent to or waiver of any such breach or default has been given in writing by DW Member. 

21.28 Other Agreements. Except to the extent as may now or hereafter be specifically provided, nothing contained in this
Agreement will be deemed to modify any other agreement between Owner and Operator with respect to the Project or any other property executed and delivered contemporaneously with this Agreement (the “Concurrent Agreements”). This
Agreement contains the entire agreement between Owner and Operator regarding the management of the Condo-Hotel and Owner’s and Operator’s rights, duties and obligations related thereto and supersedes all prior oral or written agreements,
understandings, representations and covenants, other than the Concurrent Agreements and the Joint Venture Agreement. 
 21.29
Periods of Time. Whenever any determination is to be made or action is to be taken on a date specified in this Agreement, if such date falls on a day that is not a Business Day, then that date will be extended to the next day which is
a Business Day. 
 21.30 Attorney’s Fees and Other Costs. The Parties to this Agreement will bear their own
attorneys’ fees in relation to negotiating and drafting this Agreement. Subject to the provisions of Section 21.19 of this Agreement, if Owner or Operator engages in litigation to construe, interpret or enforce this Agreement, the
prevailing Party will have the right to indemnity by the non-prevailing Party for an amount equal to the prevailing Party’s reasonable attorneys’ fees, court costs and expenses arising therefrom. 

21.31 Electronic Signatures. Signatures to this Agreement transmitted by facsimile or by electronic mail shall be valid and
effective to bind the Party so signing. Each Party agrees to promptly deliver an execution original to this Agreement with its actual signature to the other Party, but a failure to do so shall not affect the enforceability of this Agreement, it
being expressly agreed that each Party to this Agreement shall be bound by its own telecopied or scanned signature and shall accept the telecopied or scanned signature of the other Party to this Agreement. 

21.32 Relationship of Owner to Operator. Subject to the fiduciary duties owed by Manager to Owner pursuant to this
Agreement and the Joint Venture Agreement, in carrying out its duties and obligations hereunder, the relationship of Operator and any of its Affiliates providing the services to Owner will be that of an agent. In every instance where Operator
executes any agreement or document on behalf of Owner (pursuant to its rights set forth in this Agreement), Operator shall do so in its capacity as an agent of Owner and shall make such designation evident in any such agreement. 

21.33 Compliance with Securities Laws. 
 21.33.1 Owner hereby agrees that, in connection with its marketing and sale of the Residential Units, it shall comply with the Securities Act of 1933, the Securities Exchange Act of 1934, any state
“blue sky laws” and/or any other laws and regulations promulgated by the United States Securities and Exchange Commission or any other federal or state agency regulating the sale, registration and/or other handling of securities
(collectively, the “Federal and State  

  
 50 

 
Securities Laws”) so as to avoid classifying the sale of a Residential Unit as a security. In addition, it is the intent of the Parties that in no event shall the Unit Owner’s
participation in, or any aspect of, the Rental Program constitute a security or violate any Federal and State Securities Laws and to ensure that the Rental Program and the Rental Program Agreement are in compliance with all other applicable laws,
regulations, terms and conditions imposed by any court or regulatory, administrative and/or other agency of the federal government of the United States of America, the State of Nevada or any other state located within the United States of America.
Should Operator become aware of any non-compliance with Federal State and Securities Laws or any other applicable Legal Requirements, Operator shall be obligated to immediately notify Owner of such non-compliance. 

21.33.2 Notwithstanding anything to the contrary set forth in this Agreement, Operator acknowledges that pursuant to the Federal and State
Securities Laws, Unit Owners must have the right and option to use a third party rental agent for the rental of their Residential Units and, as a result, any Unit Owner may rent its Residential Unit with a third party rental agent. 

21.34 Notices. 
 21.34.1 Other than as provided in Section 21.34.2, all notices or other communications required or permitted by this Agreement shall be in writing and shall be deemed to have been duly given
on the date of delivery if delivered personally to the Party to whom notice is given, on the next Business Day if sent by confirmed facsimile transmission or on the date of actual delivery if sent by overnight commercial courier or by first class
mail, registered or certified, with postage prepaid and properly addressed to the Party at its address set forth below, or at any other address that any Party may from time to time designate by written notice to the others: 

If to Operator: 
 Vdara Condo Hotel, LLC 
 c/o: Mirage Resorts, Incorporated 

3950 Las Vegas Boulevard South 
 Las Vegas, Nevada 89119 
 Attention: Assistant General Counsel 

Facsimile: (702) 693-7628 
 With a copy to: 
 Project CC, LLC 

3780 Las Vegas Boulevard South 
 Las Vegas, Nevada 89109 
 Attention: Vice President and General Counsel 

Facsimile: (702) 862-1586 
 and 

  
 51 

 With a copy to: 

Christensen, Glaser, Fink, Jacobs, Weil & Shapiro, LLP 
 10250 Constellation Boulevard, 19th Floor 
 Los Angeles, California 90067-6219

 Attention: Peter M. Weil, Esq. 
 Facsimile: (310) 556-2920 
 If to Developer: 

CityCenter Vdara Development, LLC 
 c/o Project CC, LLC 
 3950 Las Vegas Boulevard South 

Las Vegas, Nevada 89109 
 Attention: Assistant General Counsel 
 Facsimile: (702) 632-9878 

With a copy to: 
 Project CC, LLC 
 3780 Las Vegas Boulevard South 

Las Vegas, Nevada 89109 
 Attention: Vice President and General Counsel 
 Facsimile: (702) 862-1586

 and 

With a copy to: 
 Christensen, Glaser, Fink, Jacobs, Weil & Shapiro, LLP 
 10250
Constellation Boulevard, 19th Floor 
 Los Angeles, California 90067-6219 

Attention: Peter M. Weil, Esq. 
 Facsimile: (310) 556-2920 
 and 

With a copy to: 
 INFINITY WORLD DEVELOPMENT CORP 
 c/o: Dubai World 

Emirates Towers, Level 47 
 Sheikh Zayed Road 
 P. O. Box 17000 

Dubai, United Arab Emirates 

  
 52 

 Attention: Mr. Kar Tung Quek 

Facsimile: 011-971-4-361-2530 
 and 
 With a copy to: 

