Document:

Form of Amended and Restated Operating Lease (Casino Component)

 Exhibit 10.14 

 
  

 
 AMENDED AND RESTATED OPERATING
LEASE 
 BETWEEN 

[PROPCO] 
 as
Landlord 
 AND 

[OPCO] 
 as
Tenant 
 Dated: as of August 31, 2010 
  

			
	Premises:	  	The [Casino Components], together with the related Fixtures, such FF&E as is owned by the Landlord and the Leased Personal Property (each capitalized term as defined herein)

		
	Facility Name:	  	[            ]
	Street Address:	  	[            ]
	Town:	  	[            ]
	County:	  	[            ]
	State:	  	[            ]
	Zip Code:	  	[            ]

  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 ARTICLE A CERTAIN LEASE PROVISIONS
	  	1
		
	 ARTICLE B CERTAIN DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	2
			
	 ARTICLE I
	  	PREMISES AND TERM	  	17
			
	 ARTICLE II
	  	BASE RENT; SUPPLEMENTARY RENT; COLLECTION BANK ACCOUNT AND DEPOSITS	  	18
			
	 ARTICLE III
	  	IMPOSITIONS	  	27
			
	 ARTICLE IV
	  	USE AND OPERATION OF PREMISES; DELEGATION TO MANAGER; MANAGEMENT AGREEMENT; TRANSITION SERVICES; MANAGEMENT	  	30
			
	 ARTICLE V
	  	CONDITION OF PREMISES, ALTERATIONS AND REPAIRS	  	31
			
	 ARTICLE VI
	  	INSURANCE	  	33
			
	 ARTICLE VII
	  	DAMAGE OR DESTRUCTION	  	34
			
	 ARTICLE VIII
	  	CONDEMNATION	  	37
			
	 ARTICLE IX
	  	ASSIGNMENT AND SUBLETTING	  	39
			
	 ARTICLE X
	  	SUBORDINATION	  	44
			
	 ARTICLE XI
	  	OBLIGATIONS OF TENANT	  	48
			
	 ARTICLE XII
	  	DEFAULT BY TENANT; REMEDIES	  	52
			
	 ARTICLE XIII
	  	NO WAIVER	  	60
			
	 ARTICLE XIV
	  	ESTOPPEL CERTIFICATE; CONSENT	  	60
			
	 ARTICLE XV
	  	QUIET ENJOYMENT	  	61
			
	 ARTICLE XVI
	  	SURRENDER	  	61
			
	 ARTICLE XVII
	  	ACCESS	  	63
			
	 ARTICLE XVIII
	  	ENVIRONMENTAL MATTERS	  	63
			
	 ARTICLE XIX
	  	FINANCIAL AND REGULATORY REPORTING COVENANTS	  	67
			
	 ARTICLE XX
	  	LICENSED CASINO OPERATIONS	  	68
			
	 ARTICLE XXI
	  	MISCELLANEOUS PROVISIONS	  	74
			
	 SCHEDULE “A”
	  	 PREMISES
	  	Sch. A-1
			
	 SCHEDULE “B”
	  	 OPERATING LEASES
	  	Sch. B-1
			
	 EXHIBIT A
	  	 CASINO/HOTEL COMPONENTS FLOOR PLANS
	  	Ex. A-1

  

 i 

 AMENDED AND RESTATED OPERATING LEASE 

THIS AMENDED AND RESTATED OPERATING LEASE is made as of the
31st day of August, 2010 (as the same may be amended,
modified and/or restated from time to time in accordance with the terms and conditions hereof, this “Lease”), between [PROPCO], a Delaware limited liability company, having an office for the conduct of business at
[            ] (subject to Section 21.3(a) and Section 21.7, “Landlord”), and [OPCO], a
[            ] (subject to Section 21.3(b) and Section 21.7, “Tenant”) having an office for the conduct of business at
[            ]. 
 [WHEREAS, Landlord and Tenant entered into
that certain Operating Lease (Casino Components), dated as of January 28, 2008 (the “Original Lease”); 

WHEREAS, the Original Lease was amended pursuant to that certain First Amendment to Operating Lease dated as of May 22, 2008 (the
“First Amendment;” the Original Lease as modified by the First Amendment, the “Amended Lease”); and 

WHEREAS, Landlord and Tenant now wish to further amend and restate the Amended Lease as set forth herein.] 

W I T N E S S E T H:

 The parties hereto, for themselves, and their administrators, legal representatives, successors and permitted assigns, hereby
covenant as follows: 
 ARTICLE A 

CERTAIN LEASE PROVISIONS 
  

					
	1.	 	Address for the Premises:	  	As set forth on Schedule A hereto.
			
	2.	 	 (a)    “Term”:
	  	A term which is fifteen (15) years, beginning on the Commencement Date (as defined below) and ending on the Expiration Date (as defined below) (the
“Term”).
			
		 	 (b)    “Commencement Date”:
	  	The date of the Original Lease.
			
		 	 (c)    “Expiration Date”:
	  	January 31, 2023, or such earlier date on which this Lease shall terminate or be terminated pursuant to the terms hereof.
			
	3.	 	“Base Rent” for the Premises:	  	(a) For the first Lease Year (as defined below), $[_____] per annum, payable in advance in equal

					
		 		  	consecutive installments of $[_____] on the [_____] Business Day of each month (the “Initial Annual Rent”), which amounts represent the full Initial Annual Rent and
monthly installments thereof for the first Lease Year;
			
		 		  	(b) For the second Lease Year, an amount per annum equal to the Initial Annual Rent multiplied by the Escalation Percentage (as defined below), payable in advance in equal
consecutive installments on the [_____] Business Day of each month;
			
		 		  	(c) For the third and each Lease Year thereafter during the Term, an amount per annum equal to the Base Rent for the immediately prior Lease Year multiplied by the Escalation
Percentage, payable in advance in equal consecutive installments on the [_____] Business Day of each month (the final Lease Year, if less than a full year, to be prorated); and
			
		 		  	(d) The “Escalation Percentage” during the Term shall be one hundred and three percent (103%) per annum.
			
		 		  	Notwithstanding the foregoing, payments of Base Rent in any month shall be made net of payments of Management Fees (as defined below) in respect of such month as and to the extent
provided in Article II.
			
	4.	 	Use of Premises:	  	The operation of the Premises (as defined herein) as a casino, and uses normally incident thereto.
			
	5.	 	Address for Notice:	  	As set forth in Section 21.8

 ARTICLE B

 CERTAIN DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

As used in this Lease, the following terms have the following meanings or are defined in the section of this Lease so indicated:

 “Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in control of, is
controlled by or is under common control with, such Person or is a director or officer of such Person or of an Affiliate of such Person. As used in this definition, the term 

 

 2 

 
“control” means the possession, directly or indirectly, of the power to direct or cause direction of the management and policies of a Person, whether through having ordinary
voting power to elect a majority of the board of directors (or similar governing body) of such Person, by contract, or otherwise. 

“Alterations” is defined in Section 5.4. 

“Alternate Manager” shall have the meaning set forth in the Management Agreement. 

“Alternate Management Agreement” means a management agreement with an Alternate Manager. 

“Bankruptcy Code” means the provisions of 11 U.S.C. Section 101 et seq., as amended from time to time, or any other
present or future Legal Requirement respecting bankruptcy, reorganization, insolvency, readjustment of debts, relief of debtors, dissolution or liquidation, and the rules and regulations promulgated thereunder; in each case as the same may have been
and hereafter may be supplemented, modified, amended, restated or replaced from time to time. 
 “Base Rent” is
defined in Article A, Section 3. 
 “Building” and “Buildings”
respectively mean any one or more of the buildings and the other improvements now or hereafter erected on the Land, including, without limitation, the related Fixtures. 

“Business Day” and “Business Days” shall mean any day other than a Saturday, Sunday or any other day on
which national banks based in New York, New York or [            ] are not open for business. 

“Cash Management Account” shall mean a separate and identifiable account to be held by for the benefit of Mortgagee,
which shall be under the sole dominion and control of Mortgagee, as specified by Mortgagee to Tenant from time to time. 

[“Casino Components” shall mean, collectively, those portions of the Land and Building devoted to the operation of
casino gaming operations, including (without limitation) those areas devoted to the conduct of games of chance, facilities associated directly with gaming operations, including, without limitation, casino support areas such as surveillance and
security areas, cash cages, counting and accounting areas and gaming back-of-the-house areas, in each case, to the extent the operation thereof requires a Gaming License under applicable Gaming Laws, as represented by the marked areas of the floor
plans, attached hereto as Exhibit A.] 
 “Change in Control” shall have the meaning given such term in
the Mortgage Loan Agreement. 
 “Claims” is defined in Section 11.3. 

 

 3 

 “Closing Date” and “Closing” is defined as the
“Original Closing Date” or the “Swap Closing Date”, as applicable, under the Loan Documents. 

“Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

 “Collateral” is defined in Section 2.6. 

“Collateral Agent” means Bank of America, N.A., a bank chartered under the laws of the United States of America, as
collateral agent for the Lender, together with any successors, assigns or replacements in accordance with the applicable Loan Documents. 

“Collection Account” shall mean, individually or collectively as the context indicates, (a) those certain
segregated accounts to be established by Tenant with Collection Bank into which Tenant shall cause all credit card receipts and all Revenues to be deposited pursuant to the terms hereof, and (b) subject to Landlord’s and Mortgagee’s
prior reasonable approval, such replacement collection account or accounts established by Tenant at any successor Collection Bank. 

“Collection Account Agreement” shall mean those certain account control agreements required under the Mortgage Loan
Agreement to be entered into among Mortgagee, Landlord, the Affiliates of Landlord that are landlords under the Other Operating Leases, Tenant, the Affiliates of Tenant that are tenants under the Other Operating Leases, and Collection Bank, as the
same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Collection
Bank” shall mean those Persons that are parties to the Collection Account Agreement from time to time, which Persons must meet the requirements for a Collection Bank set forth in the Mortgage Loan Agreement. 

“Commencement Date” is set forth in Article A, Section 2(b). 

“Customer Data” shall mean all retained data to the extent arising out of customers’ use of the [casino] at the
Premises [including, without limitation, gambler history data]. For clarity, “Customer Data” excludes any data to the extent arising out of customers’ use of other facilities owned by the Tenant’s Affiliates. 

“Default” means the occurrence of an event or condition which with notice or lapse of time or both would become an Event
of Default. 
 “Default Rate” shall mean a rate per annum equal to two percent above the per annum weighted
average interest rate of the Loans from time to time, which as of the date hereof is the sum of five percent (5%) plus LIBOR (as defined in and determined under the Mortgage Loan Documents), but in no event in excess of the amount that may be
legally charged and collected by Landlord from Tenant. 
 “Diligence Activities” shall have the meaning set
forth in the Management Agreement. 
  

 4 

 “Ending Date” is defined in Section 8.2. 

“Environmental Law” and “Environmental Laws” are defined in Section 18.11. 

“Equipment” shall mean, with respect to the [Casino Components], any equipment now or hereafter used at or in connection
with the [Casino Components] or is located thereon or therein (excluding all Gaming Equipment), including all machinery, equipment, furnishings, and electronic data-processing and other office equipment and any and all additions, substitutions and
replacements of any of the foregoing), together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any corresponding or succeeding
provisions of applicable law, and the rules and regulations promulgated thereunder; in each case as the same may have been and hereafter may be supplemented, modified, amended, restated or replaced from time to time. 

“Event of Default” is defined in Section 12.1. 

“Expiration Date” is defined in Article A, Section 2(c). 

“FF&E” shall mean, collectively, all furniture, fixtures, goods, inventory, Equipment, furnishings, objects of art,
machinery, appliances, appurtenances and signage (as such terms are defined in the Uniform Commercial Code, as applicable) together with tools and supplies (including, but not limited to, all spare parts inventories and linen, china, glassware,
tableware, uniforms, other inventory and similar items) and all other similar property now or hereafter located at the [Casino Components] or usable in connection with the present or future operation and occupancy of the [Casino Components]
“FF&E” shall include, without limitation: beds, bureaus, chiffonniers, chests, chairs, desks, lamps, mirrors, bookcases, tables, rugs, carpeting, drapes, draperies, curtains, shades, blinds, screens, paintings, hangings, pictures,
divans, couches, luggage carts, luggage racks, stools, sofas, chinaware, linens, pillows, blankets, glassware, silverware, food carts, cookware, dry cleaning facilities, dining room wagons, keys or other entry systems, bars, bar fixtures, liquor and
other drink dispensers, icemakers, radios, television sets, intercom and paging equipment, electric and electronic equipment, dictating equipment, private telephone systems, medical equipment, potted plants, fittings, plants, heating fixtures,
lighting fixtures, plumbing fixtures, fire prevention extinguishing and all other apparatuses, stoves, ranges, refrigerators, laundry machines, machinery, boilers, incinerators, switchboards, conduits, compressors, vacuum cleaning systems, floor
cleaning, waxing and polishing equipment, call systems, electrical signs, bulbs, bells, ash and fuel, conveyors, cabinets, lockers, shelving, spotlighting equipment, dishwashers, garbage disposals, washers and dryers, all gaming and financial
equipment, computer equipment, calculators, adding machines, gaming tables, any other electronic equipment of every nature, and other hotel or casino furniture, furnishings and equipment. Notwithstanding the foregoing, FF&E shall not include any
(i) Gaming Equipment, (ii) Fixtures or (iii) items owned by tenants (other than Tenant) or by third party operators (other than Tenant). 
  

 5 

 “Fiscal Year” shall mean each twelve (12) month period commencing on
January 1 and ending on December 31 during each year of the term of this Lease. 
 “Fixtures” shall
mean all Equipment now owned, or the ownership of which is hereafter acquired, which is so related to the Land and the Buildings included in the Casino Components that it is deemed fixtures or real property under applicable Legal Requirements,
including, without limitation, all building or construction materials intended for construction, reconstruction, alteration, decoration or repair of or installation on the applicable Building, construction equipment, appliances, machinery, plant
equipment, fittings, apparatuses, fixtures and other items now or hereafter attached to, installed in or used in connection with (temporarily or permanently) any of the Buildings or the Land (other than the portion thereof included in the Hotel
Components), including, but not limited to, engines, devices for the operation of pumps, pipes, plumbing, call and sprinkler systems, fire extinguishing apparatuses and equipment, heating, ventilating, incinerating, electrical, air conditioning and
air cooling equipment and systems, gas and electric machinery, appurtenances and equipment, pollution control equipment, security systems, disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and
water, electrical, storm and sanitary sewer facilities, utility lines and equipment (whether owned individually or jointly with others, and, if owned jointly, to the extent of Landlord’s interest therein) and all other utilities whether or not
situated in easements, all water tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and all other structures, together with all accessions, appurtenances, additions, replacements, betterments and substitutions or any of
the foregoing and the proceeds thereof. 
 “Force Majeure” is defined in Section 21.15. 

“GAAP” means generally accepted accounting principles, applied on a “consistent basis”, as set
forth in Opinions of the Accounting Principles Board of the American Institute of Certified Public Accountants and/or in statements of the Financial Accounting Standards Board and/or their respective successors and which are applicable in the
circumstances as of the date in question. 
 “Gaming Authorities” shall mean, in any jurisdiction in which
Landlord, Tenant or any of its or their subsidiaries manages or conducts any casino, or gaming business or activities, the applicable gaming board, commission or other Governmental Authority which (a) has, or may at any time after the Closing
Date have, jurisdiction over the gaming activities at the Premises or any successor to such authority or (b) is, or may at any time after the Closing Date be, responsible for interpreting, administering and enforcing the Gaming Laws.

 “Gaming Equipment” shall mean any and all gaming devices [(in Nevada, as defined in Nevada Revised Statutes
Chapter 463)], gaming device parts inventory and other related gaming equipment and supplies used in connection with the operation of a casino, including (without limitation), slot machines [(in Nevada, as defined in Nevada Revised Statutes Chapter
463)], gaming tables, cards, dice, chips, tokens, player tracking systems, cashless wagering systems [(in Nevada, as defined in Nevada Revised Statutes Chapter 463)], electronic betting systems, mobile gaming systems [(in Nevada, as defined in the
regulations promulgated under Nevada Revised Statutes Chapter 463)] and associated equipment [(in Nevada, as defined in Nevada Revised Statutes Chapter 463)] which are located at the Premises, owned or leased by Tenant and used or useable
exclusively in the present or future operation of slot machines and live games at the Premises, together with all improvements and/or additions thereto. 
  

 6 

 “Gaming Equipment Facility Agreement” shall mean any of the Gaming Facility
Agreements dated as of January 28, 2008, between Landlord and Tenant, relating to the financing of Gaming Equipment. 

“Gaming Laws” or “Gaming Regulations” shall mean all applicable constitutions, treaties, laws, statutes
and municipal ordinances pursuant to which any Gaming Authority possesses regulatory, licensing or permitting authority over gaming, gambling or casino or casino-related activities and all rules, rulings, orders, ordinances and regulations of any
Gaming Authority applicable to the gambling, casino, gaming businesses or casino or casino-related activities of Landlord, Tenant or any of its or their subsidiaries in any jurisdiction, as in effect from time to time, including the policies,
interpretations and administration thereof by the Gaming Authorities. 
 “Gaming License” shall mean, in any
jurisdiction in which Landlord, Tenant or any of its or their subsidiaries conducts any casino or gaming business or activities, any license, qualification, franchise, accreditation, approval, registration, permit, finding of suitability or other
authorization relating to gaming, the gaming business or the operation of a casino under the Gaming Laws or required by the Gaming Authorities or otherwise necessary for the operation of gaming, the gaming business or a resort casino. 

“Gaming Liquidity Requirement” shall mean the minimum bankroll requirements for cash and cash equivalents required to be
maintained by Tenant pursuant to Gaming Laws in an amount no greater than is mandated by applicable law, which requirements may be subject to (a) adjustment in an amount equal to any incremental increase or decrease in the amount of the Gaming
Liquidity Requirement that is required to be maintained by Tenant under applicable Gaming Laws as a result of any increase or decrease in gaming business at the applicable [Casino Components], or (b) subject to increase or decrease due to any
change in the applicable requirements under Gaming Laws generally. 
 “Gaming Operating Reserve” shall mean[,
with respect to the Casino Components], such cash funds and reserves that are held and maintained on-site at each Premises by Tenant, in its capacity as the duly licensed operator of the [Casino Components], including (without limitation) casino
chips, tokens, checks and markers; provided, however, that all such Gaming Operating Reserves (a) are solely for use in the day-to-day operation and management of the [Casino Components] in the ordinary course of business,
(b) are funded and maintained in accordance with the Gaming Liquidity Requirements and (c) are in amounts customary and generally comparable for casinos comparable to the [Casino Components] in question. The Gaming Operating Reserves may
exceed the minimum amounts required to be maintained on-site by Tenant as required by the Gaming Liquidity Requirements. 

“Governmental Authority” shall mean any court, board, agency, commission, office or other authority of any nature
whatsoever for any governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence, including, without limitation, any of the foregoing having jurisdiction over the Premises (or any operations
conducted thereat), Landlord or Tenant. For the avoidance of doubt, the term “Governmental Authority” shall include, and be deemed to include, all Gaming Authorities. 

 

 7 

 “Hazardous Substance” and “Hazardous Substances” are
defined in Section 18.12. 
 “HOC” shall mean Harrah’s Operating Company, Inc. 

“Holdings” shall mean Harrah’s Entertainment, Inc., and its successors. 

[“Hotel Components” shall mean, collectively, those portions of the Land and Building not devoted to the Casino
Components, specifically including those portions of the Land and Building devoted to the operation of a hotel and related facilities, including (without limitation) (a) all guest rooms and suites, hotel amenities, restaurants, conference
centers, meeting, banquet and other public rooms, spa, parking spaces and other facilities of the hotel portion of the Premises, and (b) any theaters/performing arts spaces, as represented by the unmarked areas of the floor plans, attached
hereto as Exhibit A, but specifically excluding the Casino Components.] 
 “Immaterial Use” is defined
in Section 18.1. 
 “Imposition” and “Impositions” are defined in
Section 3.1. 
 “Indebtedness” of a Person, at a particular date, means the sum (without
duplication) at such date of (a) all indebtedness of such Person (including, without limitation, amounts for borrowed money and indebtedness in the form of mezzanine debt and preferred equity); (b) obligations evidenced by bonds,
debentures, notes, or other similar instruments; (c) obligations for the deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations under acceptance
facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person or
entity, or otherwise to assure a creditor against loss; and (g) obligations secured by any Liens, whether or not the obligations have been assumed. 

“Indemnified Party” and “Indemnified Parties” are defined in Section 11.3. 

“Insurance Premiums” is defined in Section 6.2. 

“Intellectual Property” shall mean any or all of the following and all worldwide rights in, arising out of, or
associated therewith: (i) trademarks, service marks, certification marks, collective marks, corporate names, domain names, logos, trade dress, and all other indicia of origin or quality, all applications and registrations for the foregoing, and
all goodwill associated therewith and symbolized thereby, including all renewals of same; (ii) published and unpublished works of authorship, whether copyrightable or not (including databases, lists and other compilations of information,
computer software, source code, object code, user interface, and user manuals and other training documentation related thereto), and all derivative works, copyrights and applications, registrations, and renewals thereof; (iii) inventions and
discoveries, whether patentable or not, and all invention disclosures, patents and applications therefor, including divisionals, continuations, and renewals thereof; and (iv) confidential information, trade secrets, and nonpublic know-how,
including business methods and plans, customer and supplier information and lists. 
  

 8 

 “IP License” shall mean, collectively or individually, as the context shall
require, each IP License (Borrower to Manager and Operating Company) (collectively or individually, as the context shall require), and each IP License (IP Licensor to Manager, Operating Company, and Borrower) (collectively or individually, as the
context shall require). 
 “IP License (Borrower to Manager and Operating Company)” shall mean, collectively or
individually, as the context shall require, those certain agreements dated as of the date hereof by and between Landlord, Manager, and Tenant, pursuant to which each Landlord licenses certain Intellectual Property to Manager and Tenant, as the same
may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “IP License (IP Licensor to
Manager, Operating Company, and Borrower)” shall mean, collectively or individually, as the context shall require, those certain agreements by and between IP Licensor, Manager, Borrower and Tenant, as amended on the date hereof, and as the
same may be further amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “IP
Licensor” shall mean Harrah’s License Company, LLC, a Nevada limited liability company. 
 “JPM”
shall mean JPMorgan Chase Bank, N.A. and its successors and assigns. 
 “Land” means those certain plots,
parcels and pieces of real property described on Schedule A hereto. 
 “Landlord” is defined in the
introductory paragraph to this Lease. 
 “Lease” is defined in the introductory paragraph hereof. 

“Lease Year” is defined in Section 2.1(b). 

“Leased Personal Property” means all of the food service preparation and distribution equipment, housekeeping equipment,
maintenance equipment, activities equipment, computer equipment and systems, signs, telephones, telecommunications and other building systems and other equipment and personal property owned by Landlord that is necessary to physically equip and
maintain, to enable Tenant to operate, the Premises and which is located in the Buildings on the Closing Date, and any and all replacements thereof, whether purchased or placed in the Buildings by Landlord or Tenant. 

“Legal Requirements” shall mean, with respect to the Premises, all federal, state, county, municipal and other
governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Premises or any part thereof (including, without limitation, all Environmental Laws and Gaming Laws),
or affecting the construction, use, alteration or operation thereof, or any part thereof, whether now 
  

 9 

 
or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto (including, without limitation, all Gaming Licenses and Operating Permits), and
all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Tenant or Landlord, at any time in force affecting the Premises or any part thereof, including, without limitation, any which may
(a) require repairs, modifications or alterations in or to the Premises or any part thereof, or (b) in any way limit the use and enjoyment thereof. Legal Requirements shall include any (x) judicial, administrative or other
governmental or quasi governmental order, injunction, writ, judgment, decree, ruling, interpretation, finding or other directive, whether domestic or foreign; (y) arbitrator’s, mediator’s or referee’s decision, finding, award or
recommendation; or (z) charter, rule, regulation or other organizational or governance document of any self-regulatory or governing body or organization. For the avoidance of doubt, the term “Legal Requirements” shall include, and be
deemed to include, all applicable Gaming Laws and Gaming Regulations. 
 “Lender” shall mean either any of the
holders of the Mortgage Loan and/or the holders of Mezzanine Loans, or collectively, such holders, as the context shall require. 

“Lien” shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other
encumbrance, charge or restriction on transfer of, on or affecting Landlord, Tenant, the Premises, any portion thereof or any interest therein, including, without limitation, any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances, in each case whether arising by contract, operation
of law, or otherwise. 
 “Loans” means (i) the Mortgage Loan and (ii) the Mezzanine Loan. 

“Loan Documents” means (i) the Mortgage Loan Documents and (ii) the Mezzanine Loan Documents. 

“Management Agreement” means that certain Hotel and Casino Management Agreement, dated as of the date hereof and
effective as of the Effective Time (as defined therein), by and between [MANAGER], a [            ], as manager, Tenant and Landlord. 

“Management Fees” means, as applicable, (i) the fees and expenses payable to Manager by Tenant pursuant to Article
III of the Management Agreement and any other fees and expenses required to be paid pursuant to the Management Agreement, collectively, (ii) the fees and expenses payable to an Alternate Manager by Tenant pursuant to an Alternate Management
Agreement or (iii) prior to the effectiveness of the Management Agreement or any Alternate Management Agreement, as applicable, the amount that would be payable under either the Management Agreement or Alternate Management Agreement, as
applicable, had such agreement then been in effect. 
 “Manager” shall have the meaning set forth in the
Management Agreement. 
 “Material Adverse Effect” shall mean any event or condition that, either singly or in
the aggregate, could reasonably be expected to have or result in a material adverse effect upon (a) the business, operations, economic performance, prospects, assets or condition 

 

 10 

 
(financial or otherwise) of (i) Landlord, (ii) Guarantor (as defined in the Mortgage Loan Agreement), (iii) Tenant, (iv) this Lease or (v) the Premises; (b) the
ability of Landlord or its affiliates to perform, in all material respects, their respective obligations under each of the Loan Documents to which it is a party; (c) the ability of Tenant to perform, in all material respects, its obligations
under this Lease; (d) the enforceability or validity of (i) this Lease or the Other Operating Leases, or (ii) any Loan Document or the perfection or priority of any Lien created under any Loan Document; (e) the value of, or cash
flow from, the Premises or the operations thereof; or (f) the material rights, interests and remedies of Mortgagee or holder of a Mezzanine Loan under any of its respective Loan Documents. 

“Material Alteration” shall mean any Work with respect to all or a portion of the Premises that (i) when aggregated
with all other Alterations at the Premises then being conducted involve an estimated total cost in excess of an amount equal to ten percent (10%) of the sum of the Allocated Loan Amount (as defined in the Mortgage Loan Agreement on the Original
Closing Date) for the Premises and the Allocated Loan Amounts under (and as defined in each of) the Mezzanine Loan Agreements on the Original Closing Date for the Premises or (ii) when aggregated with all other Alterations at each of the
Premises (as such term is defined in each of the Other Operating Leases), including the Premises, then being conducted, involve an estimated total cost in excess of an amount equal to five percent (5%) of the sum of the outstanding principal
amount of the Mortgage Loan and the Mezzanine Loans on the Original Closing Date (and, as used herein, “Threshold Amount” shall mean whichever of said 5% or 10% amount shall have been exceeded, provided that if both shall have been
exceeded, then the lower of such two amounts shall be the “Threshold Amount”). 
 “Mezzanine Loan”
means, individually or collectively, as the context requires, (a) each loan made by JPM and certain co-lenders to an owner or an indirect owner of Landlord concurrently with the execution and delivery of the Original Lease and (b) any
future loan made by a lender to an owner or indirect owner of Landlord and secured by a Mezzanine Pledge, and all renewals, modifications, consolidations, replacements, restatements and extensions of such loan or any such future loan. As of the date
hereof, there are nine (9) loans constituting the Mezzanine Loans, and Tenant has been provided with complete sets of copies of each of the Mezzanine Loan Documents. Further, if a Mezzanine Pledge shall be foreclosed on, or the collateral
pledged thereunder sold pursuant to the terms contained therein, or an assignment-in-lieu in respect of such collateral be granted, or there shall occur or be granted any other transaction, enforcement action, order or relief as a result of a
default or imminent default in respect of a Mezzanine Loan, and thereafter such Mezzanine Loan shall no longer be outstanding, then for all purposes hereof, such Mezzanine Loan shall nevertheless be deemed to continue to be outstanding, and the
related Mezzanine Loan Documents in full force and effect, and Landlord (in addition to its rights hereunder as Landlord) shall have the right to enforce all of the provisions hereof referring to or incorporating the terms of such Mezzanine Loan
Documents, including those rights granted to the holder of such Mezzanine Loan. 
 “Mezzanine Loan Documents”
means all documents and instruments evidencing or securing the Mezzanine Loan and all renewals, modifications, consolidations, replacements, restatements and extensions thereof. 

 

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 “Mezzanine Pledges” means the pledges and security interests granted to
(a) JPM concurrently with the execution and delivery of the Original Lease, which pledge and security interests have immediately heretofore been assigned by JPM to the Lender and immediately thereafter assigned by Lender to Collateral Agent,
and (b) any future holder of any pledge or series of pledges as security for any Mezzanine Loan together with all interest thereon and all other amounts payable under the Mezzanine Loan Documents, and all renewals, modifications,
consolidations, replacements, restatements and extensions thereof. 
 “Monthly Disbursements” is defined in
Section 2.4(a). 
 “Monthly Operating Lease Rent Amount” means one twelfth (1/12) of the
Operating Lease Rent due under this Lease for each Lease Year. 
 “Mortgage” means the mortgage or series of
mortgages, or deed of trust or series of deeds of trust, granted by Landlord to or for the benefit of (a) JPM concurrently with the execution and delivery of the Original Lease, which mortgages and deeds of trust have heretofore been assigned
by JPM to the Lender and immediately thereafter assigned by the Lender to Collateral Agent and amended, and all renewals, modifications, consolidations, replacements, restatements and extensions thereof, and (b) any future holder of any
mortgage or series of mortgages, or beneficiary of any deed of trust or series of deeds of trust as security for the Mortgage Loan together with all interest thereon and all other amounts payable under the Mortgage Loan Documents, and all renewals,
modifications, consolidations, replacements, restatements and extensions thereof. 
 “Mortgage Loan” means
(a) the loan made by JPM and certain co-lenders to Landlord and certain of its Affiliates concurrently with the execution and delivery of the Original Lease or (b) any future loan made by one or more lenders to Landlord (either alone or
together with one or more other Persons) and secured by a Mortgage, and all renewals, modifications, consolidations, replacements, restatements and extensions of such loan or any such future loan, provided the terms of such future loan (including
any reserve requirements contained therein) are not materially adverse to Tenant as compared to the terms of the loan described in clause (a) above. Further, if a Mortgage shall be foreclosed on, or the Premises sold pursuant to a power of sale
contained in a Mortgage, or a deed-in-lieu in respect of the Premises be granted, or there shall occur or be granted any other transaction, enforcement action, order or relief as a result of a default or imminent default in respect of the Mortgage
Loan, and thereafter no Mortgage Loan shall be outstanding, then for all purposes hereof, the Mortgage Loan shall nevertheless be deemed to continue to be outstanding, and the Mortgage Loan Documents in full force and effect, and Landlord (in
addition to its rights hereunder as Landlord) shall have the right to enforce all of the provisions hereof referring to or incorporating the terms of the Mortgage Loan Documents, including those rights granted to Mortgagee. 

“Mortgage Loan Agreement” means the Loan Agreement, dated as of January 28, 2008, between Landlord and certain of
its Affiliates, as borrower, and JPM, as lender, as amended and restated as of May 22, 2008 and immediately heretofore assigned by JPM, as lender, to the Lender and thereafter amended and restated pursuant to that certain Second Amended and
Restated Loan Agreement, dated as of the date hereof, and as further amended, restated, supplemented or otherwise modified from time to time. 
  

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 “Mortgage Loan Documents” means all documents and instruments evidencing or
securing the Mortgage Loan and all renewals, modifications, consolidations, replacements, restatements and extensions thereof, provided that if at the time in question there shall be no Mortgage Loan Documents (even after application of the terms of
the last sentence of the definition of “Mortgage Loan”), then references herein to Mortgage Loan Documents shall instead be deemed to refer to the most senior Mezzanine Loan Documents. Tenant has been provided with a complete set of copies
of the Mortgage Loan Documents. 
 “Mortgagee” means the Lender (as defined in the Mortgage Loan Agreement) or,
to the extent as to any act, omission, consent, approval or right which Collateral Agent (as defined in the Mortgage Loan Agreement) is authorized to take, give, withhold or exercise on behalf of the Lender in accordance with any Mortgage Loan
Document, Collateral Agent, provided that if at the time in question there shall be no Mortgage Loan (even after application of the terms of the last sentence of the definition of “Mortgage Loan”), then references herein to Mortgagee shall
instead be deemed to refer to the Lender (as defined in and under the most senior Mezzanine Loan) or, to the extent as to any act, omission, consent, approval or right which Collateral Agent (as defined in and under the most senior Mezzanine Loan)
is authorized to take, give, withhold or exercise on behalf of the Lender in accordance with any Mezzanine Loan Document, Collateral Agent. 

[“New Jersey Casino Control Act” means the New Jersey Casino Control Act, as codified in NJSA 5:12-1 et seq., and the
regulations promulgated thereunder.] 
 “Note Sales Agreement” means the Note Sales Agreement, dated as of the
date hereof, as amended, restated, replaced, supplemented or otherwise modified from time to time, among Holdings, Tenant, and the other lenders and borrowers party thereto. 

“OC Accounts” is defined in Section 2.4(c). 

“Off-Shore Accounts” is defined in Section 2.4(a). 

“Officer’s Certificate” shall mean a certificate delivered to Landlord or Mortgagee by Tenant which is signed by an
authorized senior officer of the Tenant or the general partner or managing member of Tenant, as applicable. 

“Operating Lease Guaranty” shall mean that certain Lease Guaranty Agreement, executed and delivered by Harrah’s
Entertainment, Inc. (in such capacity, the “Lease Guarantor”), dated as of the date hereof, guaranteeing the payment and performance by Tenant of its obligations hereunder this Lease, as the same may be amended, supplemented,
replaced or otherwise modified from time to time in accordance with the provisions thereof. 
 “Operating Lease
Rent” means, collectively, all Base Rent, Supplementary Rent and Other Rent payable hereunder. 
 “Operating
Permit” is defined in Section 20.17. 
 “Other Gaming Equipment Facility Agreement” shall
mean each Gaming Equipment Facility Agreement as defined in one or more of the Other Operating Leases, relating to the financing of gaming equipment between the respective landlord and the tenant under such Operating Lease. 

 

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 “Other Operating Leases” shall mean those Operating Leases identified on
Schedule B other than this Lease. 
 “Other Rent” is defined in Section 2.2. 

“Permitted Exceptions” means those matters affecting title to the Premises described in Section 1.1;
provided that the term “Permitted Exceptions” shall not include any Liens securing any Indebtedness of Landlord other than the Liens securing the Mortgage Loan. 

“Permitted Indebtedness” shall mean, collectively, (a) trade and operational debt (including equipment financing
leases, such as leases with providers of Gaming Equipment) relating to the operation of the Premises and the routine administration of Tenant incurred in the ordinary course of business with trade creditors and in amounts as are normal and
reasonable under the circumstances, are not evidenced by a note, are required to be paid within ninety (90) days after same are incurred and are paid when due, (b) accrued and unpaid payroll, benefits and payroll taxes with respect to
employees of Tenant or its Affiliates engaged with respect to the Premises incurred in the ordinary course of business and paid when due, (c) debt owed to affiliates, provided such debt is made subject to an intercreditor and standstill
agreement in favor of Landlord and Lender in form and substance reasonably satisfactory to Landlord and Lender and (d) such other Indebtedness specifically permitted pursuant to this Lease. In no event shall Permitted Indebtedness, together
with all “Permitted Indebtedness” of the tenants under the Other Operating Leases, but excluding for purposes of this sentence the Indebtedness described in subclause (b) of the preceding sentence (both here and in the Other Operating
Leases), exceed the maximum permitted amount of “Permitted Indebtedness (Operating Company)” under and as defined in the Mortgage Loan Agreement. 

“Person” means any individual, corporation, limited liability company, business trust, association, company,
partnership, joint venture, Governmental Authority or other entity. 
 “Personal Property Lease or Financing”
is defined in Section 1.3. 
 “PLGL” means Professional Liability and General Liability.

 “Premises” means the [Casino Components], and the related Fixtures, such FF&E as is owned by Landlord
and the Leased Personal Property. 
 “Projections” means, as to any Person, such Person’s, forecasted
consolidated balance sheets, profit and loss statements, cash flow statements, capitalization statements and budgets, all materially consistent with such Person’s historical financial statements, together with appropriate supporting details and
a statement of underlying assumptions. 
 “Qualified Transferee” has the meaning given such term in the
Mortgage Loan Agreement. 
  

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 “Rating Agencies” shall mean each of S&P, Moody’s and Fitch, or
any other nationally recognized statistical rating agency which has been approved by Mortgagee and that rates a securitization of the Mortgage Loan (or any component thereof). 

“Remedial Work” is defined in Section 18.8. 

“Rents” shall mean, with respect to the Premises, without duplication, all rents, rent equivalents, moneys payable as
damages or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas-or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including, without limitation, security, utility
and other deposits), accounts, cash, issues, profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Tenant (from Subtenants or any space tenants,
licensees or occupants of any portion of the Premises) (or employees or agents of Tenant) from any and all sources arising from or attributable to the Premises, and proceeds, if any, from business interruption or other loss of income or insurance,
including, without limitation, all receipts, revenues and credit card receipts collected from [restaurants, bars, meeting rooms, banquet rooms and recreational facilities,] all receivables, customer obligations, installment payment obligations and
other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of property or rendering of services by Tenant (or by others, on behalf of
Tenant) or the commercial spaces located in the Buildings or acquired from others (including, without limitation, from the rental of any office space, retail space, guest rooms or other space, halls, stores and offices, and deposits securing
reservations of such space), license, lease, sublease and concession fees and rentals, health club membership fees, food and beverage wholesale and retail sales, service charges, vending machine sales and proceeds, if any, from business interruption
or other loss of income insurance, whether paid or accruing before or after the filing by or against Tenant of any petition for relief under the Bankruptcy Code. 

“Restoration” is defined in Section 7.1. 

“Retainage” is defined in Section 7.2. 

“Revenue” shall mean all Rents and items of income or revenue (of any kind) from the operation of the [Casino
Components]. As more fully provided below, Tenant shall cause all Revenue to be remitted into the Collection Bank Account. 

“Securities” shall have the meaning specified in the Mortgage Loan Agreement. 

“Settlement Discussion” is defined in Section 20.12(d). 

“Shared Services Agreement” means that certain Second Amended and Restated Shared Services Agreement, dated as of the
date hereof, among HOC, Holdings, Landlord and the other parties thereto. 
 “Sublease” and
“Subleases” are defined in Section 9.7. 
  

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 “Subsidiary” means a Person of which an aggregate of more than fifty
percent (50%) or more of the capital stock or other ownership interests thereof is owned of record or beneficially by such other Person, or by one or more Subsidiaries of such other Person, or by such other Person and one or more Subsidiaries
of such Person, (a) if the holders of such capital stock or other ownership interests (i) are ordinarily, in the absence of contingencies, entitled to vote for the election of a majority of the directors (or other individuals performing
similar functions) of such Person, even though the right so to vote has been suspended by the happening of such a contingency, or (ii) are entitled, as such holders, to vote for the election of a majority of the directors (or individuals
performing similar functions) of such Person, whether or not the right so to vote exists by reason of the happening of a contingency, or (b) in the case of capital stock or other ownership interests which are not issued by a corporation, if
such ownership interests constitute a majority voting interest. 
 “Subtenant” and
“Subtenants” are defined in Section 9.4. 
 “Supplementary Rent” is defined in
Section 2.2. 
 “Taking” means a taking or condemnation of the Premises (or any part thereof) or
any damage to the Premises (or any part thereof) related to the exercise of the power of eminent domain and including a voluntary conveyance to any agency, authority, public utility, Person, or corporate entity empowered to condemn property in lieu
of court proceedings. 
 “Tenant” is defined in the introductory paragraph to this Lease. 

“Term” is defined in Article A, Section 2(a). 

“Threshold Amount” shall have the meaning set forth in the definition of Material Alteration, except that for purposes
of Section 7.2 hereof, Threshold Amount shall be defined solely by reference to clause (i) of such of such definition. 

“Transfer” is defined in Section 9.1. 

“Transition Period” shall have the meaning set forth in the Management Agreement. 

“Transition Services” shall have the meaning set forth in the Management Agreement. 

“Work” is defined in Section 5.5. 

“Working Capital Account” is defined in Section 2.4(h). 

Principles of Construction. All references to sections and schedules are to sections and schedules in or to this Lease
unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Lease shall refer to this Lease as a whole and not to any particular provision of this Lease. Unless otherwise specified, all meanings attributed to defined terms herein shall be
equally applicable to both the singular and plural forms of the terms so defined. 
  

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 ARTICLE I 

PREMISES AND TERM 

Section 1.1 During the Term, Landlord, in consideration of the Operating Lease Rents herein reserved and of the terms, provisions,
covenants and agreements on the part of Tenant to be kept, observed and performed, does hereby lease and demise the Premises unto Tenant, and Tenant does hereby hire and take the Premises from Landlord, subject to those matters affecting title to
the Premises as of the date hereof which are set forth on Schedule B to a policy or policies of title insurance issued in favor of Landlord or Mortgagee concurrently with the execution and delivery of this Lease, any other matters
affecting title to the Premises hereafter created by Tenant and such matters as are created by Landlord and consented to by Tenant (to the extent such consent is required hereunder), and all of the following, in effect as of the Commencement Date or
as hereafter in effect: all licenses, zoning laws, ordinances, regulations, building codes and all other Legal Requirements. 