INFINITY WORLD DEVELOPMENT CORP 
 c/o: Dubai World 
 Emirates Towers, Level 47 

Sheikh Zayed Road 

P. O. Box 17000 

Dubai, United Arab Emirates 
 Attention: DW Representative 
 Facsimile: 011-971-4-361-2530 

and 
 With a
copy to: 
 Paul, Hastings, Janofsky & Walker, LLP 

515 South Flower Street, 25th Floor 
 Los Angles, California 90071 
 Attention: Rick S. Kirkbride, Esq. 

Facsimile: (213) 996-3261 
 If to MGM MIRAGE: 
 MGM MIRAGE 

3950 Las Vegas Boulevard South 
 Las Vegas, Nevada 89119 
 Attention: General Counsel 

Facsimile: (702) 693-7268 
 With a copy to: 
 Christensen, Glaser, Fink, Jacobs, Weil &
Shapiro, LLP 
 10250 Constellation Boulevard, 19th Floor 

Los Angeles, California 90067-6219 
 Attention: Peter M. Weil, Esq. 
 Facsimile: (310) 556-2920 

21.34.2 Addresses for Reporting Submissions and Property-Level Information. With respect to the reports and other
information, materials or documents prepared by Operator in accordance with the provisions of this Agreement which are created or produced for the purpose of providing operating or financial reporting information for the

  
 53 

 
Condo-Hotel, Operator shall provide copies of all such items to the DW Representative at the address provided above: 
 [SIGNATURES ON FOLLOWING PAGE] 

  
 54 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the
Effective Date. 
  

			
	DEVELOPER:
	
	CITYCENTER VDARA DEVELOPMENT, LLC,
a Nevada limited liability company
		
	By:	 	/s/ Bryan L. Wright
	Name: Bryan L. Wright
	Title: Authorized Representative

  

			
	OPERATOR:
	
	 VDARA CONDO HOTEL, LLC,

 a Nevada limited liability company

		
	By:	 	/s/ Bryan L. Wright
	Name: Bryan L. Wright
	Title: Assistant Secretary

 With respect to its obligations pursuant to ARTICLE 12,  

ARTICLE 17, Section 3.1.3, Section 3.4, Section 21.5 and Section 3.1.3 only; 

provided, however, that the provisions of Section 21.5 are not in 
 any manner limited by specific reference to the foregoing provisions. 
 MGM MIRAGE:

 MGM MIRAGE, 
 a Delaware
corporation 
  

			
		
	By:	 	/s/ Bryan L. Wright
	Name: Bryan L. Wright
	Title: Senior Vice President, Assistant General Counsel and Assistant Secretary

  
 55 

 EXHIBIT A 

MASTER GLOSSARY OF DEFINITIONS 
 “A la Carte Services” shall have the meaning ascribed to such term in Section 5.2.2. 
 “Accounting Month” shall mean a full calendar month (or partial calendar month if at the beginning or end of the Term). 

“Affiliate” shall mean (a) any person directly or indirectly controlling, controlled by or under common control
with such other person; and (b) any member of the immediate family (e.g., grandmother, grandfather, father, mother, son, daughter, brother, sister, aunt, uncle, niece, nephew, grandson or granddaughter) of any of the foregoing persons;
provided, however, that none of Mr. Kirk Kerkorian, Tracinda Corporation, any other corporation or entity controlled by Mr. Kirk Kerkorian (other than MGM MIRAGE or its subsidiaries), the Government of Dubai, the United Arab Emirates or
any corporation or entity controlled by the Government of Dubai or the United Arab Emirates (other than DW Member or its subsidiaries) shall be deemed an Affiliate of any Operator, MGM MIRAGE, Owner, or DW Member. For purposes hereof, the term
“control” shall mean the possession directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, either alone or in combination with any one or more persons. 

“Agreement” shall have the meaning ascribed to such term the opening paragraph of this Agreement. 

“Alteration” shall mean any alteration, change, renovation or refurbishing, improvement or rebuilding of, or addition
to, the Improvements (as hereinafter defined) or any part thereof, structural or otherwise. 
 “Annual
Statement” shall have the meaning ascribed to such term in Section 11.4. 
 “Articles”
shall mean the Articles of Incorporation of the Condominium Association as filed or to be filed in the office of the Secretary of State of the State of Nevada, as such Articles may be amended from time to time. 

“Association Management Agreement” shall have the meaning ascribed to such term in Section 5.4. 

“Base Management Fee” shall have the meaning ascribed to such term in Section 6.1. 

“Board of Directors” shall have the meaning ascribed to such term in the Joint Venture Agreement. 

“Business Days” means each day other than a Saturday, Sunday or any day observed by the Federal, State of Nevada or
local government in Las Vegas, Nevada as a legal holiday. 
 “Bylaws” shall mean the Bylaws of the Condominium
Association, as such Bylaws may be amended from time to time. 

  
 1 

 “Capital Budget” shall mean the capital budget showing expenditures
required for Routine Capital Improvements and Capital Improvements to the Condo-Hotel for each Operating Year and the purchases of Equipment to be funded out of the Reserve Fund, Working Capital, or other sources of funds, as applicable. 

“Capital Improvements” shall mean all Alterations whose costs are not charged to repairs and maintenance in accordance
with GAAP and consistent with the financial statements of, and formats for, wholly owned properties of MGM MIRAGE. 

“Casualty” shall mean any fire, flood or other act of God or casualty that results in damage or destruction to the
Condo-Hotel or any component thereof. 
 “CCL” shall have the meaning ascribed to such term as set forth in the
Recitals. 
 “Central Plant” shall mean the on-site central plant to be governed by a central plant agreement
that will be executed in the future. 
 “Centralized Services” shall have the meaning ascribed to such term in
Section 12.1. 
 “Certified Financial Statements” shall mean the annual financial statements of
Owner audited by the Company Accountant for each applicable Operating Year in accordance with the Joint Venture Agreement, together with the opinion of the Company Accountant thereon based on such audit. 

“CityCenter Project” shall mean, collectively, the Condo-Hotel, the Veer Component, the Mandarin Component, the Harmon
Component, the Crystals Component, and the Other Project Component. 
 “Claim” shall mean any and all claims,
demands, damages, judgments, costs, losses, penalties, fines, liens, suits, and expenses and liabilities, including, without limitation, attorneys’ fees and costs and expenses incident thereto. 