Section 1.2 Tenant shall lease the Premises for the Term, unless sooner terminated as hereinafter provided or pursuant to applicable law.

 Section 1.3 This Lease and the “Premises” shall include the Leased Personal Property and all of
Tenant’s obligations under this Lease with respect to the Premises (including, without limitation, the bond net lease provisions of Section 2.3 below) shall apply with the same force and effect to the Leased Personal Property. Upon
any termination of the Lease, Landlord shall be entitled to possession of the Leased Personal Property on the same basis as provided herein with respect to the real property covered by this Lease. In the event that any of the Leased Personal
Property is subject to an underlying lease or financing (collectively, “Personal Property Lease or Financing”), Tenant shall be exclusively responsible for payment of all rent, principal and interest and other charges and fees
(including, without limitation, any and all penalties) and performance of all obligations and requirements of such Personal Property Lease or Financing. All such Leased Personal Property is provided “AS IS” and Landlord makes no
representations, warranties or assurances relating thereto, or as to the completeness, condition, operation or suitability of the Leased Personal Property. Any listing of Leased Personal Property provided by Landlord to Tenant is for the benefit of
Landlord only, to identify such property as owned by Landlord and does not constitute a representation or warranty as to existence or completeness of any item of Leased Personal Property. In the event of any deficiency in the Leased Personal
Property, or if any Leased Personal Property is missing, or upon the termination of any Personal Property Lease or Financing, this Lease shall continue in full force and effect and there shall be no reduction of Operating Lease Rent or other
obligations of Tenant hereunder. In the event that any Leased Personal Property requires replacement, maintenance, or upgrading, for any reason whatsoever, Landlord shall have no obligations therefor, Tenant shall be required at its cost to replace
the same to the extent such replacement is required under the other provisions hereof (including Section 5.2 hereof) and any replacement shall become Leased Personal Property. 

 

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 ARTICLE II 

BASE RENT; SUPPLEMENTARY RENT; COLLECTION BANK ACCOUNT AND DEPOSITS 

Section 2.1 (a) Tenant shall pay to Landlord as Base Rent for the Premises during the Term the amounts stated in
Article A, Section 3. Base Rent shall be payable in equal monthly installments in advance on the [        ] Business Day of each and every month during the Term, subject to a
seven-day grace period (provided, however, that if the expiration of such grace period is not a Business Day, then such grace period shall expire on the immediately preceding Business Day), without previous demand, notice or presentment therefor and
without abatement, offset or deduction of any kind whatsoever, other than as expressly provided for herein. Notwithstanding the foregoing, Tenant paid the partial month’s installment of Base Rent (with respect to the remaining days of the month
in which the Commencement Date occurred) upon the Commencement Date of this Lease. If Tenant fails to pay any installment of Base Rent on or before the date when due hereunder, Tenant shall owe Landlord, in addition to the installment of Base Rent,
interest on such installment at the Default Rate and, if and to the extent the same is due and payable by Landlord under the Mortgage Loan Documents, a late payment charge. Landlord shall have the right to change the payment date of the monthly
installments of Base Rent, provided that in doing so, Landlord shall not increase Tenant’s costs hereunder (other than the direct costs of implementing such change, such as legal fees, which Tenant hereby agrees to pay). 

(b) As used herein the term “Lease Year” means a period of twelve (12) calendar months commencing on the
Commencement Date and ending on the day immediately preceding the first (1st) anniversary of the Commencement Date (if the Commencement Date occurs on the first (1st) day of a month) or the last day of the month during which the first
(1st) anniversary of the Commencement Date occurs (if the Commencement Date occurs on a day other than the first (1st) day of a month), and each successive twelve (12) month period thereafter during the Term until the Expiration Date.

 (c) Notwithstanding clauses (a) and (b) above, or anything else in this Lease to the contrary, each payment of Base
Rent in any month shall be made by Tenant on a net basis with respect to Management Fees payable in respect of such month, such that the payment of each monthly installment of Base Rent to Landlord shall be reduced by the applicable monthly
Management Fee, which Tenant shall pay to Manager in accordance with the terms of the Management Agreement (or to Alternate Manager in accordance with the terms of an Alternate Management Agreement, if applicable) or, (i) prior to the
effectiveness of the Management Agreement or Alternate Management Agreement, as applicable and/or (ii) in the circumstances described in Section 4.4, as applicable, shall be retained by Tenant. For the avoidance of doubt, Management Fees
owing and payable under the Management Agreement are subject to the limitations and conditions set forth in Section 5.1.22(u) of the Mortgage Loan Agreement and to the extent that the payment of Management Fees are so limited (or are not
permitted to be paid at all) there will be no reduction of Base Rent for any month in respect of any such Management Fees that are so limited (or are not permitted to be paid) in such month; provided, however, with respect to any Subject Fees (as
defined in the Mortgage Loan Agreement) not paid to Manager under the Management Agreement in any month as a result of the limitations in such Section 

 

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5.1.22(u) of the Mortgage Loan Agreement, such Subject Fees will be included in the determination of Management Fees as used in the foregoing sentence and will reduce the Base Rent in such month
so long as such Subject Fees are deposited by Tenant into the Blocked Account (as defined in the Mortgage Loan Agreement) pursuant to the terms of the Mortgage Loan Agreement (and which shall be applied subject to and in accordance with the terms of
the Mortgage Loan Agreement). 
 Section 2.2 Tenant shall also pay and discharge as supplementary rent (the
“Supplementary Rent”) all Impositions, insurance premiums with respect to insurance required pursuant to the terms and conditions of Article VI, FF&E expenditures and all interest and penalties that may accrue
thereon in the event of Tenant’s failure to pay such amounts when due, and all damages, costs and expenses which Landlord may incur by reason of any Default of Tenant or failure on Tenant’s part to comply with the terms of this Lease
(which shall include damages, costs and expenses incurred under the Loan Documents by Landlord or its affiliates as borrowers thereunder), all of which Tenant hereby agrees to pay within ten (10) days after written demand or as is otherwise
provided herein. Landlord shall have the right to require that reserves be established for the foregoing amounts if and when required by any Mortgagee under the Mortgage Loan Documents. Landlord shall provide Tenant with notice of the amounts of
each such escrow, reserve and other requirement on the Closing Date and at least fifteen (15) days prior notice of any change in any such amounts together with copies of any relevant notice from the Mortgagee and the relevant Mortgage Loan
Documents. Notwithstanding the foregoing, on the Commencement Date, Tenant shall pay an amount (of which Landlord will advise Tenant in advance) with respect to such escrows, reserves and other requirements attributable to the period, if any,
beginning on the Commencement Date and ending on the last day of the month during which the Commencement Date occurs. Tenant shall also pay and discharge when due as other rent (the “Other Rent”) all other amounts, liabilities and
obligations of whatsoever nature relating to the Premises, other than Base Rent and Supplementary Rent, including, without limitation, those arising under this Lease, or any Legal Requirements, easements, restrictions, or other similar agreements
affecting the Premises, charges for electricity, water, gas, steam and other utilities of any kind, repair, service and maintenance or other expenses relating to the use, operation or maintenance of the Premises, property management fees and
expenses, if any, as well as all reasonable out-of-pocket costs and expenses incurred by Landlord in connection with the administration of this Lease and the monitoring of Tenant’s performance hereunder, and all interest and penalties that may
accrue on any of the foregoing in the event of Tenant’s failure to pay such amounts when due, and all damages, costs and expenses which Landlord may incur by reason of any Default of Tenant or failure on Tenant’s part to comply with the
terms of this Lease (which shall include damages, costs and expenses incurred under the Loan Documents by Landlord or its affiliates as borrowers thereunder), all of which Tenant hereby agrees to pay within ten (10) days after written demand or
as is otherwise provided herein. Upon any failure by Tenant to pay any of the Supplementary Rent or Other Rent, such unpaid Supplementary Rent or Other Rent shall accrue interest at the Default Rate and Landlord shall have all legal, equitable and
contractual rights, powers and remedies provided either in this Lease or by statute, at law, in equity or otherwise in the case of nonpayment of the Base Rent. The terms Supplementary Rent and Other Rent shall be deemed rent for all purposes
hereunder (other than with respect to Tenant’s internal accounting procedures). 
  

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 Section 2.3 This Lease shall be deemed and construed to be a bond lease, absolutely net to
Landlord, and Tenant shall pay to Landlord, absolutely net throughout the Term, the Operating Lease Rent, free of any charges, assessments, impositions or deductions of any kind and without abatement, deduction or set-off whatsoever, other than as
expressly provided for herein. Under no circumstances or conditions, whether now existing or hereafter arising, or whether beyond the present contemplation of the parties, shall Landlord be expected or required to make any payment of any kind
whatsoever or be under any other express or implied obligation or liability hereunder, except as herein otherwise expressly set forth in Section 3.5, and Tenant hereby waives all Legal Requirements to the contrary. Tenant shall pay all
costs, expenses and charges of every kind and nature relating to the Premises from and after the Commencement Date, including, without limitation, all taxes (except for any franchise, excise, corporate, estate, inheritance, succession or capital
levy tax of Landlord or any income profits or revenue tax upon the income of Landlord), costs of improvements, maintenance, repairs, alterations, additions, replacements, and insurance and other Impositions, except debt service on any Mortgage or
any other Indebtedness of Landlord (except to the extent the same is a Personal Property Lease or Financing), which may arise or become due or payable prior to, during or after (but attributable to a period falling prior to or within) the Term.
Except upon a termination of this Lease and Tenant’s obligation to pay Operating Lease Rent under and subject to the terms and conditions of Section 8.2 or 12.2 hereof, Tenant’s obligation to pay Operating Lease Rent
hereunder shall not terminate prior to the actual date contemplated by Landlord and Tenant and specifically set forth in Article A, Section 2(c) for the expiration of the Term notwithstanding the exercise by Landlord of any
or all of its rights under Article XII or otherwise, and the obligations of Tenant hereunder shall not be affected by reason of: any damage to or destruction of the Premises or any part thereof, any Taking of the Premises or any part
thereof or interest therein by condemnation or otherwise, any prohibition, interruption, limitation, restriction or prevention of Tenant’s use, occupancy or enjoyment of the Premises or any part thereof, or any interference with such use,
occupancy or enjoyment by any Person or for any reason, any matter affecting title to the Premises, any eviction by paramount title or otherwise, any default by Landlord hereunder, the impossibility, impracticability or illegality of performance by
Landlord, Tenant or both, any action of any Governmental Authority, Tenant’s acquisition or ownership of all or part of the Premises (unless this Lease shall be terminated by a writing signed by all Persons, including any Mortgagee, having an
interest in the Premises), any breach of warranty or misrepresentation, or any other cause whether similar or dissimilar to the foregoing and whether or not Tenant shall have notice or knowledge thereof and whether or not such cause shall now be
foreseeable. The parties intend that the obligations of Tenant under this Lease shall be separate and independent covenants and agreements and shall continue unaffected unless such obligations have been modified or terminated pursuant to an express
provision of this Lease. 
 Section 2.4 (a) Tenant acknowledges and agrees that (i) all of the interest of Landlord in and
to this Lease has been or will be collaterally assigned to Mortgagee pursuant to the Mortgage and other Mortgage Loan Documents, (ii) under the terms of the Loan Documents including the Collection Account Agreement to which Tenant is a party,
Tenant shall cause all Revenues from the Premises (other than (x) each Gaming Operating Reserve, (y) amounts theretofore released from a Collection Account in accordance with the provisions of the Mortgage Loan Agreement and Collection
Account Agreement, and (z) any amounts collected and maintained in off-shore accounts that have been approved by Landlord and Mortgagee (the 

 

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“Off-Shore Accounts”)) to be wired daily to and deposited in the Collection Accounts established by Tenant, and (iii) if Tenant collects or receives any items of Revenue
(excluding any such items of Revenue in Off-Shore Accounts but including any such items of Revenue in Off-Shore Accounts to the extent Tenant is entitled to withdraw the same from such Off-Shore Account), it will deposit all such items of Revenue
(net of amounts held to fund Gaming Operating Reserves, and net of any amounts theretofore released from a Collection Account) into the Collection Accounts (or any one of them) within three (3) Business Days after receipt as security for its
obligations to Landlord hereunder. Tenant understands, acknowledges and agrees that Landlord’s interest in all amounts deposited in the Collection Accounts, including the proceeds thereof, shall be pledged by Landlord to Mortgagee to secure
Landlord’s obligations to Mortgagee, provided that except as otherwise provided in the immediately following subparagraphs (b) and (c), all amounts so collected or received in the Collection Accounts shall be transferred on each Business
Day to (or as directed by) Tenant for use or distribution by Tenant in its discretion free of any rights or encumbrances of Mortgagee. 

(b) Tenant understands, acknowledges and agrees that, upon the occurrence and during the continuance of an Event of Default under (and as
defined in) the Mortgage Loan Documents or any of the Mezzanine Loan Documents, and provided that no Event of Default shall have occurred and be continuing hereunder, (i) it shall (or Landlord shall, or Mortgagee shall should Landlord fail to
do so) direct and cause Collection Bank to deposit directly into the Cash Management Account all Operating Lease Rent payable under this Lease for the next thirty (30) days, including the Monthly Tax and Insurance Amount, the Monthly Ground
Rent Amount and the Monthly FF&E Reserve Amount (as each such term is defined in the Mortgage Loan Agreement), if any, due for such period (the amounts described in the preceding sentence, collectively, the “Monthly
Disbursements”) (it being the intent and agreement that the Cash Management Account shall at all times contain such amounts sufficient to cover the ensuing thirty (30) day period) and Landlord shall have the right to apply the same to
Tenant’s obligations hereunder, and (ii) any amounts not so deposited into the Cash Management Account shall be transferred on each Business Day thereafter to (or as directed by) Tenant for use or distribution by Tenant in its discretion
free of any rights or encumbrances of Mortgagee. (Landlord acknowledges that disbursement of all or a portion of the Monthly Disbursements to the Cash Management Account (which shall include the Monthly Operating Lease Rent Amount) shall to the
extent of such disbursement, with respect to the month for which such disbursement is made, satisfy Tenant’s payment obligations with respect to Operating Lease Rent payable to Landlord under this Lease for such month.) 

(c) Tenant understands, acknowledges and agrees that if an Event of Default shall have occurred and be continuing hereunder, it shall (or
Landlord shall, or Mortgagee shall if Tenant or Landlord shall fail to do so) notify Collection Bank to transfer to the Cash Management Account on each Business Day in immediately available funds by federal wire transfer all amounts on deposit in
each Collection Account up to the aggregate amount owed by Tenant hereunder, including, without limitation, any damages pursuant to Section 12.2(a) hereof, and thereafter (as well as pending the determination of such damages) Tenant
shall not receive any such monies except to the extent they exceed the aggregate amount owed by Tenant hereunder (or pending such determination, such aggregate amount estimated by Landlord and Mortgagee), including, without limitation, any damages
pursuant to Section 12.2(a) hereof), and Landlord shall have the right to apply the same to Tenant’s obligations hereunder. 
  

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 (d) Tenant shall be responsible for payment of any federal, state or local income or other
tax applicable to the interest or income earned on the Collection Accounts. The Collection Accounts shall be assigned the federal tax identification number of Tenant, which is
[            ]. Tenant shall provide Landlord and Mortgagee, at any time upon request, with a Form W-8 or W-9 to evidence that Tenant is not subject to any back-up withholding under
the Code. All costs and expenses for establishing and maintaining the Collection Accounts shall be at Tenant’s sole cost and expense. 

(e) On or before the thirtieth day following the execution and delivery hereof, Tenant shall establish the Collection Accounts and
represent and warrant to Landlord that the same, which shall be listed by Tenant, constitutes any and all accounts maintained by, or on behalf of Tenant or any other Person in any jurisdiction that include funds arising out of, or are otherwise
attributable to, the Premises or relate to the operation and management of the Premises (other than funds held in Off-Shore Accounts or funds held in accounts (collectively, the “OC Accounts”) that contain exclusively amounts
theretofore released from Collection Accounts in accordance with the provisions of the Mortgage Loan Agreement or otherwise containing exclusively amounts not constituting Revenues from the Premises), identifying the bank, account name and account
number, together with a chart showing the usual and customary flow of funds with respect to such Collection Accounts in the usual course of business. The accounts so identified shall be the only accounts existing on such date (other than the OC
Accounts and the Off-Shore Accounts, if any) maintained by Tenant; and Tenant shall maintain no accounts (other than the OC Accounts and the Off-Shore Accounts, if any) that include funds arising out of, or are otherwise attributable to, the
Premises or relate to the operation, management, use or occupancy of the Premises or any portion thereof, or otherwise. Tenant may not, without the prior consent of Landlord and Mortgagee (not to be unreasonably withheld, conditioned or delayed),
open any accounts or new accounts or in any way alter the flow of funds and payment into and/or out of such Collection Accounts in any material respect from that listed and described in accordance with the prior provisions of this subsection (e),
including, without limitation, changing the source, type or currency of any payments currently deposited and maintained in any such account. 

(f) Concurrently with the establishment of the Collection Accounts, and from time to time thereafter as shall be reasonable or necessary
to ensure the implementation of the provisions of Section 2.4(e), Tenant shall deliver irrevocable written instructions to (i) each tenant under any Sublease at the Premises, in form and substance reasonably acceptable to Landlord
and Mortgagee, directing each such tenant to deliver all Rents payable thereunder directly to the Collection Account, and (ii) each of the credit card companies or credit card clearing banks delivering Revenues, in form and substance reasonably
acceptable to Landlord and Mortgagee, directing each such credit card company or credit card clearing bank to deliver all Revenues payable with respect to the Premises directly to the Collection Accounts. 

(g) Tenant shall execute and deliver such documents, instruments, certificates, assignments and other writings, and do such other acts
necessary or desirable, to evidence, preserve and/or protect, maintain and perfect Mortgagee’s security interest in the Collection Accounts. 
  

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 (h) Simultaneously herewith, Tenant has established a segregated Eligible Account (as
defined in the Mortgage Loan Agreement) (the “Working Capital Account”) with Bank of America, N.A. Pursuant to the Working Capital Account Agreement executed simultaneously herewith among Tenant, Landlord, Bank of America, N.A. and
Collateral Agent, Tenant has granted to Landlord a first priority security interest in the Working Capital Account and all deposits at any time contained therein and the proceeds thereof (and Landlord has granted to Collateral Agent (for the benefit
of Mortgagee) a first priority security interest in all right, title and interest of Landlord in and to the Working Capital Account and all deposits at any time contained therein and the proceeds thereof). Tenant agrees that it will take all actions
necessary to maintain in favor of Landlord a perfected first priority security interest in the Working Capital Account and the deposits therein and proceeds thereof, including, without limitation, executing, delivering and maintaining one or more
account control agreements that comply with Article 9 of the Uniform Commercial Code as in effect from time to time in any applicable jurisdictions, and filing UCC 1 Financing Statements and continuations thereof upon Landlord’s,
Mortgagee’s, or Collateral Agent’s request therefor. All costs and expenses for establishing and maintaining the Working Capital Account (and any sub account thereof) shall be at the sole cost and expense of Tenant. Tenant understands and
agrees that the Working Capital Account shall be under the sole dominion and control of Collateral Agent (which may be exercised through the servicer designated under the Working Capital Account); provided, however, that so long as no
Event of Default under the Mortgage Loan Documents or the Mezzanine Loan Documents exists, Tenant may make withdrawals from the Working Capital Account at any time and from time to time to fund ordinary course working capital needs. Tenant may
deposit into the applicable Working Capital Account from time to time during any Excess Cash Flow Period (as such term is defined in the Note Sales Agreement) cash to be reserved on account of its anticipated, ordinary course working capital needs
(in each case subject to the limitations and restrictions set forth in the Mortgage Loan Agreement (and, upon repayment of the Mortgage Loan in full, subject to the limitations and restrictions set forth in the loan agreement governing the then most
senior Mezzanine Loan)). 
 (i) Tenant shall be responsible for payment of any federal, state or local income or other tax
applicable to the interest or income earned on the Working Capital Account and any sub-account of the Working Capital Account. The Working Capital Account and any sub-account thereof shall be assigned the federal tax identification numbers of
Tenant. Tenant shall provide Mortgagee, at any time upon request of Mortgagee, with a Form W-8 or W-9 to evidence that Tenant is not subject to any back-up withholding under the Code. 

(j) Landlord and Tenant acknowledge and agree that the foregoing provisions of this Section 2.4 shall be subject to the terms of the
Loan Documents and that in the event of any conflict between the terms hereof and Section 2.6 of the Mortgage Loan Agreement that the Mortgage Loan Agreement shall govern. 

Section 2.5 Federal Income Tax Allocation of Base Rent. Tenant and Landlord agree and acknowledge that (a) the parties intend
this Lease to be classified as a “true lease” for Federal income tax purposes (as well as for all other purposes), and (b) Base Rent for the Term is hereby specifically allocated for Federal income tax purposes as “fixed
rent” within the meaning of Treasury Regulation Section 1.467-1(h)(3) for each annual period. Each of Tenant and Landlord shall make all Federal income tax filings (and to the extent appropriate,

  

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state and local income tax filings) on such basis, and shall diligently defend such positions in the event of challenge by any tax authority. The allocation of such allocated rent set forth in
this Section 2.5 is intended to constitute a specific allocation of rent under Treasury Regulation Section 1.467-1(c)(2)(ii)(A)(2). 

Section 2.6 Pledge of Collateral. 

(a) In order to secure the prompt and complete payment and performance of Tenant’s obligations under this Lease and the payment of
the Operating Lease Rent, Tenant does hereby irrevocably grant to Landlord and its successors and assigns a security interest in all of Tenant’s right, title and interest in and to the following property, rights and interests, whether now
owned, or hereafter acquired by Tenant, subject to Tenant’s right to use, replace, repair, alter, upgrade, operate or benefit from the following so long as no Event of Default has occurred and is continuing (collectively, the
“Collateral”): 
 (i) Gaming Equipment. All Gaming Equipment (except that Landlord
acknowledges that the Gaming Equipment may be subject to a prior lien in favor of the lenders under the Gaming Equipment Facility Agreement); 

(ii) Subleases and Rents and Distributions. All Subleases and other agreements affecting the use, enjoyment or
occupancy of the Premises heretofore or hereafter entered into, whether before or after the filing by or against Tenant of any petition for relief under the Bankruptcy Code and all right, title and interest of Tenant, its successors and assigns in
and to all Rents, including all cash or securities deposited thereunder to secure the performance by the lessees of their obligations thereunder and all rents, moneys payable as damages or in lieu of rent or rent equivalents, royalties, income,
receivables, receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other consideration of whatever form or nature received by or paid
to or for the account of or benefit of Tenant or its agents or employees from any and all sources arising from or attributable to the Premises, including, without limitation, all proceeds from the sale or other disposition of the Subleases and the
right to receive and apply the Rents to the payment of the Operating Lease Rent; 
 (iii) Condemnation
Awards. All awards or payments, including interest thereon, which may heretofore and hereafter be made with respect to the Premises, whether from the exercise of the right of eminent domain (including but not limited to any transfer made in lieu
of or in anticipation of the exercise of the right), or for a change of grade, or for any other injury to or decrease in the value of the Premises, including any claim in respect thereof; 

(iv) Insurance Proceeds. All proceeds in respect of the Premises under any insurance policies covering the
Premises, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in lieu thereof, for damage to the Premises; 

 

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 (v) Tax Certiorari. All refunds, rebates or credits in connection
with reduction in real estate taxes and assessments charged against the Premises as a result of tax certiorari or any applications or proceedings for reduction; 

(vi) Rights. The right, in the name and on behalf of Tenant, to appear in and defend any action or proceeding
brought with respect to the Premises and to commence any action or proceeding to protect the interest of Landlord in the Premises; 

(vii) Agreements; Permits. All agreements, contracts, certificates, instruments, franchises, permits, licenses,
plans, specifications, and other documents (including, the Shared Services Agreement pursuant to which HOC is “Service Provider” and, to the extent assignable, Operating Permits), now or hereafter entered into or issued, and all rights
therein and thereto, respecting or pertaining to the use, occupation, construction, management or operation of the Premises and any part thereof and all right, title and interest of Tenant therein and thereunder, including, without limitation, the
right, upon the happening of any default hereunder, to receive and collect any sums payable to Tenant thereunder (it being understood that, without affecting any other rights of Landlord under licensing agreement it may possess, such pledge does not
include or relate to any of the foregoing that are used by substantially the entire Harrah’s chain); 

(viii) Intellectual Property. All Intellectual Property and general intangibles relating to or used in connection
with the operation of the Premises which are now or hereafter owned by or licensed to Tenant, including pursuant to any IP License (provided, for clarity, the foregoing shall not affect or prejudice the terms of, nor change the scope of, nor alter
the rights or obligations of any party under, any IP License); 
 (ix) All Assets. All additional assets
owned by Tenant whether currently owned by Tenant or hereafter acquired; 
 (x) Collection Accounts. The
Collection Accounts and all amounts from time to time contained therein (unless and until released therefrom in accordance herewith); and 

(xi) Proceeds. All proceeds of any of the foregoing, including, without limitation, proceeds of insurance and
condemnation awards, whether cash, liquidation or other claims or otherwise. 
 (b) This Lease is a security agreement with
respect to the Collateral (including a “security agreement” within the meaning of the Uniform Commercial Code to the full extent that the foregoing may be subject to the Uniform Commercial Code). If an Event of Default shall occur
and be continuing, Landlord, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform
Commercial Code, including, without limiting the generality of the foregoing, the right, subject to Gaming Laws, to take possession of the Collateral or any part thereof, and to take such other measures as Landlord may deem necessary for the care,
protection and preservation of the Collateral; provided, however (subject to the rights of the lender under the Gaming Equipment Facility Agreement), 

 

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with respect to any Gaming Equipment, Tenant, at Landlord’s option, either (i) transfer title to such Gaming Equipment to Landlord or its designee (so long as such transferee shall have
obtained any necessary Gaming License to take title to the same), or (ii) liquidate such Gaming Equipment, as directed by Landlord and deliver the proceeds thereof to Landlord to be applied to the payment of Tenant’s obligations and
liabilities to Landlord from time to time in accordance with the terms hereof. Any notice of sale, disposition or other intended action by Landlord (or Mortgagee on behalf of Landlord) with respect to the Collateral sent to Tenant in accordance with
the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Tenant. The proceeds of any disposition of the Collateral, or any part thereof,
may, except as otherwise required by applicable law, be applied by Landlord (or Mortgagee on behalf of Landlord) to the payment of the Operating Lease Rent in such priority and proportions as Landlord (or Mortgagee on behalf of Landlord) in its
discretion shall deem proper. 
 (c) Tenant shall (i) at Tenant’s expense, from time to time, (x) cause
instruments creating a security interest in the Collateral and of further assurance (including any UCC-1 financing statements perfecting Landlord’s security interest in all Gaming Equipment) to be filed, registered or recorded in such manner
and in such place as may be required for purposes of the creation, validity, enforceability or perfection of any security interest hereof upon, and the interest of Landlord in the Collateral, (y) do, execute, acknowledge and deliver all further
acts, conveyances, assignments, notices of assignments, transfers and assurances as Landlord or Lender shall, from time to time, reasonably require, for the better assuring, conveying, assigning, transferring and confirming unto Landlord the
Collateral, (z) on demand, deliver (and in the event it shall fail to so deliver, hereby authorizes Landlord or Lender to file in the name of Tenant), one or more financing statements to evidence more effectively the security interest of
Landlord in the Collateral, (ii) not change Tenant’s name or corporate, partnership or other structure without notifying Landlord of such change in writing at least thirty (30) days prior to the effective date of such change and, in
the case of a change in Tenant’s structure, without first obtaining the prior written consent of Landlord and Lender; provided, that, Tenant is permitted to make such changes otherwise permitted under Section 10.17 of the Mortgage Loan
Agreement, (iii) deliver to Landlord and Lender, prior to or contemporaneously with the effective date of any such change, and hereby authorizes Landlord or Lender to file, any financing statement or financing statement change required by
Landlord or Lender to establish or maintain the validity, perfection and priority of the security interest granted herein, (iv) at the request of Landlord, execute a certificate in form satisfactory to Landlord listing the trade names under
which Tenant intends to operate the Premises, and representing and warranting that Tenant does business under no other trade name with respect to the Premises. 

Section 2.7 Assignment of Operating Lease. Tenant hereby ratifies and confirms the assignment of this Lease by Landlord to
Mortgagee pursuant to the Mortgage Loan Documents (including, specifically, the Assignment of Leases and Rents delivered to the Mortgagee) as additional collateral security for the Mortgage Loan. 

 

 26 

 ARTICLE III 

IMPOSITIONS 

Section 3.1 From and after the Commencement Date and throughout the Term, Tenant shall pay and discharge not later than ten
(10) days before any fine, penalty, interest or cost may be added thereto for the non-payment thereof, all taxes, assessments, water rents, storm and sewer rents and charges, duties, impositions, license and permit fees, assessments payable to
any owner’s association or similar entity, governmental levies and charges, charges for public utilities of any kind (together with any interest or penalties imposed upon the late payment thereof), which, pursuant to past, present or future
Legal Requirements, during, prior to or after (but attributable to a period falling prior to or within) the Term, shall have been or shall be levied, charged, assessed, imposed upon or grow or become due and payable out of or for or have become a
Lien on the Premises or any part thereof, any Buildings (including the related Fixtures), the FF&E or any personal property (including, without limitation, any Leased Personal Property) in or on the Premises, the Gaming Equipment, the Operating
Lease Rents or income payable by Tenant or on account of any use of the Premises or such franchises as may be appurtenant to the use and occupation of the Premises, as well as any sales, use, excise, commercial rent, tangible personal property and
similar taxes imposed by any Governmental Authority or improvement district in connection with the use or operation by Tenant of any of the Premises, the Fixtures, the FF&E and the Leased Personal Property, and the Gaming Equipment, and any
interest and penalties assessed in connection therewith as a result of late payment or non-payment of any of the foregoing or late filing or non-filing of any tax returns or reports due in connection therewith (each of the foregoing being an
“Imposition” and collectively “Impositions”). Tenant, upon request from Landlord or Mortgagee, shall submit to Landlord or Mortgagee the proper and sufficient receipts or other evidence of payment and discharge of
the same. The certificate, advice, or bill of non-payment of any Imposition from the appropriate official designated by Legal Requirement to make or issue the same or to receive payment of any Imposition shall be prima facie evidence that such
Imposition is due and unpaid at the time of the making or issuance of such certificate, advice, or bill of non-payment. If any Impositions are not paid when due under this Lease, Landlord shall have the right, but shall not be obligated, to pay the
same following written notice to Tenant of such payment, provided Tenant does not contest the same as herein provided. If Landlord shall make such payment, Landlord shall thereupon be entitled to repayment by Tenant on demand as Other Rent
hereunder. [Tenant agrees that to the extent any Imposition, or other operating or capital cost or expense hereunder, shall not be separately assessed against or chargeable to the Premises, but rather is assessed or properly chargeable to all of the
Land and/or Improvements of which the Premises are part, or to the Premises (or to a portion thereof) and another portion of the Land and Improvements, then Tenant shall pay its allocable share of such Impositions and/or other capital cost or
expense, all as determined by Landlord and Mortgagee, which determination (absent manifest error) shall be binding on Tenant.] 

Section 3.2 Tenant shall have the right to protest and contest any Impositions imposed against the Premises or any part thereof. If
Tenant so elects to contest, Tenant shall, prior to the prosecution or defense of any such claim, notify Landlord in writing of its decision to pursue such contest and, to the extent procedurally required, or to prevent jeopardizing any license,
permit or certification, including, without limitation, any Gaming License, because of 
  

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nonpayment thereof, Tenant shall pay the amount in question prior to initiating the contest. Tenant’s right to contest is conditioned upon the following: (i) such contest is done at
Tenant’s sole cost and expense; (ii) nonpayment will not subject the Premises nor any part thereof or interest therein to be in imminent danger of being sold, forfeited, terminated, cancelled or lost; (iii) such contest shall not
subject Landlord or any Mortgagee to the risk of any criminal or civil liability; (iv) Tenant shall provide such security as may reasonably be required by Landlord or by Mortgagee under the terms of any Mortgage or any Mortgage Loan Documents
to ensure payment of such contested Impositions, together with all interest and penalties thereon; (v) no Default or Event of Default has occurred and remains uncured; (vi) such proceeding shall be permitted under and be conducted in
accordance with the provisions of any applicable material other instrument to which Tenant is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all Legal Requirements; (vii) such
contest is permitted under the Mortgage or Mortgage Loan Documents in which case Tenant shall contest such Imposition in accordance with the Mortgage or any other Mortgage Loan Documents; (viii) Tenant shall promptly upon receipt of a final,
non-appealable determination thereof pay the amount of any such Imposition, together with all costs, interest and penalties which may be payable in connection therewith; and (ix) such proceeding shall suspend the collection of such contested
Imposition from the Premises. Landlord agrees to execute and deliver to Tenant any and all documents reasonably required for such purpose and to cooperate with Tenant in every reasonable respect in such contest, but without any cost or expense to
Landlord. If Landlord should actually receive proceeds of any such contest to the extent Tenant had paid in advance the amount in question, Landlord shall remit the same to Tenant. At the request of Landlord, or at Tenant’s own initiative,
Tenant may elect to take commercially reasonable steps to file and enforce tax certiorari proceedings to reduce tax affecting the Premises, all at Tenant’s own expense; provided, however, that if Tenant shall decline to take such
steps after a request by Landlord, Landlord may take such steps at Landlord’s own expense. 
 Section 3.3 To the extent
permitted by applicable law, Tenant shall have the right to apply for the conversion of any Impositions to make the same payable in annual installments on a straight-line basis (or more accelerated) over a period of years (without significant
incremental cost), and upon such conversion Tenant shall pay and discharge said annual installments as they shall become due and payable but in any event before delinquency. Tenant shall pay all such deferred installments, and any additional amounts
required in connection therewith, when the same are due and payable, and in any event prior to the expiration or sooner termination of the Term, notwithstanding that such installments shall not then be due and payable; provided,
however, that any Impositions (excluding any Imposition converted by Tenant so as to be payable in annual installments as aforesaid) relating to a fiscal period of the taxing authority, a part of which is included in a period of time after
the Expiration Date, shall (whether or not such Impositions shall be assessed, levied, confirmed, imposed or become payable, during the Term) be prorated between Landlord and Tenant as of the Expiration Date, so that Landlord shall pay that portion
of such Impositions which relate to that part of such fiscal period included in the period of time after the Expiration Date, and Tenant shall pay the remainder thereof. 

Section 3.4 Tenant shall not be obligated to pay any franchise, excise, corporate, estate, inheritance, succession or capital levy or tax
of Landlord or any income, profits or revenue tax upon the income of Landlord. 
  

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 Section 3.5 In the event that Landlord is required pursuant to the terms of any Mortgage or
any Mortgage Loan Documents to make monthly or other deposits for Impositions to the Mortgagee, Tenant agrees that, within ten (10) days after the first written demand made by Landlord, it shall: (i) deposit with Landlord or Mortgagee,
within ten (10) days after the first demand therefor and thereafter, on the first day of each month, during the Term, an amount each month estimated by Landlord or Mortgagee to be adequate to create a fund which, as each succeeding installment
of Impositions becomes due, will be sufficient, thirty (30) days prior to such due date, to pay such installment in full. Landlord or Mortgagee shall use reasonable efforts to cause the monthly deposits to be equal in amount, but neither of
them shall be liable in the event that such required deposits are unequal. If at any time the amount of any Imposition is increased or Landlord or Mortgagee believes that it will be, said monthly deposits shall be increased within fifteen
(15) Business Days after written demand by Landlord or Mortgagee so that, thirty (30) days prior to the due date for each installment of Impositions, there will be deposits on hand with Landlord or Mortgagee sufficient to pay such
installments in full. Landlord shall be required to deposit or cause to be deposited any such amounts in an interest bearing account or an account in which such amounts are invested in “Permitted Investments”, as defined in the Mortgage
Loan Documents, and any interest or earnings thereon shall be for the benefit of Tenant. For the purpose of determining whether Landlord or Mortgagee has on hand sufficient moneys to pay any particular Imposition at least thirty (30) days prior
to the due date therefor, deposits for each category of Imposition shall be treated separately, it being the intention that Landlord shall not be obligated to use moneys deposited for the payment of an item not yet due and payable to the payment of
an item that is due and payable. Notwithstanding the foregoing, it is understood and agreed that Landlord or Mortgagee, may, if an Event of Default hereunder or under the Mortgage or any other Mortgage Loan Documents shall have occurred and be
continuing, use deposits made for any one item for the payment of the same or any other item of Operating Lease Rent. If this Lease shall be terminated by reason of any Event of Default, all deposits then held by Landlord shall be applied by
Landlord on account of any and all sums due under this Lease; if there is a resulting deficiency, Tenant shall pay the same, and if there is a surplus, Tenant shall be entitled to a refund of the surplus. Notwithstanding the foregoing provisions of
this Section 3.5, all provisions contained in the Mortgage or the other Mortgage Loan Documents with regard to tax escrows and reserves shall be deemed to be obligations of Tenant, and shall take precedence over and be in lieu of any
inconsistent provision in this Section 3.5. 
 Section 3.6 If Landlord ceases to have any interest in the Premises,
Landlord shall transfer to the Person who owns or acquires such interest in the Premises from Landlord and is the transferee of this Lease, the deposits made pursuant to Section 3.5 hereof relating to the Premises covered by this Lease,
subject, however, to the provisions thereof. Upon such transfer of the Premises and the deposits, the transferor shall be deemed to be released from all liability with respect thereto and Tenant agrees to look to the transferee solely with respect
thereto, and the provisions hereof shall apply to each successive transfer of the said deposits. 
 Section 3.7 The provisions
of this Article III shall survive the expiration or earlier termination of this Lease. 
  

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 ARTICLE IV 

USE AND OPERATION OF PREMISES; DELEGATION TO MANAGER; 

MANAGEMENT AGREEMENT; TRANSITION SERVICES; MANAGEMENT 

Section 4.1 The Premises may be used and occupied only for the purposes set forth in Article A, Section 4. Tenant
shall not create or suffer to exist any material public or private nuisance, hazardous or illegal condition or waste on or with respect to the Premises. For purposes of this Article IV, “waste” as used herein, includes,
but is not limited to, loss of any material Gaming License unless same is no longer required or is adequately replaced. This Article IV shall survive the expiration or earlier termination of this Lease. 

Section 4.2 Notwithstanding anything in this Lease to the contrary, Tenant shall have the right to, and may at its election, delegate
some or all of its rights in connection with the management and operation of the Premises under this Lease to Manager or an Alternate Manager; provided, that (i) no such delegation shall relieve Tenant of any responsibility or obligation
to Landlord hereunder and (ii) Tenant shall cause Manager or any Alternate Manager to operate and maintain the Premises in accordance with the requirements and restrictions to which Tenant is subject hereunder (including Sections 20.1
and 20.10) and at the standards and otherwise in the manner set forth in the Management Agreement. 
 Section 4.3 In no
event shall Landlord or Tenant amend, modify, supplement or waive (or consent to, acquiesce in or permit any such amendment, modification, supplement or waiver of) any right under or other provision of the Management Agreement without the prior
written approval of Mortgagee and each Mezzanine Lender. In no event shall Landlord or Tenant consent to or acquiesce in an assignment by Manager of its rights, obligations or duties under the Management Agreement without the prior written approval
of Mortgagee and each Mezzanine Lender (unless such assignment by Manager is permitted in the Management Agreement without the prior written approval of Mortgagee or the Mezzanine Lenders). Neither Landlord nor Tenant shall permit, consent to or
acquiesce in any cancellation, termination or surrender of the Management Agreement without the prior written approval of Mortgagee and each Mezzanine Lender. 

Section 4.4 Notwithstanding anything in this Lease to the contrary, if Manager shall fail to perform its obligations under the Management
Agreement (or if the Management Agreement is terminated for any reason prior to the termination of this Lease), Tenant agrees that it shall perform all of the duties and obligations of Manager under and pursuant to the terms of the Management
Agreement (including performing Diligence Activities and providing Transition Services) as though the Management Agreement were still in effect, provided, however, that, in such case, Tenant (rather than Manager) shall be
entitled to the payment (whether by Landlord (or its successors and assigns) or from monies in the Collection Account) of the fees and expenses that would have been paid to Manager in the amounts and in accordance with the terms of the Management
Agreement. For the avoidance of doubt, Tenant hereby confirms that (i) if Manager shall fail for any reason to perform the Diligence Activities, following the occurrence of any Mortgage Loan Default (as defined in the Management Agreement),
Tenant will undertake to perform (and thereafter perform) the Diligence Activities and (ii) if Manager shall fail for any reason to provide the Transition Services, following the Transition Period

  

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Commencement Date (as such term is defined in the Management Agreement), then Tenant shall provide such services for the Transition Period. For the avoidance of doubt, during the pendency of the
Transition Period and/or during any period in which this Lease is in effect but the Management Agreement is terminated for any reason, (i) the Operating Fees, Reimbursable Expenses and other amounts payable to Manager under the Management
Agreement (provided that during the Transition Period the duties and obligations of Manager, including the Transition Services, are being performed by Tenant, rather than Manager, hereunder) shall continue to be paid (as though the Management
Agreement were still in effect) but to Tenant, rather than Manager, (ii) the charges for shared services payable to HOC shall continue to be paid pursuant to the Shared Services Agreement, and (iii) this Lease shall not terminate during
the Transition Period. 
 Section 4.5 Tenant confirms and agrees that, notwithstanding its entering into the Management
Agreement, it will continue to own and/or lease all Gaming Equipment and other assets required to operate the Premises (and will not transfer or assign any Gaming Equipment or such other assets to Manager). 

ARTICLE V 

CONDITION OF PREMISES, ALTERATIONS AND REPAIRS 

Section 5.1 The parties acknowledge that Tenant has examined the Premises, is familiar with the physical condition, expenses, operation
and maintenance, zoning, Legal Requirements, status of title and use that may be made of the Premises and every other matter or thing affecting or related to the Premises, and is leasing the same in its “As Is” condition. Landlord has not
made and does not make any representations or warranties whatsoever with respect to the Premises or otherwise with respect to this Lease, express or implied, including any warranty regarding the suitability of the Premises for their intended
commercial purposes or that the same is in compliance, as of the date hereof or at any subsequent time, with Legal Requirements. Tenant assumes all risks resulting from any defects (patent or latent) in the Premises or from any failure of the same
to comply with any Legal Requirement or the uses or purposes for which the same may be occupied. 
 Section 5.2 At Tenant’s
sole cost and expense, whether or not Tenant is in occupancy of all of the Buildings, Tenant shall maintain and keep all of the Buildings on the Premises (including, without limitation, the FF&E and Equipment), and the Gaming Equipment, and the
adjoining sidewalks, curbs and common areas, if any, clean and in substantially the same level of condition and repair as on the Closing Date in all material respects, except for ordinary wear and tear. Tenant shall, at its sole cost and expense,
maintain, repair and replace all of the FF&E, and all Gaming Equipment, necessary or appropriate for the use, operation, maintenance and repair of the Premises in the manner required hereunder. Tenant shall cause any replacements of, and
additions or improvements to, FF&E immediately to be acquired in the name, and as the property, of Landlord (as owner and not as a secured party), subject only to Tenant’s rights hereunder as lessee thereof. All repairs made by Tenant shall
be made in compliance with all Legal Requirements. Landlord shall not be required to furnish any services or facilities or to maintain or make any repairs or alterations to the Premises, and Tenant hereby assumes the full and sole responsibility for
the condition, operation, repair, replacement, 
  

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maintenance and management of the Premises and all costs and expenses incidental thereto, including adequate security for each of the Buildings, whether or not Tenant is then occupying each of
the Buildings. Tenant shall, at its sole cost and expense, repair, replace and maintain the roof in good condition. Notwithstanding the foregoing standards of maintaining the Premises, if any Legal Requirement or the Mortgage Loan Agreement mandates
a higher standard, then Tenant shall be obligated to cause the Premises to comply with such higher standard. 
 Section 5.3
Landlord shall not be responsible for the cost of any alterations or replacements of or maintenance or repairs to the Premises of any nature whatsoever, structural or non-structural, ordinary or extraordinary, foreseen or unforeseen, whether or not
now in the contemplation of the parties. To the extent not prohibited by applicable law, Tenant hereby waives and releases all rights now or hereafter conferred by any Legal Requirements or otherwise which would have the effect of limiting or
modifying any of the provisions of this Article V. 
 Section 5.4 Tenant shall have the right at any time and from
time to time during the Term to make, at its sole cost and expense, changes, alterations, additions or improvements (collectively, “Alterations”) in or to the Premises, subject, however, in the case of any Material Alteration, to
the prior written consent of Landlord and such oversight and insurance requirements as Landlord shall reasonably require. In addition, Tenant shall comply with any requirements specified in the Mortgage Loan Documents for the performance of
Alterations and Work (including provision of a completion guaranty or other collateral to the extent required thereunder and the submission of plans to Mortgagee to the extent required thereunder). Notwithstanding any provision hereof to the
contrary, without Landlord’s and Mortgagee’s consent, not to be unreasonably withheld or delayed, in no event shall Tenant close or shutter, or undertake or permit any Tenant or other Person to undertake an Alteration or any Work, that
alone or together with other Alterations or Work then being undertaken, that closes or shutters, at any one time, more than ten percent (10%) of the income-generating space of the Premises. 

Section 5.5 Tenant agrees that all Alterations, repairs, Restoration and other work which Tenant shall be required or permitted to do
under the provisions of this Lease (each hereinafter called the “Work”) shall be at Tenant’s sole cost and expense and (i) performed in a good, workmanlike manner, and in accordance with all Legal Requirements, as well as
any plans and specifications therefor which shall have been approved by Landlord (if such approval is required hereunder), and (ii) commenced and completed reasonably promptly. 

Section 5.6 Following the delivery of prior reasonable notice, any material Work shall be subject to inspection at reasonable times
during normal business hours and without disruption to the business of Tenant, by Landlord, its architect and Mortgagee (to the extent Mortgagee has such right under the Mortgage Loan Documents), or their duly authorized representatives, and if
Landlord’s architect or Mortgagee upon any such inspection shall be of the reasonable opinion that the Work is not being performed substantially in accordance with the provisions of this Article V or the plans and specifications, or
that any of the materials or workmanship are not of good quality or are unsound or improper, Tenant shall, upon notice of same from Landlord, correct any such failure and shall immediately replace any unsound or improper materials or workmanship.

  

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 Section 5.7 All Fixtures, structures and other improvements and all FF&E shall
immediately upon their installation or placement on or within the Premises, become the property of Landlord, without the need for any further instrument (but at Landlord’s or Mortgagee’s request, Tenant shall confirm the same from time to
time in a writing reasonably satisfactory to the requesting party), and shall remain upon and be surrendered with the Premises (unless, in the case of Gaming Equipment, the same was purchased by Tenant, in which event Tenant shall remove such Gaming
Equipment from the Premises promptly following such surrender, unless an Event of Default has occurred and is continuing hereunder, in which case the same shall be held by Landlord as collateral for Tenant’s obligations hereunder). All other
property permitted or required to be removed by Tenant at the end of the Term remaining in the Premises after Tenant’s removal shall be deemed abandoned and may, at the election of Landlord, either be retained as Landlord’s property or may
be removed from the Premises by Landlord at Tenant’s expense. Tenant shall be responsible for, and shall reimburse Landlord within ten (10) days after written demand therefor, any damage to the Premises caused in whole or in part by the
removal or demolition of any property which Tenant is required to remove pursuant to this Section 5.7 or which Tenant elects under the provisions of this Lease to remove. The provisions of this Section 5.7 shall survive the
expiration or earlier termination of the Term. 
 Section 5.8 Notwithstanding any other provision of this Lease, Tenant shall be
exclusively responsible at its own expense for determination and assurance that the condition of the Premises and all repairs, Alterations and Work are in compliance with all Legal Requirements or have been waived by the appropriate Governmental
Authorities and for obtaining any approvals or consents of Governmental Authorities required in connection with any Alterations or Work. 

Section 5.9 Notwithstanding the foregoing provisions of Sections 5.4, 5.5 and 5.6, all provisions contained in the
Mortgage or any other Mortgage Loan Document relating to the obligations of Landlord with regard to Alterations, Work, the Threshold Amount shall be deemed to be obligations of Tenant hereunder and shall take precedence over and be in lieu of any
inconsistent provisions in Sections 5.4, 5.5 and 5.6. 
 ARTICLE VI 

INSURANCE 

Section 6.1 Throughout the Term, Tenant shall, at its own cost and expense, provide and keep in force for the benefit of Landlord, Tenant
and any Mortgagee, such insurance as shall be reasonably acceptable to Landlord, it being agreed that such insurance shall in any event comply with the requirements specified in the Mortgage Loan Documents and that all provisions contained in the
Mortgage Loan Documents relating to the obligations of Landlord with regard to insurance shall be deemed to be obligations of Tenant hereunder, including with respect to the provision of insurance certificates evidencing any or all of the required
insurance coverage. 
 Section 6.2 If at any time Mortgagee is not in receipt of written evidence that all insurance policies
required under the Mortgage Loan Documents are in full force and effect, Landlord and Mortgagee shall have the right, without notice to Tenant, to take such action as 

 

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Landlord and Mortgagee deems necessary to protect its interest in the Premises, including, without limitation, the obtaining of insurance coverage consistent with the coverage required hereunder.
All premiums incurred by Landlord and/or Mortgagee in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Tenant to Landlord and/or Mortgagee (as applicable) upon demand and, until paid, shall bear
interest at the Default Rate. 
 ARTICLE VII 

DAMAGE OR DESTRUCTION 

Section 7.1 If the Premises or any Building or any part thereof shall be damaged or destroyed by fire or other casualty (including any
casualty for which insurance was not obtained or obtainable) of any kind or nature, ordinary or extra-ordinary, foreseen or unforeseen, so long as no Event of Default has occurred and is continuing (a) Landlord shall pay over to Tenant, upon
the terms set forth in Section 7.2, any moneys which may be recovered by Landlord from property insurance, (b) this Lease shall be unaffected thereby and shall continue in full force and effect, and (c) Tenant shall, utilizing
such insurance proceeds and such additional funds as may be required, at Tenant’s sole cost and expense, expeditiously and in a good and workmanlike manner, cause such damage or destruction to be remedied or repaired (the
“Restoration”) by restoring the Premises to substantially the same condition and configuration immediately prior to such damage or destruction. All Restoration work shall be performed in accordance with the provisions of this Lease,
including, without limitation, the provisions of Section 5.4 and 5.5 hereof. Tenant hereby waives the provisions of any Legal Requirement to the contrary and agrees that the provisions of this Article VII shall govern
and control in lieu thereof. If Tenant shall fail or neglect to restore the Premises with reasonable diligence, or having so commenced such Restoration, shall fail to complete the same with reasonable diligence, or if prior to the completion of any
such Restoration by Tenant, this Lease shall expire or be terminated for any reason, Landlord shall have the right, but not the obligation, to complete such Restoration at Tenant’s cost and expense and the cost thereof shall be payable within
five (5) days after written demand as Other Rent, together with interest thereon from the date of demand until paid at the Default Rate. In addition, if Landlord so completes the Restoration as provided hereunder, Landlord shall be entitled to
a reasonable supervisory fee from Tenant to compensate Landlord for administering the Restoration. 
 Section 7.2 Subject to the
provisions of this Article VII, unless Landlord, the insurance carrier, or any Mortgagee elects in their discretion to perform the Restoration (being under no obligation to do so) and so long as no Event of Default has occurred and is
continuing, Landlord shall pay over to Tenant from time to time, upon the following terms, any moneys which may be received by Landlord pursuant to the Mortgage Loan Documents from property insurance provided by Tenant but, in no event, to any
extent or in any sum exceeding the amount actually collected by Landlord upon the loss; provided, however, that Landlord, before paying such moneys over to Tenant, shall be entitled to reimburse or pay itself or Mortgagee therefrom to
the extent, if any, of (a) the expenses paid or incurred by Landlord or Mortgagee in the collection of such moneys, and (b) any other amounts then outstanding and owing to Landlord under this Lease. Landlord shall pay to Tenant, as herein
provided, the aforesaid insurance proceeds which may be received by Landlord for the purpose of Restoration to be used by 
  

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Tenant to restore the Premises to a value which shall be not less than a value substantially similar to the value of the Premises prior to such fire or other casualty. Prior to making any
Restoration, Tenant shall furnish Landlord with an estimate of the cost of such Restoration, prepared by a licensed third party architect or contractor selected by Tenant and reasonably approved by Landlord. Such insurance moneys shall be paid
(i) to Tenant in a lump sum if the cost of such Restoration is less than the Threshold Amount and (ii) if the cost of such Restoration is equal to or greater than the Threshold Amount, in accordance with Section 7.2 and
7.3 to Tenant (or, at Landlord’s option, directly to the party to whom such payment is due) from time to time thereafter in installments as the Restoration progresses, within five (5) Business Days after submission by Tenant to
Landlord showing the cost of labor and material incorporated in the Restoration, or incorporated therein since the last previous submission (assuming such proceeds are available from the insurer). If any vendor’s, mechanic’s,
laborer’s, or materialman’s Lien is filed against the Premises or any part thereof, or if any public improvement Lien is created or permitted to be created by Tenant and is filed against Landlord, or any assets of, or funds appropriated
to, Landlord, Tenant shall not be entitled to receive any further installment until such Lien is satisfied or otherwise discharged, unless such Lien is contested by Tenant in good faith and, if required by applicable law, Tenant has obtained and
delivered a bond issued by a surety, in an amount and in form otherwise satisfactory to Landlord in its reasonable discretion. The amount of any installment to be paid to Tenant shall be such proportion of the total insurance moneys received by
Landlord pursuant to the Mortgage Loan Documents as the cost of labor and materials theretofore incorporated by Tenant in the Restoration bears to the total estimated cost of the Restoration by Tenant, less (1) all payments theretofore made to
Tenant out of said insurance proceeds, and (2) ten percent (10%) of the amount so determined, until fifty percent (50%) of the Restoration has been completed (and five percent (5%) thereafter) (the “Retainage”).
Notwithstanding the foregoing, Landlord shall not withhold the Retainage from any installment provided (I) such installment constitutes the final payment due a contractor or materialman, or (II) the contractor is bonded and Tenant
furnishes to Landlord payment and performance bonds and labor and material bonds of Tenant’s contractor complying with the Legal Requirements and otherwise satisfactory to Landlord in its reasonable discretion, naming Landlord as co-obligee, in
which event Landlord shall withhold from such installment the same percentage withheld by Tenant pursuant to the construction contract. Upon completion of and payment for the Restoration by Tenant, including reimbursement to Tenant of the Retainage
or other amount, as applicable, the balance of any and all insurance proceeds held by Landlord shall be paid to Tenant. In the event that the insurance proceeds are insufficient for the purpose of paying for the Restoration, Tenant shall
nevertheless be required to make the Restoration and pay any additional sums required for the Restoration in accordance with the provisions of Section 7.4 hereof. Notwithstanding the foregoing, if Landlord makes the Restoration at
Tenant’s expense, as provided in Section 7.1 hereof, then Landlord shall use any amounts held by Landlord to pay for the cost of such Restoration. 

Section 7.3 The following shall be conditions precedent to each payment made to Tenant (or to any other party) as provided in
Section 7.2 above: 
 (a) there shall be submitted to Landlord the certificate of the aforesaid architect or
contractor stating (i) that the sum then requested to be withdrawn either has been paid by Tenant and/or is justly due to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be
stated) who have rendered or 
  

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furnished certain services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so
paid or due to each of such Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) that no part of such expenditures has been or is being made the basis, in any previous or
then pending request, for the withdrawal of insurance money or has been made out of the proceeds of insurance received by Tenant, (iii) that the sum then requested does not exceed the value of the services and materials described in the
certificate, and (iv) that the balance of any insurance proceeds held by Landlord, together with such other sums, if any, which Tenant has made or will (for which evidence of Tenant’s intention and ability shall be to Landlord’s
satisfaction in its sole and absolute discretion) make available for the Restoration in accordance with Section 7.4 hereof and to Landlord’s satisfaction (in its sole and absolute discretion) will be sufficient upon completion of
the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion; 
 (b)
there shall be furnished to Landlord an official search, or a certificate of a title insurance company satisfactory to Landlord in its sole and absolute discretion, or other evidence satisfactory to Landlord in its sole and absolute discretion,
showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar Lien affecting the Premises or any part thereof, or any public improvement Lien created or permitted to be
created by Tenant affecting Landlord, or the assets of, or funds appropriated to, Landlord, which has not been discharged of record, except such as will be discharged upon payment of the amount then requested to be withdrawn, or unless any such Lien
is contested by Tenant in good faith and Tenant has obtained and delivered a bond issued by a surety, in an amount and in form otherwise satisfactory to Landlord in its sole and absolute discretion; and 

(c) at the time of making such payment, no Default shall have occurred and be continuing. 

Section 7.4 If the estimated cost of any Restoration determined as provided in Section 7.2 hereof exceeds the net insurance
proceeds, then, prior to the commencement of any Restoration, Tenant hereby covenants to deposit with Landlord, a bond, cash, completion guaranty or other security satisfactory to Landlord (in its sole and absolute discretion) in the amount of such
excess, to be held and applied by Landlord in accordance with the provisions of Section 7.2 hereof, as security for the completion of the work, free of public improvement, vendors’, mechanics’, laborers’ or
materialmen’s statutory or other similar Liens. 
 Section 7.5 As material consideration to Landlord for its agreement to
enter into this Lease, the parties agree that this Lease shall not terminate or be forfeited or be affected in any manner, and there shall be no reduction or abatement of the Operating Lease Rent payable hereunder, by reason of damage to or total,
substantial or partial destruction of the Premises or any part thereof or by reason of the untenantability of the same or any part thereof, for or due to any damage or destruction of the Premises from any cause whatsoever, and, notwithstanding any
Legal Requirements, present or future, Tenant waives any and all rights to quit or surrender the Premises or any part thereof on account of any damage or destruction of the Premises. Tenant expressly agrees that its obligations hereunder, including
the payment of Operating Lease Rent payable by Tenant hereunder, shall continue as though the Premises had not been damaged or destroyed and without abatement, suspension, diminution or reduction of any kind. 

 

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 Section 7.6 Notwithstanding the foregoing provisions of this Article VII, all
provisions contained in the Mortgage or any other Mortgage Loan Document with regard to Restoration of the Premises or the related obligations of Landlord shall take precedence over and be in lieu of any inconsistent provisions in this
Article VII and, with respect to such obligations, shall be deemed to be obligations of Tenant hereunder. 

ARTICLE VIII 

CONDEMNATION 

Section 8.1 Tenant, immediately upon obtaining knowledge of the institution of any proceeding for a Taking, shall notify Landlord and
Mortgagee thereof and Landlord and Mortgagee shall be entitled to participate in any Taking proceeding. Subject to the provisions of this Article VIII, Tenant hereby irrevocably assigns to Mortgagee or to Landlord, in that order, any
award or payment to which Tenant is or may be entitled by reason of any Taking, whether the same shall be paid or payable for Tenant’s leasehold interest hereunder or otherwise. 

Section 8.2 If the whole of the Premises shall be permanently subject to a Taking, then on the earlier of the date of the vesting of
title to the Premises or the date of taking of possession of the Premises (the “Ending Date”), this Lease shall terminate, all Operating Lease Rent required to be paid by Tenant under this Lease shall be pro-rated up to such date,
and any and all awards in connection with such condemnation shall be applied (i) first to pay the outstanding amount owed to Mortgagee under the Mortgage Loan Documents and the holder of the Mezzanine Loan under the Mezzanine Loan Documents,
(i) second, to Tenant, up to the amount of any and all awards on account of Gaming Equipment, moving expenses and any award or payment on account of the Lease being deemed by the applicable condemning authority to be a below market lease to the
economic benefit of Tenant, and (iii) third, any remaining amounts to Landlord. Upon such termination, this Lease shall be of no further force and effect, except that any obligation or liability of either party, actual or contingent, under this
Lease which has accrued on or prior to the Ending Date shall survive and any prepayment of Operating Lease Rent shall be prorated between the parties. 

Section 8.3 In the event of a permanent partial Taking of one or more of the Building(s), in which the portion of the Premises taken is
such that Tenant may continue to operate at the Premises, this Lease shall be unaffected by such Taking, and Tenant shall, continue to pay the Base Rent, Supplementary Rent and Other Rent pursuant to Article II, and the following shall
apply: 
 (a) Landlord shall be entitled to receive the entire award in any proceeding with respect to such Taking without
deduction therefrom for any estate vested in Tenant by this Lease and Tenant shall receive no part of such award; 
 (b)
Notwithstanding the foregoing, in the event this Section 8.3 is applicable, Landlord shall pay over to Tenant from time to time any moneys which may be received by Landlord pursuant to the Mortgage Loan Documents on account of the
exercise of the power of eminent domain with respect to the Premises, which (x) are necessary for Tenant to repair and restore such Building(s) such that the remaining portion of the Building(s) may continue to be

  

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operated and (y) represent an award for the loss of Gaming Equipment, moving expenses and interruption of or damage to Tenant’s business; provided, however, that Landlord,
before paying such moneys over to Tenant, shall be entitled to reimburse or pay itself therefrom to the extent, if any, of (i) the reasonable expenses paid or incurred by Landlord in the collection of such moneys, and (ii) any other
amounts then outstanding and owing to Landlord under this Lease. Such moneys shall be paid over to Tenant on the terms and subject to the conditions set forth in Article VII, as if, for this purpose, such moneys were insurance proceeds
resulting from casualty to the Premises. Tenant agrees to undertake such Restoration on such terms and subject to such conditions to the extent of the availability of such proceeds and such additional funds as are necessary to complete the
Restoration at Tenant’s own cost and expense. 
 Section 8.4 If only unimproved land shall be the subject of a Taking and
Sections 8.2 and 8.3 do not apply, this Lease shall be unaffected by such Taking, and Tenant shall continue to pay the Base Rent, Supplementary Rent and Other Rent pursuant to Article II, and Landlord shall be entitled to
receive the entire award in any proceeding with respect to such Taking without deduction therefrom for any estate vested in Tenant by this Lease and Tenant shall receive no part of such award. 

Section 8.5 If the use or occupancy of all or any part of the Premises shall be the subject of a temporary Taking during the Term of this
Lease, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award for such temporary Taking which represents compensation for the use and occupancy of the Premises and, if so awarded, for the temporary Taking of
Gaming Equipment and for moving expenses, and that portion which represents reimbursement for the cost of Restoration of the Premises. This Lease shall be and remain unaffected by such temporary Taking and Tenant shall be responsible for all
obligations hereunder not affected by such temporary Taking and shall continue to pay in full when due the Base Rent, Supplementary Rent and Other Rent pursuant to the provisions of this Lease. If the period of temporary use or occupancy shall
extend beyond the Expiration Date, that part of the award which represents compensation for the use or occupancy of the Premises (or a part thereof) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as
represents the period to and including the Expiration Date and Landlord shall receive so much as represents the period subsequent to the Expiration Date and Landlord shall be entitled to receive that portion which represents reimbursement for the
cost of Restoration of the Premises. All moneys received by Tenant as, or as part of, an award for temporary use and occupancy for a period beyond the date to which the sums to be paid by Tenant hereunder have been paid by Tenant shall be received,
held and applied by Tenant as a trust fund for payment of all sums payable by Tenant hereunder. 
 Section 8.6 Each party agrees
to execute and deliver to each other and to applicable Governmental Authorities all documents and instruments that may be required to effectuate the provisions of this Article VIII. 

Section 8.7 Notwithstanding the foregoing provisions of this Article VIII, all provisions contained in the Mortgage or any
other Mortgage Loan Document with regard to a taking of the Premises or the related obligations of Landlord shall take precedence over and be in lieu of any inconsistent provisions in this Article VIII and, with respect to such
obligations, shall be deemed to be obligations of Tenant hereunder. 
  

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 ARTICLE IX 

ASSIGNMENT AND SUBLETTING 

Section 9.1 Tenant shall not directly or indirectly (i) sell, assign, mortgage, convey, alienate, sublease or otherwise transfer,
directly or indirectly, by operation of law or otherwise, this Lease, all or any portion of Tenant’s estate or interest in this Lease or the Premises, except as permitted in the Mortgage Loan Documents, (ii) permit any assignment of this
Lease or any estate or interest therein by operation of law, (iii) grant any Sublease, (iv) permit the use of the Premises or any part thereof by any parties other than Tenant and its guests, (v) mortgage, encumber, pledge, grant a
security interest in, collaterally assign or conditionally transfer this Lease or any Leased Personal Property incorporated in or used in connection with the Premises or any part thereof or any Subleases or any of the rents, issues and profits from
a Sublease operator or any other commercial sublessee or Tenant’s estate or interest in the Premises or (vi) sell, convey or transfer, directly or indirectly, by operation of law or otherwise, any capital stock, membership interests,
partnership interests, trust units, or any other direct or indirect equity interest in Tenant, in each case if same would result in Tenant no longer being directly or indirectly at least 50% owned and controlled by Qualified Transferees (each of the
foregoing, a “Transfer”), without Landlord’s and Mortgagee’s prior written consent, except to the extent such Transfer is permitted under the Mortgage Loan Documents, which consent may be granted or withheld in
Landlord’s and Mortgagee’s sole and absolute discretion. For the avoidance of doubt, the foregoing shall not prohibit or restrict Tenant’s right to delegate some or all of its rights in connection with the management or operation of
the Premises pursuant to Section 4.2. Landlord and Tenant agree that any transactions whereby Tenant continues to be at least 50% owned and controlled by Holdings (provided there shall have been no Change in Control in Holdings) and/or
other Qualified Transferees shall be permitted, provided that immediately prior to such Transfer, no Event of Default shall have occurred and be continuing and no Event of Default and subsequent to such Transfer, the beneficial ownership of Landlord
and Tenant will be substantially identical. For purposes of this Article IX, the terms “control”, “controls” or “controlled by” shall mean possession, direct or indirect, of the power to
direct or to cause the direction of, the management and policies of any Person or entity, whether through the ownership of voting securities, or partnership, membership or other equity interests, by contract or otherwise. Any attempted Transfer in
violation of the terms and covenants of this Section 9.1 shall be void. Further, a Change in Control shall be deemed a Transfer hereunder and, unless clauses (ii) through (v) of Section 5.2.10(b) of the Mortgage Loan
Agreement shall be satisfied, the same shall be prohibited and an Event of Default hereunder (and for the sake of clarity, nothing contained elsewhere in this Article IX or this Lease shall be deemed to limit or qualify the above terms of this
sentence). 
 If Landlord consents in writing to a Transfer, (1) Tenant shall nevertheless at all times remain fully
responsible and liable for payment of the Operating Lease Rent and for compliance with all of Tenant’s other duties, obligations and covenants under this Lease, (2) Tenant shall give prior written notice of such Transfer to Landlord and
each Mortgagee, (3) any transferee of Tenant’s interest under this Lease shall be required to execute and deliver an assumption of all obligations of Tenant hereunder that are applicable to such Transfer, pursuant to an instrument
satisfactory to Landlord, and (4) any such Transfer shall be conditioned upon obtaining and securing (A) all necessary Gaming Licenses and other approvals and consents of Governmental Authorities and (B) if required under the Mortgage
Loan Documents, the consent of any Mortgagee, which consent may be withheld in Mortgagee’s sole discretion. 
  

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 Section 9.2 With respect to any Transfer requiring Landlord’s and any Mortgagee’s
consent to a Transfer, Landlord and such Mortgagee shall be given not less than twenty (20) days’ advance written notice of the proposed Transfer, which notice shall be delivered to Landlord and such Mortgagee together with (i) a true
and complete copy of the proposed instrument(s) of the Transfer, and (ii) such other information and documents as Landlord or such Mortgagee may request in its respective sole and absolute discretion. Tenant shall pay, on demand,
Landlord’s and such Mortgagee’s reasonable costs and expenses in connection with their consideration of whether to grant any such consent to a Transfer (but no fee in excess of $750 shall be charged in connection therewith except as set
forth in the Mortgage Loan Agreement). No Transfer may be consummated during the continuance of an Event of Default. 
 Section
9.3 Any consent by Landlord and Mortgagee under this Article IX shall apply only to the specific transaction thereby authorized and shall not relieve Tenant from the requirement of obtaining the prior written consent of Landlord and
Mortgagee to any further Transfer of this Lease. No Transfer of all or any portion of this Lease shall release or relieve the original named Tenant from any obligations of Tenant hereunder unless otherwise agreed by Landlord and Mortgagee.

 Section 9.4 If Landlord consents in writing to a Transfer involving a sublease, license, concession or other right of
occupancy of all or any portion of the Premises (a “Sublease”), Tenant shall cause each subtenant, licensee, concessionaire and holder of such right of occupancy (each a “Subtenant” and collectively, the
“Subtenants”) to comply with its obligations under its Sublease, and Tenant shall diligently enforce all of its rights thereunder in accordance with the terms of such Sublease and this Lease. 

Section 9.5 The fact that a violation or breach of any of the terms, provisions or conditions of this Lease results from or is caused by
an act or omission by any of the Subtenants shall not relieve Tenant of Tenant’s obligation to cure the same. Tenant shall take all necessary steps to prevent any such violation or breach. 

Section 9.6 If this Lease is assigned, or if the Premises or any part thereof is subleased, licensed or occupied by anybody other than
Tenant, Landlord may, after an Event of Default by Tenant, and in addition to any other remedies herein provided or provided by applicable law, collect all rent becoming due to Tenant directly from the Subtenants, and apply the net amount collected
to the Operating Lease Rent herein reserved and all other sums due to Landlord by Tenant hereunder, but no such assignment, sublease, license, occupancy or collection shall be deemed a waiver of this covenant, or the acceptance of the Subtenant as
tenant, or a release of Tenant from the further performance by Tenant of the terms, covenants, and conditions on the part of Tenant to be observed or performed hereunder. Tenant hereby authorizes and directs any such Subtenant to make such payments
of rent directly to Landlord, or into any collection account and/or cash management system required by any Mortgagee upon receipt of notice from Landlord or the Mortgagee, and each Sublease will contain this provision.

  

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No direct collection by Landlord from any such Subtenant shall be construed to constitute a novation or a release of Tenant from the further performance of its obligations hereunder. After any
assignment, subletting, license or occupancy or other Transfer, Tenant’s liability hereunder shall continue; provided that Tenant shall not be responsible for any liability arising as the result of any subsequent modification or
amendment of this Lease by Landlord and any assignee of Tenant. 
 Section 9.7 To secure the prompt and full payment by Tenant
of the Operating Lease Rent and the faithful performance by Tenant of all the other terms and conditions herein contained on its part to be kept and performed, Tenant hereby assigns, transfers and sets over unto Landlord and its successors and
assigns, subject to the conditions hereinafter set forth, all of Tenant’s right, title and interest in and to all permitted subleases, assignments, licenses and occupancy agreements (each a “Sublease” and collectively, the
“Subleases”) and hereby confers upon Landlord and its successors and assigns, and their respective agents and representatives, a right of entry (subject to prior notice) in, and sufficient possession of, the Premises to permit and
insure the collection by Landlord of the rentals and other sums payable under the Subleases, and further agrees that the exercise of said right of entry and qualified possession by Landlord shall not constitute an eviction of Tenant from the
Premises or any portion thereof and that should said right of entry and possession be denied Landlord, its agent or representative, Landlord, in the exercise of said right, may use all requisite force to gain and enjoy the same without
responsibility or liability to Tenant, its servants, employees, guests or invitees, or any Person whomsoever; provided, however, that such assignment shall become operative and effective only if (a) an Event of Default shall occur
and be continuing or (b) this Lease and the Term shall be cancelled or terminated pursuant to the terms, covenants and conditions hereof or (c) there occurs repossession under a dispossess warrant or other re-entry or repossession by
Landlord under the provisions hereof or (d) a receiver for the Premises is appointed, and then only as to such of the Subleases that Landlord may elect to take over and assume. At any time and from time to time within ten (10) days after
Landlord’s written demand, Tenant promptly shall deliver to Landlord a schedule of all Subleases, setting forth the names of all Subtenants, with a photostatic copy of each of the Subleases, certifying that the same constitute all of the
Subleases and that the copies are true and complete. Upon reasonable request of Landlord, Tenant shall permit Landlord and its agents and representatives to inspect all Subleases affecting the Premises. Tenant covenants that each Sublease shall
provide that the Subtenant thereunder shall be required from time to time, upon request of Landlord or Tenant, to execute, acknowledge and deliver, to and for the benefit of Landlord, an estoppel certificate confirming with respect to such Sublease
the information set forth in Section 14.1 hereof. 
 Section 9.8 Tenant covenants and agrees that all Subleases
hereafter entered into affecting the Premises shall provide that (a) they are subject and subordinate to this Lease in all respects (or such Sublease shall be subject and subordinate to this Lease by operation of law), (b) the term thereof
shall not end less than one (1) day prior to the Expiration Date hereof, unless Landlord shall consent otherwise, which consent may be withheld in Landlord’s sole and absolute discretion, (c) the Subtenants will not pay rent or other
sums under the Subleases with Tenant for more than one (1) month in advance, (d) the Subtenants shall give to Landlord at the address and otherwise in the manner specified in Section 21.8 hereof, a copy of any notice of default
by Tenant as the landlord under the Subleases at the same time as, and whenever, any such notice of default shall be given by the Subtenants to Tenant, (e) in the event of the 

 

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termination or expiration of this Lease prior to the Expiration Date hereof, any such Subtenant, at Landlord’s election, shall be obligated to attorn to and recognize Landlord as the lessor
under such Sublease, in which event such Sublease shall continue in full force and effect as a direct lease between Landlord and the Subtenant upon all the terms and conditions of such Sublease, except as hereinafter provided. Any attornment
required by Landlord of such Subtenant shall be effective and self-operative as of the date of any such termination or expiration of this Lease without the execution of any further instrument; provided, however, that such Subtenant
shall agree, upon the request of Landlord, to execute and deliver any such instruments in recordable form and otherwise in form and substance satisfactory to Landlord in its sole and absolute discretion to evidence such attornment. With respect to
any attornment required by Landlord of any Subtenant hereunder, (i) at the option of Landlord, Landlord shall recognize all rights and obligations of Tenant as the lessor under such Sublease and the Subtenant thereunder shall be obligated to
Landlord to perform all of the obligations of the Subtenant under such Sublease and (ii) Landlord shall have no liability, prior to its becoming lessor under such Sublease, to such Subtenant nor shall the performance by such Subtenant of its
obligations under the Sublease, whether prior to or after any such attornment, be subject to any defense, counterclaim or setoff by reason of any default by Tenant in the performance of any obligation to be performed by Tenant as lessor under such
Sublease, nor shall Landlord be bound by any prepayment of more than one (1) month’s rent or any security deposit unless such prepayment shall have been expressly approved in writing by Landlord and Mortgagee or such deposit was received
by Landlord. Landlord shall not unreasonably refuse a request by Tenant to enter into a subordination, non-disturbance and attornment agreement with any Subtenant. The provisions of this Section 9.8 shall survive the expiration or
earlier termination of the Term. 
 Section 9.9 If Tenant assumes this Lease and proposes to assign the same pursuant to the
Bankruptcy Code to any Person who shall have made a bona fide offer to accept an assignment of this Lease on terms acceptable to Tenant, then notice of such proposed assignment shall be given to Landlord by Tenant no later than fifteen
(15) days after receipt of such offer by Tenant, but in any event no later than ten (10) days prior to the date that Tenant shall file any application or motion with a court of competent jurisdiction for authority and approval to enter
into such assumption and assignment. Such notice shall set forth (a) the name and address of the assignee, (b) all of the terms and conditions of such offer, and (c) the proposal for providing adequate assurance of future performance
by such Person under the Lease, including, without limitation, the assurance referred to in Section 365 of the Bankruptcy Code. Any Person to which this Lease is assigned pursuant to the provisions of the Bankruptcy Code shall be deemed without
further act or deed to have assumed all of the obligations arising under this Lease from and after the date of such assignment. Any such assignee shall execute and deliver to Landlord upon demand an instrument confirming such assumption. 

Section 9.10 The term “adequate assurance of future performance” as used in this Lease shall mean (in addition to the
assurances called for in Bankruptcy Code Section 365(1)) that any proposed assignee shall, if determined by the Bankruptcy Court to be appropriate under the circumstances (a) deposit with Landlord on the assumption of this Lease an amount
equal to the greater of (i) two (2) times the then monthly Base Rent, Supplementary Rent and Other Rent or (ii) such other amount deemed by the Bankruptcy Court to be reasonably necessary for the adequate protection of Landlord under
the circumstances, as security for the faithful performance and observance by such assignee of the terms and obligations of this Lease, 

 

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(b) furnish Landlord with financial statements of such assignee for the prior three (3) fiscal years, as finally determined after an audit and certified as correct by a certified public
accountant, which financial statements shall show a net worth at least equal to the amount of the deposit referenced in (a) above, (c) grant to Landlord a security interest in such property of the proposed assignee as Landlord shall deem
necessary to secure such assignee’s future performance under this Lease, and (d) provide such other information or take such action as Landlord, in its reasonable judgment, shall determine is necessary to provide adequate assurance of the
performance by such assignee of its obligations under the Lease. 
 Section 9.11 If, at any time after Tenant may have assigned
Tenant’s interest in this Lease in a proceeding of the type described in Section 12.1(i) or (j), this Lease shall be disaffirmed or rejected in any proceeding of the type described in Section 12.1(i) or
(j) hereof, or in any similar proceeding, or in the event of termination of this Lease by reason of any such proceeding or by reason of lapse of time following notice of termination given pursuant to Article XII based upon
any of the events of default set forth in said Section 12.1(i) or (j), Tenant, upon request of Landlord given within thirty (30) days next following any such disaffirmance, rejection or termination (and actual notice thereof
to Landlord in the event of a disaffirmance or rejection or in the event of termination other than by act of Landlord), shall (a) pay to Landlord all Base Rent, Supplementary Rent and Other Rent due and owing by the assignee to Landlord under
this Lease to and including the date of such disaffirmance, rejection or termination, and (b) as “tenant”, enter into a new lease with Landlord for a term commencing on the effective date of such disaffirmance, rejection or
termination and ending on the expiration date of the Term, unless sooner terminated as in such lease provided, at the same Base Rent, Supplementary Rent and Other Rent upon the then executory terms, covenants and conditions as are contained in this
Lease, except that (i) Tenant’s rights under the new lease shall be subject to the possessory rights, if any, of the assignee under this Lease and the possessory rights of any Person claiming through or under such assignee or by virtue of
any applicable law, (ii) such new lease shall require all defaults existing under this Lease to be cured by Tenant with due diligence, and (iii) such new lease shall require Tenant to pay all Base Rent, Supplementary Rent and Other Rent
reserved in this Lease which, had this Lease not been so disaffirmed, rejected or terminated, would have accrued under the provisions of this Lease after the date of such disaffirmance, rejection or termination with respect to any period prior
thereto. If Tenant shall default in its obligation to enter into said new lease for a period of ten (10) days next following Landlord’s request therefor, then in addition to all other rights and remedies by reason of such default, either
at law or in equity, Landlord shall have the same rights and remedies against Tenant as if Tenant had entered into such new lease and such new lease had thereafter been terminated as of the commencement date thereof by reason of Tenant’s
default thereunder. 
 Section 9.12 (a) Licenses, certificates or permits held in the name of Tenant or an agent or
representative of Tenant, which relate to the operation of the Premises, or the name of the Premises or the operations at the Premises, as then known to the general public (but excluding the items excluded in clauses (vii) and
(viii) of Section 2.6(a)) shall upon Landlord’s written request upon an Event of Default, be assigned by Tenant to a replacement licensed operator of the Premises and/or a subsequent lessee identified by Landlord, except to
the extent prohibited by applicable law or by the terms of such licenses, certificates or permits. If Tenant fails to make or refuses to recognize the assignment of any such licenses, permits or certificates, this provision of this Lease shall
constitute an act of assignment to the replacement licensed operator and/or lessee identified by Landlord except to the extent such assignment is prohibited by Legal Requirement or the terms of such licenses, certificates or permits. 

 

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 (b) Tenant shall not and shall not allow any Person to abandon or surrender any material
licenses, permits, certificates or authorizations required for or which relate to the operation of the Premises as casino and/or gaming operations without prior notice to, and receipt of written approval from, Landlord. Tenant shall not and shall
not allow any Person to act or fail to act in any manner which will cause any material licenses, permits or certificates relating to the Premises, or the operation, use or maintenance thereof, to be revoked or not renewed by any Governmental
Authority having jurisdiction thereof. 
 (c) Tenant shall not file bankruptcy, become insolvent, permit itself to become
subject to any action seeking the appointment of a trustee, receiver, liquidator, custodian or similar official of Tenant or a substantial part of its assets, permit itself to become subject to any action of involuntary receivership, fail to pay its
debts as they become due, or take any corporate action to authorize any of the foregoing without the prior written consent of Landlord. Tenant shall not take any steps or act in a manner that could reasonably be expected to have an adverse effect on
Tenant’s Gaming License or that would prevent it from operating under such Gaming License at the Premises. 
 Section 9.13
The provisions of Sections 9.7, 9.8, 9.9, 9.10, 9.11 and 9.12 hereof shall survive the expiration or earlier termination of this Lease. 

Section 9.14 Notwithstanding the foregoing provisions of this Article IX, all provisions contained in the Mortgage or any
other Mortgage Loan Document in respect of assignments, Subleases and transfers of this Lease or the interest in Tenant shall take precedence over and be in lieu of any inconsistent provision provided for in this Article IX. 