“Common Expenses” shall have the meaning ascribed to such term in Section 1.30 of the Declaration. 

“Compensation” shall mean all compensation and other benefits for Personnel, including, without limitation, salaries,
usual and customary fringe benefits, including health, life and disability insurance, pension and profit sharing plans, stock options, stock appreciation rights and other equity compensation plans, payroll taxes and any other remuneration or
expenses of such Personnel, prorated, with respect to Other Personnel, to take into account the portion of such individual’s time devoted or allocated to providing services to the Condo-Hotel. 

“Complimentaries” shall mean any goods or services provided to customers free of charge, at a discounted rate or in the
form of a rebate or credit. Such goods or services may include, for example, rooms, food and beverage, spa services and retail merchandise. Complimentaries may be provided to customers pursuant to a discretionary incentive program, targeted to
either past, current or potential customers. Complimentaries may be provided to customers pursuant to a nondiscretionary incentive program, such as a loyalty program. 

  
 2 

 “Component” shall mean any of the Mandarin Component, Condo-Hotel, Harmon
Component, Vdara Component, Crystals Component, Veer Component or Other Project Component, in each case, in its entirety taken as a whole. 
 “Concurrent Agreements” shall have the meaning ascribed to such term as set forth in Section 21.28. 
 “Condemnation” shall have the meaning ascribed to such term as set forth in Section 18.2. 
 “Condominium Association” shall mean the association of the owners of the condominium units formed pursuant to the Condominium Documents. 

“Condo-Hotel” shall have the meaning ascribed to such term as set forth in the Recitals. 

“Condominium Documents” shall mean the Declaration, the Bylaws, the Articles, any rules and regulations established
pursuant to the Declaration and any other documents that govern the organization or operation of the Condominium Association or the operation of the Condo-Hotel, as may be amended from time to time. 

“CPI” shall mean that certain index published by the United States Department of Labor, Bureau of Labor Statistics,
known as the Consumer Price Index For All Urban Consumers, (1982 - 1984 - 100) for the market area that includes the Condo-Hotel. When adjusting an amount for a change in the CPI, the amount in question shall be determined by multiplying such amount
by a fraction, the numerator of which is the CPI as of the date the adjustment is to occur, and the denominator of which is the CPI applicable to such amount as of the date the base period at issue commenced. If such index does not exist on any
adjustment date in the same format as referred to in this paragraph, Owner shall substitute in lieu thereof an index reasonably comparable to such index referred to above which is then published by the Bureau of Labor Statistics, or successor or
similar governmental agency, or if no governmental agency then publishes an index, Owner shall substitute therefor any comparable index then published by a reputable private organization. 

“CPI Annual Percentage Increase” shall have the meaning ascribed to such term in Section 9.1.4(c).

 “Crystals Component” shall mean the retail and entertainment facility located within the CityCenter Project.

 “Crystals Retail Management Agreement” shall mean that certain Retail Management Agreement dated as of
November 15, 2007 by and among The Crystals at CityCenter Management, LLC, a Nevada limited liability company, Project CC and MGM MIRAGE, a Delaware corporation, as amended from time to time by the parties thereto in writing. 

“Cure Right” shall have the meaning ascribed to such term in Section 16.2. 

“Daily Transient Rental Fee” shall have the meaning ascribed to such term in Section 9.5(b)(ii) of the Declaration.

  
 3 

 “Declaration” shall have the meaning ascribed to such term in the Recitals.

 “Developer” shall have the meaning ascribed to such term in the introductory paragraph. 

“Development Management Agreement” shall mean that certain Development Management Agreement dated November 15, 2007
by and between Development Manager and Owner (as defined in the Hotel and Casino Management Agreement). 
 “Development
Manager” shall mean Project CC. 
 “Dubai World Restricted Affiliates” shall have the meaning ascribed
to such term in Section 21.24.1(b). 
 “DW Member” shall mean Infinity World Development Corp, a
Nevada corporation (as successor-in-interest to Dubai World, a Dubai, United Arab Emirates government decree entity), its successors and assigns. 
 “DW Member Representative” shall have the meaning ascribed to such term in Section 21.19.2. 
 “DW Representative” shall have the meaning ascribed to such term in Section 7.1.5. 
 “EBITDAM” means Gross Revenue less (i) Operating Expenses and (ii) the Base Management Fee. 
 “Effective Date” shall mean November 15, 2007. 

“Environmental Law” shall mean any current or future governmental rule, regulation, law, regional or international
treaty and/or other enactment now or hereafter in effect and applicable to the CityCenter Project or any portion thereof or to activities carried on thereat or with respect thereto (whether of a national, regional, state, international or local
government, agency or instrumentality), regulating, relating to, or imposing liability or standards of conduct concerning the use, generation, treatment, storage, disposal or abatement of Hazardous Materials. 

“Equipment” shall mean a collective term for the Furniture, Fixtures, Structural Repairs and Equipment and the Operating
Equipment. 
 “Event of Default” shall have the meaning ascribed to such term as set forth in
Section 17.1.1. 
 “Federal and State Securities Laws” shall have the meaning ascribed to such term
as set forth in Section 21.33.1. 
 “Financing Instrument” shall mean any agreement(s) and
instrument(s) relating to any debt proceeds that may finance the development and/or operation of the Condo-Hotel (or any component thereof) from time to time, whether or not secured by a Mortgage, together with all promissory notes, loan agreements
and other documents relating thereto, as the same may exist from time to time pursuant to the terms of this Agreement. 

  
 4 

 “Force Majeure Event” shall mean any one or more of the following events or
circumstances that, alone or in combination, directly or indirectly adversely affects the operation of the Condo-Hotel or any component thereof: fire, earthquake, storm or other casualty; strikes, lockouts, or other labor interruptions; war,
rebellion, riots, acts of terrorism, or other civil unrest; acts of God or of any government; disruption to local, national or international transport services; shortages of materials, epidemics, quarantine or any other public health restrictions or
public health advisories; or any other similar event beyond the Parties’ reasonable control (but excluding causes which can be controlled by the expenditure of money in accordance with usual business practices and the Project Budgets). Changes
in market conditions, without another event or circumstance affecting the Condo-Hotel (or any component thereof) as enumerated above, shall not constitute a Force Majeure Event. 