ARTICLE X 

SUBORDINATION 

Section 10.1 This Lease shall be subject and subordinate in all respects to all Mortgages now or hereafter in effect. At any
Mortgagee’s direction, Tenant shall attorn to the Mortgagee, or any successor-in-interest to Landlord or the Mortgagee, including without limitation, any such party which takes title by foreclosure, power of sale, deed in lieu of foreclosure,
pursuant to a proceeding in bankruptcy or alternative procedure, or any right or remedy at law or in equity. The transfer of the title to the Premises, any part thereof or any underlying lease to any Mortgagee, or any successor in interest to
Landlord or Mortgagee by foreclosure, power of sale, deed in lieu of foreclosure, pursuant to a proceeding in bankruptcy or any alternative procedure, or any right or remedy at law or in equity shall not be considered a default or breach by Landlord
of this Lease, which shall survive and remain in full force and effect. This Section 10.1 shall be self-operative and no further instrument of subordination shall be required to make the interest of any Mortgagee superior to the interest
of Tenant hereunder. Notwithstanding the previous sentence, however, Tenant shall, together with the Mortgagee, execute and deliver promptly any certificate or agreement that Landlord and any Mortgagee may reasonably request in confirmation of such
subordination, and Tenant grants to Landlord an 
  

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irrevocable power of attorney coupled with an interest for the purpose of executing and delivering any such certificate or agreement for or on behalf of Tenant. In addition, Tenant agrees to
provide all surveys, certifications, documents, agreements, instruments, reports and other assurances as Mortgagee may reasonably require Landlord to cause Tenant to deliver pursuant to the Mortgage Loan Documents. Upon any foreclosure of a
Mortgage, the grant of any deed-in-lieu of foreclosure or any transfer pursuant to a proceeding in bankruptcy or otherwise, neither the Mortgagee nor anyone claiming by, through or under such Mortgagee shall be: 

(a) liable for any act or omission of any prior Landlord (including, without limitation, the then defaulting Landlord); 

(b) subject to any defense or offsets which Tenant may have against any prior Landlord (including, without limitation, the then
defaulting Landlord) which arise prior to the date such Mortgagee (or someone acquiring at a foreclosure sale related to the Mortgagee’s Mortgage) acquires title to the Premises or any part thereof or interest therein; 

(c) bound by any payment of Operating Lease Rent which Tenant might have paid for more than the current month to any prior Landlord
(including, without limitation, the then defaulting Landlord); 
 (d) bound by any obligation to make any payment to Tenant
which was required to be made prior to the time such Mortgagee or Landlord succeeded to any prior Landlord’s interest other than deposits and reserves received by such Mortgagee; 

(e) bound by any obligation to perform any work or to make improvements to the Premises; 

(f) bound by any modification, amendment or supplement to this Lease made without the prior written consent of the Mortgagee; or

 (g) bound by any security deposit for Tenant’s obligations under this Lease unless such deposit is actually received by
Mortgagee. 
 If required by any Mortgagee, Tenant promptly shall join in any subordination and attornment agreement to indicate
its concurrence with the provisions thereof and its agreement, in the event of a foreclosure of any Mortgage. Tenant shall promptly so accept, execute and deliver any subordination and attornment agreement proposed by any Mortgagee which conforms
with the provisions of this Section 10.1. Any subordination and attornment agreement may also contain other terms and conditions as may otherwise be required by any Mortgagee or Landlord which do not increase Tenant’s monetary
obligations or materially and adversely affect the rights or obligations of Tenant under this Lease. 
 Section 10.2
(a) Tenant hereby agrees to give to any Mortgagee copies of all notices given by Tenant of default by Landlord under this Lease at the same time and in the same manner as, and whenever, Tenant shall give any such notice of default to Landlord,
and the same shall not be effective as against Landlord until so given to Mortgagee. Such Mortgagee shall have the right to remedy any default by Landlord under this Lease, or to cause any default of

  

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Landlord under this Lease to be remedied, and for such purpose Tenant hereby grants such Mortgagee such period of time as may be reasonable to enable such Mortgagee to remedy, or cause to be
remedied, any such default in addition to the period given to Landlord for remedying, or causing to be remedied, any such default. Tenant shall accept performance by such Mortgagee of any term, covenant, condition or agreement to be performed by
Landlord under this Lease with the same force and effect as though performed by Landlord. No default by Landlord under this Lease shall exist or shall be deemed to exist (i) as long as such Mortgagee, in good faith, shall have commenced to cure
such default and shall be prosecuting the same to completion with reasonable diligence, subject to Force Majeure, or (ii) if possession of the Premises or control of Landlord is required in order to cure such default, or if such default is not
reasonably susceptible of being cured by such Mortgagee, as long as such Mortgagee, in good faith, shall have notified Tenant that such Mortgagee intends to institute proceedings under the applicable Loan Documents, and, thereafter, as long as such
proceedings shall have been instituted and shall prosecute the same with reasonable diligence and, after having obtained possession, prosecutes the cure to completion with reasonable diligence (other than those not reasonably susceptible of cure by
Mortgagee). This Lease shall not be modified or amended, or terminated, without Mortgagee’s prior written consent in each instance, which consent, in the case of non-material amendments or modifications, shall not be unreasonably withheld or
delayed (it being agreed, however, that Mortgagee’s refusal to consent to any proposed amendment or modification that would be contrary to the terms of the Mortgage Loan Documents shall not be unreasonable). In the event of the termination of
this Lease by reason of any default by Landlord hereunder or for any other reason whatsoever except the expiration thereof, upon such Mortgagee’s written request, given within thirty (30) days after any such termination, Tenant, within
fifteen (15) days after receipt of such request, shall execute and deliver to such Mortgagee or its designee or nominee a new lease of the Premises for the remainder of the Term of this Lease upon all of the terms, covenants and conditions of
this Lease. Neither such Mortgagee nor its designee or nominee shall otherwise become liable under this Lease unless and until such Mortgagee, or its designee or nominee becomes, and then only for so long as such Mortgagee, or its designee or
nominee remains, the fee owner of the Premises. Mortgagee shall have the right, without Tenant’s consent and without liability to Tenant for any claim for damages or any other relief therefor or in connection therewith, to foreclose the
Mortgage or accept a deed in lieu of foreclosure of such Mortgage, and in doing so, whether or not the same would occur by operation of law, terminate this Lease and evict Tenant from the Premises, provided, however, Landlord (or Mortgagee on behalf
of Landlord) shall have the right at the time of such foreclosure or deed in lieu, to elect not to terminate this Lease at such time and shall, in such event, nevertheless retain the unilateral right at any time thereafter, on thirty
(30) days’ notice to Tenant, to terminate this Lease and evict Tenant from the Premises, without liability to Tenant for any claim for damages or any other relief therefor or in connection therewith. For the avoidance of doubt, the
foregoing is subject to the last paragraph of Section 12.2. 
 (b) In the event of any act or omission of Landlord
which would give Tenant the right, immediately or after lapse of a period of time, to cancel or terminate this Lease, or to claim a partial or total eviction, Tenant shall not exercise such right (i) until it has given written notice of such
act or omission to each Mortgagee, and (ii) unless such act or omission shall be one which is not capable of being remedied by Landlord or such Mortgagee within a reasonable period of time, until a reasonable period for remedying such act or
omission shall have elapsed 
  

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following the giving of such notice and following the time when such Mortgagee shall have become entitled under the Mortgage Loan Documents to remedy the same (which reasonable period shall in no
event be less than the period to which Landlord would be entitled under this Lease or otherwise, after similar notice, to effect such remedy). 

Section 10.3 Landlord and Tenant agree, for the benefit of the Lenders, to implement the lockbox arrangement described herein, in the
Collection Account Agreement and in the Mortgage Loan Agreement. 
 Section 10.4 Tenant shall have the exclusive obligation to
satisfy, pay and provide at its own expense, as Supplementary Rent, requirements for any Impositions, insurance premiums and FF&E reserves set forth in the Mortgage Loan Documents. Landlord agrees to withdraw funds from the FF&E Reserve
Account, the Blocked Account (as defined in the Mortgage Loan Agreement) and the Working Capital Account as and when requested by Tenant, in accordance with the requirements set forth in the Mortgage Loan Documents, provided Tenant delivers to
Landlord such receipts and other materials as are necessary in order for Landlord to satisfy the conditions to such release set forth in the Mortgage Loan Documents. Landlord agrees that disbursements from such reserves and escrows received by
Landlord from the Mortgagee shall be paid to Tenant. Tenant shall use the funds from such reserves and escrows solely for the purposes set forth in and subject to the conditions set forth in the Mortgage Loan Documents. Notwithstanding the
foregoing, (a) Tenant’s obligation to purchase FF&E and other Equipment in accordance with Section 5.2 hereof shall not be relieved or otherwise affected by Landlord’s failure (whether or not excused under the Mortgage Loan
Documents) to provide funds to such FF&E Reserve Account or to disburse the same to Tenant, and (b) all FF&E and Equipment, immediately upon the acquisition thereof, shall and is intended to be the sole and exclusive property of
Landlord, subject only to the terms of this Lease allowing Tenant to use the same until this Lease shall expire or terminate, and Tenant shall keep the same free and clear of all Liens. 

Section 10.5 Intentionally Omitted. 

Section 10.6 Tenant hereby acknowledges that on and as of the date of this Lease: (a) Collateral Agent is a Mortgagee and holds a
first Mortgage on the Premises; (b) Landlord has provided to Tenant and Tenant has received copies of, and has reviewed, the Mortgage Loan Documents and the Mezzanine Loan Documents; (c) Tenant shall observe and perform, on a timely basis,
to the extent applicable to Tenant, or the Premises, each term and condition under the Loan Documents, and any other Loan Documents which are hereafter delivered to Tenant; and (d) to the extent that the representations and warranties set forth
in the Loan Documents and such other Loan Documents which are hereafter delivered to Tenant pertain to the Premises (or the use, operation or occupancy thereof), Legal Requirements, Gaming Licenses, Operating Permits, Subleases, Rents or Tenant,
Tenant agrees that each of such representations and warranties is hereby incorporated into this Lease by reference as if set forth herein at length such that Tenant hereby represents and warrants to Landlord each and every such representation and
warranty. 
  

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 ARTICLE XI 

OBLIGATIONS OF TENANT 

Section 11.1 Tenant shall promptly comply in all material respects with all Legal Requirements with respect to the Premises (or any part
thereof) and/or the use and occupation thereof by Tenant, whether any of the same relate to or require (i) structural changes to or in and about the Premises, or (ii) changes or requirements incident to or as the result of any use or
occupation thereof or otherwise, and subject to Article VII, Tenant shall so perform and comply, whether or not such Legal Requirements shall now exist or shall hereafter be enacted or promulgated and whether or not the same may be said
to be within the present contemplation of the parties hereto. The foregoing shall include, without limitation, present and future compliance with the provisions of the Americans with Disabilities Act. In addition, Tenant will comply with the
applicable provisions of ERISA and of the regulations and published interpretations thereunder and shall furnish to Landlord and Mortgagee promptly after any officer of Tenant either knows, or has a reasonable basis to know, notice that any
violation or other reportable event (including the events set forth in Section 4043(b) of ERISA) has occurred. 
 Section
11.2 Tenant agrees to give Landlord notice of any notice, assessment, claim, demand, communication, violation, summons, complaint, investigation, termination, suspension, or revocation made, issued or adopted by any of the Governmental Authorities
(including, without limitation, the Gaming Authorities) hereinbefore mentioned affecting in a material adverse manner (i) the Premises, (ii) the use, maintenance, occupancy, repair or restoration thereof or (iii) the financial
condition of Tenant, a copy of which is served upon or received by Tenant, or a copy of which is posted on, or fastened or attached to the Premises, or otherwise brought to the attention of Tenant, by mailing within five (5) Business Days after
such service, receipt, posting, fastening or attaching or after the same otherwise comes to the attention of Tenant, a copy of each and every one thereof to Landlord and Mortgagee. At the same time, Tenant will inform Landlord as to the Work which
Tenant proposes to do or take in order to comply therewith. Notwithstanding the foregoing, however, if such Work would require any Alterations which would, in Landlord’s opinion, reduce the value of the Premises or change the general character,
design or use of any of the Buildings or other improvements thereon, and if Tenant does not desire to contest the same, Tenant shall, if Landlord so requests, defer compliance therewith in order that Landlord may, if Landlord wishes, contest or seek
modification of or other relief with respect to such Legal Requirements, so long as Tenant is not put in violation of any Legal Requirements, but nothing herein shall relieve Tenant of the duty and obligation, at Tenant’s expense, to comply
with such Legal Requirements, or such Legal Requirements as modified, whenever Landlord shall so direct. 
 Section 11.3 Tenant
shall defend, protect, indemnify and save harmless Landlord, Lender (which, for purposes of determining “Indemnified Parties”, shall include any noteholder in respect of the applicable Loan Documents and any servicer on behalf of any such
noteholder), each of their respective Affiliates, any partners, members or managers thereof, any partners, members or managers of any such partners, members or managers, and any partners, members, managers, officers, stockholders, trustees,
directors or employees of any of the foregoing and any successors and/or assigns of any of the foregoing (each an “Indemnified Party” and collectively, “Indemnified Parties”), from and against and shall reimburse
such 
  

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parties for (a) any and all liabilities, obligations, losses, penalties, costs, charges, judgments, claims, causes of actions, suits, damages, fees and expenses (including attorneys’
fees and expenses) (collectively, “Claims”) (1) arising from or under this Lease or Tenant’s use, occupancy and operations of, in or about the Premises during the Term, (2) arising from the ownership, operation
[(whether as a casino, or any ancillary uses, as permitted hereunder)], maintenance, management, use, regulation, development, expansion or construction of the Premises, including any of the foregoing in relation to the Gaming Equipment,
(3) arising from working capital or other operating liabilities relating to the Premises (or the use thereof) covered by this Lease, including without limitation, any employment or labor matters of any kind (including any matters relating to
collective bargaining agreements or pension liability and related matters, if applicable), Claims of Governmental Authorities, employee Claims, payroll and payroll overhead Claims, benefit program Claims, and other Claims relating to the liabilities
of the Premises (or the use thereof), in each case which are attributable to occurrences during or prior to the Term that the Premises is leased by Tenant or (4) which may be imposed upon or incurred or paid by or asserted against the
Indemnified Parties by reason of or in connection with (i) any accident, injury, death or damage to any Person or property occurring in, on or about the Premises or any portion thereof or any adjacent street, alley, sidewalk, curb, or
passageway; (ii) any changes, alterations, repairs and anything done in, on or about the Premises or any part thereof in connection with such changes, alterations and repairs; (iii) the use, non-use, occupation, condition, operation,
maintenance or management of the Premises or any part thereof, or any adjacent street, alley, sidewalk, curb, or passageway; (iv) any negligent act or omission on the part of Tenant, any Subtenants or any of Tenant’s or Subtenant’s
agents, contractors, servants, employees, space tenants, licensees, assignees, or subtenants; (v) the performance of any labor or services or the furnishing of any materials or other property in respect of the Premises or any part thereof;
(vi) any violation by Tenant (or by any agent, contractor or Subtenant then upon or using the Premises) of any provision of this Lease including, but not limited to, Article VII hereof, or any breach or violation of any Legal
Requirement (including, without limitation, any Gaming Law) by Tenant or its agents, concessionaires, contractors, Subtenants, servants, vendors, materialmen or suppliers; or (vii) the condition of the Premises, or of any buildings or other
structures now or hereafter situated thereon, or the fixtures or personal property thereon or therein, to the extent such events described in the foregoing clauses (i) through (vii) occur during or prior to the Term; and (b) all
costs, expenses and liabilities incurred, including actual, customary and reasonable attorney’s fees and disbursements through and including appellate proceedings, in or in connection with any of such Claims; provided that in no event
shall any Indemnified Party be indemnified for any Claim arising from its gross negligence, willful misconduct, illegal acts or fraud and in no event shall Tenant have any liability under this Section 11.3 to any Indemnified Party in respect of
any consequential or punitive damages or diminution of value. If any action or proceeding shall be brought against any of the Indemnified Parties by reason of any such Claims, Tenant, upon notice from any of the Indemnified Parties, shall resist and
defend such action or proceeding, at its sole cost and expense by counsel to be selected by Tenant but otherwise satisfactory to such Indemnified Party in its reasonable discretion. Tenant or its counsel shall keep each Indemnified Party fully
apprised at all times of the status of such defense. If Tenant shall fail to defend such action or proceeding, such an Indemnified Party may retain its own attorneys to defend or assist in defending any such claim, action or proceeding, and Tenant
shall pay the actual, customary and reasonable fees and disbursements of such attorneys. The terms and provisions of this 
  

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Section 11.3 shall not in any way be affected by the absence of insurance covering such occurrence or claim or by the failure or refusal of any insurance company to perform any
obligation on its part. The provisions of this Section 11.3 shall survive the expiration or earlier termination of this Lease. Tenant shall not enter into any settlement of a Claim which would impose a monetary liability on, or require
an admission of liability, fault or other responsibility by, any Indemnified Party without the written consent of such Indemnified Party. Any insurance proceeds actually received by an Indemnified Party shall be credited against the indemnification
otherwise to be provided herein. An Indemnified Party shall give prompt written notice to Tenant of any Claim for which it seeks indemnification hereunder, but delay in providing such notice shall not relieve Tenant of its indemnification
obligations, except to the extent such delay materially prejudiced Tenant’s ability to defend such Claim. Nothing contained herein shall be construed to create a benefit for a third party except for Lenders and for other Indemnified Parties.

 Section 11.4 If at any time prior to or during the Term (or within the statutory period thereafter if attributable to
Tenant), any mechanic’s or other Lien or order for payment of money, which shall have been either created by, caused (directly or indirectly) by, or suffered against Tenant or any Person claiming by, through or under Tenant (or any
predecessor-in-interest to Tenant), shall be filed against the Premises or any part thereof, Tenant, at its sole cost and expense, shall cause the same to be discharged by payment, bonding or otherwise, within sixty (60) days after Tenant
receives notice of the filing thereof unless (i) such Lien or order is contested by Tenant in good faith and (ii) Tenant provides sufficient security or evidence of financial ability, in each case to the satisfaction of Landlord and
Mortgagee (in their respective sole and absolute discretion), to pay the amount of such Lien or order; provided that, if the Lien or order in question is the responsibility of a Subtenant under its Sublease and no other material default under such
Sublease (after applicable notice and grace) has occurred and in continuing, then Tenant shall be deemed to satisfy the requirement set forth in clause (i) above so long as it is diligently enforcing its rights under such Sublease against such
Subtenant. Tenant shall, upon notice and request in writing by Landlord or Mortgagee, defend for Landlord and Mortgagee, at Tenant’s sole cost and expense, any action or proceeding which may be brought on or for the enforcement of any such Lien
or order for payment of money, and will pay any damages and satisfy and discharge any judgment entered in such action or proceeding and save harmless Landlord and Mortgagee from any liability, claim or damage resulting therefrom. In default of
Tenant’s procuring the discharge of any such Lien as aforesaid Landlord and Mortgagee may, without notice, and without prejudice to its other remedies hereunder, procure the discharge thereof by bonding or payment or otherwise, and all cost and
expense which Landlord and Mortgagee shall incur shall be paid by Tenant to Landlord or Mortgagee, as applicable, as Other Rent forthwith. 

Section 11.5 Landlord shall not under any circumstances be liable to pay for any work, labor or services rendered or materials furnished
to or for the account of Tenant upon or in connection with the Premises, and no mechanic’s or other Lien for such work, labor or services or material furnished shall, under any circumstances, attach to or affect the reversionary interest of
Landlord in and to the Premises or any alterations, repairs, or improvements to be erected or made thereon. Nothing contained in this Lease shall be deemed or construed in any way as constituting the request or consent of Landlord, either express or
implied, to any contractor, subcontractor, laborer or materialman for the performance of any labor or the furnishing of any 
  

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materials for any specific improvement, alteration to or repair of the Premises or any part thereof, nor as giving Tenant any right, power or authority to contract for or permit the rendering of
any services or the furnishing of any materials on behalf of Landlord that would give rise to the filing of any Lien against the Premises. [Pursuant to Section 108.234 of Nevada Revised Statutes (“NRS”), Landlord hereby informs
Tenant that Tenant must comply with the requirements of NRS § 108.2403 & NRS § 108.2407. Tenant shall take all actions necessary under Nevada law to ensure that no liens encumbering Landlord’s interest in the Premises arise
as a result of Tenant’s Work, which actions shall include, without limitation, the recording of a notice of posted security in the Official Records of Clark County, Nevada, in accordance with NRS § 108.2403, and either (i) establish a
construction disbursement account pursuant to NRS § 108.2403(1)(b)(1), or (ii) furnish and record, in accordance with NRS § 108.2403(1)(b)(2), a surety bond for the prime contract for Tenant’s Work at the Premises that meets the
requirements of NRS § 108.2415. Tenant shall notify Landlord of the name and address of Tenant’s prime contractor who will be performing Work on behalf of Tenant as soon as it is known. Tenant shall notify Landlord immediately upon the
signing of any contract with the prime contractor for the construction, alteration or repair of any portion of the Premises. Tenant may not enter the Premises to begin Work or any portion thereof on the Premises until Tenant has delivered evidence
satisfactory to Landlord that Tenant has complied with the terms of this Section 11.5. Failure by Tenant to comply with the terms of this Section 11.5 shall permit Landlord to declare Tenant in default of this Lease.] 

Section 11.6 Neither Landlord nor its agents shall be liable for any loss of or damage to the property of Tenant or others by reason of
casualty, theft or otherwise, or due to any interruption or failure of any services or use or the operation or management of the Premises, or due to any building on the Premises being defective or improperly constructed, or being or becoming out of
repair, or for any injury or damage to Persons or property resulting from any cause of whatsoever nature (nor shall such party be liable for any such loss which is caused by or arises from the negligence of Landlord or its agents). 

Section 11.7 Landlord shall not be required to furnish to Tenant any facilities or services of any kind whatsoever, including, but not
limited to, water, steam, heat, gas, oil, hot water, and/or electricity, all of which Tenant represents and warrants that Tenant has obtained from the public utility supplying the same, at Tenant’s sole cost and expense. Upon Tenant’s
written request, however, Landlord agrees to cooperate with Tenant (at no cost to Landlord) with respect to such services. 

Section 11.8 Tenant will qualify to do business and remain in good standing under the laws of each jurisdiction (including, without
limitation, under any all Gaming Laws, if applicable, and Legal Requirements) as and to the extent required for the use, ownership, lease, operation, maintenance or repair of the Premises. 

 

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 ARTICLE XII 

DEFAULT BY TENANT; REMEDIES 

Section 12.1 Each of the following shall be deemed an event of default (an “Event of Default”) and a breach of this
Lease by Tenant: 
 (a) The failure of Tenant to pay when due, any portion of any installment of Base Rent due from Tenant under
this Lease on the date such payment is due (it being understood that, with respect to any monthly installment of Base Rent, and provided no other Event of Default shall exist, Tenant shall not be in default under this subparagraph (a) if, on
the date such payment is due, there is transferred from the Collection Account to the Cash Management Account the monthly installment of Base Rent due from Tenant under this Lease); 

(b) The failure of Tenant to pay when due, any portion of any installment or amount of Supplementary Rent due from Tenant under this
Lease on the date such payment is due (it being understood that, with respect to any installment or amount of Supplementary Rent due, and provided no other Event of Default shall exist, Tenant shall not be in default under this subparagraph
(b) if, on the date such payment or amount is due, there is transferred from the Collection Account to the Cash Management Account the installment or amount of Supplementary Rent due from Tenant under this Lease); 

(c) The failure of Tenant to pay any portion of any amount of Other Rent due from Tenant under this Lease on the date which is ten days
after any such payment is due (it being understood that, with respect to any installment or amount of Other Rent due, and provided no other Event of Default shall exist, Tenant shall not be in default under this subparagraph (c) if, on the date
such payment or amount is due (or on the date which is ten days after any such payment is due), there is transferred from the Collection Account to the Cash Management Account the installment or amount of Other Rent due from Tenant under this
Lease); 
 (d) The failure to keep the insurance policies required hereunder in full force and effect; the failure to deliver a
certificate of insurance with respect to the insurance policies required hereunder within two (2) Business Days after a request by Landlord or any Mortgagee; and the failure to deliver certified copies of the insurance policies required
hereunder within fifteen (15) days after a request by Landlord or Mortgagee, all in accordance with Article VI; 

(e) The failure of Tenant or Lease Guarantor to comply with or observe any of the other material provisions, agreements, conditions,
covenants or terms contained in this Lease or the Operating Lease Guaranty, respectively, for thirty (30) days after written notice by Landlord or Mortgagee to Tenant or Lease Guarantor describing such default with reasonable specificity, or if
such default is a non-monetary default and of such a nature that it cannot be completely remedied within said thirty (30) day period, the failure of Tenant or Lease Guarantor to commence the cure of such default within such thirty (30) day
period and thereafter diligently prosecute and complete the cure within 120 days after the original written notice of default by Landlord or Mortgagee to Tenant or Lease Guarantor; 

(f) A Transfer in respect of Tenant or the Premises or this Lease without strict compliance with Article IX of this Lease; or
Tenant shall incur any Indebtedness other than Permitted Indebtedness; 
 (g) The (i) initiation of any proceeding
whereupon the estate or interest of Tenant in the Premises, or any portion thereof, or in this Lease is levied upon or attached, or (ii) taking of Tenant’s leasehold estate by execution or other process of law other than as provided in
Article VIII, which proceeding or taking, as the case may be, is not vacated, discharged, dismissed or otherwise reversed within thirty (30) days thereafter; 

 

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 (h) An Event of Default under (and as defined in) any of the Other Operating Leases;

 (i) (i) Tenant shall commence any case, proceeding or other action (A) under any existing or future Legal
Requirement relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to Tenant, or seeking to adjudicate Tenant a bankrupt or insolvent, or seeking reorganization, arrangement,
adjustment, liquidation, dissolution, composition or other relief with respect to Tenant or Tenant’s debts, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for Tenant or for all or any substantial
part of Tenant’s property; or (ii) Tenant shall become insolvent or make a general assignment for the benefit of Tenant’s creditors or shall make a transfer in fraud of creditors; or (iii) there shall be commenced against Tenant
any case, proceeding or other action of a nature referred to in clause (i) above (including involuntary bankruptcy) or seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of
Tenant’s property, which case, proceeding or other action (A) results in the entry of an order for relief or (B) remains undismissed, undischarged or unbonded for a period of ninety (90) days; or (iv) Tenant shall take any
action consenting to or approving of any of the acts set forth in clause (i) or (ii) above; or (v) Tenant shall generally not, or shall be unable to, pay Tenant’s debts as they become due or shall admit in writing Tenant’s
inability to pay Tenant’s debts; 
 (j) (i) Lease Guarantor shall commence any case, proceeding or other action
(A) under any existing or future Legal Requirement relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to Lease Guarantor, or seeking to adjudicate Lease Guarantor a
bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution, composition or other relief with respect to Lease Guarantor or Lease Guarantor’s debts, or (B) seeking appointment of a receiver, trustee,
custodian or other similar official for Tenant or for all or any substantial part of Lease Guarantor’s property; or (ii) Lease Guarantor shall become insolvent or make a general assignment for the benefit of Lease Guarantor’s
creditors or shall make a transfer in fraud of creditors; or (iii) there shall be commenced against Lease Guarantor any case, proceeding or other action of a nature referred to in clause (i) above (including involuntary bankruptcy) or
seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of Lease Guarantor’s property, which case, proceeding or other action (A) results in the entry of an order for relief
or (B) remains undismissed, undischarged or unbonded for a period of ninety (90) days; or (iv) Lease Guarantor shall take any action consenting to or approving of any of the acts set forth in clause (i) or (ii) above; or
(v) Lease Guarantor shall generally not, or shall be unable to, pay Lease Guarantor’s debts as they become due or shall admit in writing Lease Guarantor’s inability to pay Lease Guarantor’s debts; 

(k) If Tenant is a corporation (or partnership or limited liability company) and shall cease to exist as a corporation (or partnership or
limited liability company) in good standing in the state of its incorporation (or formation) (unless Tenant simultaneously becomes incorporated (or formed) and in good standing in another state) or if Tenant is a partnership or limited liability
company or other entity and Tenant shall be dissolved or otherwise liquidated, 
  

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then if Tenant does not completely remedy such default immediately (or if Tenant’s only knowledge of such default is by receipt of written notice of such default, then within the thirty
(30) day period following receipt of such written notice); provided that, Tenant is permitted to make such changes otherwise permitted under Section 10.17 of the Mortgage Loan Agreement; 

(l) If Lease Guarantor is a corporation (or partnership or limited liability company) and shall cease to exist as a corporation (or
partnership or limited liability company) in good standing in the state of its incorporation (or formation) (unless Lease Guarantor simultaneously becomes incorporated (or formed) and in good standing in another state) or if Lease Guarantor is a
partnership or limited liability company or other entity and Lease Guarantor shall be dissolved or otherwise liquidated, then if Lease Guarantor does not completely remedy such default immediately (or if Lease Guarantor’s only knowledge of such
default is by receipt of written notice of such default, then within the thirty (30) day period following receipt of such written notice); 

(m) Tenant fails to execute any certificate or agreement that Landlord or Mortgagee may reasonably request confirming the subordination
required pursuant to Article X or estoppel certificate required pursuant to Article XIV within ten (10) days after Tenant’s receipt thereof; 

(n) Any permanent revocation, termination, suspension or other loss of any Gaming License relating to the Premises (or the use or
operation thereof as a casino) or the taking of any action by a Governmental Authority requiring the suspension, closure or inability to operate the Premises (or portions thereof) as a casino or gaming operation or in the ordinary course of business
(provided, however, that in the case of a suspension or other action which is temporary and not irrevocable, and which does not require a closure of the Premises, Tenant shall have failed to fully cure the applicable violations and
restore full use of the Gaming License within one hundred twenty (120) days after the action was initially taken or, if shorter, the time for cure set by the Governmental Authority); 

(o) Any permanent suspension, debarment or disqualification of Tenant from being a casino and gaming operator or holder of any Gaming
License; 
 (p) Any material representation or warranty made by Tenant herein or in any report, certificate, financial statement
or other instrument, agreement or document furnished to Landlord or Lender shall have been materially false or misleading in any material respect as of the date such representation or warranty was made and if susceptible to cure is not cured within
the time periods set forth in clause (e) of this Section; and 
 (q) Any material representation or warranty made by Lease
Guarantor in the Operating Lease Guaranty or in any report, certificate, financial statement or other instrument, agreement or document furnished to Landlord or Lender shall have been materially false or misleading in any material respect as of the
date such representation or warranty was made and if susceptible to cure is not cured within the time periods set forth in clause (e) of this Section. 
  

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 Section 12.2 Upon the occurrence of an Event of Default, Landlord may, at any time
thereafter, without limiting Landlord in the exercise of any right or remedy at law or in equity that Landlord may have by reason of such Event of Default, at its option pursue any one or more of the following remedies without any further notice or
demand whatsoever, in each case, to the extent permitted by applicable law (provided that any notice required as specified in this Section 12.2 must be joined in, and the exercise of any remedies as described in this
Section 12.2 must be approved, by Mortgagee): 
 (a) Terminate this Lease by issuing written notice of termination
to Tenant, in which event Tenant shall immediately surrender the Premises to Landlord, but if Tenant shall fail to do so, Landlord may without notice and without prejudice to any other remedy Landlord may have, but, subject to Legal Requirements,
including, without limitation, any requirement that the occupant needs to be the holder of a Gaming License, peaceably enter upon and take possession of the Premises and expel or remove Tenant and its effects without being liable to prosecution or
any claim for damages therefor, and upon any such termination, Tenant agrees that in addition to its liability for the payment of arrearages of Operating Lease Rent due and owing by Tenant to Landlord under this Lease upon such termination, Tenant
shall be liable to Landlord for damages. Tenant shall pay to Landlord as damages on the same days as the Operating Lease Rent are due hereunder, the total amount of such Operating Lease Rent payments plus a reimbursement for all unamortized tenant
allowances and concessions, less such part, if any, of such payments that Landlord shall have been able to collect from a new tenant upon reletting; provided, however, that Landlord shall have no obligation to Tenant to relet the
Premises so as to mitigate the amount for which Tenant is liable unless required by applicable law. Landlord shall have the right at any time to demand final settlement. Upon demand for a final settlement, Landlord shall have the right to receive,
and Tenant hereby agrees to pay, as damages for Tenant’s breach, the total rental provided for in this Lease for the remainder of the Term discounted to present value using a discount rate equal to United States Treasury Securities having
comparable maturities to such rental payments plus 3.0%. 
 (b) Enter upon and take possession of the Premises without
terminating this Lease and expel or remove Tenant and its effects therefrom without being liable to prosecution or any claim for damages therefor, and Landlord may relet the Premises for the account of Tenant. Tenant shall pay to Landlord all
arrearages of Base Rent, Supplementary Rent and Other Rent due and owing by Tenant to Landlord, and Tenant shall also pay to Landlord during each month of the unexpired Term the installments of Base Rent and other sums due hereunder, less such part,
if any, that Landlord shall have been able to collect from a new tenant upon reletting; provided, however, that Landlord shall have no obligation to this Tenant to relet the Premises so as to mitigate the amount for which Tenant is
liable unless required by applicable law. In the event Landlord exercises the rights and remedies afforded to it under this Section 12.2(b) and then subsequently elects to terminate this Lease, Tenant shall be liable to Landlord for
damages as set forth in Section 12.2(a) above and Landlord shall have the right at any time to demand final settlement as provided therein. 

(c) To the extent permitted by applicable law, cause the transfer of Gaming Licenses and other [Operating Permits] relating to the
Premises and the operation and management of the Premises and leasing of the Premises to any replacement operator, manager or tenant of the Premises identified by Landlord, and after such replacement operator, manager or tenant obtains all
appropriate Gaming Licenses, Tenant shall cooperate with Landlord to (i) transfer all books and records [to the extent relating solely] to the Premises and used in 

 

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connection with the operation of the Premises, and (ii) continue to perform the Diligence Activities and provide Transition Services during the Transition Period as required by
Section 4.4 to the replacement operator, manager or tenant so as to provide continuation of [casino operations] and minimize disruption. 

(d) Enforce, by all legal suits and other means, its rights hereunder, including the collection of Operating Lease Rent and all other
sums payable by (or to be collected from) Tenant hereunder, without re-entering or resuming possession of the Premises and without terminating this Lease. 

(e) Do whatever Tenant is obligated to do by the provisions of this Lease, may peaceably enter the Premises in order to accomplish this
purpose and may make any reasonable expenditure or incur any reasonable obligation for the payment of money in connection therewith, including, without limitation, reasonable attorneys’ fees and expenses. Tenant agrees to reimburse Landlord
immediately upon demand for any expenses which Landlord may incur in its actions pursuant to this Section 12.2(e), with interest thereon at the Default Rate from the date of demand until paid and such amount shall be deemed to be Other
Rent hereunder. 
 (f) To the extent permitted by Legal Requirements (including Gaming Licenses), and in coordination with a
transition to a replacement facility operator or manager: peaceably enter upon the Premises and change, alter, or modify the door locks on all entry doors of the Premises, and permanently or temporarily exclude Tenant, and its agents, employees,
representatives and invitees, from the Premises. In the event that Landlord either permanently excludes Tenant from the Premises or terminates this Lease on account of Tenant’s default, Landlord shall not be obligated thereafter to provide
Tenant with a key to the Premises at any time, regardless of any amounts subsequently paid by Tenant. If Landlord elects to exclude Tenant from the Premises temporarily without permanently repossessing the Premises or terminating this Lease, then
Landlord shall not be obligated to provide Tenant with a key to reenter the Premises until such time as all delinquent rent and other amounts due under this Lease have been paid in full and all other defaults, if any, have been cured and Tenant
shall have given Landlord evidence reasonably satisfactory to Landlord that Tenant has the ability to comply with its remaining obligations under this Lease; and if Landlord temporarily excludes Tenant from the Premises, Landlord shall have the
right thereafter to permanently exclude Tenant from the Premises or terminate this Lease at any time before Tenant pays all delinquent rent, cures all other defaults and furnishes such evidence to Landlord. A key to the Premises will be furnished to
Tenant only during Landlord’s normal business hours. Landlord’s exclusion of Tenant from the Premises shall not constitute a permanent exclusion of Tenant from the Premises or a termination of this Lease unless Landlord so notifies Tenant
in writing. Landlord shall not be obligated to place a written notice on the Premises on the front door thereof explaining Landlord’s action or stating the name, address or telephone number of any individual or company from which a new key may
be obtained. In the event Landlord permanently or temporarily excludes Tenant from the Premises or terminates this Lease, and Tenant owns property that has been left in the Premises but which is not subject to any statutory or contractual Lien or
security interest held by Landlord as security for Tenant’s obligations, Tenant shall have the right to promptly so notify Landlord in writing, specifying the items of property not covered by any such Lien or security interest and which Tenant
desires to retrieve from the Premises. 
  

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Landlord shall have the right to either (i) escort Tenant to the Premises to allow Tenant to retrieve Tenant’s property not covered by any such Lien or security interest, or
(ii) remove such property itself and make it available to Tenant at a time and place designated by Landlord. In the event Landlord elects to remove such property itself as provided in the immediately preceding clause (ii), Landlord shall not be
obligated to remove such property or deliver it to Tenant unless Tenant shall pay to Landlord, in advance, an amount of cash equal to the amount that Landlord estimates Landlord will be required to reasonably expend in order to remove such property
and make it available to Tenant, including all reasonable moving or storage charges theretofore or thereafter incurred by Landlord with respect to such property. If Tenant pays such estimated amount to Landlord and the actual amount incurred by
Landlord differs from the estimated amount, Tenant shall pay any additional amounts to Landlord on demand or Landlord shall refund any excess amounts paid by Tenant to Tenant on demand. 

(g) Terminate Tenant’s rights under any one or more of Sections 3.2, 3.3, 7.1 and 7.2. 

Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies herein provided or any other remedies
provided by law or equity. Exercise of such remedies shall be in compliance with the requirements of Gaming Licenses, Gaming Laws and Governmental Authorities, and in coordination with a transition to a replacement facility operator or manager.
[Notwithstanding the foregoing, or anything else herein, with respect to Gaming Licenses, Gaming Laws or related Governmental Authorities of the State of New Jersey, no such Gaming Licenses, Gaming Laws or Governmental Authorities shall affect the
rights or remedies of Landlord under this Lease, except to the extent of the enforcement of remedies relating to the control of casino operations in New Jersey.] Any entry by Landlord upon the Premises may be by use of a master or duplicate key or
electronic pass card or any locksmith’s entry procedure or other means. Any reletting by Landlord (if any) shall be without notice to Tenant, and if Landlord has not terminated this Lease, the reletting may be in the name of Tenant or Landlord,
as Landlord shall elect. Any reletting shall be for such term or terms (which may be greater or less than the period which, in the absence of a termination of this Lease, would otherwise constitute the balance of the Term) and on such terms and
conditions (which may include free rent, rental concessions or tenant inducements of any nature) as Landlord in its sole and absolute discretion may determine, and Landlord may collect and receive any rents payable by reason of such reletting. In
the event of any reletting, Tenant shall pay to Landlord on demand the reasonable cost of renovating, repairing and altering the Premises for a new tenant or tenants, and the cost of advertisements, brokerage fees, reasonable attorney’s fees
and other costs and expenses incurred by Landlord in connection with such reletting (consistent with local market conditions). In the event any rentals actually collected by Landlord upon any such reletting for any calendar month are in excess of
the amount of rental payable by Tenant under this Lease for the same calendar month, the amount of such excess shall belong solely to Landlord and Tenant shall have no right with respect thereto. In the event it is necessary for Landlord to
institute suit against Tenant in order to collect the rental due hereunder or any deficiency between the rental provided for by this Lease for a calendar month and the rental actually collected by Landlord for such calendar month, Landlord shall
have the right to allow such deficiency to accumulate and to bring an action upon several or all of such rental deficiencies at one time. No suit shall prejudice in any way the right of Landlord to bring a similar action for any subsequent rental
deficiency or deficiencies. 
  

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 Notwithstanding the foregoing, or anything else in this Lease to the contrary, if any
Transition Period (as defined in the Management Agreement) shall exist, this Lease shall not terminate prior to the expiration or earlier termination of such Transition Period. 

Section 12.3 Subject to the terms of Section 12.2 above, upon the exercise by Landlord of any of the remedies contained in
this Lease, at law or in equity, no re-entry or taking possession of the Premises by Landlord shall be construed as an election on its part to terminate this Lease, unless a written notice of such intention be given to Tenant by Landlord and
Mortgagee. Notwithstanding any such reletting or re-entry to take possession, Landlord may at any time thereafter elect to terminate this Lease for a previous then continuing uncured default. No act or thing done by Landlord or its agents during the
term hereby granted shall be deemed an acceptance of a surrender of the Premises, and no agreement to accept a surrender of the Premises shall be valid unless the same be made in writing by Landlord and Mortgagee. 

Section 12.4 No taking of possession of and/or reletting the Premises, or any part thereof, shall relieve Tenant of its liabilities and
obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting. 
 Section 12.5 To
the extent not prohibited by applicable law, Tenant hereby waives and releases all rights now or hereafter conferred by statute or otherwise which would have the effect of limiting or modifying any of the provisions of this Article XII.
Tenant shall execute, acknowledge and deliver any instruments which Landlord may request, whether before or after the occurrence of an Event of Default, evidencing such waiver or release. 

Section 12.6 To the extent permitted by applicable law, the Operating Lease Rent payable by Tenant hereunder and each and every
installment thereof, and all costs, actual, customary and reasonable attorneys’ fees and disbursements and other expenses which may be incurred by Landlord in enforcing the provisions of this Lease on account of any delinquency of Tenant in
carrying out the provisions of this Lease shall be and they hereby are declared to constitute a valid Lien upon the interest of Tenant in this Lease and in the Premises. 

Section 12.7 Suit or suits for the recovery of damages, or for a sum equal to any installment or installments of Operating Lease Rent
payable hereunder or any deficiencies or other sums payable by Tenant to Landlord pursuant to this Article XII, may be brought by Landlord from time to time at Landlord’s election, and nothing herein contained shall be deemed to
require Landlord to await the date whereon this Lease or the Term would have expired by limitation had there been no Event of Default by Tenant and termination. 

Section 12.8 Nothing contained in this Article XII shall limit or prejudice the right of Landlord to prove and obtain as
liquidated damages in any bankruptcy, insolvency, receivership, reorganization or dissolution proceeding an amount equal to the maximum allowed by Legal Requirement governing such proceeding and in effect at the time when such damages are to be
proved, whether or not such amount shall be greater than, equal to or less than the amount of the damages referred to in any of the preceding Sections of this Article XII. 

 

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 Section 12.9 Except as otherwise expressly provided herein or as prohibited by applicable
law, Tenant hereby expressly waives the service of any notice of intention to re-enter provided for in any statute, or of the institution of legal proceedings to that end, and Tenant, for and on behalf of itself and all Persons claiming through or
under Tenant, also waives any and all right of redemption provided by any Legal Requirement or statute now in force or hereafter enacted or otherwise, or re-entry or repossession or to restore the operation of this Lease in case Tenant shall be
dispossessed by a judgment or by warrant of any court or judge or in case of re-entry or repossession by Landlord or in case of any expiration or termination of this Lease. 

Section 12.10 No failure by Landlord to insist upon the strict performance of any covenant, agreement, term or condition of this Lease or
to exercise any right or remedy consequent upon a breach thereof, or receipt or acceptance of Operating Lease Rent with knowledge of or during the continuance of any such breach, shall constitute a waiver or relinquishment of any such breach or of
such covenant, agreement, term or condition. No covenant, agreement, term or condition of this Lease to be performed or complied with by Tenant, and no breach thereof, shall be waived, altered or modified except by a written instrument executed by
Landlord. No waiver of any breach shall affect or alter this Lease, but each and every covenant, agreement, term and condition of this Lease shall continue in full force and effect with respect to any other then existing or subsequent breach
thereof. 
 Section 12.11 In the event of any breach by Tenant of any of the covenants, agreements, terms or conditions
contained in this Lease, Landlord shall be entitled to a decree compelling performance of any of the provisions hereof and the restraint by injunction of the violation or attempted or threatened violation of any of the terms, covenants and
conditions of this Lease, and shall have the right to invoke any rights and remedies allowed at law or in equity or by statute or otherwise as though re-entry, summary proceedings, and other remedies were not provided for in this Lease. The rights
granted to Landlord in this Lease shall be cumulative of every other right or remedy which Landlord may otherwise have at law, in equity or otherwise, and the exercise of one or more rights or remedies shall not prejudice or impair the concurrent or
subsequent exercise of other rights or remedies. 
 Section 12.12 Tenant shall pay to Landlord and each other Indemnified Party
all reasonable costs and expenses, including, without limitation, reasonable attorneys’ fees and disbursements, incurred by such Indemnified Party in any action or proceeding to which such Indemnified Party may be made a party by reason of any
act or omission of Tenant. Tenant also shall pay to Landlord and each other Indemnified Party all reasonable costs and expenses, including, without limitation, actual, customary and reasonable attorneys’ fees and disbursements, incurred by
Landlord and any Lender in enforcing any of the covenants and provisions of this Lease and incurred in any action brought by Landlord or such Lender against Tenant on account of the provisions hereof, and all such costs, expenses and attorneys’
fees and disbursements may be included in and form a part of any judgment entered in any proceeding brought by Landlord or such Lender against Tenant on or under this Lease; provided, however, that Tenant shall only be obligated to pay
to the extent that Landlord or such Lender is successful in such action. All of the sums paid or obligations incurred by Landlord or such Lender as aforesaid, with interest (at the Default Rate) and costs, shall be paid by Tenant to Landlord or such
Lender, as applicable, on demand. 
  

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 Section 12.13 If Tenant shall fail to pay any installment of Base Rent, Supplementary Rent
or Other Rent when such payment is due, Tenant shall pay to Landlord, in addition to such payment of Base Rent, Supplementary Rent or Other Rent, as the case may be, interest on the amount unpaid at the Default Rate (which for all purposes hereunder
where such rate is specified shall remain the applicable interest rate even after a judgment against Tenant), computed from the date such payment was due to and including the date of payment, as well as any late payment charge due under the Loan
Documents. 
 ARTICLE XIII 

NO WAIVER 

Section 13.1 No receipt of moneys by Landlord from Tenant after the termination or cancellation of this Lease or termination of
Tenant’s right to possess the Premises (or after the giving of any notice of the termination of this Lease or Tenant’s right to possess the Premises) shall reinstate, continue or extend the Term, or affect any notice theretofore given to
Tenant, or affect or otherwise operate as a waiver of the right of Landlord to enforce the payment of Base Rent, Supplementary Rent or Other Rent then due, or thereafter falling due, or operate as a waiver of the right of Landlord to recover
possession of the Premises by proper suit, action, proceeding or remedy; it being agreed that, after the service of notice to terminate or cancel this Lease or Tenant’s right to possess the Premises, or the commencement of suit, action or
summary proceedings, or any other remedy, or after a final order or judgment for the possession of the Premises, Landlord may demand, receive and collect any moneys due, or thereafter falling due, without, in any manner whatsoever, affecting such
notice, proceeding, suit, action, order or judgment; and any and all such moneys collected shall be deemed to be payments on account of the use and occupation of the Premises or, at the election of Landlord, on account of Tenant’s liability
hereunder. The acceptance of any check or payment bearing or accompanied by any endorsement, legend or statements shall not, of itself, constitute any change in or termination of this Lease. 

Section 13.2 The failure of Landlord to enforce any agreement, condition, covenant or term, by reason of its breach by Tenant shall not
be deemed to void, waive or affect the right of Landlord to enforce the same agreement, condition, covenant or term on the occasion of a subsequent default or breach. No surrender of the Premises by Tenant (prior to any termination of this Lease)
shall be valid unless consented to in writing by Landlord and Lender. 
 ARTICLE XIV 

ESTOPPEL CERTIFICATE; CONSENT 

Section 14.1 Tenant agrees that it shall, at any time and from time to time, but no more than quarterly unless an Event of Default shall
be continuing, upon not less than ten (10) days’ prior notice by Landlord or any Lender, execute, acknowledge and deliver to the person requesting the same a statement in writing certifying (i) that this Lease is unmodified and in
full force and effect (or if there have been any modifications, that this Lease is in full force and effect as modified and stating the modifications), (ii) the Base Rent, Supplementary Rent and Other Rent payable and the dates to which the
Base Rent, Supplementary Rent and Other Rent have been paid, (iii) the amount of Base Rent actually paid on the last date such Base Rent was paid, 

 

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(iv) the amount of Management Fees subtracted from Base Rent on the last date such Base Rent was paid, (v) the date through which Management Fees have been paid in full, (vi) that the
address for notices to be sent to Tenant is as set forth in this Lease, (vii) whether to Tenant’s actual knowledge, Landlord is in default in keeping, observing or performing any term, covenant, agreement, provision, condition or
limitation contained in this Lease and, if in default, specifying each default, (viii) the Commencement Date and Expiration Date, (ix) that Tenant is in possession of the Premises, and (x) any other matters reasonably requested by
Landlord or Lender, as applicable, it being intended that any such statement delivered pursuant to this Article XIV may be relied upon by Landlord and any prospective purchaser of the Premises, Lender and prospective Lender. 

Section 14.2 Landlord has secured financing of its interest in the Premises by, among other things, assigning Landlord’s interest in
this Lease and the sums payable thereunder and hereunder to Mortgagee. Tenant hereby consents to such assignment and, without further consideration, agrees to execute and deliver documents and certificates reasonably requested by Mortgagee to
evidence same and provide additional information and take such other actions as may be necessary to consummate the purposes under the Loan Documents; provided, however, that the result of the foregoing actions shall not put Tenant in a materially
worse position or increase Tenant’s costs hereunder (other than the direct costs of implementing such changes, such as legal fees, which Tenant hereby agrees to pay). 

ARTICLE XV 

QUIET ENJOYMENT 

Section 15.1 Tenant, upon the payment of the Operating Lease Rents herein reserved and upon the due performance and observance of all the
covenants, conditions and agreements herein contained on Tenant’s part to be performed and observed, including without limitation, the maintenance by Tenant of all necessary Gaming Licenses required for the operation of the Premises in good
standing and the compliance by Tenant with all Legal Requirements, shall and may at all times during the Term peaceably and quietly have, hold and enjoy the Premises without or hindrance of and from any Person claiming by, through or under Landlord,
subject, nevertheless, to the terms and provisions of this Lease, including the provisions of Section 10.2. 

ARTICLE XVI 

SURRENDER 

Section 16.1 Tenant shall, on the last day of the Term, or upon the sooner termination of the Term, (i) quit and surrender to
Landlord the Premises (including the Leased Personal Property) vacant (subject to the below terms of this Section 16.1), and in the same level of condition and repair as on the Closing Date, reasonable wear and tear excepted, or in such higher
level of condition as required pursuant to the other terms hereof, and (ii) remove or 
  

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demolish all of the Gaming Equipment which Landlord shall have elected to cause Tenant to remove pursuant to and in accordance with Section 5.7 hereof; provided,
however, that at the termination of this Lease, Tenant shall allow the successor tenant to use the Gaming Equipment for a reasonable period of time until such successor tenant is able to acquire replacements therefor, as long as (if no Event
of Default shall have been continuing as of the termination of the Term) the successor tenant shall pay Tenant the reasonable rental value for such use; provided, however, that Tenant shall not be required to allow any successor tenant to use the
Gaming Equipment if such successor tenant does not hold the applicable Gaming License or, to the extent that the Gaming Equipment is leased from a third-party, such third-party does not consent to such use by such successor tenant. Upon termination
of this Lease, Landlord may, to the extent permitted by applicable law, cause the transfer of the operation and management of the Premises and leasing of the Premises to any replacement operator, manager or tenant of the Premises designated by
Landlord, and after such replacement operator, manager or tenant obtains all appropriate Gaming Licenses, Tenant shall cooperate with Landlord to transfer all books and records relating to the Premises and shall provide (and shall cooperate with
Landlord in providing) all Transition Services during the Transition Period as required by Section 4.4 to the new Casino operator or manager so as to provide continuation of Casino operations and minimize disruption. Tenant’s obligation to
observe and perform this covenant shall survive the expiration or earlier termination of the Term. In the event that Tenant fails to surrender the Premises as aforesaid, Landlord shall have the right to exercise the applicable remedies upon the
occurrence of an Event of Default. Tenant shall have the right, as long as it is not in default under this Lease, upon the expiration of the Term (but subject to the temporary use by the successor tenant referred to above), to remove from the
Premises all of the Gaming Equipment, provided that Tenant shall at its own cost and expense reasonably restore and repair any damage to the Premises caused by the removal of the Gaming Equipment. Such removal shall be done upon advance
notice, at a mutually convenient time approved by Landlord and without disruption of the successor tenant’s business operations. The term “reasonable wear and tear” as used herein shall not be construed as permitting any
missing items or components of any item of Leased Personal Property. Upon surrender, Tenant shall provide any additional documentation reasonably requested by Landlord relating to redelivery of or Landlord’s interest in each item of Leased
Personal Property. 
 Section 16.2 Upon the expiration of the Term, all Base Rent, Supplementary Rent (subject to
Section 3.3) and Other Rent payable by Tenant under this Lease shall be apportioned to the date of expiration. 

Section 16.3 Tenant acknowledges that possession of the Premises must be surrendered to Landlord at the expiration or sooner termination
of the term of this Lease. The parties recognize and agree that the damage to Landlord resulting from any failure by Tenant to timely surrender possession of the Premises as aforesaid will be extremely substantial, will exceed the amount of the Base
Rent, Supplementary Rent and Other Rent theretofore payable hereunder, and will be impossible to accurately measure. Tenant therefore agrees that if possession of the Premises is not surrendered to Landlord upon the expiration or sooner termination
of the term of this Lease, then Tenant shall pay to Landlord, as liquidated damages for each month and for each portion of any month during which Tenant holds over in the Premises after the expiration or sooner termination of the term of this Lease,
a sum equal to the higher of the then fair market rental value of the Premises, determined taking into account the 
  

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effect of all material factors reasonably relevant to such determination and as approved by Mortgagee, or two (2) times the aggregate of the Base Rent, Supplementary Rent and Other Rent
which was payable under this Lease with respect to the last month of the term hereof. Nothing herein contained shall be deemed to permit Tenant to retain possession of the Premises after the expiration or sooner termination of the Term of this
Lease; and in the event of any unauthorized holding over, Tenant shall indemnify each of the Indemnified Parties against all claims for damages by any other lessee or prospective lessee to whom Landlord may have leased all or any part of the
Premises effective before or after the expiration or termination of the Term of this Lease. If Tenant holds over in possession after the expiration or termination of the term of the Lease, such holding over shall not be deemed to extend the term or
renew this Lease, but the tenancy thereafter shall continue as a tenancy from month to month upon the terms and conditions of this Lease at the Base Rent, Supplementary Rent and Other Rent as herein increased. Tenant hereby waives the benefit of any
Legal Requirement which would contravene or limit the provisions set forth in this Section 16.4. This provision shall survive the expiration or earlier termination of this Lease. 

ARTICLE XVII 

ACCESS 

Section 17.1 Subject to Gaming Laws, Landlord shall at all times during the Term have the right and privilege to enter the Premises upon
prior notice during business hours and in compliance with reasonable security requirements of Tenant (except in the case of an emergency) for the purpose of inspecting the same or for the purpose of showing the same to prospective purchasers or
Mortgagees thereof. Landlord shall also have the right and privilege at all times during the Term to post notices of nonresponsibility for work performed by or on behalf of Tenant and, during the last one (1) year of the Term, Landlord shall
have the right and privilege, to enter the Premises at reasonable times during business hours for the purpose of exhibiting the same to prospective new tenants. 

Section 17.2 Subject to Gaming Laws, Landlord and Mortgagee shall at all times during the Term have the right to enter the Premises or
any part thereof for the purpose of making such repairs or Alterations therein as Landlord deems necessary or advisable following the failure of Tenant to make any such repairs or Alterations beyond any applicable notice and cure period, but such
right of access shall not be construed as obligating Landlord to make any repairs to or replacements to the Premises or as obligating Landlord to make any inspection or examination of the Buildings. In the event of an emergency, subject to Gaming
Laws, Landlord shall have the right to enter the Premises or any part thereof. 
 ARTICLE XVIII 

ENVIRONMENTAL MATTERS 

Section 18.1 Tenant will not use, generate, treat, hold, possess, refine, handle, abate, remove, control, manage, manufacture, produce,
store, release, discharge or dispose of in, on, under, from or about the Premises or transfer or transport to or from the Premises any 

 

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Hazardous Substance and will not allow or suffer any other Person or entity to do so (except for non-material quantities of substances which are customarily used in the ordinary operation of a
casino resort in compliance with Environmental Laws and for which Tenant has obtained any necessary permits, collectively, “Immaterial Use”). 

Section 18.2 Tenant shall keep and maintain the Premises in compliance with, and shall not cause, permit or suffer the Premises to be in
violation of any Environmental Law. 
 Section 18.3 Tenant shall cause the Premises to be kept free and clear of all Liens and
other encumbrances imposed pursuant to any applicable Environmental Law, whether due to any act or omission of Tenant or any other Person. 

Section 18.4 Tenant shall give prompt written notice to Landlord of: 

(a) any use, generation, manufacture, production, storage, release, discharge or disposal of any Hazardous Substance in, on, under, from
or about the Premises or the migration thereof to or from other property, in each case, during or prior to the Term (other than Immaterial Use); 

(b) the commencement, institution or threat of any proceeding, inquiry or action by or written notice from any Governmental Authority
with respect to the use or presence of any Hazardous Substance in, on, under, from or about the Premises or the migration thereof from or to other property, in each case, during or prior to the Term; 

(c) all claims made or threatened by any third party against Tenant or the Premises relating to any damage, contribution, cost recovery,
compensation, loss or injury resulting from any Hazardous Substance, in each case, during or prior to the Term; 
 (d) any
occurrence or condition on the Premises, in each case, during the Term, that could cause the Premises or any part thereof to be subject to any restrictions on the ownership, occupancy, transferability or use under any Environmental Law; and

 (e) any claims for the incurrence of expense by any Governmental Authority or others in connection with the assessment,
containment or removal of any Hazardous Substance located on, under, from or about the Premises, in each case, during or prior to the Term. 

Landlord shall give prompt written notice to Tenant of any of the facts, events or circumstances set forth in (ii) and
(iii) above, including all claims under Environmental Laws commenced or threatened against Landlord with respect to the Premises during the Term. 

Section 18.5 Landlord and Mortgagee shall have the right, but not the obligation, to join and participate in, as a party if it so elects,
any legal proceedings or actions initiated with respect to the Premises in connection with any Environmental Law. In the event that Tenant refuses or fails to defend any such legal proceedings or actions concerning matters for which Tenant has
primary responsibility under this Article XVIII, Landlord and Mortgagee shall have the right, but not the obligation to defend proceedings or actions using counsel chosen by Landlord or Mortgagee, as applicable, and Tenant shall
reimburse Landlord and Mortgagee for its actual, customary and reasonable attorney’s fees incurred in connection with such defense. 
  

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 Section 18.6 Without Landlord’s and Mortgagee’s prior written consent, which
consent shall not be unreasonably withheld or delayed, Tenant shall not take any remedial action in response to the presence of any Hazardous Substance in, on, under, from or about the Premises, nor enter into any settlement, consent or compromise
which might, in Landlord’s or Mortgagee’s judgment, impair the value of, respectively, Landlord’s or Mortgagee’s interest in the Premises; provided, however, that such prior consent shall not be necessary if the
presence of Hazardous Substance in, on, under, from or about the Premises either poses an immediate threat to the health, safety or welfare of any individual or is of such a nature that an immediate remedial response is necessary and it is not
reasonably practical or possible to obtain such consent before taking such action. In such event Tenant shall notify Landlord and Mortgagee as soon as practicable of any action so taken. Such consent shall not be withheld, where such consent is
required hereunder, if a particular remedial action is ordered by a court or any Governmental Authority of competent jurisdiction. 

Section 18.7 (a) Tenant shall protect, indemnify, defend, release and hold harmless each of the Indemnified Parties from and against
any and all claim, loss, damage, cost, expense, liability, fines, penalties, charges, administrative and judicial proceedings and orders, judgments, remedial action requirements, enforcement actions of any kind (including, without limitation,
reasonable attorneys’ fees and costs but excluding consequential damages, punitive damages and diminution in value) directly or indirectly arising out of or attributable to, in whole or in part, (i) the breach of any of the covenants,
representations and warranties of this Article XVIII by Tenant, or (ii) the use, generation, manufacture, production, storage, release, threatened release, discharge, preservation, treatment, holding, processing, refining,
controlling, management, abatement, removal or disposal of a Hazardous Substance in, on, under, from or about the Premises (whether arising during or prior to the Term) or (iii) any violation or liability under any Environmental Law arising
from any other activity carried on or undertaken on the Premises by Tenant or any employees, agents, contractors or subcontractors of Tenant or any third Persons occupying or present on the Premises (whether arising during or prior to the Term),
including, without limitation: (A) the costs of any required or necessary repair, cleanup or detoxification of the Premises and the preparation and implementation of any closure, remedial or other required plans including, without limitation:
(1) the costs of removal or remedial action incurred by any Governmental Authority, or response costs incurred by any other Person, or damages from injury to, destruction of, or loss of natural resources, including the costs of assessing such
injury, destruction or loss, incurred pursuant to any Environmental Law; (2) the clean-up costs, fines, damages or penalties incurred pursuant to the provisions of any Legal Requirements; and (3) the cost and expenses of abatement,
correction or clean-up, fines, damages, response costs or penalties which arise from the provisions of any other Legal Requirements; and (B) liability for personal injury or property damage, including damages assessed for the maintenance of the
public or private nuisance, response costs or for the carrying on of an abnormally dangerous activity; provided, however, in no event shall Tenant have any liability under this Section 18.7 to any Indemnified Party for such
Indemnified Party’s gross negligence, willful misconduct or fraud. 
  

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 This indemnity is intended to be operable under 42 U.S.C. Section 9607(e)(1), and any
successor section thereof and shall survive expiration or earlier termination of this Lease and any transfer of all or a portion of the Premises by Tenant. 

(b) The foregoing indemnity shall in no manner be construed to limit or adversely affect Landlord’s rights under this
Article XVIII, including, without limitation, Landlord’s rights to approve any Remedial Work or the contractors and consulting engineers retained in connection therewith. 

Section 18.8 In the event that any investigation, site monitoring, containment, cleanup, removal, restoration or other remedial work of
any kind or nature (the “Remedial Work”) is required by any Legal Requirement, or by any Governmental Authority, Tenant shall within thirty (30) days after written demand for performance thereof by Landlord (or such shorter
period of time as may be required under any Legal Requirement or material agreement), commence to perform, or cause to be commenced, and thereafter diligently prosecute to completion within such period of time as may be required under any Legal
Requirement or agreement (or as otherwise required by Landlord), all such Remedial Work at Tenant’s sole expense in accordance with the requirements of any applicable Legal Requirement or Governmental Authority, including or Environmental Law.
All such Remedial Work shall be performed by one or more contractors, approved in advance in writing by Landlord and Mortgagee, which approval shall not be unreasonably withheld or delayed, and under the supervision of a consulting engineer approved
in advance in writing by Landlord and Mortgagee, which approval shall not be unreasonably withheld or delayed. All costs and expenses of such Remedial Work shall be paid by Tenant, including, without limitation, the charges of such contractor(s)
and/or the consulting engineer, and Landlord’s and Mortgagee’s actual, customary and reasonable attorneys’ fees and costs incurred in connection with monitoring or review of such Remedial Work. In the event Tenant shall fail to timely
commence, or cause to be commenced, or fail to complete such Remedial Work within the time required above, Landlord may, but shall not be required to, cause such Remedial Work to be performed and all reasonable costs and expenses thereof incurred in
connection therewith shall be paid by Tenant to Landlord promptly upon demand, together with interest at the Default Rate from the date the same was expended and until paid (and be included in, and form a part of, Operating Lease Rent). 

Section 18.9 In the event that Landlord believes that there may be a violation or threatened violation by Tenant of any Environmental Law
or a violation or threatened violation by Tenant of any covenant under this Article XVIII, Landlord and Mortgagee each is authorized, but not obligated, by itself, its agents, employees or workmen to enter at any reasonable time
following notice, so long as such entry does not unduly interfere with Tenant’s normal conduct of business, and is in compliance with Gaming Laws, upon any part of the Premises for the purposes of inspecting the same for Hazardous Substances
and Tenant’s compliance with this Article XVIII, and such inspections may include, without limitation, soil borings. If such inspection reveals any violation of Environmental Law or violation by Tenant of any covenant under this
Article XVIII, Tenant agrees to pay to Landlord, within ten (10) days after Landlord’s written demand, all actual, customary and reasonable expenses, costs or other amounts incurred by Landlord or Mortgagee in performing any
inspection for the purposes set forth in this Section 18.9. 
  

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 Section 18.10 All costs and expenses reasonably incurred by Landlord under this
Article XVIII shall be immediately due and payable as Other Rent within ten (10) days after written demand and shall bear interest at the Default Rate from the date of notice of such payment by Landlord and the expiration of any
grace period provided herein until repaid. 
 Section 18.11 “Environmental Law” and “Environmental
Laws” shall mean respectively any one or more Legal Requirements pertaining to health, industrial hygiene, hazardous waste or the environmental conditions in, on, under, from or about the Premises or any part thereof, including, without
limitation, the laws listed in the definition of Hazardous Substances below, and the rules and regulations promulgated thereunder; in each case as the same may have been and hereafter may be supplemented, modified, amended, restated or replaced from
time to time. 
 Section 18.12 “Hazardous Substance” and “Hazardous Substances” shall mean,
respectively, any one or more element, compound, chemical mixture, contaminant, pollutant, material, waste or other substance which is defined, determined or identified as a “hazardous substance”, “hazardous waste”,
“hazardous material”, “toxic substance” or “toxic material” under any Legal Requirement, including, without limitation, the following: (i) the Comprehensive Environmental Response, Compensation and Liability Act of
1980 (codified in scattered sections of 26 U.S.C., 33 U.S.C., 42 U.S.C. and 42 U.S.C. § 9601 et. seq.); (ii) the Resource Conservation and Recovery Act of 1976 (42 U.S.C. § 6901 et. seq.); (iii) the Hazardous Materials
Transportation Act (49 U.S.C. § 1801 et. seq.); (vi) the Toxic Substances Control Act (15 U.S.C. § 2601 et. seq.); (v) the Clean Water Act (33 U.S.C. § 1251 et. seq.); (vi) the Clean Air Act (42 U.S.C.
§ 7401 et. seq.) ; (vii) the Safe Drinking Water Act (21 U.S.C. § 349; 42 U.S.C. § 201 and § 300f et. seq.); (viii) the National Environmental Policy Act of 1969 (42 U.S.C. § 3421);
(ix) the Fungicide and Rodenticide Act; (x) Endangered Species Act; (xi) Federal Insecticide Act; (xii) the Superfund Amendment and Reauthorization Act of 1986 (codified in scattered sections of 10 U.S.C., 29 U.S.C., 33 U.S.C.
and 42 U.S.C.); and (xiii) Title III of the Superfund Amendment and Reauthorization Act (40 U.S.C. § 1101 et. seq.). 

Section 18.13 All representations, warranties, covenants and indemnities of Tenant in this Article XVIII shall continue to be
binding upon Tenant, and its successors and assigns, after the expiration or earlier termination of this Lease for a period of two years (except that any claims brought prior to the expiration of such period shall survive until resolved).

 Section 18.14 Notwithstanding the foregoing provisions of this Article XVIII, the obligations of Landlord
contained in the Mortgage Loan Documents with regard to environmental matters shall be deemed to be obligations of Tenant, and shall take precedence over and be in lieu of any inconsistent provisions in this Article XVIII. 

ARTICLE XIX 

FINANCIAL AND REGULATORY REPORTING COVENANTS 

Section 19.1 (a) Tenant acknowledges that Landlord and, to the extent set forth in the Mortgagee Loan Documents, Mortgagee (at its cost
and expense) shall have the right from time to time at all times during normal business hours upon reasonable notice to examine such books, records and accounts at the office of Tenant or any other Person maintaining such books, records and accounts
and to make such copies or extracts thereof as Landlord or Mortgagee shall desire. 
  

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 (b) Tenant shall deliver to Landlord the annual and quarterly financial statements and other
reports and information required to be delivered by Landlord to Mortgagee pursuant to Section 5.1.11 of the Mortgage Loan Agreement, in each case in the form and within the time periods specified therein. Tenant hereby consents to
Landlord’s delivery of such statements, reports and information to Mortgagee pursuant to the Mortgage Loan Agreement and to the mezzanine lenders under the Mezzanine Loan Documents. Tenant acknowledges that although Tenant is not a party to the
Mortgage Loan Documents or Mezzanine Loan Documents, the Mortgagee and mezzanine lenders have a legitimate interest in receiving and reviewing such statements, reports and information. 

(c) For the partial year period commencing on the date hereof, and for each Fiscal Year thereafter, Tenant shall submit to Landlord and
Mortgagee an Annual Budget not later than the commencement of such period or Fiscal Year in form reasonably satisfactory to Mortgagee. 

(d) Any reports, statements or other information required to be delivered under this Lease shall be delivered (i) in paper form or
(ii) if requested by Landlord and within the capabilities of Tenant’s data systems without change or modification thereto, in electronic form and prepared using a Microsoft Word, Access or Excel for Windows or WordPerfect for Windows files
(which files may be prepared using a spreadsheet program and saved as word processing files). Tenant agrees that each Lender may disclose information regarding the Premises (and the use and operation thereof) as provided to Mortgagee pursuant to
this Section in connection with the securitization or syndication to such parties requesting such information in connection therewith. 

Section 19.2 Notwithstanding the foregoing provisions of this Article XIX, all provisions contained in the Loan Documents
with regard financial and other covenants with respect to Tenant, the Premises and the use and operation thereof shall be deemed to be obligations of Tenant, and shall take precedence over and be in lieu of any inconsistent provisions in this
Article XIX. 
 ARTICLE XX 

LICENSED CASINO OPERATIONS 

Section 20.1 Tenant shall operate the Premises in a manner that is substantially consistent with its current operation. Landlord is
merely the owner of the real property which is the subject of this Lease and shall have no liability in connection with the operation of the Premises or the provision of gaming services from or at or near the Premises. Tenant shall have the
exclusive responsibility as the operator, licensee and provider of the Premises, independent and separate from Landlord: (i) for securing and maintaining in full force and effect all material Gaming Licenses relating to such Premises and
services; (ii) for compliance in all material respects with all Legal Requirements including without limitation all Gaming Licenses, and 

 

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(iii) for all computer systems, software, record keeping, data bases and privacy requirements relating to the Premises and the use and operation thereof that, under Legal Requirements, must
be held by the holder of the Gaming Licenses, all of which shall be provided at Tenant’s own expense. 
 Section 20.2 For
purposes of satisfying the requirements of any Loan Documents or any refinancing, sale or appraisal process, Landlord and Mortgagee shall have the right (but not the obligation) to conduct such inspections, audits, visitations and quality control
reviews, of the Premises and services provided by Tenant from or at the Premises as Landlord and Mortgagee may reasonably desire, and for such purposes Tenant shall provide to Landlord and its representatives, and Mortgagee and its representatives,
access to Tenant’s books and records relating to the Premises and the use and operation thereof and services during normal business hours upon reasonable notice. No such inspection, audit, visitation or quality control review conducted by
Landlord or its representatives or Mortgagee or its representatives or any report resulting therefrom shall modify or reduce in any way Tenant’s obligations under this Lease or as the exclusive operator, licensee and provider of the Premises.

 Section 20.3 Landlord and Tenant shall be independent contractors and nothing in this Lease shall be construed as creating a
partnership, joint venture, employment, agency, license or franchise relationship. Tenant shall not have any authority to create any obligation binding upon Landlord. 

Section 20.4 All employees, contractors, consultants, professionals and providers relating to the Premises and the use and operation
thereof, and relating to [gaming] services provided from or at the Premises, shall (as between Tenant and Landlord) be deemed to be employees or contractors of Tenant and not of Landlord. 

Section 20.5 Tenant shall have exclusive responsibility for all of the on-site employees, contractors and consultants of or working in
connection with the Premises and the use and operation thereof, and shall indemnify each of the Indemnified Parties for all Claims by such employees, contractors and consultants which may be hired or retained by Tenant, in each case during the Term.

 Section 20.6 Tenant shall have the exclusive obligation to obtain and provide at its own expense all deposits, bonds,
insurance, letters of credit, working capital, cash collateral, reserves, and other financial requirements of Gaming Laws to operate and provide gaming services at the Premises. 

Section 20.7 Other than pursuant to Section 4.2, Tenant shall not enter into any transaction other than in the ordinary
course of its business and in material compliance with Legal Requirements and on terms not materially less favorable to Tenant than those it would obtain in a comparable arms length transaction with a Person or entity not an Affiliate. 

Section 20.8 Other than pursuant to Section 4.2, Tenant shall not, without Landlord and Mortgagee’s prior written
consent, assign or transfer, or delegate any responsibilities with respect to any Gaming License or Operating Permit, except (in connection with such delegation) in a manner that would not have a Material Adverse Effect. 

 

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 Section 20.9 Tenant shall not assign, transfer, or pledge as collateral security any of its
interest in any Gaming Licenses pertaining to Tenant or the Premises without Landlord’s and Mortgagee’s prior written consent, which consent may be granted or refused in Landlord’s and Mortgagee’s sole discretion. Tenant shall
hold such Gaming Licenses free from restrictions or known conflicts that would materially impair the use or operation of the Premises as intended. 

Section 20.10 Tenant shall cause the Premises to be operated, in all material respects, in accordance with all applicable Legal
Requirements, including Gaming Laws, and all Gaming Licenses and other Operating Permits. Tenant shall post all required bonds, if any, with any Gaming Authority as and in the amounts required under all applicable Legal Requirements (and shall, if
Landlord or Mortgagee makes a request therefor, promptly provide Landlord or Mortgagee with copies of all bonds reasonably requested by such party). 

Section 20.11 Tenant shall make all filings required under the Gaming Laws, or in connection with any Gaming Licenses or Operating
Permits, and shall deliver to Landlord and Mortgagee copies of such filings as such party may reasonably request. Tenant will diligently and comprehensively respond to any inquiries and requests from the Gaming Authorities and promptly file or cause
to be filed any additional information required in connection with any required filings as soon as practicable after receipt of requests therefor. 

Section 20.12 (a) Tenant shall deliver to Landlord and Mortgagee such evidence of compliance with Legal Requirements, including Gaming
Laws, as any such party may reasonably request. Tenant shall immediately deliver to Landlord and Mortgagee any material notice of non-compliance or violation of any Legal Requirement or of any material inquiry or investigation commenced by the
Gaming Authorities in connection with the Premises, in each case that might have a Material Adverse Effect. Tenant shall immediately notify Landlord and Mortgagee if it believes that any material license, including any material Gaming License, is in
imminent danger of being revoked or suspended, or that any material action is pending, being considered or being, or could be, taken to revoke or suspend Tenant’s material licenses, including the material Gaming Licenses, or to fine, penalize
or impose remedies upon Tenant, or that any action is pending, being considered, or being, or could be, taken to discontinue, suspend, deny, decrease or recoup any payments due, made or coming due to Tenant, in each case if same could reasonably be
expected to have a Material Adverse Effect. Tenant shall immediately deliver to Landlord and Mortgagee any notice received by Tenant alleging or relating to the non-compliance by Tenant with any material Legal Requirements, including material Gaming
Laws, if same is reasonably likely to result in a Material Adverse Effect. 
 (b) Tenant shall furnish to Landlord and
Mortgagee, promptly after receipt thereof, notices regarding or correspondence or materials filed in connection with any actions, suits, and proceedings before any Governmental Authority or arbitrator that would be reasonably expected to have a
material adverse effect on Tenant or the Premises. 
 (c) Tenant shall furnish to Landlord and Mortgagee, promptly after receipt
by Tenant of the notice of commencement thereof, notice of (i) any audit, investigation, claim, proceeding, settlement, judgment, consent order, (ii) any suspension, debarment or disqualification of Tenant or any of Tenant’s
Affiliates or Subsidiaries from being a holder of any Gaming License, or (iii) any suspension, termination, or revocation of any Gaming License of Tenant, in each case if same is reasonably likely to result in a material adverse effect on
Tenant or the Premises. 
  

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 (d) Tenant shall provide Landlord and Mortgagee reasonable notice of any and all material
settlement discussions and/or negotiations between representatives of Tenant and any Governmental Authority, including without limitation, negotiations with respect to any material Claim, settlement agreement, consent order or corporate integrity
agreement between Tenant and/or its Affiliates and any Governmental Authority (“Settlement Discussions”). In connection with material Settlement Discussions, (i) Tenant shall timely provide Landlord and Mortgagee with copies of
any and all documents that Tenant intends to submit, or that Tenant receives, in connection with any Settlement Discussions, and (ii) Tenant shall advise Landlord and Mortgagee as to the status of such Settlement Discussions. 

(e) No receipts of any such notice under this Section shall impose any obligation on Landlord or Mortgagee to take any action or to
enforce its rights hereunder or otherwise remedy the circumstances leading to such notice. 
 Section 20.13 Subject in each case
to Force Majeure, Tenant shall cause the [Casino Components] to be open for business as a [casino], except to the extent necessary to undertake any alterations or repairs (subject to the provisions of this Lease with respect to the performance of
any such alterations or repairs). Tenant shall cause the Premises to be at all times operated, managed and maintained, at all times and in the manner and accordance with the standards required pursuant to this Lease and all applicable material Legal
Requirements. 
 Section 20.14 If Landlord shall be in default under this Lease, then (subject to any applicable Legal
Requirements) Mortgagee shall have the right (but not the obligation), to cause the default or defaults under this Lease to be remedied and otherwise exercise any and all rights of Landlord under this Lease, as may be necessary to prevent or cure
any default provided such actions are necessary to protect Mortgagee’s interest under the Mortgage Loan Documents, and Mortgagee shall have the right to enter all or any portion of the affected Premises at such times and in such manner as
Mortgagee deems necessary, to prevent or to cure any such default. The actions or payments of Mortgagee to cure any default by Landlord under this Lease shall not remove or waive, as between Landlord and Mortgagee, any default that may occur or
occurred under the Mortgage Loan Documents by virtue of such default by Landlord under this Lease. 
 Section 20.15 Tenant shall
notify Mortgagee promptly in writing of (i) the occurrence, to Tenant’s knowledge, of any material default by any party to this Lease, (ii) the occurrence, to Tenant’s knowledge, of any event that, with the passage of time or
service of notice, or both, would constitute a material default by any party under this Lease, and (iii) the receipt by Tenant of any notice (written or otherwise) from any party under this Lease noting or claiming the occurrence of any default
by Tenant under this Lease. 
 Section 20.16 Tenant shall (subject to any applicable Legal Requirements) promptly execute,
acknowledge and deliver to Mortgagee such instruments as may reasonably be required to permit Mortgagee to cure any default under this Lease or permit Mortgagee to take such other action required to enable Mortgagee to cure or remedy the matter in
default and preserve the security interest of Mortgagee under the Mortgage Loan Documents with respect to the Premises. 
  

 71 

 Section 20.17 Tenant possesses all licenses, permits, franchises, authorizations,
certificates, approvals and consents, including, without limitation, all environmental, liquor, Gaming Licenses, health and safety licenses of all Governmental Authorities which are material to the conduct of its business and the use, occupation and
operation of the Premises (collectively, “Operating Permits”); each such Operating Permit is and will be in full force and effect (unless, in the case of any one Operating Permit, such Operating Permit is no longer necessary
or advisable for the conduct of Tenant’s business); Tenant and each of its Affiliates are in compliance in all material respects with all such Operating Permits, and no event (including, without limitation, any material violation of any law,
rule or regulation) has occurred which would be reasonably likely to lead to the revocation or termination of any such Operating Permit or the imposition of any restriction thereon. 

Section 20.18 Tenant hereby represents and warrants as follows: 

(a) Each Gaming License is in full force and effect (except for such Gaming Licenses as are no longer necessary or advisable for the
conduct of Tenant’s business); Tenant and each of its Affiliates, respective directors, members, managers, officers, key personnel and Persons holding a five percent (5%) or greater equity or economic interest directly or indirectly in
Tenant are in compliance in all material respects with all such Gaming Licenses (to the extent required by applicable law), and no event (including, without limitation, any violation of any Legal Requirements) has occurred which would be reasonably
likely to lead to the revocation or termination of any such Gaming Licenses or the imposition of any restriction thereon; 
 (b)
Tenant reasonably believes that Tenant will be able to maintain in effect all Gaming Licenses necessary for the lawful conduct of its business or operations wherever now conducted and as planned to be conducted, [including the ownership and
operation of the Casino Components,] pursuant to all applicable Legal Requirements; 
 (c) Tenant is not in default in any
material respect under, or in violation in any material respect of, any such Gaming License (and no event has occurred, and no condition exists, which, with the giving of notice or passage of time or both, would constitute a default thereunder or
violation thereof that has caused or would reasonably be expected to cause the loss of any such Gaming License) unless such Gaming License is no longer necessary or advisable for the conduct of Tenant’s business; 

(d) Tenant has not received any notice of any violation of applicable Legal Requirements which has caused or would reasonably be expected
to cause any such Gaming License to be suspended, forfeited, modified in any manner that would have a material adverse effect on Tenant or the Premises or the business conducted thereat, not renewed, rescinded or revoked; 

(e) No condition exists or event has occurred which would reasonably be expected to result in the suspension, revocation, impairment,
forfeiture, rescission or non-renewal of any such Gaming License; and 
  

 72 

 (f) The continuation, validity and effectiveness of all Gaming Licenses will not be
adversely affected by the transactions contemplated by this Lease. 
 Section 20.19 There is no proceeding, investigation, or
disciplinary action (including, without limitation, before any Gaming Authority, under any Gaming Law or under any Gaming License or other Operating Permit) pending or, threatened against Tenant or any of their respective directors, members,
managers, officers, key personnel or Persons holding a five percent (5%) or greater direct or indirect equity or economic interest in Tenant that is reasonably likely to have a material adverse effect on Tenant or the Premises. 

Section 20.20 Neither the execution, delivery or performance of any of the Loan Documents (nor the Securitization or any participations
in the Mortgage Loan, or the creation or sale of any of the Mezzanine Loans) will (i) require the consent of any Gaming Authority, other than those obtained or made prior to the date hereof (and except as disclosed in an opinion of counsel
delivered concurrently herewith to Lender), or (ii) allow or result in the imposition of any material penalty under, or the revocation or termination of, any Gaming License or any material impairment of the rights of the holder of any Gaming
License. 
 Section 20.21 Tenant is not a party to or otherwise bound by any agreements with Persons or organizations, which
deviate in any material adverse respect from, or which conflict with, any Legal Requirements. All records of Tenant at the Premises are true, complete, and correct in all material respects. 

Section 20.22 (i) Tenant has not pledged any of its receivables as collateral security for a loan or other Indebtedness and
(ii) Tenant has no Indebtedness other than Permitted Indebtedness. Tenant will incur no Indebtedness other than Permitted Indebtedness. 

Section 20.23 Except as has been disclosed to Landlord and Mortgagee, Tenant is not a party to any collective bargaining agreement or
other labor contract applicable to Persons employed by it at the Premises and there are no threatened or pending labor disputes at or relating to the Premises. 

Section 20.24 Tenant owns and possesses or licenses (as the case may be) all Intellectual Property as Tenant considers necessary for the
conduct of its businesses as now conducted without, individually or in the aggregate, any infringement upon rights of other Persons, in each case except as could not reasonably be expected to (i) materially and adversely affect the value of the
Premises, (ii) impair the use and operation of the Premises or (iii) impair Tenant’s or Lease Guarantor’s ability to pay its and their obligations (under this Lease, the Operating Lease Guaranty and otherwise) in a timely manner.
All of the above-described property is either leased or licensed from Landlord or is described in the exclusions contained in clauses (vii) and (viii) of Section 2.6(a) hereof. 

Section 20.25 The Premises and the use thereof complies in all material respects with all material Legal Requirements including, without
limitation, local, state, and federal building codes, fire codes, and other similar regulatory requirements. 
  

 73 

 Section 20.26 Any existing material agreement relating to the management or operation of the
Premises is in full force and effect and is not in default by Tenant or, to Tenant’s actual knowledge, any other party thereto. 

Section 20.27 The parties acknowledge that Tenant and Tenant’s Affiliates, which are experienced operators of gaming and casino
facilities similar to the operations conducted at the Premises, have conducted all of their own due diligence, examination and inspection regarding the Premises (and the use thereof) and are entirely familiar with all business, financial, liability,
physical premises, operational and regulatory aspects, and every other matter or thing affecting or related to the gaming business operated at the Premises, and that Tenant is leasing the same in its “As Is” condition. Landlord
has not made and does not make any representations or warranties whatsoever with respect to the gaming business conducted at and from the Premises or otherwise with respect to this Lease, express or implied, and Tenant is not relying on Landlord
or its Affiliates in connection with any decision to enter into this Lease. Tenant assumes all risks resulting from any defects (patent or latent) in the Premises or from any failure of the same to comply with any Legal Requirement with respect to
the Premises or the uses or purposes for which the same may be occupied. 
 Section 20.28 Notwithstanding the foregoing
provisions of this Article XX, all Mortgage Loan Documents imposing on Landlord or Tenant obligations with respect to the use, management, operation of or reporting requirements with respect to the Premises or the other matters covered
by this Article XX (including, without limitation, all of the covenants set forth in Section 5.1.22 of the Mortgage Loan Agreement) shall be deemed to be obligations of Tenant, to be performed by Tenant (as if each reference
to Borrower made in such provisions were a reference to Tenant), and shall take precedence over and be in lieu of any inconsistent provisions in this Article XX. 