“Furniture, Fixtures, Structural Repairs and Equipment” shall mean all furniture, furnishings, fixtures and equipment
required for the operation of the Condo-Hotel at the Operating Standard, including, without limitation: carpeting and other floor coverings, draperies, fabrics, paintings, works of art, bedspreads, and television sets; office furniture, fixtures,
equipment and machines, including safes, cash registers, and accounting, duplicating and communication machines and equipment; guest room and lobby furniture; specialized hotel and restaurant equipment, such as equipment required for the operation
of kitchens, laundries, the front desk, dry cleaning facilities, bars and cocktail lounges, and special lighting and other equipment, vehicles, material handling equipment, and cleaning equipment and all other fixtures, equipment, apparatus and
personal property needed for such purpose, other than Operating Equipment, Operating Supplies, and fixtures attached to and forming part of the Improvements and structural repairs 

“GAAP” shall mean generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been generally accepted by a
major accounting firms in the United States. Any accounting terms not otherwise defined herein shall be construed and applied according to such generally accepted accounting principles. 

“Gaming” shall mean any game played with cards, dice, equipment or any mechanical, electromechanical or electronic
device or machine for money, property, checks, markers or any representative of value, including, without limiting the generality of the foregoing, faro, monte, roulette, keno, bingo, fan-tan, twenty-one, blackjack, seven-and-a-half, big injun,
klondike, craps, poker, chuck-a-luck, Chinese chuck-a-luck (dai shu), wheel of fortune, chemin de fer, baccarat, pai gow, beat the banker, panguingui, slot machine, any banking or percentage game, race and sport activities or any other game or
device approved by the Nevada Gaming Authorities. 
 “Governmental and Regulatory Authority” shall mean any
court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality of the United States, any foreign country or any domestic or foreign state, county, city or other political subdivision. 

“Gross Revenue” shall mean, (a) with respect to the Condo-Hotel, all revenue and income derived directly from the
operation of the Condo-Hotel and properly attributable to such 

  
 5 

 
period, including rentals or other payments from tenants lessees, licensees or concessionaires (but not including their gross receipts); (b) parking fees derived from parking operations;
(c) revenues from providing Hotel Related Services, A la Carte Services, Transient Services and other services; (d) one hundred percent (100%) of the revenues generated by Participating Units prior to the distribution of any amounts
to Owner and to Unit Owners, whether on a cash basis or credit, determined in accordance with GAAP; and (e) the Daily Transient Rental Fee and the Monthly Transient Rental Fee actually paid pursuant to the Declaration, but expressly excluding
the following: (i) sales, occupancy, value added, use, excise taxes and similar taxes imposed by a Governmental and Regulatory Authority and collected directly from patrons or guests, or as a part of the sales price of any goods, services, or
displays, including gross receipts, admission, cabaret and similar taxes; (ii) receipts from the financing, sale or other disposition of capital assets and other items not in the ordinary course of the Condo-Hotel’s operations and income
derived from securities and other property acquired and held for investment; (iii) receipts from any Condemnation, but only to the extent that such amounts are specifically identified as compensation for alterations or physical damage to the
Condo-Hotel; (iv) proceeds of any insurance, including the proceeds of any business interruption insurance; (v) rebates, discounts or credits for any goods or services provided by Operator of the Condo-Hotel (provided that charge and
credit card commissions shall not reduce Gross Revenue, but shall constitute an Operating Expense); (vi) any mark-up charged by wholesalers renting Residential Units and not paid to Owner; (vii) to the extent not received by Owner, any and
all lease and related payments received by Unit Owners of Residential Units that are leased to third parties for more than three hundred sixty-five (365) days; (viii) to the extent not received by Owner, any and all rental or other
consideration received by Unit Owners of Residential Units that are not in the Rental Program or that are bartered or otherwise used for non-rental purposes during any owner occupancy period under the Rental Program; (ix) to the extent not
received by Owner, any and all reservation or similar fees that are paid to any third party rental agent by any Unit Owner renting their Residential Unit through a third party rental agent; (x) HOA Fees or any other amounts paid by Unit Owners
to third parties including property taxes, insurance premiums, etc.; and (xi) deemed revenue attributable to occupancy of Participating Units by any person at rates lower than published rates or free of charge or attributable to dining by any
person at the restaurants or lounges located at the Condo-Hotel at a discounted rate or free of charge, except in either case to the extent the cost of any such complimentary items or any portion thereof are actually reimbursed by any Affiliate of
MGM Member and/or MGM MIRAGE. 
 “Guaranteed Obligations” shall have the meaning ascribed to such term in
Section 21.5.1. 
 “Harmon Component” shall mean the Harmon hotel and residences. 

“Hazardous Materials” shall mean any substance or material containing one or more of the following: hazardous material,
hazardous waste, hazardous substance, regulated substance, petroleum, pollutant, contaminant or asbestos, as such terms are defined in any applicable Environmental Law, in such concentration(s) or amount(s) as may require clean-up or removal, or
which could reasonably be expected to present a risk of harm to guests, invitees or Personnel. 
 “HOA Fees”
shall mean those amounts collected as homeowner association dues by the Condominium Association from Unit Owners as set forth in the Declaration. 

  
 6 

 “Hotel and Casino Management Agreement” shall mean that certain Hotel and
Casino Operations and Hotel Assets Management Agreement, of even date herewith, by and among CityCenter Hotel & Casino, LLC, a Nevada limited liability company and Project CC (and, as they may be designated now or in the future, each
manager), MGM MIRAGE, and Owner. 
 “Hotel Related Services” shall have the meaning ascribed to such term in
Section 3.11 of the Declaration. 
 “Hotel Unit” shall have the meaning ascribed to such term in the
Declaration. 
 “Hotel Unit Owner” shall have the meaning ascribed to such term in the Declaration. 

“House Accounts” shall mean any house accounts established by Operator in addition to the Operating Account and the
Reserve Fund as established by Operator to maintain petty cash funds at the Condo-Hotel. 
 “Impositions” shall
mean all taxes (including but not limited to all hotel occupancy, personal property, sales, use and real property taxes), assessments, water, sewer or other rents, rates and charges, levies, license fees, permit fees, inspection fees, and any other
authorization fees and charges, which at any time may be assessed, levied, confirmed or imposed on or with respect to the Condo-Hotel (including any portion or department thereof) or the furnishing, equipping, use or operation thereof. 