ARTICLE XXI 

MISCELLANEOUS PROVISIONS 

Section 21.1 IT IS MUTUALLY AGREED BY AND BETWEEN LANDLORD AND TENANT THAT THE RESPECTIVE PARTIES SHALL AND THEY HEREBY DO
WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, TENANT’S USE OR OCCUPANCY OF THE PREMISES,
AND/OR ANY CLAIM OF INJURY OR DAMAGE EXCLUDING ANY CLAIM FOR PERSONAL INJURY OR PROPERTY DAMAGE. 
 Section 21.2 With the
prior written consent of Landlord, which will not be unreasonably withheld or delayed, Tenant may place one or more signs on the Premises to indicate the nature of the business of Tenant and such parties. Any sign shall be lawful under Legal
Requirements. Landlord hereby approves the signage currently placed on the Premises. 
  

 74 

 Section 21.3 (a) The term “Landlord” as used herein shall mean only
the owner or the mortgagee in possession for the time being of the Premises, so that in the event of any sale, transfer or conveyance of the Premises Landlord shall be and hereby is entirely freed and relieved of all agreements, covenants and
obligations of Landlord thereafter accruing hereunder and it shall be deemed and construed without further agreement between the parties or their successors in interest or between the parties and the purchaser, transferee or grantee at any such
sale, transfer conveyance that such purchaser, transferee or grantee has assumed and agreed to carry out any and all agreements, covenants and obligations of Landlord hereunder. 

(b) The term “Tenant” as used herein shall mean the tenant named herein, and from and after any valid and approved
Transfer in whole of said Tenant’s interest under this Lease pursuant to the provisions of Article IX, shall mean only the assignee or transferee thereof; but the foregoing shall not release the assignor or transferor from liability
under this Lease. 
 (c) The words “enter”, “re-enter”, “entry” and
“re-entry” as used in this Lease shall not be restricted to their technical legal meaning. 
 (d) The use
herein of the neuter pronoun in any reference to Landlord or Tenant shall be deemed to include any individual Landlord or Tenant, and the use herein of the words “successor and assigns” or “successors or assigns” of
Landlord, Tenant or Lender shall be deemed to include the heirs, executors, administrators, representatives and assigns of any individual Landlord, Tenant or Lender. 

Section 21.4 The headings herein are inserted only as a matter of convenience and for reference and in no way define, limit or describe
the scope or intent of this Lease nor in any way affect this Lease. 
 Section 21.5 Tenant hereby acknowledges, assumes,
ratifies and affirms each of the representations and warranties made by Borrower in the Mortgage Loan Documents with respect to Tenant or Lease Guarantor, including those set forth in Article IV, as if the same were set forth fully herein as the
representations and warranties made by Tenant herein. 
 Section 21.6 (a) This Lease contains the entire agreement between
the parties and may not be extended, renewed, restated, terminated or otherwise modified in any material manner except by an instrument in writing executed by the party against whom enforcement of any such modification is sought and with the prior
written consent of any Mortgagee pursuant to the Mortgage or any other Mortgage Loan Document. Any such modification shall not be effective until it is consented to in writing by the Mortgagee. All prior understandings and agreements between the
parties and all prior working drafts of this Lease are merged in this Lease, which alone expresses the agreement of the parties. The parties agree that no inferences shall be drawn from matters deleted from any working drafts of this Lease.

 (b) Tenant agrees that Tenant will not, without the prior written consent of Landlord and Mortgagee (which, in the case of
non-material amendments, modifications or supplements, shall not be unreasonably withheld or delayed), (i) amend, restate, supplement or modify this Lease including changing, modifying or deferring any rental payments, or modifying the
definition of the Term or the Premises contained in this Lease, (ii) terminate, cancel or surrender the term of this Lease except as expressly permitted by the provisions of this Lease, or enter into any agreement with Landlord to do so, or
(iii) pay any installment of Base Rent more than one (1) month in advance of the due date thereof or otherwise than in the manner provided for in this Lease. 
  

 75 

 (c) Any modification of this Lease in violation of this Section 21.6 shall be void
ab initio. 
 Section 21.7 The agreements, terms, covenants and conditions herein shall bind and inure to the benefit of
Landlord and Tenant and their respective heirs, personal representatives and, except as is otherwise provided herein, their permitted successors and permitted assigns. The agreements, terms, covenants and conditions herein shall inure to the benefit
of each Lender, its successors, participants and assigns. 
 Section 21.8 Notice whenever provided for herein shall be in
writing and shall be given either by personal delivery, overnight express mail or by certified or registered mail, return receipt requested, addressed as follows: 
  

			
	If to Landlord:	  	 One Caesars Palace Drive

Las Vegas, Nevada 89109
 Attention: Chief
Financial Officer
 Facsimile No. (702) 407-6081

		
	With a copy to:	  	 One Caesars Palace Drive

Las Vegas, Nevada 89109
 Attention: General
Counsel
 Facsimile No. (702) 407-6418
  

and
  

O’Melveny & Myers LLP
 Times Square
Tower
 7 Times Square
 New York, New
York 10036
 Attention: Greg Ezring, Esq.

Facsimile No. (212) 326-2061
  

and
  

Cadwalader, Wickersham & Taft LLP
 One
World Financial Center
 New York, New York 10281

Attention: William P. McInerney, Esq.
 Facsimile
No.: (212) 504-6666

		
	If to Tenant:	  	 One Caesars Palace Drive

Las Vegas, Nevada 89109
 Attention: Chief
Financial Officer
 Facsimile No. (702) 407-6081

 

 76 

			
		
	With a copy to:	  	 One Caesars Palace Drive

Las Vegas, Nevada 89109
 Attention: General
Counsel
 Facsimile No. (702) 407-6418
  

and
  

O’Melveny & Myers LLP
 Times Square
Tower
 7 Times Square
 New York, New
York 10036
 Attention: Greg Ezring, Esq.

Facsimile No. (212) 326-2061
  

and
  

Cadwalader, Wickersham & Taft LLP
 One
World Financial Center
 New York, New York 10281

Attention: William P. McInerney, Esq.
 Facsimile
No.: (212) 504-6666

		
	If to Mortgagee:	  	 Bank of America, N.A., as collateral agent for the Lenders

Capital Markets Servicing Group
 900 West Trade
Street, Suite 650
 Charlotte, North Carolina 28255

Attention: Servicing Manager
 Facsimile No.:
(704) 317-0781

		
	With a copy to:	  	 Bryan Cave LLP
 One Wachovia
Center
 301 S. College Street, Suite 3700

Charlotte, North Carolina 28202
 Attention:
Geoffrey Ralph Maibohm, Esq.
 Facsimile No.: (704) 749-9343

		
		  	and
		
		  	 Cadwalader, Wickersham & Taft LLP

One World Financial Center
 New York, New York
10281
 Attention: William McInerney

Facsimile No. (212) 504-6666

or to such other or additional Persons or at such other addresses as may be designated from time to time by written notice from either party to the other
(or from Mortgagee to Landlord and Tenant). Notices shall be deemed given (i) when delivered personally if delivered on a Business 

 

 77 

 
Day (or if the same is not a Business Day, then the next Business Day after delivery), (ii) three (3) Business Days after being deposited in the United States mail, registered or
certified mail, postage prepaid, return receipt requested or (iii) if delivery is made by Federal Express or a similar, nationally recognized overnight courier service for 9:00 a.m. delivery, then on the date of delivery (or if the same is not
a Business Day, then the next Business Day after delivery), if properly sent and addressed in accordance with the terms of this Section 21.8. The foregoing provisions of this Section 21.8 are subject to the provisions of
Section 10.2. 
 Section 21.9 If any provision of this Lease shall be invalid or unenforceable, the remainder of the
provisions of this Lease shall not be affected thereby and each and every provision of this Lease shall be enforceable to the fullest extent permitted by applicable law. 

Section 21.10 Landlord and Tenant each represent and warrant to the other party that such party has not dealt with any real estate broker
in connection with this Lease and Landlord and Tenant agree to indemnify the other party and save the other party harmless from any and all claims for brokerage commissions by any other Person, firm, corporation or other entity claiming through such
party to have brought about this Lease transaction. The provisions of this Section 21.10 shall survive the expiration or earlier termination of this Lease. 

Section 21.11 Tenant is and shall be in exclusive control and possession of the Premises (except as expressly permitted hereunder) and
Tenant shall operate the Premises for their intended purposes at Tenant’s sole and absolute discretion without control, interference or direction from Landlord or agents of Landlord (except as expressly set forth to the contrary in this Lease),
and Landlord shall not, in any event whatsoever, be liable for any injury or damage to any property or to any Person happening in, on or about the Premises, nor for any injury or damage to any property of Tenant, or of any other Person or Persons
contained therein unless the same is caused by Landlord’s gross negligence or willful misconduct. The provisions hereof, including without limitation Article XVII, permitting Landlord to enter and inspect the Premises are made for
the purpose of enabling Landlord to be informed as to whether Tenant is complying with the agreements, terms, covenants and conditions hereof, and if Landlord so desires, to do such acts as Tenant shall fail to do. Tenant agrees to look solely to
Landlord’s interests in the Premises for recovery of any judgment from Landlord and in no event shall Landlord (or its partners, shareholders, members, managers, officers, directors or Affiliates) ever be personally liable for any such
judgment. 
 Section 21.12 [Reserved]. 

Section 21.13 The parties took equal part in drafting this Lease and no rule of construction that would cause any of the terms hereof to
be construed against the drafter shall be applicable to the interpretation of this Lease. 
 Section 21.14 Time is strictly of
the essence with respect to each and every term and provision of this Lease. 
 Section 21.15 Except for the provisions of
Article VII, the time within which either party hereto shall be required to perform any act under this Lease, other than the payment of money, shall be extended by a period of time equal to the number of days during which

  

 78 

 
performance of such act is delayed by strikes, lockouts, acts of God, governmental restrictions, failure or inability to secure materials or labor by reason of priority or similar regulation or
order of any Governmental Authority, enemy action, civil disturbance or any other cause beyond the reasonable control of either party hereto (“Force Majeure”). Insolvency or financial condition shall not be a Force Majeure event.

 Section 21.16 [Intentionally Omitted.] 

Section 21.17 Landlord and Tenant each waive any claim or defense based upon the characterization of this Lease as anything other than a
true lease and irrevocably waive, any claim or defense which asserts that this Lease is anything other than a true lease. Landlord and Tenant covenant and agree that they will not assert that this Lease is anything but a true lease for all purposes
hereunder. Landlord and Tenant each stipulate and agree not to challenge the validity, enforceability or characterization of this Lease of the Premises as a true lease and further stipulate and agree that nothing contained in this Lease creates or
is intended to create a joint venture, partnership (either de jure or de facto), equitable mortgage, trust, financing device or arrangement, security interest or the like. Landlord or Tenant each shall support the intent of the parties that this
Lease of the Premises pursuant to this Lease is a true lease and does not create a joint venture, partnership (either de jure or de facto), equitable mortgage, trust, financing device or arrangement, security interest or the like, if, and to the
extent that, any challenge occurs. 
 Section 21.18 Tenant acknowledges and agrees that Tenant’s obligations to pay rent
hereunder, and the rights of Landlord in and to such Operating Lease Rent, shall be absolute, unconditional and irrevocable. Except as expressly provided for in this Lease, Tenant shall not have any right to terminate this Lease or to be released,
relieved, or discharged from any obligations or liabilities hereunder (including, without limitation, the payment of Operating Lease Rent) or entitled to any abatement, suspension, determent, reduction, setoff, counterclaim or defense for any reason
whatsoever, including, without limitation, any of the following reasons: 
 (a) Any defect in, damage to, or destruction of, the
Premises or any portion thereof; 
 (b) Any condemnation, confiscation, requisition, or other taking or sale of the possession,
use, occupancy, or title to the Premises or any portion thereof; 
 (c) Any limitation, restriction, deprivation, or prevention
of, or any interference with, the use, occupancy, or possession of the Premises or any portion thereof; 
 (d) Any set-off,
abatement, counterclaim, suspension, recoupment, reduction, rescission, defense or other right or claim that Tenant may have against Landlord, any vendor or manufacturer of or contractor or subcontractor for the Premises or any part of any thereof,
or any other person for any reason whatsoever; 
 (e) The inadequacy, incorrectness, or failure of the description of the
Premises or any portion thereof; 
  

 79 

 (f) Any bankruptcy, insolvency, reorganization, composition, readjustment, liquidation,
dissolution, or other proceeding affecting Landlord, any assignee of Landlord, or Tenant or any action with respect to this Lease which may be taken by any receiver, trustee, or liquidator (or other similar official), or by any court; 

(g) Force Majeure; 

(h) Any title defect, lien or matter affecting title to the Premises or eviction by paramount title or otherwise; or 

(i) Any default by Landlord under this Lease or the impossibility or illegality of performance by Landlord, Tenant or both. 

Tenant hereby waives, to the extent permitted by applicable law, any and all rights that it may now have or that at any time hereafter
may be conferred upon it, by applicable law or otherwise, to modify, terminate, cancel, quit or surrender this Lease or to effect or claim any diminution or reduction of Operating Lease Rent payable by Tenant hereunder, except in accordance with the
express terms hereof. Tenant agrees that, if for any reason whatsoever this Lease shall be terminated in whole or in part by operation of law or otherwise (except as expressly permitted under this Lease), then Tenant shall pay, to the maximum extent
permitted by applicable law, to Landlord or any other Person entitled thereto, an amount equal to each installment of Operating Lease Rent at the time such payment would have become due and payable in accordance with the terms hereof had this Lease
not been terminated in whole or in part. Each payment of Operating Lease Rent made by Tenant hereunder shall be final and Tenant shall not seek or have any right to recover all or any part of such payment from Landlord or any Person for any reason
whatsoever. It is the intention of the parties hereto that the obligations of Tenant hereunder shall be separate and independent covenants and agreements, that the Operating Lease Rent or other sums payable by Tenant hereunder shall continue to be
payable in all events and that the obligations of Tenant hereunder shall continue unaffected, unless the requirement to pay or perform the same shall have been abated, reduced or terminated pursuant to an express provision of this Lease. 

Section 21.19 Officer’s Certificate. On the execution of this Lease, Tenant has delivered an Officer’s Certificate as to
the corporate/LLC execution, delivery and authorization of this Lease, good standing of Tenant and incumbency of Persons signing this Lease. 

Section 21.20 Governing Law/Consent to Jurisdiction/Venue. Irrespective of the place of execution and/or delivery of this Lease or
the location of the Premises, this Lease shall be governed by and shall be construed in accordance with, the Legal Requirements of the State of New York applicable to agreements entered into and to be performed entirely within New York without
regards to conflicts of law principles, provided, however, that if, notwithstanding such agreement as to the application of the governing law of the State of New York by the parties, Legal Requirements in the jurisdiction where the
Premises are located require local law to govern particular claims under this Lease, then to the extent of such requirement, such local law shall govern. Landlord and Tenant hereby consent and submit to the exclusive jurisdiction of the state and
Federal courts located in New York with respect to any claim or litigation arising hereunder or any alleged breach of the covenants or provisions contained herein, and 

 

 80 

 
acknowledge that proper venue in any matter so claimed or litigated shall be in the state and Federal courts located in New York; provided, however, that (1) Landlord shall be
permitted, in addition, if required by Legal Requirement in the jurisdiction where the Premises are located, to bring any action against Tenant and/or to enforce this Lease in the jurisdiction where the Premises are located and (2) Tenant shall
be permitted, in addition, if required by Legal Requirement in the jurisdiction where the Premises are located to bring any action against Landlord and/or to enforce this Lease in the jurisdiction where the Premises are located. 

Section 21.21 In the event that a claim or adjudication is made that Landlord or any Lender or any of their respective agents has acted
unreasonably or unreasonably delayed acting in any case where by law or under this Lease, Landlord, Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, Tenant agrees that none of Landlord, Lender and such
agents shall be liable for any monetary damages, and Tenant’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment (except in cases of bad faith, gross negligence or willful misconduct). The
parties hereto agree that any action or proceeding to determine whether Landlord or a Lender has acted reasonably shall be determined by an action seeking declaratory judgment. 

Section 21.22 Regulatory Provisions. 

(a) [Landlord will promptly notify Tenant in writing upon the happening of any change in ownership in the Premises to permit Tenant to
comply with Regulation 3.020 of the Nevada Gaming Regulations promulgated pursuant to NRS Chapter 463. Landlord will use its commercially reasonable best efforts to cooperate and provide all information necessary to comply with the information and
disclosure requirements applicable to compliance with said Regulation 3.020 and all other applicable Gaming Laws, including, without limitation, the requirements of the Nevada Gaming Control Act and the regulations thereunder. 

(b) Landlord agrees to cooperate, at Tenant’s sole cost and expense, with all applicable Gaming Authorities in connection with the
administration of their regulatory jurisdiction over Tenant and its subsidiaries, including the provision of such documents or other information as may be requested by such Gaming Authorities relating to Tenant or to the Lease and Landlord and
Mortgagee, by their acceptance hereof, acknowledge that each of them and their respective assignees are subject to being called forward by the Nevada Gaming Authorities, in their discretion, for licensing or a finding of suitability in order to
remain entitled to the benefits of the Lease and the Mortgage Loan Documents. 
 (c) Notwithstanding anything to the contrary
contained herein or in any of the Mortgage Loan Documents, Landlord and Mortgagee expressly acknowledge and agree that the exercise of their respective rights and remedies under this Lease is subject to the mandatory provisions of the Gaming Laws.
Without limiting the foregoing, Landlord and Mortgagee, by their acceptance hereof, acknowledge, understand and agree that, to the extent the prior approval of the Nevada Gaming Authorities is required pursuant to applicable law for the exercise,
operation and effectiveness of any right or remedy hereunder, or the taking of any action that may be taken by Landlord or Mortgagee hereunder, including, without limitation, the taking of possession and disposition of collateral consisting of
gaming devices, cashless wagering systems and mobile gaming systems (as those terms are defined in the Gaming Laws), such right or remedy shall be subject to such prior approval of the Nevada Gaming Authorities.] 

 

 81 

 Section 21.23 The parties hereto hereby agree, confirm and acknowledge
that neither this Lease, nor a memorandum of this Lease, may be recorded (or will be recorded) in the property or other records. 

Section 21.24 The parties hereto hereby agree that the Original Lease is hereby amended and restated in its entirety, and that from and
after the date hereof, all of the terms and conditions contained in this Lease shall replace the terms and conditions of the Original Lease. 

[SIGNATURES FOLLOW] 
  

 82 

 The parties hereto have executed this Amended and Restated Operating Lease as of the day and
year first above set forth. 
  

									
	Landlord:	 		 	 [PROPCO],
 a
Delaware limited liability company

				
		 		 	By:	 	 
		 		 		 		 	 Name:

Title:

			
	Tenant:    	 		 	[OPCO], a [                ]
				
		 		 	By:	 	 
		 		 		 		 	 Name:

Title:

 SCHEDULE A-1 

PREMISES 
  

 Schedule A-1 

 SCHEDULE B 

OTHER OPERATING LEASES 

[Casino Leases 
  

	 	1.	Amended and Restated Operating Lease, dated as of the date hereof, between Harrah’s Las Vegas Propco, LLC and Harrah’s Las Vegas, Inc.

  

	 	2.	Amended and Restated Operating Lease, dated as of the date hereof, between Rio Propco, LLC and Rio Properties, Inc. 

 

	 	3.	Amended and Restated Operating Lease, dated as of the date hereof, between Flamingo Las Vegas Propco, LLC and Flamingo Las Vegas Operating Company, LLC

  

	 	4.	Amended and Restated Operating Lease, dated as of the date hereof, between Paris Las Vegas Propco, LLC and Paris Las Vegas Operating Company, LLC

  

	 	5.	Amended and Restated Operating Lease, dated as of the date hereof, between Harrah’s Laughlin Propco, LLC and Harrah’s Laughlin, Inc. 

Hotel Leases 
  

	 	1.	Amended and Restated Operating Lease, dated as of the date hereof, between Harrah’s Las Vegas Propco, LLC and Harrah’s Las Vegas, Inc.

  

	 	2.	Amended and Restated Operating Lease, dated as of the date hereof, between Rio Propco, LLC and Rio Properties, Inc. 

 

	 	3.	Amended and Restated Operating Lease, dated as of the date hereof, between Flamingo Las Vegas Propco, LLC and Flamingo Las Vegas Operating Company, LLC

  

	 	4.	Amended and Restated Operating Lease, dated as of the date hereof, between Paris Las Vegas Propco, LLC and Paris Las Vegas Operating Company, LLC

  

	 	5.	Amended and Restated Operating Lease, dated as of the date hereof, between Harrah’s Laughlin Propco, LLC and Harrah’s Laughlin, Inc. 

Combined Leases 
  

	 	1.	Amended and Restated Operating Lease, dated as of the date hereof, between Harrah’s Atlantic City Propco, LLC and Harrah’s Atlantic City Operating Company,
LLC] 

  

 Schedule B-1 

 [EXHIBIT A 

CASINO/HOTEL COMPONENTS FLOOR PLANS] 
  

 Exhibit A-1Agreement Among Mortgage Noteholders

 Exhibit 10.15 

Execution Copy 
  

 
  

AGREEMENT AMONG MORTGAGE NOTEHOLDERS 

JPMORGAN CHASE BANK, N.A., 

as Note A-1 Holder, 

BANK OF AMERICA, N.A., 

as Note A-2 Holder, 

CITIBANK, N.A., 

as Note A-3 Holder, 

CREDIT SUISSE, CAYMAN ISLANDS BRANCH, 

as Note A-4 Holder, 

GERMAN AMERICAN CAPITAL CORPORATION 

as Note A-5 Holder, 

MERRILL LYNCH MORTGAGE LENDING, INC., 

as Note A-6 Holder, 

JPMORGAN CHASE BANK, N.A., 

as successor in interest to Bear Stearns Commercial Mortgage, Inc. 

as Note A-7 Holder, 

GOLDMAN SACHS MORTGAGE COMPANY, 

as Note A-8 Holder, 

MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, 

as Note A-9 Holder, 

BANK OF AMERICA, N.A., 

as Collateral Agent 

and 
 BANK OF
AMERICA, N.A., 
 as Servicer, 

August 31, 2010 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
			
	1.	  	Definitions	  	2
			
	2.	  	Administration; Discounted Pay-offs	  	13
			
	3.	  	Payments	  	13
			
	4.	  	Provisions of Pooling and Servicing Agreements	  	15
			
	5.	  	Servicer	  	21
			
	6.	  	Payment Procedure	  	26
			
	7.	  	Limitation on Liability of Each Holder	  	27
			
	8.	  	Buy-Sell	  	27
			
	9.	  	Representations of the Holders	  	30
			
	10.	  	Directing Senior Lender	  	31
			
	11.	  	No Creation of a Partnership	  	32
			
	12.	  	Structured Transfers; Cooperation	  	32
			
	13.	  	Sale of Each Holder’s Interest	  	34
			
	14.	  	Other Business Activities of the Holders	  	39
			
	15.	  	Exercise of Remedies	  	39
			
	16.	  	Non-Recourse Obligations of the Holders	  	40
			
	17.	  	Governing Law; Waiver of Jury Trial	  	40
			
	18.	  	Modifications	  	40
			
	19.	  	Successors and Assigns; Third Party Beneficiaries	  	41
			
	20.	  	Counterparts; Facsimile Execution	  	41
			
	21.	  	Captions	  	41
			
	22.	  	Notices	  	41
			
	23.	  	Withholding Taxes	  	41

  

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	24.	  	Borrower Affiliate Holders	  	42
			
	25.	  	Consents to Jurisdiction	  	43
			
	26.	  	Co-Origination Agreement	  	43
			
	27.	  	Note Register	  	43
			
	28.	  	Notes Not Securities	  	44
			
	29.	  	Custody of Mortgage Loan Documents	  	44
			
	30.	  	Collateral Agent	  	44

  

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 THIS AGREEMENT AMONG MORTGAGE NOTEHOLDERS (this “Agreement”), is dated and
effective as of August 31, 2010 by and among JPMORGAN CHASE BANK, N.A., as holder of Note A-1 referred to below (together with its successors and permitted assigns in such capacity, the “Note A-1 Holder”), BANK OF AMERICA,
N.A., as holder of Note A-2 referred to below (together with its successors and permitted assigns in such capacity, the “Note A-2 Holder”), CITIBANK, N.A., as holder of Note A-3 referred to below (together with its successors and
permitted assigns in such capacity, the “Note A-3 Holder”), CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as holder of Note A-4 referred to below (together with its successors and permitted assigns in such capacity, the “Note A-4
Holder”), GERMAN AMERICAN CAPITAL CORPORATION, as holder of Note A-5 referred to below (together with its successors and permitted assigns in such capacity, the “Note A-5 Holder”), MERRILL LYNCH MORTGAGE LENDING, INC., as
holder of Note A-6 referred to below (together with its successors and permitted assigns in such capacity, the “Note A-6 Holder”), JPMORGAN CHASE BANK, N.A. as successors in interest to BEAR STEARNS COMMERCIAL MORTGAGE, INC., as
holder of Note A-7 referred to below (together with its successors and permitted assigns in such capacity, the “Note A-7 Holder”), GOLDMAN SACHS MORTGAGE COMPANY, as holder of Note A-8 referred to below (together with its successors
and permitted assigns in such capacity, the “Note A-8 Holder”) and MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, as holder of Note A-9 referred to below (together with its successors and permitted assigns in such capacity, the
“Note A-9 Holder”; each of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6 Holder, the Note A-7 Holder, the Note A-8 Holder and the Note A-9 Holder are
individually referred to as a “Holder” and are collectively referred to as the “Holders”), BANK OF AMERICA, N.A., as Collateral Agent (together with its successors and permitted assigns in such capacity, the
“Collateral Agent”) and BANK OF AMERICA, N.A., as servicer (together with its successors and permitted assigns, in such capacity, the “Servicer”). 

W I T N E S S E T H: 

WHEREAS, JPMorgan Chase Bank, N.A. amended and restated a mortgage loan pursuant to the terms, provisions and conditions set forth
in that certain Amended and Restated Loan Agreement, dated as of May 22, 2008 (the “Existing Mortgage Loan Agreement”) by and between Harrah’s Las Vegas Propco, LLC, Harrah’s Atlantic City Propco, LLC, Rio Propco,
LLC, Flamingo Las Vegas Propco, LLC, Paris Las Vegas Propco, LLC and Harrah’s Laughlin Propco, LLC (collectively, the “Borrower”) in the principal amount of $4,000,000,000.00 (the “Mortgage Loan”) evidenced by
nine promissory notes, dated May 22, 2008 in the original aggregate principal amount of $4,000,000,000.00, made by the Borrower in favor of JPMorgan Chase Bank, N.A.; 

WHEREAS, JPMorgan Chase Bank, N.A. retained a note A-1 (“Note A-1”) in the original principal amount of
$600,066,666.67 in favor of the Note A-1 Holder, transferred a note A-2 (“Note A-2”) in the original principal amount of $600,066,666.67 to the Note A-2 Holder, transferred a note A-3 (“Note A-3”) in the original
principal amount of $600,066,666.67 to the Note A-3 Holder, transferred a note A-4 (“Note A-4”) in the original principal amount of $600,066,666.67 to the Note A-4 Holder, transferred a note A-5 (“Note A-5”) in the
original 

 
principal amount of $600,066,666.66 to the Note A-5 Holder, transferred a note A-6 (“Note A-6”) in the original principal amount of $600,066,666.66 to the Note A-6 Holder,
transferred a note A-7 (“Note A-7”) in the original principal amount of $133,200,200.00 to the Note A-7 Holder, transferred a note A-8 (“Note A-8”) in the original principal amount of $133,200,200.00 to the Note A-8
Holder and transferred a note A-9 (“Note A-9” and collectively with Note A-1, Note A-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 and Note A-8, the “Notes”) in the original principal amount of $133,200,200.00
to the Note A-9 Holder; 
 WHEREAS, Bear Stearns Commercial Mortgage, Inc. assigned all of its right, title and interest
in Note A-7 to JPMorgan Chase Bank, N.A. pursuant to that certain allonge, dated September 5, 2008 and all of its right, title and interest in respect of the Mortgage Loan pursuant to that certain Assignment and Assumption Agreement, dated
September 5, 2008; 
 WHEREAS, the Existing Mortgage Loan Agreement is being amended and restated in its entirety by
the Borrower, the Holders and the Collateral Agent pursuant to, and in accordance with, that certain Second Amended and Restated Loan Agreement, dated as of the date hereof, in order to evidence certain modifications to the Mortgage Loan; and

 WHEREAS, the Holders desire to enter into this Agreement to memorialize the terms under which they, and their
successors and assigns, shall hold the Notes and agree to the manner in which rights under the Mortgage Loan Agreement and Intercreditor Agreement shall be exercised; 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto mutually agree as follows:

 1. Definitions. References to a “Section” or the “recitals” are, unless otherwise specified, to a
Section or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the respective meanings ascribed thereto in the Mortgage Loan Agreement. Whenever used in this Agreement, the following terms shall have the
respective meanings set forth below. In addition, any capitalized terms defined in the first paragraph, the recitals or any other section of this Agreement but not listed below shall have the respective meanings ascribed to such capitalized terms in
the first paragraph, the recitals or such other section, as the case may be, of this Agreement. 
 “Additional
Discounted Pay-off Amount” shall mean, with respect to any Discounted Pay-off Amount, the additional Note Principal Balance agreed to be forgiven by the related Discounted Pay-off Holder in connection with any full or partial discounted
pay-off of such Note such that the Note Principal Balance is reduced to the total agreed upon amount of such discounted pay-off upon payment of the principal portion of the Discounted Pay-off Amount. For example, if a Holder agreed to a discounted
pay-off of $100,000 of the outstanding Note Principal Balance for a principal payment of $25,000, the Discounted Pay-Off Amount would be $25,000 and the Additional Discounted Pay-off Amount would be $75,000. 

“Affiliate” shall mean with respect to any specified Person, any other Person that directly, or indirectly through one
or more intermediaries, controls or is controlled by or under 
  

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common control or ownership with such specified Person. For the purposes of this definition, “control”, when used with respect to any specified Person, means (i) except as
described in the immediately following subclause (ii), the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership interests of an entity or the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise, and (ii) for purposes of the definition of Borrower Affiliate Holder herein and
Section 13 only, either (y) the ownership, directly or indirectly, in the aggregate of twenty-five percent (25%) or more of the beneficial ownership interest of an entity or, with respect to the determination of whether a
Person satisfies the definition of Borrower Affiliate Holder as a result of the foreclosure on any Junior Loan or interest therein or a transfer-in-lieu thereof, the ownership, directly or indirectly, in the aggregate of thirty-one percent
(31%) or more of the beneficial ownership of an entity, or (z) the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity, whether through the ability to exercise voting
power, by contract or otherwise. “Controlled by,” “controlling” and “under common control with” shall have the respective correlative meaning thereto. 

“Agreeing Holders” has the meaning provided in Section 8(b). 

“Agreement” shall mean this Agreement Among Mortgage Noteholders, all exhibits and schedules hereto and all amendments
hereof and supplements hereto. 
 “Balloon Payment” shall mean the payment of principal and premium, if any,
due at the Maturity Date (as defined in the Mortgage Loan Agreement), as the same may be extended pursuant to Section 2.7 of the Mortgage Loan Agreement. 

“Borrower” shall have the meaning provided in the recitals. 

“Borrower Affiliate Holder” shall mean any Holder that, directly or indirectly through one or more of its Affiliates
(A) is managed or sponsored by the Borrower or any Related Mezzanine Loan Borrower or any Affiliate of any of them (including, without limitation, any fund or investment vehicle managed or sponsored by any Affiliate of the Borrower or of any
Related Mezzanine Loan Borrower), (B) together with any Affiliate of such Holder, owns, directly or indirectly, thirty-one percent (31%) or more than thirty-one percent (31%) of an economic, legal or other beneficial interest in the
Borrower or any Related Mezzanine Loan Borrower or any of their respective Affiliates, or (C) has the power, directly or indirectly, to direct or cause the direction of, the management or policies of the Borrower or any Related Mezzanine Loan
Borrower or any of their respective Affiliates, whether through the ability to exercise voting power, by contract or otherwise; provided, however, for the avoidance of doubt, that a Holder that acquires, directly or indirectly, not
more (when aggregated with the interests of its Affiliates) than a thirty-one percent (31%) economic, legal or other beneficial interest in the Borrower or any Related Mezzanine Loan Borrower or their respective Affiliates solely as a result of
a foreclosure (or transfer-in-lieu thereof) on a Mezzanine Loan shall not be deemed (x) an Affiliate for purposes of clause (A) of the definition of Borrower Affiliate Holder or (y) to satisfy the requirements of clause (C) of
the definition of Borrower Affiliate Holder, in each case, solely as a result of its ability to exercise the voting, approval, consent and other rights of (i) such Related Mezzanine Loan Holder under the Co-Lender Agreement for such Mezzanine

  

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Loan or (ii) an equity holder under the agreement(s) required under Section 6(d) of such Co-Lender Agreement to be entered into by the Related Mezzanine Loan Holders of such Mezzanine
Loan in the event of a foreclosure of such Mezzanine Loan or a transfer-in-lieu thereof (any such agreement, a “Replacement Agreement”), as long as such Co-Lender Agreement or any such Replacement Agreement shall not provide such
Related Mezzanine Loan Holder or equity holder (or its Affiliates) with additional voting, approval, consent or other rights other than those set forth in or otherwise contemplated by the terms of such Co-Lender Agreement as of the date hereof that
would otherwise result, in the absence of this proviso, in such Holder satisfying (x) the definition of Affiliate for purposes of clause (A) of the definition of Borrower Affiliate Holder or (y) the requirements of clause (C) of
the definition of Borrower Affiliate Holder. 
 “Borrower Related Parties” shall have the meaning
assigned such term in Section 14. 
 “Business Day” shall mean any day other than a Saturday, a
Sunday or a day on which banking institutions in New York, North Carolina and/or the jurisdictions in which the primary servicing offices of the Servicer are located, are authorized or obligated by law or executive order to remain closed.

 “Buying Holder” has the meaning provided in Section 8(c). 

“Buy Response” has the meaning provided in Section 8(c). 

“Buy-Sell Closing Date” has the meaning provided in Section 8(d). 

“Buy-Sell Notice” has the meaning provided in Section 8(b). 

“Buy-Sell Notice Deadline” has the meaning provided in Section 8(b). 

“Buy-Sell Purchase Price” has the meaning provided in Section 8(c). 

“Buy-Sell Response Date” has the meaning provided in Section 8(c). 

“Buy-Sell Withdrawal Notice” has the meaning provided in Section 8(c). 

“CDO” has the meaning set forth in the definition of the term “Qualified Transferee” in the Intercreditor
Agreement. 
 “CMSA” shall mean the Commercial Mortgage Securities Association (formerly the Commercial Real
Estate Secondary Market and Securitization Association) or any successor organization. 
 “Code” shall mean the
Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or final regulations of the United States Department of the Treasury promulgated pursuant thereto. 

“Co-Lender Agreement” shall have the meaning assigned to such term in the Intercreditor Agreement. 

 

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 “Collection Account” shall mean the Collection Account established under
(and as defined in) the Servicing Agreement. 
 “Companion Distribution Account” shall mean the companion
distribution account or similar account established under the Lead Pooling and Servicing Agreement in order to deposit payments to Persons that hold interests in the Mortgage Loan that are not an asset of the related trust fund. 

“Conduit” has the meaning provided in Section 13(d). 

“Conduit Credit Enhancer” has the meaning provided in Section 13(d). 

“Conduit Inventory Loan” has the meaning provided in Section 13(d). 

“Co-Origination Agreement” shall mean that certain Co-Origination Agreement dated as of January 28, 2008, among
JPMorgan Chase Bank, N.A., as Senior Lead Lender, Bank of America, N.A., Citibank, N.A., Credit Suisse, Cayman Islands Branch, German American Capital Corporation, Merrill Lynch Mortgage Lending Inc., each as Lead Lenders and Bear Stearns Commercial
Mortgage, Inc., Goldman Sachs Mortgage Company and Morgan Stanley Mortgage Capital Holdings LLC, each as Co-Lenders, as amended or supplemented from time to time. 

“Custodial Agreement” has the meaning provided in Section 29. 

“Deciding Majority” shall mean at any time approval, direction or agreement, as applicable, of Holders with an aggregate
Percentage Interest of greater than 50% of the aggregate principal amount of the Mortgage Loan outstanding at such time. 

“Deciding Super-Majority” shall mean approval, direction or agreement, as applicable, of Holders with an aggregate
Percentage Interest of at least 90% in the Mortgage Loan. 
 “Default Rate” shall have the meaning provided in
the Mortgage Loan Documents. 
 “Directing Senior Lender” shall have the meaning provided in the Intercreditor
Agreement. 
 “Discounted Pay-off Amount” shall mean, with respect to any Discounted Pay-off Holder, amounts
received in respect of the Mortgage Loan pursuant to the Note Sales Agreement. 
 “Discounted Pay-off Holder”
shall mean, with respect to any Discounted Pay-off Amount paid pursuant to the Note Sales Agreement, the related Holder entitled to such Discounted Pay-off Amount. 

“Event of Default” shall mean an “Event of Default” as defined in the Mortgage Loan Agreement. 

 

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 “Excess Interest Over the Mortgage Note Interest Rate” shall mean, at any
time that the Borrower is required to pay default rate interest on the Mortgage Loan, the positive excess, if any, of (x) interest payable by the Borrower at the Default Rate over (y) interest payable by the Borrower at the Mortgage Note
Interest Rate. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Fitch” shall mean Fitch, Inc., and its successors in interest. 

“Holder Schedule” shall mean the schedule in the form attached hereto as Exhibit A, which schedule sets forth
certain information with respect to each Initial Holder of the Mortgage Loan. 
 “Initial Holders” shall mean
JPMorgan Chase Bank, N.A., Bank of America, N.A., Citibank, N.A., Credit Suisse, Cayman Islands Branch, German American Capital Corporation, Merrill Lynch Mortgage Lending, Inc., Goldman Sachs Mortgage Company and Morgan Stanley Mortgage Capital
Holdings LLC. 
 “Initial Servicer” has the meaning provided in Section 5(a). 

“Intercreditor Agreement” shall mean that certain Intercreditor Agreement, dated as of August 31, 2010 entered into
by the parties thereto contemporaneously herewith, as the same may be amended or modified. 
 “Interim Servicing
Agreement” shall mean that certain Interim Servicing Agreement, dated as of January 28, 2008 between JPMorgan Chase Bank, N.A., Bank of America, N.A., Citibank, N.A., Credit Suisse, Cayman Islands Branch, German American Capital
Corporation, Merrill Lynch Mortgage Lending, Inc., Bear Stearns Commercial Mortgage, Inc., Goldman Sachs Mortgage Company and Morgan Stanley Mortgage Capital Holdings LLC, as Co-Lenders and Bank of America, N.A. as Servicer, as the same may be
amended or modified. 
 “Invoking Holder” has the meaning provided in Section 8(b). 

“Lead Master Servicer” shall mean the master servicer under a Lead Pooling and Servicing Agreement. 

“Lead Note” shall mean any Note in the Lead Securitization. 

“Lead Pooling and Servicing Agreement” shall mean, in connection with a Lead Securitization, the related trust and
servicing agreement, pooling and servicing agreement or comparable agreement. 
 “Lead Securitization” shall
mean the first Securitization by any of the Initial Holders (other than Note A-8 Holder or Note A-9 Holder) of a Note or portion of a Note, other than an Opt-Out Securitization. 

 

 -6- 

 “Lead Securitization Holder” shall mean the Holder of a Lead Securitization
Note. 
 “Lead Securitization Note” shall mean a Note that is deposited into a Securitization trust formed in
connection with a Lead Securitization. 
 “Lead Special Servicer” shall mean the special servicer under a Lead
Pooling and Servicing Agreement. 
 “Lead Trustee” shall mean the trustee under the Lead Pooling and Servicing
Agreement. 
 “Loan Pledgee” has the meaning provided in Section 13(c). 

“Majority Decisions” shall mean any of the decisions set forth on Schedule I attached hereto, which shall require
the prior written consent of Holders holding at least a Deciding Majority (based on their respective Percentage Interests). 

“Material Disagreement” has the meaning provided in Section 8(b). 

“Mezzanine Loan” shall mean any of the First Mezzanine Loan, Second Mezzanine Loan, Third Mezzanine Loan, Fourth
Mezzanine Loan, Fifth Mezzanine Loan, Sixth Mezzanine Loan, Seventh Mezzanine Loan, Eighth Mezzanine Loan or Ninth Mezzanine Loan, each as defined in the Intercreditor Agreement. 

“Moody’s” shall mean Moody’s Investors Service, Inc., and its successors in interest. 

“Mortgage Loan” shall have the meaning provided in the recitals. 

“Mortgage Loan Agreement” shall mean that certain Second Amended and Restated Loan Agreement, dated as of
August 31, 2010 by and between Borrower, the several lenders from time to time parties thereto, and Bank of America, N.A., as Collateral Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time).