“Improvements” shall mean all improvements which currently exist or in the future exist on the Condo-Hotel including, if
any, (i) the building containing the Residential Units; (ii) restaurant, laundry and other commercial space, meeting rooms and public rooms; (iii) back and front offices; (iv) storage and service areas; and (v) all Equipment
attached to, forming a part of and necessary for the operation of such building, structures or improvements (including, without limitation, ventilating, plumbing, air conditioning, electrical, refrigeration and acoustical systems). 

“Infrastructure” shall mean the structures, buildings and other improvements except any structure, building or
improvement comprising the Condo-Hotel. 
 “Incentive Management Fee” has the meaning ascribed to such term in
Section 6.1. 
 “Insurance Requirements” shall mean all terms of each insurance policy and all
orders, rules, regulations and other requirements of the National Board of Fire Underwriters applicable to the Condo-Hotel and/or each component thereof, or the construction, furnishing, equipping or operation thereof, excluding recommendations of
the insurance carriers. 
 “Inter-Company Agreement” shall mean that certain Amended and Restated Agreement
made and entered into as of November 14, 2007, by and among BELLAGIO, LLC, a Nevada limited liability company, RESTAURANT VENTURES OF NEVADA, LLC, a Nevada limited liability company, as successor in interest to RESTAURANT VENTURES OF NEVADA,
INC., TREASURE ISLAND CORP., a Nevada corporation, VICTORIA PARTNERS, a Nevada general partnership doing business as Monte Carlo Resort & Casino, MIRAGE RESORTS, INCORPORATED, a Nevada corporation, for itself and as successor in interest to

  
 7 

 
BOARDWALK CASINO, INC. and THE APRIL COOK COMPANIES, Project CC, CCL, CTTYCENTER BOUTIQUE RESIDENTIAL DEVELOPMENT, LLC, a Nevada limited liability company, CITYCENTER HARMON DEVELOPMENT, LLC, a
Nevada limited liability company, Developer, and CITYCENTER VEER TOWERS DEVELOPMENT, LLC, a Nevada limited liability company, formerly known as CITYCENTER VEER WEST DEVELOPMENT, LLC and as successor by merger to CTTYCENTER VEER EAST DEVELOPMENT,
LLC. 
 “Joint Venture” shall mean CityCenter Holdings, LLC, a Delaware limited liability company. 

“Joint Venture Agreement” shall mean that certain Limited Liability Company Agreement of CityCenter Holdings LLC dated
as of August 21, 2007, by and between MGM Member and DW Member, as amended by that certain Amendment No. 1 to the Joint Venture Agreement dated as of November 15, 2007 as the same may be further modified, amended and restated from
time to time in writing. 
 “Key Personnel” shall mean the Condo-Hotel’s (i) general manager,
(ii) director of food and beverage, (iii) director of sales and marketing, and (iv) director of finance (or controller). 
 “Legal Requirements” shall mean all laws (including Environmental Laws), statutes, ordinances, orders, rules, regulations, permits, licenses, authorizations, directions and requirements
of all Governmental and Regulatory Authority (including, without limitation, all appropriate beverage control authorities) and public utilities which now or hereafter may be applicable to the Condo-Hotel or any component thereof or the furnishing,
equipping or operation thereof. 
 “Major Decision” shall have the meaning ascribed to such term in the Joint
Venture Agreement. 
 “Managing Member” shall have the meaning ascribed to such term in the Joint Venture
Agreement. 
 “Mandarin Component” shall mean the 400-room Mandarin Oriental hotel and residences. 

“Material Event of Default” shall have the meaning ascribed to such term as set forth in Section 17.3.3.

 “Members” shall mean, collectively, the MGM Member and the DW Member. 

“MGM Guest Data” shall mean all guest or customer contact information (e.g., addresses, phone numbers, facsimile numbers
and email addresses), customer profiles, histories, preferences and similar information in any database of Operator or its Affiliates, including information gathered through MGM MIRAGE’s guest loyalty program, or otherwise through the websites
and databases operated or maintained by MGM MIRAGE in connection with Operator Group Hotels or any facility associated with Operator Group Hotels (such as restaurants and spas), but specifically excluding the CityCenter Guest Data. 

  
 8 

 “MGM Member” shall mean Project CC, in its role as Managing Member, its
successors and assigns. 
 “MGM MIRAGE” shall mean MGM MIRAGE, a Delaware corporation. 

“MGM MIRAGE Restricted Affiliates” shall have the meaning ascribed to such term in Section 21.24.1(b).

 “Monthly Statements” has the meaning ascribed to such term in Section 11.3. 

“Monthly Transient Rental Fee” shall have the meaning ascribed to such term in Section 9.5(b)(i) of the
Declaration. 
 “Mortgage” shall mean any real estate, leasehold, chattel mortgage, security agreement,
mortgage, security deed or similar document or instrument encumbering the Condo-Hotel (or any component thereof) or any interest therein, together with all promissory notes, loan agreements or other documents relating thereto. 

“Mortgagee” shall mean any holder or beneficiary of a Mortgage. 

“Nevada Gaming Authorities” shall mean, collectively, the Nevada Gaming Commission, the Nevada State Gaming Control
Board, and all other state and local regulatory and licensing bodies with authority over gaming activities and devices in the State of Nevada. 
 “Opening Date” shall mean the date on which construction of the Condo-Hotel is substantially completed (with the exception of punch list items) and shall be open for business to the
general public. 
 “Operating Account” shall mean the bank account established for the Condo-Hotel in
accordance with this Agreement. 
 “Operating Equipment” shall mean all chinaware, glassware, linens,
silverware, flatware and hollowware, uniforms, kitchen utensils, and other items of a similar nature required for the operations of the Condo-Hotel in accordance with the Operating Standard. 

“Operating Expenses” means with respect to the Condo-Hotel, all ordinary and necessary expenses incurred in the
operation of the Condo-Hotel as determined in accordance with GAAP, excluding all (i) income taxes; (ii) any depreciation and amortization; (iii) Pre-Opening expenses; (iv) asset write-downs; (v) impairments; (vi) costs
incurred in connection with any litigation pertaining to the sales and marketing of the Residential Units or any Casualty or Condemnation; and (vii) any interest expense. 
 “Operating Fee” shall have the meaning ascribed to such term in Section 6.1. 
 “Operating Standard” shall mean, subject to the limitations of the Project Budget and the availability of funds, the standards according to which the Condo-Hotel (and any component
thereof) is to be operated, maintained, furnished, equipped and refurbished, that is, as reasonably deemed necessary by Operator (a) with respect to the Condo-Hotel, at a level of service and

  
 9 

 
quality generally considered to be “world class luxury level,” (b) in accordance with the terms of all Financing Instruments, including, but not limited to, any Mortgage,
(c) in accordance with, subject to Section 9.1.5, the applicable approved Project Budget, and (d) in a manner reasonably expected to: (i) protect and preserve the assets that comprise the Condo-Hotel (and any component
thereof), and (ii) maximize the profitability and value of both the Condo-Hotel as a whole, and any component thereof, over the ensuing five (5) year period. 
 “Operating Supplies” shall mean the following items and inventories thereof: food and beverage and other immediately consumable items used in the operation of a condo-hotel, such as fuel,
soap, light bulbs, mechanical stores, cleaning material, matches, stationary, paper supplies, and similar items. 

“Operating Year” shall mean a full calendar year, except that the first Operating Year for the Condo-Hotel shall
commence on the Opening Date, and the last Operating Year shall end on the expiration of the Term, unless sooner terminated pursuant to the provisions of this Agreement. 
 “Operator” shall have the meaning ascribed to such term in the opening paragraph of this Agreement. 
 “Operator Group Hotels” shall mean all hotels in the United States that are owned or managed by Operator and/or its Affiliates. 

“Operator Representative” shall have the meaning ascribed to such term as set forth in Section 21.19.2. 

“Other Personnel” shall mean all individuals, other than Project Personnel and such executive officers of MGM MIRAGE who
are subject to reporting obligations under Section 16(a) of the Securities Exchange Act of 1934, performing services in the name of the Condo-Hotel (or any component thereof), regardless of the identity of the employer of such individuals.

 “Other Project Component” shall mean the fire station, people mover station, garage, Infrastructure, and the
Central Plant, collectively. 
 “Owner” shall mean a to-be-formed entity (which will likely be the Hotel Unit
Owner) to which this Agreement shall be assigned by Developer. To the extent there are any future “Owners,” each such “Owner” shall be required to sign a joinder agreement in the form attached hereto as Exhibit C.

 “Participating Unit” shall mean a Residential Unit that is subjected to the terms and conditions of a Rental
Program Agreement. 
 “Parties” or “Party” shall have the respective meanings ascribed to such
terms in the introductory paragraph of this Agreement. 
 “Performance Test Failure” shall have the meaning
ascribed to such term in Section 16.1. 
 “Performance Test Period” shall have the meaning ascribed
to such term in Section 16.1. 

  
 10 

 “Personnel” shall mean the Project Personnel and Other Personnel.

 “Pre-Opening Budget” shall have the meaning ascribed to such term as set forth in Section 4.1.

 “Pre-Opening Expenses” shall have the meaning ascribed to such term as set forth in Section 4.2.

 “Pre-Opening Services” shall mean such pre-opening services for the Condo-Hotel set forth in
Section 4.1. 
 “Project Agreements” shall mean this Agreement, the Hotel and Casino Management
Agreement, and the Crystals Retail Management Agreement. 
 “Project Budget” shall mean the various operating
budgets and Capital Budgets prepared for the Condo-Hotel in accordance with this Agreement and as required under the Condominium Documents. 
 “Project CC” shall mean Project CC, LLC, a Nevada limited liability company. 
 “Project Personnel” means all individuals dedicated to the Condo-Hotel (or any component thereof) on a full time basis and performing services in the name of the Condo-Hotel (or any
component thereof), regardless of the identity of the employer of such individuals, including, but not limited to, the Key Personnel. 
 “Proprietary Information” shall mean all intellectual property relating to Operator or any of its Affiliates, the business affairs of a Operator or any of its Affiliates, or any hotel,
condo-hotel, resort, restaurant, café, club or other similar operation, spa or similar facility (or amenity thereto) which a Operator or any of its Affiliates owns, leases, operates or franchises, including, without limitation:
(i) Trademarks; (ii) proprietary software (including proprietary applications and interface software specifically acquired, developed or modified in whole or in part by or for Operator or its Affiliates) used in the operation of the
Condo-Hotel; (iii) MGM Guest Data; (iv) creative material relating to the operating and design standards of any hotel or resort owned, leased, operated or franchised by Operator or any of its Affiliates, including artwork, graphics,
collateral, promotions, designs, layouts and prototypes; and (v) all trade secrets and copyrightable or patentable subject matter (including, by way of example, operational manuals, procedures, methods, techniques, ideas and know-how)
developed, acquired, or licensed by Operator or any of its Affiliates in the operation of the Condo-Hotel or in any other hotel owned, leased, operated or franchised by Operator or any of its Affiliates, and all intellectual property rights relating
to any of the foregoing. 
 “Purchasing Program” shall mean programs made by Owner and/or its Affiliates for
the purchase of certain Equipment or Operating Equipment from time to time to the Operator Group Hotels (whether on a national, regional, mandatory, optional or other basis). 
 “Quarterly Period” shall mean a three-month period ending on March 31, June 30, September 30, and December 31 of each Operating Year. 

  
 11 

 “Quarterly Statements” shall have the meaning ascribed to such term in
Section 11.3. 
 “Reimbursable Expenses” has the meaning ascribed to such term in
Section 6.3. 
 “Reimbursable Services” has the meaning ascribed to such term in
Section 12.3. 
 “Remedy” shall have the meaning ascribed to such term in
Section 21.5.1(b). 
 “Rental Program” shall have the meaning ascribed to such term in
Section 5.3.1. 
 “Rental Program Agreement” shall mean a rental program agreement entered into by
a Unit Owner with an Affiliate of Owner for the rental of a Residential Unit in accordance with the Rental Program. 

“Replacement Reserve Amount” shall have the meaning ascribed to such term in Section 10.2.1. 