 “Mortgage Loan Collateral” shall mean the “Properties” as such term is defined in the Mortgage
Loan Agreement. 
 “Mortgage Loan Documents” shall mean the Notes and the documents listed on Exhibit A
of the Intercreditor Agreement, as the same may be amended from time to time. 
 “Mortgage Notes” shall mean
the Notes. 
 “Mortgage Note Interest Rate” shall mean the per annum interest rate with respect to each
Note as set forth in the Holder Schedule. 
 “New Notes” has the meaning provided in Section 12(b).

  

 -7- 

 “Non-Exempt Person” shall mean any Person other than a Person who either
(i) is a U.S. Person or (ii) has provided to the Servicer for the relevant year such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which, pursuant to applicable provisions of (A) any
income tax treaty between the United States and the country of residence of such Person, (B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit the Servicer to make
such payments free of any obligation or liability for withholding; provided that duly executed form(s) provided to the Servicer pursuant to Section 23(c) hereof, shall be sufficient to evidence that such providing Holder is not a
Non-Exempt Person. 
 “Non-Withdrawing Holders” has the meaning provided in Section 8(c).

 “Note Principal Balance” shall mean, with respect to any Note, at any time of determination, the
initial principal balance of such Note, as set forth in the Holder Schedule, less (i) any payments of principal thereon received by Servicer or made by Borrower to Servicer on or before the applicable determination date and applied as a
reduction of principal pursuant to Section 3(a)(ii) hereof, (ii) any payments of Discounted Pay-off Amounts applied as a reduction of principal pursuant to Section 3(b) hereof or directly from the Borrower, and (iii) any
related Additional Discounted Pay-off Amounts. 
 “Note Register” has the meaning provided in
Section 27. 
 “Note Sales Agreement” has the meaning given to such term in the Mortgage Loan
Agreement. 
 “Notes” has the meaning provided in the recitals and shall include any New Note created pursuant
to Section 12(b). 
 “Notice Holders” has the meaning provided in Section 8(b).

 “Old Note” has the meaning provided in Section 12(b). 

“Opt-Out Securitization” shall mean an Opt-Out Eligible Securitization as to which the related Securitizing Holder has
elected, pursuant to Section 4(g) hereof, to treat such Securitization as an Opt-Out Securitization. 

“Opt-Out Eligible Securitization” shall mean any Securitization as to which one or more of the following are true
(i) more than ninety percent (90%) of the securities, certificates or other instruments representing interests therein are and continue to be owned by the related Securitizing Holder or any of the other Initial Holders or one or more of
their respective Affiliates, (ii) the related securitization entity is managed (including by contract), at all times following the related transfer, by the related Securitizing Holder or an Affiliate thereof, or (iii) the depositor or
issuer (or party on their behalf), as applicable, and any related servicer and trustee has delivered (or delivers contemporaneous with any election by the related Securitizing Holder to treat such Securitization as an Opt-Out Securitization) written
notice to each party to this Agreement and the Intercreditor Agreement of its consent to being an Opt-Out Securitization for purposes of this Agreement. 
  

 -8- 

 “Other Depositor” shall mean the depositor with respect to any Other
Securitization. 
 “Other Holder” shall mean, after a Lead Securitization, the Holder of a Note that is not in
the Lead Securitization. 
 “Other Master Servicer” shall mean the master servicer under an Other Pooling and
Servicing Agreement. 
 “Other Note” shall mean, after a Lead Securitization, a Note that is not in the Lead
Securitization. 
 “Other Pooling and Servicing Agreement” shall mean the pooling and servicing agreement or
comparable agreement entered into in connection with an Other Securitization. 
 “Other Securitization” shall
mean a Securitization other than the Lead Securitization or any Opt-Out Securitization. 
 “Other Servicer”
shall mean the Other Master Servicer or Other Special Servicer, as applicable. 
 “Other Special Servicer”
shall mean the special servicer under an Other Pooling and Servicing Agreement. 
 “Other Trustee” shall mean
the trustee under an Other Pooling and Servicing Agreement. 
 “P&I Advance” has the meaning provided in
Section 4(c). 
 “Percentage Interest” shall mean, with respect to each Holder, as of any date, a
fraction, expressed as a percentage, the numerator of which is the Note Principal Balance for the Note held by such Holder as of such date and the denominator of which is the sum of the aggregate Note Principal Balances of all of the Notes as of
such date. 
 “Permitted Transferee” has the meaning provided in Section 13(b). 

“Person” shall have the meaning assigned such term in the Intercreditor Agreement. 

“Pledge” has the meaning provided in Section 13(c). 

“Pledging Holder” has the meaning provided in Section 13(c). 

“Pre-Qualified Special Servicer” shall mean a servicer set forth on Exhibit C hereto. 

“Pricing Convention” has the meaning provided in Section 8(b). 

 

 -9- 

 “Prime Rate” shall mean the “Prime Rate” in effect from time to
time (as published in the “Money Rates” section of The Wall Street Journal, Eastern Edition or, if such section or publication no longer is available, such other publication as determined by Servicer in its reasonable discretion).

 “Properties” shall have the meaning assigned to such term in the Mortgage Loan Agreement. 

“Qualified Servicer” shall mean any nationally recognized commercial mortgage loan servicer (i) rated at least
“CSS2-,” in the case of a special servicer, or at least “CMS2,” in the case of a master servicer, by Fitch, (ii) on the S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage
Special Servicer, as applicable, and (iii) if such master servicer or special servicer, as applicable, is acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by Moody’s
within the twelve (12) month period prior to the date of determination, Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on
watch citing the continuation of such master servicer or special servicer as master servicer or special servicer, as applicable, of such commercial mortgage securities. 

“Qualified Transferee” shall have the meaning assigned to such term in the Intercreditor Agreement. 

“Rating Agencies” shall have the meaning assigned to such term in the Intercreditor Agreement. 

“Rating Agency Confirmation” shall have the meaning assigned to such term in the Intercreditor Agreement. 

“Redirection Notice” has the meaning provided in Section 13(c). 

“Regulation AB” shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Securities and Exchange Commission (the “Commission”) in the adopting release
(Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506 – 1,631 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

“Related Mezzanine Loan” shall mean any “Mezzanine Loan” (as defined in the Intercreditor Agreement).

 “Related Mezzanine Loan Borrower” shall mean any of the First Mezzanine Borrower, the Second Mezzanine
Borrower, the Third Mezzanine Borrower, the Fourth Mezzanine Borrower, the Fifth Mezzanine Borrower, the Sixth Mezzanine Borrower, the Seventh Mezzanine Borrower, the Eighth Mezzanine Borrower or the Ninth Mezzanine Borrower, each as defined in the
Intercreditor Agreement. 
  

 -10- 

 “Related Mezzanine Loan Holder” shall mean any holder of a promissory note
in a Related Mezzanine Loan. 
 “REMIC” shall mean a “real estate mortgage investment conduit” within
the meaning of Section 860(D)(a) of the Code. 
 “REMIC Provisions” shall mean provisions of the federal
income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A through 860G of Subchapter M of Chapter 1 of the Code, and related provisions, and temporary and final Treasury regulations (and, to the extent not
inconsistent with such temporary and final regulations, proposed regulations) and any published rulings, notices and announcements, promulgated thereunder, as the foregoing may be in effect from time to time. 

“Remittance Date” has the meaning provided in Section 3(a). 

“REO Loan” has the meaning provided in Section 5(e). 

“S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc.,
and its successors in interest. 
 “Securities Act” shall mean the Securities Act of 1933, as amended.

 “Securitization” shall have the meaning assigned to such term in the Intercreditor Agreement. 

“Securitizing Holder” shall mean, with respect to any Securitization, the Holder causing such Securitization to occur by
depositing or causing to be deposited all or any portion of the Mortgage Loan into a Securitization trust or CDO or other structured vehicle. 

“Selling Holders” has the meaning provided in Section 8(d). 

“Sell Response” has the meaning provided in Section 8(c). 

“Servicer” shall mean the servicer or administrator under the Servicing Agreement, or any replacement or successor
servicer or administrator appointed in accordance with Section 4(e) to service the Mortgage Loan, including any Lead Master Servicer or Lead Special Servicer under a Lead Pooling and Servicing Agreement. 

“Servicer Buy-Sell Confirmation” has the meaning provided in Section 8(b). 

“Servicer Decision Notice” has the meaning provided in Section 5(b). 

“Servicing Advance” has the meaning provided in Section 4(c). 

“Servicing Agreement” shall mean the Interim Servicing Agreement or any substitute servicing agreement entered into by
the Holders and Servicer in accordance with the terms hereof that governs the servicing of the Mortgage Loan, including, after a Lead Securitization, the Lead Pooling and Servicing Agreement. 

 

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 “Servicing Expenses” shall have the meaning set forth in the Servicing
Agreement. 
 “Servicing Standard” shall have the meaning given “Accepted Servicing Practices” in the
Interim Servicing Agreement or any similar term in a successor Servicing Agreement. 
 “Specified Mezzanine
Decisions” shall mean those decisions, rights and/or remedies held by the Specified Mezzanine Lender under Section 3.3 of the Note Sales Agreement (it being understood and agreed that from and after the date that no Specified Mezzanine
Note (as defined in the Note Sales Agreement) shall be outstanding under the Note Sales Agreement, there shall be no Specified Mezzanine Decisions hereunder). 

“Specified Mezzanine Lender” shall have the meaning set forth in the Note Sales Agreement. 

“Sponsor Affiliate” shall have the meaning assigned to such term in the Intercreditor Agreement. 

“Structured Transfer” shall mean any Securitization or Syndication. 

“Super-Majority Decisions” shall mean any of the decisions set forth on Schedule II attached hereto, which shall
require the prior written consent of Holders holding at least a Deciding Super-Majority (based on their respective Percentage Interests). 

“Syndication” shall mean any syndication, sale, assignment, transfer, pledge, participation, hypothecation or other
disposition by a Holder of all or a portion of its respective Note. 
 “Target Holder” has the meaning provided
in Section 8(b). 
 “Taxes” shall mean any income or other taxes (including withholding taxes),
levies, imposts, duties, fees, assessments or other charges of whatever nature, now or hereafter imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein. 

“Transfer” has the meaning provided in Section 13(a). 

“Transfer Notice” has the meaning provided in Section 13(a). 

“Unanimous Decisions” shall mean any of the decisions set forth on Schedule III attached hereto, which shall
require the prior written consent of Holders holding 100% of the Percentage Interests in the Mortgage Loan. 

“Workout” shall mean any written modification, waiver, amendment or restructuring of the Mortgage Loan or the Mortgage
Notes in connection with the forbearance by the Holders in whole or in part of exercising their remedies upon the occurrence of, or in anticipation of, an Event of Default under any Mortgage Loan Document. 

 

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 2. Administration; Discounted Pay-offs. Administration and servicing of the Mortgage
Loan shall be governed by the Mortgage Loan Agreement, this Agreement, the Intercreditor Agreement and the Servicing Agreement. 

(a) In connection with any discounted pay-off of a Note in accordance with Section 38 of the Intercreditor Agreement and the Note
Sales Agreement, each Discounted Pay-off Holder shall provide notice (A) to each other Holder within 30 days after such pay-off or repurchase setting forth (i) the total amount (including as a result of application of the Additional
Discounted Pay-off Amount) by which the related Note Principal Balance shall be reduced in connection with such discounted pay-off, and (ii) the date such discounted pay-off was effective, and (B) to the Servicer at least two
(2) Business Days prior to such discounted pay-off setting forth, (i) the Discounted Pay-off Amount for the related Note and the Additional Discounted Pay-off Amount for the related Note (or if the Discounted Pay-off Holder and Borrower
elect to have such amounts remitted directly to such Discounted Pay-off Holder in accordance with the Note Sales Agreement, the total amount (including as a result of application of the Additional Discounted Pay-off Amount) by which the related Note
Principal Balance shall be reduced in connection with such discounted pay-off), (ii) what amounts, if any, will be paid directly to the Discounted Pay-off Holder by the Servicer, (iii) whether those amounts comprise (and itemizing each
such amount that comprises) interest, principal or other amounts due under the contemplated discounted pay-off, and (iv) the date such discounted pay-off shall be effective. The Servicer may conclusively rely, absent manifest error, on the
information in any such notice for purposes of making distributions to the Holders and any Discounted Pay-off Holder pursuant to Section 3 hereof. 

(b) Each Discounted Pay-off Holder agrees to execute such documents reasonably requested by the Servicer or the other Holders to evidence
the cancellation of its related Note. 
 (c) In the event of any conflict between the terms and provisions of any Mortgage Loan
Document and this Agreement with respect to any voting or consent rights or decision making among the Holders with respect to the Mortgage Loan or with respect to any other matter covered by this Agreement, the terms and provisions of this Agreement
shall govern. 
 3. Payments. 

(a) All amounts tendered by the Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan
(including all amounts received during an Event of Default), other than any Discounted Pay-off Amount, shall be paid to the Holders on the first Business Day (each, a “Remittance Date”) following Servicer’s receipt thereof, and
shall be applied, taking into account the payment of any Discounted Pay-off Amounts pursuant to Section 3(b) hereof, in the following order of priority (and, subject to the requirement that payments to the Holders be made no later than
the first Business Day following Servicer’s receipt thereof, payments made in respect of the Mortgage Loan shall be paid to such Holders at such times as are set forth in the Servicing Agreement): 

(i) first, an amount equal to the accrued and unpaid interest on the outstanding principal balance of the Mortgage
Loan, to each Holder in an amount equal to the accrued and unpaid interest on the applicable Note Principal Balance through the end of the corresponding accrual period at the applicable Mortgage Note Interest Rate, such amounts being applied among
the Holders on a pro rata and pari passu basis in accordance with their respective Percentage Interests (calculated after taking into account any distributions pursuant to Section 3(b) hereof and giving effect to the provisions of
Section 3(d) hereof); 
  

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 (ii) second, to the Holders, an amount equal to their respective
pro rata shares of any payments received on account of principal, whether scheduled, unscheduled or extraordinary (including any Balloon Payment), on the Notes in accordance with their respective Percentage Interests (calculated after taking
into account any distributions pursuant to Section 3(b) hereof and giving effect to the provisions of Section 3(d) hereof), to be applied in reduction of the Note Principal Balance of each Holder on a pro rata and pari passu
basis in accordance with such Holders’ respective Percentage Interests (calculated after taking into account any distributions pursuant to Section 3(b) hereof and giving effect to the provisions of Section 3(d) hereof); 

(iii) third, any breakage costs and/or prepayment fees, to the extent actually paid by the Borrower, shall be paid
to each Holder on a pro rata and pari passu basis in accordance with such Holders’ respective Percentage Interests (calculated after taking into account any distributions pursuant to Section 3(b) hereof and giving effect to
the provisions of Section 3(d) hereof); and 
 (iv) fourth, if any Excess Interest Over the Mortgage
Note Interest Rate or any other amount is paid by the Borrower, and not otherwise applied in accordance with the foregoing clauses (i) through (iii), such amount shall be paid to each Holder on a pro rata and pari
passu basis in accordance with such Holders’ respective Percentage Interests (calculated after taking into account any distributions pursuant to Section 3(b) hereof and giving effect to the provisions of Section 3(d) hereof).

 (b) The Servicer shall promptly remit, but in any event no later than one (1) Business Day following receipt by the
Servicer, any Discounted Pay-off Amount received by the Servicer in accordance with the Note Sales Agreement to the applicable Discounted Pay-off Holder. In the event any Discounted Pay-off Amount is remitted in accordance with the terms of the Note
Sales Agreement by the Borrower directly to the related Discounted Pay-off Holder, for purposes of this Section 3 and the calculation of distributions to the Holders pursuant to Section 3(a) hereof, any such Discounted Pay-off Amounts
shall be deemed to have been paid to the Servicer and remitted to the applicable Discounted Pay-off Holder. 
 (c)
Notwithstanding Section 3(a) or Section 3(b), all amounts collected on the Mortgage Loan that are payable to the Servicer as Servicing Expenses, servicing fees, payments under indemnity obligations and other reimbursable
amounts due to the Servicer under the Servicing Agreement, shall be paid by the Holders in accordance with the terms of the Servicing Agreement, on a pro rata basis based on the respective principal balances of the Notes, prior to any
allocations of payments to the Holders pursuant to Section 3(a) or Section 3(b). To the 
  

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extent that a Discounted Pay-off Amount is paid directly to the related Discounted Pay-off Holder and not to the Servicer under the Servicing Agreement for distribution pursuant to this
Section 3, the related Discounted Pay-off Holder agrees to reimburse the Servicer promptly following written notice for such Discounted Pay-off Holder’s pro rata share (based on its respective Note Principal Balance without
regard to any contemplated discounted pay-off) of any and all payments under indemnity obligations and other reimbursable amounts due to the Servicer under the Servicing Agreement and incurred prior to the date of the subject discounted pay-off, and
for any and all Servicing Expenses and servicing fees due to the Servicer under the Servicing Agreement with respect to the Remittance Date immediately following the subject discounted pay-off. 

(d) Each Holder hereby agrees that in the event of a full or partial discounted pay-off of a Note in accordance with Section 38 of
the Intercreditor Agreement and the Note Sales Agreement, the Holder of such Note, upon receipt of the Discounted Pay-off Amount, shall no longer be entitled to any amounts payable in respect of that portion of the Mortgage Loan represented by such
reduced Note Principal Balance (including the related Additional Discounted Pay-off Amount) and shall have no other rights hereunder (or with respect to a partial discounted pay-off of a Note, shall have no other rights hereunder in respect of that
portion of the Mortgage Loan represented by such reduced Note Principal Balance), other than any rights that expressly survive termination of the Agreement. 

(e) In no event shall any Holder be responsible or liable for any other Holder’s pro rata share of any Servicing Expenses,
servicing fees, indemnity obligations or other reimbursable amounts, including in the event a Discounted Pay-off Holder fails to reimburse the Servicer for its pro rata share of such amounts. In addition, in the event any Holder receives a
remittance under this Section 3 to which it was not entitled based on the calculation of the Discounted Pay-off Amount (including because such remittance was already included in the calculation of the Discounted Pay-off Amount) that was
remitted to such Holder either by the Servicer or directly, such Holder shall immediately return such amount to the Servicer and the Servicer shall promptly distribute such amounts in accordance with this Section 3. 

4. Provisions of Pooling and Servicing Agreements. 

(a) Each Holder agrees that if its Note is included in an Other Securitization, the Other Pooling and Servicing Agreement shall contain
provisions to the following effect: (1) such Other Holder shall be responsible for its proportionate share of any non-recoverable Servicing Advances (and advance interest thereon) or “additional trust fund expenses” (as such term is
defined in the Lead Pooling and Servicing Agreement), (other than interest on principal or interest advances made pursuant to the Lead Pooling and Servicing Agreement or an Other Pooling and Servicing Agreement), that relate directly to the
servicing of the Mortgage Loan (and not any other loan), including any unpaid “special servicing fees”, “workout fees” and “liquidation fees” relating to the Mortgage Loan, and that in the event that the funds received
with respect to each respective Note are insufficient to cover such Servicing Advances (and advance interest thereon) or “additional trust fund expenses,” (x) the applicable Other Master Servicer will be required to promptly reimburse
its pro rata share to the Lead Master Servicer, the Lead Special Servicer or the Lead Trustee, as applicable, out of general funds in the collection account (or equivalent account) established under the related Other Pooling and

  

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Servicing Agreement, and (y) if the Lead Pooling and Servicing Agreement permits the Lead Master Servicer, the Lead Special Servicer or the Lead Trustee to reimburse itself from the Lead
Securitization’s general account, then the Lead Master Servicer, the Lead Special Servicer or the Lead Trustee, as applicable, may do so and the Other Master Servicer will be required to reimburse its pro rata share to the Lead
Securitization out of general funds in the collection account (or equivalent account) established under the related Other Pooling and Servicing Agreement, (2) each of the Lead Master Servicer, the Lead Special Servicer and the Lead Trustee
shall be indemnified, absent bad faith, willful misconduct or negligence, against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection
with the Lead Pooling and Servicing Agreement or applicable Other Pooling and Servicing Agreement that relate directly to its servicing of the Mortgage Loan, and the applicable Other Master Servicer will be required to reimburse its pro rata
share to the Lead Master Servicer, the Lead Special Servicer or the Lead Trustee, as applicable, out of general funds in the collection account (or equivalent account) established under the related Other Pooling and Servicing Agreement, (3) the
related Other Master Servicer or the applicable Other Trustee will be required to deliver notice to each Other Holder, the Lead Trustee, the Lead Master Servicer and the Lead Special Servicer of the deposit of such Note into a Securitization trust
(which notice shall also provide contact information for the related Other Trustee, the Other Master Servicer, the Other Special Servicer and the related controlling class representative), accompanied by a copy of the executed Other Pooling and
Servicing Agreement, (4) each Other Master Servicer and Other Special Servicer must be a Qualified Servicer and one of the servicing events of default under the Other Pooling and Servicing Agreement shall include the Other Master Servicer and
Other Special Servicer no longer being a Qualified Servicer, and (5) the Lead Master Servicer and the Lead Special Servicer shall be third-party beneficiaries of the provisions in each Other Pooling and Servicing Agreement that effect the
foregoing clauses (1) through (4). Each of the foregoing obligations of an Other Holder shall be deemed satisfied to the extent that the related Other Pooling and Servicing Agreement contains a provision corresponding to the obligation set
forth in this Section. 
 (b) The Holder(s) transferring Notes to the Lead Securitization shall provide any Other Holder(s) at
least five (5) Business Days’ opportunity to review and comment on the Lead Pooling and Servicing Agreement prior to the execution and delivery thereof by the respective parties thereto, and such Holder(s) transferring Notes to the Lead
Securitization shall cause the Lead Pooling and Servicing Agreement to (x) conform to the material and reasonable comments of such Other Holder(s), (y) to be consistent with this Agreement, and (z) to contain provisions to the effect
that: (i) the Lead Master Servicer and Lead Special Servicer must service and administer the Mortgage Loan for the benefit of all the Holders in accordance with (A) any and all applicable laws, (B) the express terms of this Agreement,
the Intercreditor Agreement, the Mortgage Loan and the Lead Pooling and Servicing Agreement (including without limitation the voting provisions hereof and thereof), and (C) to the extent consistent with the foregoing, a servicing standard that
is consistent with servicing mortgage loans secured by gaming properties and otherwise consistent with servicing standards included in pooling and servicing agreements or other comparable agreements related to commercial mortgage securitizations
involving the issuance of commercial mortgage-backed securities that are rated investment grade by one or more of Moody’s, Fitch and S&P; (ii) the initial Lead Special Servicer shall be either (x) a Pre-Qualified Special Servicer
or (y) if not a Pre-Qualified Special Servicer, then appointed by the 
  

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Holders as a Majority Decision, (iii) any late collections received on the Mortgage Loan in respect of which advance interest has already been paid by a service provider of an Other
Securitization shall be reimbursed by the Lead Master Servicer to such Other Securitization within one (1) Business Day of receipt thereof; (iv) any Other Holder, and when such Other Holder’s Note is an asset of an Other
Securitization the related controlling class representative, shall be entitled to receive (A) standard CMSA reports with respect to the Mortgage Loan, the Borrower and the Mortgage Loan Collateral and (B) any other information relating to
the Mortgage Loan, the Borrower or the Mortgage Loan Collateral that is provided to Lead Securitization Holders and any related controlling class or that such Other Holder may reasonably request (at the sole cost and expense of such Other Holder (if
such information is requested by the Other Holder) and subject to any applicable confidentiality requirements set forth in the Lead Pooling and Servicing Agreement); provided, however, that no information provided to the controlling
class of the Lead Securitization will be provided to any controlling class if any such controlling class is held by the Borrower, any Related Mezzanine Loan Borrower or any Affiliate of any of them or a Sponsor Affiliate; (v)(A) the Other
Holders and any Other Depositors are intended third-party beneficiaries in respect of the rights afforded them under the Lead Pooling and Servicing Agreement and may directly enforce such rights and that the Lead Pooling and Servicing Agreement may
not be amended in a manner that materially and adversely affects any Other Holder or any Other Depositor without its consent and (B) each Other Master Servicer, Other Special Servicer and Other Trustee shall be a third-party beneficiary of the
Lead Pooling and Servicing Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or indemnification of such Other Master Servicer, Other Special Servicer or Other Trustee, as the case may be, and the
provisions regarding coordination of advances; (vi) each Lead Master Servicer and Lead Special Servicer must be a Qualified Servicer and one of the servicing events of default under the Lead Pooling and Servicing Agreement shall include the
Servicer no longer being a Qualified Servicer and, if Moody’s or Fitch is not a rating agency for the Lead Securitization and is a rating agency for the securities issued in an Other Securitization, shall also include the Servicer receiving
actual knowledge that Moody’s or Fitch, as the case may be, has (A) qualified, downgraded or withdrawn its rating or ratings of one of more classes of such securities, or (B) placed one or more classes of such securities on
“watch status” in contemplation of possible rating downgrade or withdrawal (and such “watch status” placement shall not have been withdrawn by Moody’s or Fitch, as the case may be, within sixty (60) days of such actual
knowledge), and, in case of either of clause (A) or (B), citing servicing concerns with the Servicer as the sole or a material factor in such rating action; (vii) the Lead Master Servicer or Lead Special Servicer shall be required to
notify each Other Holder promptly (but in any event within five (5) Business Days) following the date (if any) when the Mortgage Loan becomes a “specially serviced mortgage loan” (or such other similar term) and the date thereafter
(if any) when the Mortgage Loan ceases to be a specially serviced mortgage loan and is returned to performing status; (viii) any resignation, removal or assignment of the duties of the Lead Master Servicer or Lead Special Servicer under the
Lead Pooling and Servicing Agreement shall not be effective unless, in addition to such other conditions and requirements as may be set forth in the Lead Pooling and Servicing Agreement, there shall have been obtained a Rating Agency Confirmation
with respect to the securities issued pursuant to any Other Securitization from each applicable rating agency that rates such securities; (ix) if any particular servicing action under the Lead Pooling and Servicing Agreement with respect to the
Mortgage Loan is conditioned upon or requires Rating Agency 
  

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Confirmation with respect to the securities issued pursuant to the Lead Securitization, then it shall be an additional condition or requirement for such action that the Lead Master Servicer or
Lead Special Servicer shall likewise obtain Rating Agency Confirmation with respect to the securities issued pursuant to any Other Securitization from each applicable Rating Agency that rates such securities; (x) if any Other Securitization
involves publicly offered commercial mortgage-backed securities, each of the Lead Master Servicer, the Lead Special Servicer and, if applicable, the Lead Trustee shall timely provide (and shall cause any applicable servicers (within the meaning of
Regulation AB) retained by it with respect to the Mortgage Loan to timely provide) to the applicable Other Depositor, upon twenty (20) days’ notice, all disclosure information with respect to itself as a servicer (within the meaning of
Regulation AB) required to be included in any related offering document under Items 1108, 1109, 1117, and 1119 and/or any other applicable Items of Regulation AB and, further, shall provide (and shall cause any applicable servicers (within the
meaning of Regulation AB) retained by it with respect to the Mortgage Loan to provide) to the applicable Other Depositor, the applicable underwriters and placement agents and their respective officers, directors and affiliates customary securities
law indemnities in respect of such disclosure information, all consistent with those commonly provided in comparable securitizations; (xi) if any Other Securitization involves publicly offered commercial mortgage-backed securities, each of the
Lead Master Servicer, Lead Special Servicer and Lead Trustee (and any applicable primary servicer or other party participating in the servicing of or performing material duties with respect to the Mortgage Loan) shall be required to provide or cause
to be provided (A) all necessary information, certificates, attestations, reports, letters and other materials and/or (B) all reasonable cooperation, necessary or appropriate to enable the related Other Depositor with respect to such Other
Securitization to timely comply with the applicable reporting requirements under the Exchange Act and/or the Securities Act (including without limitation, if applicable, Regulation AB), at all such times as the trust for such Other Securitization is
subject to such requirements; and (xii) each of the Lead Master Servicer and the Lead Special Servicer shall afford to the Other Holders, any Other Depositors and any Other Trustees access to any records relating to the Mortgage Loan, the
Borrower or the Mortgage Collateral as such Person may reasonably request, at such Other Holder’s, Other Depositor’s and other registered holder’s or beneficial owner’s sole cost and expense (and subject to any applicable
confidentiality requirements set forth in the Lead Pooling and Servicing Agreement), except to the extent it is prohibited from doing so by applicable law or contract. Each of the foregoing obligations of the Lead Securitization Holders shall be
deemed satisfied to the extent that the Lead Pooling and Servicing Agreement contains a provision corresponding to the obligation set forth in this Section, it being understood that the Lead Pooling and Servicing Agreement may contain provisions
(i) in the case of information being delivered solely upon request, requiring ten (10) days written notice specifying in reasonable detail the information requested, (ii) requiring the payment to the Lead Master Servicer or the Lead
Special Servicer, as applicable, of reasonable costs and expenses with respect to providing information, (iii) requiring requests for access to information at the offices of the Lead Master Servicer or the Lead Special Servicer, as applicable,
to be made during normal business hours and (iv) allowing the Lead Master Servicer or the Lead Special Servicer, as applicable, to affix a reasonable disclaimer to any information provided by it for which it is not the original source.

 (c) The Lead Pooling and Servicing Agreement shall provide that the Lead Master Servicer shall be the lead master servicer on
the Mortgage Loan, and from time to time it 
  

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shall make the following advances, subject to the terms of the Lead Pooling and Servicing Agreement and this Agreement: (i) servicing or property protective advances (a “Servicing
Advance”) on the Mortgage Loan and (ii) principal and/or interest advances (a “P&I Advance”) on the Lead Securitization Notes. In no event shall the Lead Master Servicer have any obligations to make P&I
Advances to or for the benefit of any Other Holders. Each of the Lead Master Servicer, the Lead Special Servicer and the Lead Trustee will be entitled to reimbursement for a Servicing Advance made by such Person, first out of collections on
the Mortgage Loan to the extent provided in the Lead Pooling and Servicing Agreement, and then, if collections on the Mortgage Loan are insufficient to reimburse such Person, such Person shall be entitled to reimbursement for such Servicing
Advance from general collections of the Lead Securitization as provided in the Lead Pooling and Servicing Agreement. In the event that the Lead Master Servicer, the Lead Special Servicer or the Lead Trustee makes any Servicing Advance with respect
to the Mortgage Loan that becomes a non-recoverable advance, each Other Holder shall promptly reimburse the Lead Master Servicer, the Lead Special Servicer or the Lead Trustee, as applicable, upon demand, for its pro rata share of such
Servicing Advance, together with interest thereon at the rate specified in the Lead Pooling and Servicing Agreement. In addition, each Other Holder shall promptly reimburse the Lead Master Servicer or the Lead Special Servicer for its pro
rata share of any fees, costs or expenses that relate directly to the servicing of its respective Note as to which the Lead Master Servicer or the Lead Special Servicer, as applicable, is entitled to be reimbursed pursuant to the Lead Pooling
and Servicing Agreement. If the Lead Pooling and Servicing Agreement permits the Lead Master Servicer, the Lead Special Servicer or the Lead Trustee to reimburse itself from the Lead Securitization’s general collections account, then the Lead
Master Servicer, the Lead Special Servicer or the Lead Trustee, as applicable, may do so and, if required under the Lead Pooling and Servicing Agreement, the Lead Master Servicer, on behalf of the Trust Fund, will seek reimbursement from each Other
Holder. If any Note is part of an Other Securitization, the related Other Pooling and Servicing Agreement shall provide that the related servicer or trustee in such Other Securitization shall use general collections of the related Other
Securitization trust to pay such Other Holder’s proportionate share of the amounts described in this paragraph. Each Holder shall be responsible for its proportionate share of all amounts payable pro rata among the Holders, including any
non-recoverable Servicing Advances (and advance interest thereon) or “additional trust fund expenses” (as such term is defined in the Lead Pooling and Servicing Agreement) that relate directly to the servicing of the Mortgage Loan and any
unpaid “special servicing fees”, “workout fees” and “liquidation fees” relating to the Mortgage Loan under the Lead Pooling and Servicing Agreement, whether or not such Note is in a Securitization. 

(d) Each Other Master Servicer may be required to make principal and/or interest advances on the related Note, from time to time, subject
to the applicable Other Pooling and Servicing Agreement, the Lead Pooling and Servicing Agreement and this Agreement. The Lead Master Servicer and each Other Master Servicer shall each independently make its own recoverability determination with
respect to a P&I Advance for its Note based on the information that each has on hand and in accordance with the Lead Pooling and Servicing Agreement or the Other Pooling and Servicing Agreement, as applicable, for the related Securitization.
Each master servicer shall be required to advise the other master servicers of the amount of its P&I Advance within two (2) Business Days of making such advance. If either the Lead Master Servicer or any Other Master Servicer determines
that a proposed P&I Advance, if made, would be non-recoverable from related collections on the Mortgage Loan or an outstanding P&I 

 

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Advance is non-recoverable from related collections on the Mortgage Loan or if the Lead Master Servicer subsequently determines that a proposed Servicing Advance would be non-recoverable from
related collections on the Mortgage Loan or an outstanding Servicing Advance is non-recoverable from related collections on the Mortgage Loan, it will advise each Other Master Servicer within one (1) Business Day of making such determination.
Once notice of such determination has been delivered by the Lead Master Servicer or the Lead Master Servicer receives written notice of such determination by any Other Master Servicer, the Lead Master Servicer, the Lead Trustee, any Other Master
Servicer or any other party to the related pooling and servicing agreement may rely on such recoverability determination in accordance with the Lead Pooling and Servicing Agreement or the Other Pooling and Servicing Agreement, as applicable, for the
related Securitization. Notwithstanding anything herein to the contrary, each master servicer or other maker of a P&I Advance shall only be entitled to reimbursement for a P&I Advance and interest thereon first from amounts allocated
to the related Note pursuant to this Agreement, and then, if such funds are insufficient to reimburse such master servicer or other advancing party, such master servicer or other advancing party shall be entitled to reimbursement for such
P&I Advance from general collections of the related Securitization trust, in each case, pursuant to the terms of the Lead Pooling and Servicing Agreement or the Other Pooling and Servicing Agreement for the applicable Securitization. 

(e) The Lead Pooling and Servicing Agreement shall provide that (i) if a servicing event of default, which remains unremedied, has
occurred with respect to the Lead Master Servicer under the Lead Pooling and Servicing Agreement and such servicing event of default materially and adversely affects any Holder of an Other Note or the rating of any class of commercial mortgage
securities backed by any Other Note, and the Lead Master Servicer is not otherwise terminated under the Lead Pooling and Servicing Agreement, then the holder of such Other Note or the trustee of the related Other Securitization into which such Other
Note has been deposited, acting at the direction of the related controlling class representative, shall be entitled to direct the Lead Master Servicer and/or the Lead Trustee of the Lead Securitization to appoint a primary servicer solely with
respect to the Mortgage Loan (or if the Mortgage Loan is currently being sub-serviced, to replace the current sub-servicer, but only if such original sub-servicer is in default under the related sub-servicing agreement), (ii) the appointment
(or replacement) of a primary servicer or sub-servicer with respect to the Mortgage Loan, as contemplated in clause (i) above, will in any event be subject to any Rating Agency Confirmation required by the Lead Pooling and Servicing Agreement
and any required rating agency confirmation pursuant to the related Other Pooling and Servicing Agreement, and (iii) the primary servicer or sub-servicer, as applicable, shall be selected by the Holders as a Majority Decision (which may include
the Holders that are part of a Securitization); provided that if the Holders are not able to agree on a primary servicer or sub-servicer, as applicable, within forty-five (45) days, such primary servicer or sub-servicer, as applicable,
shall be selected by the largest consensus (by Percentage Interest) among the Holders. 
 (f) The Lead Pooling and Servicing
Agreement shall provide that (i) if a special servicing event of default, which remains unremedied, has occurred with respect to the Lead Special Servicer under the Lead Pooling and Servicing Agreement and such special servicing event of
default materially and adversely affects any Holder of an Other Note or the rating of any class of commercial mortgage securities backed by any Other Note, and the Lead Special Servicer is not otherwise terminated under the Lead Pooling and
Servicing Agreement, 
  

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then the holder of such Other Note or the trustee of the related Securitization into which such Other Note has been deposited, acting at the direction of the related controlling class
representative, shall be entitled to direct the Lead Master Servicer and/or the Lead Trustee of the Lead Securitization to appoint a replacement special servicer solely with respect to the Mortgage Loan, (ii) the appointment (or replacement) of
a replacement special servicer with respect to the Mortgage Loan, as contemplated in clause (i) above, will in any event be subject to any Rating Agency Confirmation required by the Lead Pooling and Servicing Agreement and any required rating
agency confirmation pursuant to the related Other Pooling and Servicing Agreement, and (iii) the replacement special servicer shall be selected by the Holders as a Majority Decision (which may include the Holders that are part of a
Securitization); provided that if the Holders are not able to agree on a replacement special servicer within forty-five (45) days, such replacement special servicer shall be selected by the largest consensus (by Percentage Interest)
among the Holders. 
 (g) Any Securitizing Holder may opt-out of becoming the Lead Securitization and/or an Other
Securitization; provided such Securitizing Holder securitizes its Note or any portion thereof in an Opt-Out Eligible Securitization and such Securitizing Holder (x) delivers notice to each Other Holder, the Lead Master Servicer, the Lead
Special Servicer, the Lead Trustee, each Other Master Servicer, each Other Special Servicer and each Other Trustee of the deposit of such Note into a securitization entity (which notice shall also provide contact information for the related master
servicer, special servicer, trustee and the related controlling class representative for such Opt-Out Securitization) accompanied by a written notice that it is opting out of becoming the Lead Securitization and/or an Other Securitization, and
(y) provide that any servicer appointed under such securitization entity must be a Qualified Servicer and one of the servicing events of default under the related pooling and servicing agreement or indenture or other similar governing document
shall include the servicer appointed thereunder no longer being a Qualified Servicer. In addition, with respect to any Opt-Out Securitization, the execution of any servicing agreement by the related Holder(s) in connection with such Opt-Out
Securitization shall not affect the definition of Servicing Agreement hereunder and the Mortgage Loan shall continue to be serviced in accordance with either the Interim Servicing Agreement (or any substitute servicing agreement entered into by the
Holders and the Servicer) or the Lead Pooling and Servicing Agreement, as applicable. 
 5. Servicer. 

(a) Appointment. Bank of America, N.A., in its capacity as servicer under the Interim Servicing Agreement, is hereby acknowledged
as the initial Servicer (the “Initial Servicer”). 
 (b) Servicing Standard; Holder Approval. The
Servicer shall be required to act in accordance with the Servicing Standard and on behalf and for the benefit of the Holders; provided, however that the Servicer shall not take into account or otherwise consider the interests of any
Borrower Affiliate Holders in connection with its actions hereunder. Except with respect to Majority Decisions, Super-Majority Decisions and Unanimous Decisions (which the Servicer shall not be permitted to make without the consent of the requisite
Holders under this Agreement) or Specified Mezzanine Decisions (which the Servicer shall not be permitted to make without the consent of the Specified Mezzanine Lender and which may be taken by

  

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Specified Mezzanine Lender independently), the Servicer shall make all servicing decisions in accordance with the Servicing Standard without the consent of the Holders; provided,
however, that except with respect to (i) emergencies as to which a failure to act immediately would be a violation of the Mortgage Loan Documents, the Servicing Standard or applicable law, (ii) matters that are clearly not Majority
Decisions, Specified Mezzanine Decisions, Super-Majority Decisions or Unanimous Decisions and that the Servicer determines, in good faith, are non-material or (iii) other matters that are clearly not Majority Decisions, Specified Mezzanine
Decisions, Super-Majority Decisions or Unanimous Decisions and that are routine and/or are otherwise in the ordinary course of its duties as Servicer hereunder, the Servicer shall provide advance notice to the Holders of a proposed servicing
decision (a “Servicer Decision Notice”) (and, in case of an emergency, will deliver the Servicer Decision Notice immediately after making such decision). Notwithstanding the foregoing, after a Lead Securitization, if the Servicer
determines that failure to take any action would violate applicable law or any REMIC provision applicable to a Securitization, then the Servicer may take any such action without waiting for the consent of the Holders and may take or refrain from
taking any such action without regard to any contrary instructions from the Holders. Each Holder hereby grants to the Servicer an irrevocable power-of-attorney coupled with an interest, and its proxy, for the purpose of taking any action, after
obtaining any requisite consent of the Holders, on its behalf with respect to the servicing and administration of the Mortgage Loan and the Mortgage Loan Collateral. For the avoidance of doubt, no consent of the Holders of the Notes (except as it
relates to the consent of the Specified Mezzanine Lender with respect to the Specified Mezzanine Decision) shall be required with respect to any matter under this Agreement or the Mortgage Loan Documents unless (i) such matter constitutes a
Majority Decision, Super-Majority Decision or Unanimous Decision, or (ii) such matter otherwise requires the consent of a Deciding Majority, a Deciding Super-Majority, 100% of the Holders, or other consent in accordance with the terms of this
Agreement. 
 (c) Majority Decisions; Super-Majority Decisions; Unanimous Decisions. Unless otherwise expressly permitted
by the terms of the Mortgage Loan Documents or this Agreement without the consent of the Holders, prior to the Servicer taking any action with respect to a Majority Decision, a Super-Majority Decision or a Unanimous Decision, the Servicer shall (i)
promptly notify the Holders and the Collateral Agent in writing of any proposal to take any such action, but in any event at least five (5) Business Days prior to any deadline imposed under the Mortgage Loan Documents with respect to any such
action, (ii) simultaneously provide the Holders with such information as the Servicer deems reasonably necessary under the Servicing Standard in order for the Holders to make an informed decision with respect to such action (and shall provide
any Holder, at such individual Holder’s expense, with any additional information which such Holder may request beyond the information reasonably provided by Servicer) and (iii) receive the written approval of the requisite percentage of
the Holders (based on their respective Percentage Interests) (which approval may be withheld by each in its sole discretion) with respect thereto; provided, that, in the event that a Holder fails to notify the Servicer of its approval or
disapproval of any such proposed action that constitutes a Majority Decision, Super-Majority Decision or a Unanimous Decision within five (5) Business Days after the delivery to such Holder by the Servicer of written notice of such a proposed
Majority Decision, Super-Majority Decision or a Unanimous Decision, together with the information required or otherwise requested by such Holder pursuant to this Section 5(c), such Holder’s failure to notify Servicer of such approval or
disapproval within five (5) Business 
  

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Days shall be deemed to be such Holder’s approval. Notwithstanding anything to the contrary herein, the determination of whether there are the requisite number of Holders for a Majority
Decision, Super-Majority Decision or a Unanimous Decision shall be made by the Servicer subject to Section 13(b)(ii) and Section 24 hereof. Promptly after such five (5) Business Day period (or earlier, if such
information is known), Servicer shall inform in writing the Holders as to whether such proposed action was approved (or been deemed approved) or not. In the event that the requisite percentage of Holders have not approved (or been deemed approved)
any Majority Decision, Super-Majority Decision or a Unanimous Decision the Servicer shall not take such action. The foregoing notice periods may be reduced by the Servicer, acting in accordance with the Servicing Standard, if the Servicer determines
that a decision is required within a shorter time period under the terms of the Mortgage Loan Documents, the Intercreditor Agreement or other applicable agreement or if exigent circumstances exist; provided, however, that in no event
shall the Holders have less than two (2) Business Days to approve or disapprove of any Majority Decision, Super-Majority Decision or Unanimous Decision and in no event shall any approval be deemed granted in the absence of the written notice
and delivery of information as described above; provided, further that, any Holder that approves a Majority Decision, Super-Majority Decision or Unanimous Decision with respect to such Holder’s Note may waive any notice
requirement or other information provision in its sole discretion. Notwithstanding the foregoing, after a Lead Securitization, to the extent provided in the related Servicing Agreement governing the servicing of the Mortgage Loan in connection with
such Lead Securitization, if the Servicer determines that failure to take any action would violate applicable law or any REMIC provision, then the Servicer may take any such action without waiting for the consent of the Holders or, as necessary,
take or refrain from taking any such action without regard to any contrary instructions from the Holders. Any determination as to whether a specified action under Section 15(n) of the Intercreditor Agreement has a “material adverse
affect”, “material adverse impact” or similar determination on the Mortgage Loan or a Holder’s interest therein shall be determined individually by each Holder in its reasonable judgment, to the extent such reasonable judgment is
the applicable standard under such Section 15(n) of the Intercreditor Agreement, and if any such determination is made by a Holder and disclosed to the Servicer, the Servicer shall promptly notify the holders of the applicable Mezzanine Loan.