“Reporting Period Statements” shall have the meaning ascribed to such term in Section 11.3. 

“Reserve Fund” shall have the meaning ascribed to such term in the Declaration. 

“Residential Units” shall have the meaning ascribed to such term in the Recitals. 

“Resort Hotel and Casino” shall mean, collectively, the approximately four thousand (4000) room resort and hotel
located within the CityCenter Project and all related facilities. 
 “Routine Capital Improvements” shall mean
(i) Alteration to the Equipment and (ii) certain routine repairs and maintenance to the Condo-Hotel which are normally capitalized and classified as “capital expenditures” under GAAP (e.g., interior repainting, resurfacing
interior walls, floors and ceilings and resurfacing parking areas), but expressly excluding Capital Improvements. 

“Shared Components” shall have the meaning ascribed to such term in Section 1.83 of the Declaration. 

“Shared Components Reserve Fund” shall have the meaning ascribed to such term in Section 10.2.1. 

“Successor” shall have the meaning ascribed to such term in Section 21.7.1(a). 

“Term” has the meaning ascribed to such term in Section 2.1. 

“Third-Party Operated Areas” shall mean any areas of the Condo-Hotel operated by Third-Party Operators. 

“Third-Party Operators” shall mean third parties that operate certain areas of the Condo-Hotel not otherwise operated by
Operator. 

  
 12 

 “Trademarks” shall mean the trademarks, trade names, service marks and
copyrights owned or controlled by Operator or any of its Affiliates, and any related marks, logos or symbols, together with the right to use any and all slogans, derivations, trade secrets, know-how and trade dress and all other proprietary rights
associated with such names, marks and slogans, owned or controlled by Operator or its Affiliates. 
 “Transient
Services” shall mean those services contemplated in the Declaration to be provided in exchange for the Daily Transient Rental Fee (i.e., housekeeping and linen and other in-room services that are commonly furnished in a full-service hotel)
and the Monthly Transient Rental Fee (i.e., providing additional staff and hotel services, general marketing benefiting the Condo-Hotel and the Residential Units, obtaining and maintaining Condo-Hotel licenses and permits, operating and maintaining
a management software system and accounts receivable services). 
 “Transfer” shall mean any direct or indirect
sale, assignment, transfer, exchange, conveyance, leasing or other disposition or transfer, for value or otherwise, voluntary or involuntary, by operation of law or otherwise. 
 “Uncontrollable Expenses” shall mean those certain expenses, including real estate and personal property taxes, utilities, insurance premiums, license, permit fees and charges provided
for in contracts and leases entered into pursuant to this Agreement, or prices or fees charged by third parties for goods and services, in each case, that are not within the ability of Operator to control. 

“Unit Owners” shall have the meaning ascribed to such term in the Recitals. 

“Vdara Condo Hotel Holdings” shall have the meaning ascribed to such term as set forth in the Recitals. 

“Veer Component” shall mean the twin luxury condominium towers located within the CityCenter Project. 

“Working Capital” shall mean, with respect to the Condo-Hotel, funds which are reasonably necessary for the day-to-day
operation of the Condo-Hotel’s business in accordance with this Agreement, provided, however, that Owner’s obligations to provide Working Capital shall be limited in accordance with Section 5.5.2. 

  
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 EXHIBIT B 

OTHER CORPORATE ALLOCATIONS 
 Call Center 
 Community Affairs/Diversity 
 Design Center 
 Energy Management 
 Graphic Arts 
 Human Resources (Corp.) 
 Internal Audit 
 Internet/Leisure Sales (Corp.) 

Loyalty Marketing 
 Public Relations 

Purchasing (Corp.) 
 Retail (Corp.) 

Risk Management (Corp.) 
 Security (Corp.)

 Shared Services 

 AMENDMENT NO. 1 

TO 

CONDO-HOTEL OPERATIONS MANAGEMENT AGREEMENT 
 This Amendment No. 1 to Condo-Hotel Operations Management Agreement (this “Amendment”) is dated and entered into as of April 29, 2009 (the “Amendment Effective
Date”) by and among VDARA CONDO HOTEL, LLC, a Nevada limited liability company (“Operator”), and CITYCENTER VDARA DEVELOPMENT, LLC, a Nevada limited liability company (“Developer”, on behalf of Owner). Operator
and Owner are sometimes referred to collectively in this Amendment as the “Parties” and individually as a “Party”. 
 RECITALS 
 WHEREAS, Operator and Developer (on behalf of Owner) entered
into that certain Condo-Hotel Operations Management Agreement (the “Agreement”) dated November 15, 2007, with respect to the subject matters set forth therein; and 

WHEREAS, the Parties desire to amend the Agreement as set forth in this Amendment. 

NOW, THEREFORE, in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties hereto hereby agree as follows: 
 Section 1 Defined Terms. Each
capitalized term used and not defined herein shall have the meaning assigned to it in the Agreement (as amended hereby). 
 Section 2
Amendment to the Agreement. Effective as of the Amendment Effective Date, the Agreement is hereby amended as follows: 
 2.1 Project Budget: Section 9.1.1 is hereby deleted in its entirety and replaced with the following: 

“9.1.1 Preparation of Proposed Project Budget. No later than ninety (90) days prior to the Opening Date,
Operator shall prepare and submit to Owner the Project Budget for the Condo-Hotel with respect to the first Operating Year for Owner’s review and written approval. Thereafter, at least ninety (90) days prior to the beginning of each
subsequent Operating Year, Operator shall prepare and submit to Owner the Project Budget for such Operating Year for the Condo-Hotel for Owner’s review and written approval. Operator shall act reasonably and exercise prudent business judgment
in preparing each proposed Project Budget” 
 2.2 Books and Records: The following sentence is hereby added
to the end of Section 11.1: “All books and records of the Condo-Hotel shall be located onsite at the Condo-Hotel or at another location which affords reasonable access to all Parties to this Agreement.” 

 2.3 Events of Default: 

(a) The introductory clause of Section 17.1.1 is hereby deleted and replaced in its entirety with the following: 

“17.1.1 Events of Default on the Part of Either Party. The following shall constitute an event of default
under this Agreement (each such event being referred to herein as an “Event of Default”) but each Party acknowledges and agrees that the other Party will not be in default or breach of this Agreement to the extent that such default
or breach arises from an action or omission of the other Party or any of its Affiliates (including without limitation MGM MIRAGE) and, with respect to Owner, to the extent that such default or breach arises regarding a matter that is within the
control of Manager or its Affiliates (including without limitation MGM MIRAGE):” 
 (b) Section 17.1.1(c) is
hereby deleted and replaced in its entirety with the following: 
 “(c) Insolvency. (i) The
institution by a Party of proceedings under any federal or state law for the relief of debtors wherein such Party is seeking relief as debtor, (ii) a general assignment by a Party for the benefit of creditors, (iii) the institution by a
Party of a proceeding for relief under the United States Bankruptcy Code, (iv) the institution against a Party of a proceeding under the United States Bankruptcy Code, which proceeding is not dismissed, stayed or discharged within 60 days after
the filing thereof or, if stayed, which stay is thereafter lifted without a contemporaneous discharge or dismissal of such proceeding, (v) the admission by a Party in writing of its inability to pay its debts as they mature or (vi) the
attachment, execution or other judicial seizure of all or any substantial part of the membership interests, stock, partnership interests or other equity interests in a Party which remains undismissed or undischarged for a period of 15 days after the
levy thereof, if such attachment, execution or other judicial seizure would reasonably be expected to have a material adverse effect upon the performance by such Party of its obligations under this Agreement; provided, however, that
any such attachment, execution or seizure shall not constitute an Event of Default if such Party posts a bond sufficient to fully satisfy the amount of such claim or judgment within 15 days after the levy thereof and the Party’s membership
interests are thereby released from the lien of such attachment (each an “Event of Bankruptcy”); provided, however, that notwithstanding the foregoing or any provision of Delaware law to the contrary, none of the
Events of Bankruptcy enumerated above shall be deemed an Event of Default hereunder until such time as: (a) a chapter 11 trustee or an examiner with expanded powers is appointed to exercise rights otherwise vested in the Party’s estate or
in the Party as debtor in possession, (b) the Event of Bankruptcy is a chapter 7 case in which an order for relief is entered, or a chapter 11 case that has been converted to chapter 7 by entry of an order directing such conversion,
(c) following an Event of Bankruptcy, the Party does not perform its obligations 

  
 2 

 
hereunder, or (d) following an Event of Bankruptcy, the Required Lenders under the Construction Facility declare an event of default thereunder.” 

2.4 Termination Rights: Section 17.4.2 is hereby deleted and replaced in its entirety with the following:

 “17.4.2 At any time during the Term, Operator or its Affiliates cease, collectively, to own directly or
indirectly at least twenty-five (25%) of the equity of Owner;”. 
 2.5 Force Majeure Event: Operator
shall make good faith, reasonable efforts to notify Owner and the DW Member Representative as soon as Operator becomes aware of an Emergency Situation (which must be within twenty-four (24) hours following the Emergency Situation). Operator
will provide immediate notice of a Force Majeure Event to Owner and the DW Member Representative specifying the circumstances of the Force Majeure Event, providing any supporting documentation as may be available to evidence such circumstances, and
shall periodically update Owner and the DW Member Representative on the progress of the Force Majeure Event. 
 2.6 Executive
Negotiations: William Grounds is hereby designated as the DW Member Representation in place of Kar Tung Quek. 

2.7 Replacement of Notice Party: George Dalton hereby replaces Kar Tung Quek as a notice party and copies of written
notices required to be delivered to the attention of Kar Tung Quek on behalf of Infinity World Development Corp shall be delivered to the attention of George Dalton. 
 2.8 Definitions: Exhibit A to the Agreement is hereby amended as follows: 
 (a) The definition of “Project Budget” is amended to read in its entirety as follows: 
 ““Project Budget” shall mean the various operating budgets and Capital Budgets prepared for the Condo-Hotel in accordance with this Agreement, as approved by Owner pursuant to
Section 9.1.2 above.” 
 (b) A new defined term “Emergency Situation” is hereby added to Exhibit
A to the Agreement and shall read as follows: 
 ““Emergency Situation” shall mean a bona fide
emergency situation which creates an imminent risk to life, safety or significant damage to the CityCenter Project.” 

Section 3 Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise
limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Parties under the Agreement. This Amendment shall apply and be effective, only with respect to the provisions of the Agreement specifically referred to herein.
On and after the Amendment Effective Date, each reference in the Agreement to “this 

  
 3 

 
Agreement”, “hereunder”, “hereof”, “herein” or words of like import, shall be deemed a reference to the Agreement as amended hereby. 

Section 4 Governing Law. This Amendment shall be governed by and construed in accordance with the Legal Requirements of the
State of California excluding its conflict of laws principles. In the event of any litigation between the Parties concerning or arising out of this Agreement, the Parties hereby consent to the exclusive jurisdiction of the federal and state courts
in California. 
 Section 5 Counterparts. This Amendment may be executed in two or more counterparts (including by
facsimile or similar means of electronic communication), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 [Signature page follows] 

  
 4 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the Amendment
Effective Date. 
  

			
	DEVELOPER:
	
	 CITYCENTER VDARA DEVELOPMENT, LLC,
 a Nevada limited liability company

		
	By:	 	/s/John M. McManus
	Name:	 	John M. McManus
	Title:	 	Assistant Secretary

  

			
	OPERATOR:
	
	 VDARA CONDO HOTEL, LLC,
 a Nevada limited liability company

		
	By:	 	/s/John M. McManus
	Name:	 	John M. McManus
	Title:	 	Assistant Secretary

  

			
	With respect to its obligations pursuant to ARTICLE 12, ARTICLE 17, Section 3.1.3, Section 3.4, Section 21.5 and
Section 3.1.3 of the Agreement only; provided, however, that the provisions of Section 21.5 are not in any manner limited by specific reference to the foregoing provisions.
	
	MGM MIRAGE:
	
	 MGM MIRAGE,

a Delaware corporation

		
	By:	 	/s/John M. McManus
	Name:	 	John M. McManus
	Title:	 	Senior Vice President, Assistant General Counsel and Assistant Secretary

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO THE 

CONDO-HOTEL OPERATIONS MANAGEMENT AGREEMENT) 

  
 5

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