 (d) Successor/Replacement Servicer. The Initial Servicer shall not resign without giving each of the Holders thirty
(30) days prior written notice thereof (or such lesser notice as may be acceptable to all the Holders) and satisfaction of the other conditions provided in the Servicing Agreement. In addition, prior to the Lead Securitization, a Deciding
Majority of the Holders of the Mortgage Loan may terminate the Servicer in the manner set forth in the Servicing Agreement. Prior to the Lead Securitization, upon any resignation or removal of the Servicer, as the case may be, a Deciding Majority of
the Holders shall appoint a successor Servicer pursuant to a replacement servicing agreement reasonably approved by the Holders as a Majority Decision; provided, however, that such replacement servicing agreement does not conflict with
or is not inconsistent with this Agreement, the Mortgage Loan Documents or any other existing Servicing Agreement, including without limitation, any provisions of this Agreement or any other existing Servicing Agreement requiring that the servicer
obtain the requisite Percentage Interest prior to taking any action that would qualify as a Majority Decision, a Super-Majority Decision or a Unanimous Decision. Furthermore, prior to the Lead Securitization, a Deciding Majority of the Holders of
the Mortgage Loan may (i) enter into a side agreement with the Servicer as and to the extent contemplated under any Servicing Agreement, 

 

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to the extent necessary to permit the Servicer to perform any special servicing functions in connection with a foreclosure or workout of the Mortgage Loan, or (ii) enter into a separate
special servicing agreement to the extent necessary to permit a designated special servicer to perform necessary special servicing functions in connection with a foreclosure or workout of the Mortgage Loan; provided, however, that in
each of the foregoing clauses (i) and (ii), such side agreement or separate special servicing agreement, as applicable, does not conflict with or is not inconsistent with this Agreement, the Note Sales Agreement, the Mortgage Loan Documents or
any other existing Servicing Agreement, including without limitation, any provisions of this Agreement or any other existing Servicing Agreement requiring that the special servicer obtain the requisite Percentage Interest prior to taking any action
that would qualify as a Majority Decision, a Super-Majority Decision or a Unanimous Decision. No successor Servicer shall be deemed to be appointed hereunder until such successor Servicer has accepted the appointment. At all times, any Servicer
shall be a Qualified Servicer. In the event the Servicer resigns or is replaced in accordance with this Section 5(d) and a new Servicer is appointed, each Holder agrees to negotiate a substitute servicing agreement, in form and substance
reasonably acceptable to the Holders that is consistent with the terms hereof, to be entered into by the Holders and the replacement or successor servicer as promptly as reasonably possible. The removal and replacement of the Servicer on and after
the Lead Securitization shall be governed by the terms of the related Servicing Agreement. 
 (e) REO Loan. Prior to the
Lead Securitization, in the event the Mortgage Loan Collateral is acquired pursuant to a foreclosure or deed (or assignment) in lieu of foreclosure, the Mortgage Loan Collateral shall be held in a newly-formed single purpose entity for the pro
rata benefit of the Holders based upon their respective Percentage Interests in the Mortgage Loan and the Holders hereby agree to negotiate in good faith to reach an agreement relating to the ownership, operation, maintenance, management,
leasing and marketing of the Mortgage Loan Collateral, which agreement shall, in any event, provide that any action to be taken with respect to any matter constituting a Majority Decision, Super-Majority Decision or Unanimous Decision shall require
the written approval (or deemed approval as described above in clause (c)) of the requisite percentage of the Holders (in accordance with their respective Percentage Interests) and any matter constituting a Specified Mezzanine Decision
shall require the written approval of the Specified Mezzanine Lender; provided, however, if any Holder becomes a Borrower Affiliate Holder then such Holder shall be deemed to have granted the Holders that are not Borrower Affiliate
Holders, collectively, an irrevocable power-of-attorney coupled with an interest, and its proxy, in order to take any action necessary for entering into any agreements for the creation and operation of the newly-formed single purpose entity created
pursuant to this Section 5(e) and such Borrower Affiliate Holder shall be prohibited from giving any direction or approval relating to the formation and operation of such newly-formed single purpose entity; provided,
further, however, that any such agreement shall provide (i) that the distribution of any amounts to the Holders shall be in accordance with such Holder’s Percentage Interest and (ii) voting and control rights of the
Borrower Affiliate Holders in any such agreement shall be consistent with the applicable provisions of Section 24 hereof to the extent those provisions are applicable in the context of an agreement for the creation and operation of such
newly-formed special purpose entity. Notwithstanding any such acquisition of title to, and cancellation of the liens on, the Mortgage Loan Collateral, the Mortgage Loan shall be considered an “REO Loan” held by the Holders until
such time as the Mortgage Loan Collateral shall be sold, transferred or conveyed by the Holders, and this Agreement shall continue in full 

 

 -24- 

 
force and effect during such ownership of the Mortgage Loan Collateral. Consistent with the foregoing, for purposes of all calculations hereunder, so long as such “REO Loan” shall be
considered outstanding, payments and collections with respect to the Mortgage Loan Collateral received in any month (net of related expenses) shall be applied to amounts which would have been payable under the Mortgage Loan in accordance with the
terms of the Mortgage Notes and this Agreement. 
 (f) Sale of the Mortgage Loan. Neither the Servicer (nor, with respect
to any Securitization, any servicer of such Securitization) shall have any authority under this Agreement to cause the sale of any Note not in the Securitization administered by such Servicer (or Other Servicer, as the case may be) without the prior
written consent of the related Holder, which consent shall be given in such Holder’s sole and absolute discretion. 
 (g)
Removal and Replacement of Lead Special Servicer. Holders representing a Deciding Majority shall have the right, at their expense (including, without limitation, the reasonable costs and expenses of counsel to any third-parties), to remove
the Lead Special Servicer for the Mortgage Loan at any time for any reason whatsoever or no reason, upon at least thirty (30) days prior notice to the Lead Special Servicer. Holders representing a Deciding Majority shall then appoint a
successor Lead Special Servicer for the Mortgage Loan in accordance with this Section 5(g), provided that such Lead Special Servicer shall be a Qualified Servicer. The appointment of a successor Lead Special Servicer for the
Mortgage Loan shall not be effective until (i) the Lead Trustee shall have received a Rating Agency Confirmation with respect to any rated securities issued by the Lead Securitization and the Other Trustee shall have received a Rating Agency
Confirmation with respect to any securities issued by the Other Securitization; (ii) the successor Lead Special Servicer has assumed in writing all of the responsibilities, duties and obligations of the Lead Special Servicer from and after the
date it becomes the Lead Special Servicer as they relate to the Mortgage Loan pursuant to an assumption agreement reasonably satisfactory to the Lead Trustee; and (iii) the Lead Trustee shall have received an opinion of counsel reasonably
satisfactory to the Lead Trustee to the effect that (A) the designation of such replacement to serve as Lead Special Servicer is in compliance with the Lead Pooling and Servicing Agreement, (B) such replacement will be bound by the terms
of the Lead Pooling and Servicing Agreement with respect to the Mortgage Loan and (C) subject to customary and satisfactory qualifications and exceptions, the Lead Pooling and Servicing Agreement will be enforceable against such replacement in
accordance with its terms. If within thirty (30) days after giving notice of the removal of the existing Lead Special Servicer the appointment of such successor Lead Special Servicer has not become effective, the Lead Trustee acting at the
direction of the controlling class representative of the Lead Securitization shall have the right to designate a successor Lead Special Servicer acceptable to the Rating Agencies (which may be the existing Lead Special Servicer, notwithstanding such
notice of removal) as the successor Lead Special Servicer, to serve until such time as the appointment of a successor designated by the Holders representing a Deciding Majority in accordance with this Section 5(g) has become effective.

 (h) Transfers to a REMIC. If a Note or any portion thereof is Transferred to a REMIC prior to the Lead Securitization,
then notwithstanding any direction to, or approval or disapproval of, or right to give direction to or to approve or disapprove, an action with respect to a Majority Decision, Super-Majority Decision or Unanimous Decision, in no event shall the

  

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Servicer take any action or refrain from taking any action which would (A) result in the imposition of the tax on “prohibited transactions” as defined in section 860F(a)(2) of the
Code of such REMIC or (B) cause any such REMIC to fail to qualify as a REMIC under the REMIC Provisions. The taking of, or refraining from taking, any action by the Servicer contrary to the directions of, or in a manner disapproved by, the
Holders voting in a Majority Decision, Super-Majority Decision or Unanimous Decision, as applicable, shall not constitute an “Event of Default” under the Servicing Agreement so long as the Servicer’s taking, or refraining from taking,
such action in accordance with the direction of, or with the approval of, such Holders would have (A) resulted in the imposition of the tax on “prohibited transactions” as defined in section 860F(a)(2) of the Code of such REMIC or
(B) caused any such REMIC to fail to qualify as a REMIC under the REMIC Provisions. 
 (i) Acceleration upon Event of
Default. Upon the occurrence of an Event of a Default that does not result in an automatic acceleration of the Loan, the Servicer shall (i) promptly notify the Holders in writing of its intention to accelerate the Loan (such notice, an
“Acceleration Notice”) upon the Servicer obtaining the consent of a Deciding Majority of Holders, (ii) simultaneously provide the Holders with such information as the Servicer deems reasonably necessary under the Servicing
Standard in order for the Holders to make an informed decision with respect to whether to instruct the Servicer to accelerate the Loan (and shall provide any Holder, at such individual Holder’s expense, with any additional information which
such Holder may request beyond the information reasonably provided by Servicer) and (iii) promptly accelerate the Loan following election by a Deciding Majority of Holders to accelerate the Loan. 

(j) Commencement of Foreclosure or Similar Proceedings. Upon an automatic acceleration of the Loan or an acceleration of the Loan
in accordance with Section 5(i) hereof, the Servicer shall (i) promptly notify the Holders in writing of its intention to commence foreclosure proceedings against the Properties, or any of them (such notice, a “Foreclosure
Notice”) unless the Servicer obtains the direction of a Deciding Majority of Holders not to commence foreclosure proceedings against such Properties within the timeframes set forth herein, (ii) simultaneously provide the Holders with
such information as the Servicer deems reasonably necessary under the Servicing Standard in order for the Holders to make an informed decision with respect to whether to instruct the Servicer not to commence foreclosure proceedings against the
Properties, or any of them (and shall provide any Holder, at such individual Holder’s expense, with any additional information which such Holder may request beyond the information reasonably provided by Servicer) and (iii) commence
foreclosure proceedings against the Properties, or any of them, not later than 60 days following delivery to the Holders of the Foreclosure Notice unless a Deciding Majority of Holders elects not to commence foreclosure proceedings against the
Properties, or any of them. 
 6. Payment Procedure. (a) Each Holder hereby directs the Servicer, in accordance with
the priorities set forth in Section 3 (but subject to Section 3(b) hereof), and subject to the terms of the Servicing Agreement, to deposit all payments received with respect to and allocable to each Note to the Collection Account
established pursuant to the Servicing Agreement. Any successor Servicing Agreement shall require the Servicer to deposit such amounts in the Collection Account upon receipt, unless otherwise unanimously agreed to in writing by each of the Holders.
Any amounts payable hereunder to a Holder shall be paid by the Servicer by wire transfer directly to the applicable Holder from the Collection Account within one (1) Business Day of receipt thereof by Servicer. 

 

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 (b) If a court of competent jurisdiction orders, at any time, that any amount received or
collected in respect of any Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to any other Person, then, notwithstanding any other provision of this Agreement,
the Servicer shall not be required to distribute any portion thereof to any Holder (unless otherwise so directed by such court), and, to the extent necessary to comply with such court order, each applicable Holder will promptly on written demand by
the Servicer repay to the Servicer any portion of any such amounts that the Servicer shall have theretofore distributed to such Holder, together with interest thereon at such rate, if any, as the Servicer shall have been required to pay to the
Borrower or such other person or entity with respect thereto pursuant to the terms hereof. If, for any reason, the Servicer makes any payment to any Holder before the Servicer has received the corresponding payment (it being understood that the
Servicer is under no obligation to do so), and the Servicer does not receive the corresponding payment within five (5) Business Days of its payment to the applicable Holder, the applicable Holder will, at the Servicer’s request, promptly
and, in any event, within five (5) Business Days return that payment to the Servicer (together with interest on that payment paid at the Prime Rate for each day from the making of that payment to the Holder until it is returned to the
Servicer). Each Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess of its distributable share thereof, it will promptly after notice remit such excess to the Servicer
for application in accordance with the Mortgage Loan Documents and/or pursuant to this Agreement. The Servicer shall have the right to offset such amounts against any future payments due to the applicable Holder under the Mortgage Loan if the Holder
does not return such excess to the Servicer; provided, that each such Holder’s obligations under this Section 6 are separate and distinct obligations from one another and in no event shall Servicer enforce the obligations of
any Holder against any other Holder. Each Holder’s obligations under this Section 6 constitute absolute, unconditional and continuing obligations. 

7. Limitation on Liability of Each Holder. No Holder shall have any liability to any other Holder under this Agreement except with
respect to acts or omissions caused by or resulting from the gross negligence or willful misconduct or breach of this Agreement or the Servicing Agreement on the part of such Holder. 

8. Buy-Sell. (a) In the event of a Unanimous Decision, a Super-Majority Decision or a Majority Decision with respect to which
a Holder believes there is a potential material disagreement, such Holder may deliver written notice to the Servicer and each other Holder that it requests a vote to determine the resolution of the potential material disagreement. Within two
(2) Business Days of such notice, the Servicer shall deliver to each Holder a written notice with the proposed course of action then subject to the potential material disagreement, such proposed course of action being described in the form of a
“yes” or “no” question. Such written notice shall indicate, and the respective Holders acknowledge, that (i) each Holder must respond in writing with either a “yes” or “no” response to such proposed
course of action within two (2) Business Days of receipt of such proposed course of action and (ii) failure of a Holder to respond within such two (2) Business Day period will be deemed to be a “yes” response from that
Holder. The Servicer shall determine which Holders are “yes” Holders and which Holders 
  

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are “no” Holders, the determination of such shall be binding on the Holders for the purposes of this Section 8 absent manifest error. The Servicer’s determination of
“yes” Holders and “no” Holders shall be sent to each Holder and shall be utilized for determining whether any Holder in the group has the requisite percentage of Holders necessary to exercise its right to declare a Material
Disagreement in accordance with Section 8(b) below. 
 (b) Prior to the Lead Securitization, if
Holders holding at least (i) 50.1% of the aggregate Percentage Interest but less than the requisite Percentage Interest required for a Unanimous Decision, (ii) 45% of the aggregate Percentage Interest but less than the requisite Percentage
Interest required for a Super-Majority Decision, or (iii) 40% of the aggregate Percentage Interest but less than the requisite Percentage Interest required for a Majority Decision, are “yes” Holders (as contemplated by
Section 8(a) above) with respect to a Unanimous Decision, a Super-Majority Decision or a Majority Decision, as applicable, in accordance with Section 5 hereof (such “yes” Holders in agreement, the “Agreeing
Holders”), which failure to obtain the necessary votes for a Unanimous Decision, a Super-Majority Decision or a Majority Decision, as applicable, continues for two (2) days after written notice from any one or more Agreeing Holders to
all of the “no” Holders (as contemplated by Section 8(a) above) (each a “Target Holder”) and each other Agreeing Holder that a disagreement has occurred that is material to the servicing or administration of
the Mortgage Loan (a “Material Disagreement”), then, until the Material Disagreement is resolved, (i) any one or more Agreeing Holders may deliver to each of the Target Holders (in such case, the “Notice
Holders”), each other Agreeing Holder and the Servicer and (ii) any one or more Target Holders may deliver to each of the Agreeing Holders (in such case, the “Notice Holders”), each other Target Holder and the Servicer
a written notice (such party, or collectively such parties, sending the notice, the “Invoking Holder”), which written notice (the “Buy-Sell Notice”) shall specify a price for the Mortgage Loan (which price shall be
expressed as a percentage of par (the “Pricing Convention”) at which such Invoking Holder shall buy or sell the applicable interest in the Mortgage Loan (which may be all or only a portion of the Mortgage Loan, as determined by the
Holders through the operation of this Section 8) in accordance with the terms of this Section 8. Prior to 5:00 p.m. New York time, on the fifth
(5th) Business Day after delivery of the initial
Buy-Sell Notice (the “Buy-Sell Notice Deadline”), each Notice Holder and the initial Invoking Holder shall have the right to deliver to the Servicer, the other Notice Holders and, if applicable, the initial Invoking Holder, one or
more subsequent Buy-Sell Notices specifying (in accordance with the Pricing Convention) a higher price for the Mortgage Loan than was specified in the preceding Buy-Sell Notice, in which case the Buy-Sell Notice containing the highest price for the
Mortgage Loan shall remain in effect and the party delivering such Buy-Sell Notice shall thereafter be deemed to be the “Invoking Holder” hereunder; and the other Buy-Sell Notice(s) shall cease to have any further force and effect,
and if the Invoking Holder is an Agreeing Holder, then the Target Holders shall be deemed to be the Notice Holders hereunder, and if the Invoking Holder is a Target Holder, then the Agreeing Holders shall be deemed to be the Notice Holders
hereunder. The Servicer shall notify all of the Holders in writing of the ultimate identity of the Invoking Holder, the effective Buy-Sell Notice and the associated Pricing Convention within one (1) Business Day of the Buy/Sell Notice Deadline
(the “Servicer Buy-Sell Confirmation”). The Material Disagreement subject to such Buy-Sell Notice may be resolved immediately following the Buy-Sell Response Date by Holders with the requisite Percentage Interest necessary to
resolve the Material Disagreement, prior to any interests in the Mortgage Loan actually being transferred in accordance with the terms hereof; provided, however, that the 

 

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foregoing shall not release the Buying Holders or Selling Holders from their obligations to ultimately consummate such transfers in accordance with the terms hereof. In the event a Material
Disagreement that is subject to a Buy-Sell Notice is resolved prior to delivery by any Notice Holders of a response thereto, such Buy-Sell Notice shall be deemed terminated and of no further force and effect. 

(c) No later than 5:00 p.m. New York time, on the second
(2nd) Business Day after delivery of the Servicer
Buy-Sell Confirmation of the effective Buy-Sell Notice (the “Buy-Sell Response Date”), each Notice Holder shall deliver to the Invoking Holder, the Servicer and any other Notice Holders a written response irrevocably offering either
(x) to purchase from the Invoking Holder all right, title and interest of such Holders in the Mortgage Loan (a “Buy Response”), (y) to sell to the Invoking Holder all right, title and interest of such Notice Holder in the
Mortgage Loan (a “Sell Response”) (in each case, together with such Holder’s economic interest in the servicing of the Mortgage Loan) for an amount determined in accordance with the Pricing Convention and the respective Note
Principal Balances, plus accrued and unpaid interest on such Note Principal Balances (in each case, the “Buy-Sell Purchase Price”), or (z) to withdraw from the Material Disagreement, and the buy-sell process, by agreeing
that the matter in dispute will be determined by the non-withdrawing Holder(s) (including, without limitation, any Holders that were neither an Invoking Holder nor a Notice Holder) (such non-withdrawing Holders, the “Non-Withdrawing
Holders”) remaining after giving effect to the buy-sell process (a “Buy-Sell Withdrawal Notice”). Any Notice Holder that delivers neither a Buy Response, a Sell Response nor a Buy-Sell Withdrawal Notice shall be deemed for
purposes hereof to have delivered a Buy-Sell Withdrawal Notice. The Holder or Holders that are obligated to buy under this Section 8 (individually, or collectively, if applicable, the “Buying Holder”) shall be determined
in the following manner (and Servicer shall deliver to the Holders, within one (1) Business Day following the Buy-Sell Response Date, notice of the outcome of such determination): 

(i) if every Notice Holder delivers a Buy-Sell Withdrawal Notice, then there shall be no Buying Holder, and the Material
Disagreement will be resolved by the Invoking Holder together with the Non-Withdrawing Holders in a manner that is materially consistent with the course of action such Invoking Holder and Non-Withdrawing Holders initially indicated or were deemed to
have indicated under Section 8(a) hereof; 
 (ii) if no Notice Holder delivers a Buy Response, but at
least one Notice Holder delivers a Sell Response, then the Invoking Holder shall be the Buying Holder (and shall be obligated to purchase the Notes of each party delivering a Sell Response); 

(iii) if only one Notice Holder delivers a Buy Response, then such Notice Holder shall be the Buying Holder (and shall be
obligated to purchase the Note of the Invoking Holder); and 
 (iv) if more than one Notice Holder delivers a Buy
Response, then such Notice Holders collectively shall be the Buying Holder (and shall be obligated to purchase the Note of the Invoking Holder pro rata based on the Note Principal Balances of such Buying Holders). 

 

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 (d) On the fifth
(5th) Business Day after the Buy-Sell Response Date
(the “Buy-Sell Closing Date”), the selling Holders (the “Selling Holders”) shall transfer and assign to the Buying Holder, pursuant to an assignment and assumption agreement reasonably acceptable to each party, all
right, title and interest of such Selling Holders in respect of the Mortgage Loan; and the Buying Holder shall pay to each Selling Holder the applicable Buy-Sell Purchase Price for its Note by wire transfer of immediately available funds to the
account designated by such Selling Holder. At such closing, each Holder shall, at the request of any other Holder, execute and deliver such documents and instruments as the requesting Holder shall reasonably require in order to effect such transfer.
All payments received by any Selling Holder on or after the Buy-Sell Closing Date in respect of the ownership interests of the Holders in the Mortgage Loan shall be for the account of the Buying Holder. Each Selling Holder shall cooperate in
facilitating the assignment of its respective portions of the Mortgage Loan, and the administration thereof, including, without limitation (i) transferring any funds (including reserves) held in accounts maintained or controlled by such Selling
Holder, (ii) delivering loan related documents, (iii) causing servicing documents to be delivered, and (iv) such other cooperation as the Buying Holder reasonably requests to effectuate the intent of this Agreement. 

(e) The Buying Holder will assume all obligations of the Selling Holders arising from and after the Buy-Sell Closing Date under and in
connection with the Mortgage Loan by written instrument delivered and reasonably satisfactory in form to Selling Holders. To the extent any loss, cost, liability or expense relates to an obligation of a Selling Holder arising prior to the Buy-Sell
Closing Date, the same shall be borne solely by such Selling Holder, and such Selling Holder shall indemnify, defend, reimburse and hold harmless the Buying Holder against any and all such losses, costs, obligations, damages, penalties, actions,
judgments, suits, liabilities and expenses which may be asserted against or sustained or incurred by the Buying Holder as a result thereof. To the extent any loss, cost, liability or expense relates to an obligation of the Buying Holder arising on
or subsequent to the Buy-Sell Closing Date, the same shall be borne solely by the Buying Holder, and the Buying Holder shall indemnify, defend, reimburse and hold harmless each Selling Holder against any and all such losses, costs, obligations,
damages, penalties, actions, judgments, suits, liabilities and expenses (including reasonable attorneys’ fees) which may be asserted against or sustained or incurred by such Selling Holder as a result thereof. 

(f) If a Buying Holder does not pay the Buy-Sell Purchase Price when and as required by the terms of this Agreement, interest shall
accrue thereon both before and after judgment, to the extent permitted by applicable law, at a rate per annum for each day from and including the day the Buy-Sell Purchase Price was due to but excluding the day the amount is paid in full equal to
the Default Rate, and such Buying Holder shall thereafter have no voting or consent rights hereunder. Such interest shall be payable on demand from time to time and shall be computed on the basis of a 360-day year and actual days elapsed, and shall
itself bear interest at the foregoing rate if not paid on demand. 
 9. Representations of the Holders. (a) Subject
to the provisions of Section 9(b) below, each Holder, as of the date hereof, hereby represents and warrants that: 

(i) Such Holder is duly organized, validly existing and in good standing under the laws of its jurisdiction of
organization. Such Holder is in compliance, in all material respects, with the laws of any applicable jurisdiction necessary to ensure the enforceability of the Mortgage Loan and to perform its obligations under this Agreement. 

 

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 (ii) The execution and delivery of this Agreement by such Holder, and the
performance of, and compliance with, the terms of this Agreement by such Holder, will not violate such Holder’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a
default) under, or result in the breach of, any material agreement of other such material instrument to which it is a party or which is applicable to it or any of its assets, in each case which materially and adversely affect the ability of such
Holder to carry out the transactions contemplated by this Agreement. 
 (iii) Such Holder has the full power and
authority to enter into and consummate all transactions contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement. 

(iv) The execution, delivery and performance by such Holder of this Agreement does not require the obtaining of any
consent, approval or authorization of, the giving of any notice to, or any registration or filing with, any federal or state governmental regulatory authority which has jurisdiction over such Holder. 

(v) There are no actions, proceedings or investigations pending or threatened against such Holder before any state or
federal court, administrative agency or other tribunal (A) asserting the invalidity of this Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated in this Agreement, or (C) which, if determined
adversely to such Holder, may materially and adversely affect the performance by such Holder of its obligations under, or the validity or enforceability of, this Agreement. 

(b) The representations and warranties set forth in clauses (a)(i) through (a)(v) above are made severally by each Holder
with respect to itself, and the applicable Holder shall be the sole party liable for its breach of such representation or warranty. 

(c) Each Initial Holder, as of the date hereof, hereby represents and warrants that it is the legal and beneficial owner of its Note free
and clear of any lien, security interest, option or other charge or encumbrance, other than any lien or security interest granted to any Loan Pledgee as contemplated by the provisions of Section 13(c). 

10. Directing Senior Lender. Subject to the terms and conditions hereof and of the Servicing Agreement, the Servicer is hereby
appointed to act, on behalf of and for the benefit of all of the Holders, as the Directing Senior Lender with respect to the Mortgage Loan under the Intercreditor Agreement. The Servicer hereby accepts such appointment and assumes all duties and
obligations of (on behalf of and for the benefit of all of the Holders) such Directing Senior Lender and agrees to be bound by the terms and provisions of this Agreement and the Intercreditor Agreement and the Mortgage Loan Documents. Without
limiting the generality of the foregoing, the Servicer hereby agrees to, as and to the extent provided under the Intercreditor Agreement: 

(a) forward all notices received under the Intercreditor Agreement to the Holders and the Collateral Agent within one (1) Business
Day of receipt thereof; 
  

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 (b) exercise consent and/or approval rights granted to the Holders in accordance with the
terms and provisions of this Agreement (following the direction of the Holders holding the requisite interest in the Mortgage Loan set forth herein, which, except in the case of a Unanimous Decision or a Super-Majority Decision, shall be the
Deciding Majority), the Servicing Agreement and the Intercreditor Agreement; 
 (c) provide and deliver all notices to be
delivered to the other parties to the Intercreditor Agreement in accordance with the terms and provisions of this Agreement, the Servicing Agreement and the Intercreditor Agreement; and 

(d) follow the instructions of the Holders, in accordance with the terms and provisions of this Agreement and the Servicing Agreement,
with regard to any actions permitted to be taken in its capacity as Directing Senior Lender under the Intercreditor Agreement. 

Notwithstanding anything to the contrary herein or in the Servicing Agreement, prior to the Lead Securitization, a Deciding Majority may
terminate the Servicer as Directing Senior Lender at any time upon five (5) days prior written notice to the Servicer of such termination and replace the Directing Senior Lender with any party selected by the Deciding Majority upon written
notice to the Servicer, the parties to this Agreement and the parties to the Intercreditor Agreement. Any termination of the Servicer as Directing Senior Lender shall not, in and of itself, cause a termination of the Servicer in its capacity as
Servicer under the Servicing Agreement, unless a separate termination of the Servicer is effected in accordance with the terms and conditions of the Servicing Agreement. On and after the Lead Securitization, the Servicer shall act as Directing
Senior Lender. 
 11. No Creation of a Partnership. Nothing contained in this Agreement, and no action taken pursuant
hereto shall be deemed to constitute the Holders a partnership, association, joint venture or other entity. 
 12. Structured
Transfers; Cooperation. 
 (a) Each Holder acknowledges that any Holder may elect, in its sole discretion (but subject to
the restrictions on transfer herein and in the Intercreditor Agreement), to include its Note in a Structured Transfer. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the Holder engaging in a
Structured Transfer (the “Requesting Holder”), each other Holder shall, at the sole cost and expense of the Requesting Holder, use reasonable efforts to satisfy, and to cooperate with the Requesting Holder in attempting to cause
Borrower to satisfy, the market standards to which the Requesting Holder customarily adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with the Structured Transfer, including, without limitation,
entering into (or consenting to, as applicable) any modifications to this Agreement, the Intercreditor Agreement or the Mortgage Loan Documents, and to cooperate with the Requesting 

 

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Holder in attempting to cause Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies or as reasonably
necessary to effect the Securitization; provided, however, no Holder shall be required to modify or amend this Agreement, the Intercreditor Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in
connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to, such Holder or any other economic terms of its related Note, (ii) materially increase such
Holder’s obligations or materially decrease such Holder’s rights, remedies or protections, (iii) violate any transfer restriction herein or in any Mortgage Loan Document or otherwise be prohibited by any of the Mortgage Loan
Documents, (iv) be inconsistent with the terms hereof or of the Mortgage Loan Documents or (v) otherwise, in such Holder’s reasonable judgment, have any material adverse impact on such Holder or its Note, including, without
limitation, having a material adverse effect on the debt service coverage ratio or the loan to value ratio of such Holder’s Note; provided, however, that with respect to any such determination of a material adverse impact in
accordance with clause (v) of the preceding proviso, such Holder shall, upon request of the Requesting Holder, provide a reasonable explanation as to the basis for such determination (provided that no Holder shall be required to divulge
confidential or proprietary information). In connection with the Securitization, each Holder agrees to provide for inclusion in any disclosure document relating to the related Securitization such information concerning itself and its Note as the
Requesting Holder reasonably determines to be necessary or appropriate. 
 (b) Each Holder shall have the right, subject to the
terms of the Mortgage Loan Documents and the restrictions on transfers herein, in connection with any Structured Transfer or other Transfer of all or any portion of such Holder’s Note, to request the Borrower and/or other necessary parties to
execute amended and restated or additional notes (respectively, the “New Notes”) or to create one or more participation interests in a Note, which New Notes or participation interests may evidence (x) two or more notes with a
senior/subordinate structure, (y) one or more participation interests related to the outstanding Note with a senior/subordinate structure, or (z) one or more pari passu notes or pari passu participation interests. Any
reallocation of the principal and/or interest of its outstanding Note among the New Notes or among the participation interests applicable to such Note shall be subject to the following prohibitions: (i) the aggregate principal balance of the
New Notes following such amendments (or the aggregate principal balance of the participation interests related to the outstanding Note) is no greater than the aggregate principal balance of the “Old Note” (which for the purposes of this
Agreement shall mean the outstanding Note prior to such amendments or the creation of such participations, as applicable), (ii) all New Notes (or each of the participation interests related to the Old Note) will, and will continue to, have the
same weighted average interest rate as the interest rate of the Old Note, and any such reallocation of the principal balances and/or interest rate shall not have a material adverse impact on the interest rate, debt service coverage ratio or loan to
value ratio of any other Holder’s Notes, (iii) the terms (other than the principal balance, interest rate and subordination relative to each other) of the New Notes or participations shall be the same as the Old Note, (iv) the
amendment of the Old Note and execution of the New Notes shall not violate, either initially or with the passage of time, any terms of the Mortgage Loan Documents, (v) any Requesting Holder shall notify the other Holders in writing of such
modified allocations and principal amounts (it being understood that, subject to the satisfaction of this Section 12, no consent by such parties is required for any such allocations), (vi) the due

  

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dates for any principal and interest payments shall not be changed and (vii) no change to the interest rate or principal balance of the Requesting Holder’s Notes shall (x) result
in a decrease in the subordination afforded any of the interests in the Mortgage Loan or any of the Mezzanine Loans held by any Holder or (y) decrease or delay amounts distributable with respect to any other Holder’s Note. 

(c) In connection with a Securitization and subject to the terms of the first sentence of Section 12(a), each Holder
covenants and agrees that it shall (x) cooperate with the reasonable requests of each Rating Agency and the Requesting Holder at the sole cost and expense of the Requesting Holder in connection with the Securitization, as well as in connection
with all other matters to the extent set forth in, and subject to the restrictions and limitations of, this Section 12, and the preparation of any offering documents thereof and (y) review any information relating to itself and its
Note in any Securitization document and respond reasonably promptly with any changes necessary to make the information materially correct. Each Holder acknowledges that the information provided by it to the Requesting Holder may be incorporated into
the offering documents for such Securitization. Each Holder engaging in a Securitization and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each non-participating Holder. 

(d) The Holder engaging in a Securitization shall deliver to each other Holder drafts of the preliminary and final Securitization
offering documents at such time as the Holder engaging in a Securitization deems necessary or appropriate (but in no event shall the first draft thereof be delivered to the other Holders less than ten (10) Business Days prior to the date of the
Securitization), and each non-participating Holder shall review and comment thereon as soon as possible but in no event later than five (5) Business Days of its receipt thereof and if any such Holder fails to respond within such time, such
Holder shall be deemed to have elected to not comment thereon; provided that, subject to the preliminary drafts being distributed within the timeframes required above, each non-Participating Holder shall review and comment on the final draft
distributed in connection with the preparation of any preliminary and final offering documents for printing no later than 9:00 a.m., New York City time, on the Business Day following its receipt thereof (provided that such final draft is
received no later than noon, New York City time on such prior Business Day) and if any such Holder fails to respond by such time, such Holder shall be deemed to have elected to not comment thereon. The Holder engaging in a Securitization shall
incorporate into the offering circular any material and reasonable comments of the non-participating Holders thereto. 
 (e)
Each Holder acknowledges and agrees that with respect to any Structured Transfer, the source of any fees of a trustee, administrative agent, settlement agent or similar party (which shall not include the servicer and special servicer acting for the
Mortgage Loan as a whole) shall not include any collections allocable to any Note not included in such Structured Transfer. 

13. Sale of Each Holder’s Interest. (a) No Holder shall transfer its interest in the Mortgage Loan except in accordance
with this Section 13 and the restrictions on transfer, participation and Securitization set forth in the Intercreditor Agreement and any Mortgage Loan Documents (including, without limitation, compliance with all applicable gaming
requirements set forth therein to the extent applicable). Subject to the additional restrictions set forth in 
  

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Section 13(b) below, no Holder shall sell, assign, transfer, pledge, syndicate, participate, hypothecate, contribute, encumber or otherwise dispose of all or any portion of its
applicable Note (a “Transfer”) other than as provided below in Section 13(c), without Rating Agency Confirmation (with respect to any Notes or interests therein included in a Lead Securitization or Other Securitization,
if any) and the prior written consent of the other Holders which may be granted in each such Holder’s sole discretion; provided that each Holder may (i) Transfer up to 49% of its interest in the applicable Note (when aggregated with
all prior Transfers relating to such Note) without obtaining the prior written consent of the other Holders or Rating Agency Confirmation (to the extent required), and (ii) Transfer in excess of 49% of its interest in the applicable Note (when
aggregated with all prior Transfers relating to such Note) to a Qualified Transferee without obtaining the prior written consent of the other Holders or a Rating Agency Confirmation, as applicable. Notwithstanding anything to the contrary contained
herein, no Holder shall (i) Transfer all or any portion of its applicable Note to (v) the Borrower, (w) any Related Mezzanine Loan Borrower, (x) any Affiliate of the Borrower or any Related Mezzanine Loan Borrower (provided this
clause (x) is not intended to prevent a Holder that became an Affiliate of the Borrower and/or a Related Mezzanine Loan Borrower solely due to the exercise of remedies under a Mezzanine Loan from Transferring all or any portion of its
applicable Note to an Affiliate of such Holder that is also an Affiliate of Borrower and/or such Related Mezzanine Loan Borrower so long as such Affiliate of such Holder also became an Affiliate of Borrower and/or such Related Mezzanine Loan
Borrower solely by virtue of the exercise of remedies under a Mezzanine Loan and such Affiliate of such Holder is not a Sponsor Affiliate or any other Person to whom a Transfer would be prohibited under the Intercreditor Agreement or any other
provision of this Agreement), (y) any Sponsor Affiliate, or (z) any non-U.S. Person who is a “10 percent shareholder” within the meaning of Section 871(h)(3)(B) of the Code or to a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code with respect to the Borrower unless such non-U.S. Person is entitled to benefits under an income tax treaty to which the United States is a party that reduces the rate of withholding tax on payments
to zero, and in each case any such Transfer shall be void ab initio, or (ii) Transfer all or any portion of its applicable Note to any transferee without providing an officer’s certificate, signed by an officer of the transferee,
that transferee (i) is exempt from the approval requirements set forth under New Jersey law and described in Section 13(b) hereof, (ii) has been approved as a “financial source” by the New Jersey Casino Control
Commission (“NJCC”), or (iii) upon such Transfer, will seek approval as a “financial source” by NJCC. Notwithstanding the foregoing, any Borrower, any Related Mezzanine Loan Borrower or any Affiliate of any of them or
Sponsor Affiliate may purchase Certificates (as defined in the Intercreditor Agreement) in connection with a Securitization of any part of the Mortgage Loan and no such purchase by Borrower, any Related Mezzanine Loan Borrower or any Affiliate of
any of them or Sponsor Affiliate shall cause the trustee of any Securitization of the Mortgage Loan (or the Securitization Vehicle (as defined in the Intercreditor Agreement) holding the Mortgage Loan or any portion thereof) to be deemed to be an
Affiliate Holder or Affiliate Lender provided that the pooling and servicing agreement or comparable agreement entered into in connection with such Securitization shall provide that the Borrower, any Related Mezzanine Loan Borrower or any
Affiliate of any of them or Sponsor Affiliate shall not in any event be the controlling class representative, controlling party, controlling holder, or holder of comparable control rights thereunder. Any transferee of any Note or interest therein
(other than a Trustee in the Lead Securitization or the Other Trustee in an Other Securitization or a participant in the Mortgage Loan who shall take 

 

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subject to this Agreement), shall execute an assignment and assumption agreement whereby such transferee assumes all obligations of the related Holder hereunder with respect to such Note or the
portions thereof so Transferred and under the Servicing Agreement with respect to such Note or the portions thereof so Transferred, from and after the date of such assignment (or in the case of a Pledge to a Loan Pledgee, assumes from and after the
date that such transferee becomes the owner of such Note by reason of foreclosure or assignment-in-lieu of foreclosure of such Pledge). Within five (5) Business Days of any Transfer (other than a Pledge to a Loan Pledgee) of all or any portion
of its Note, each Holder shall deliver a notice to Servicer and to each of the other Holders in writing (a “Transfer Notice”) at its address set forth in the Servicing Agreement and include the name and address of any transferee,
whether such transferee is a Qualified Transferee, and the percentage amounts of its Note being transferred, and, promptly following consummation of such Transfer, an executed copy of the related assignment and assumption agreement, if applicable.
The Transfer Notice shall include either (i) a description of the related agreement, including a reference that the notice relates to the “Harrah’s Mortgage Co-Lender Agreement”, a list of the original parties to the Co-Lender
Agreement, a statement that such Transfer Notice relates to the Mortgage Loan, together with the principal balance of the Mortgage Loan, the origination date of the Mortgage Loan, and the original parties to the Mortgage Loan, or (ii) a copy of
this Agreement. 
 (b) (i) If any Holder Transfers any interest in its Note to any Person or any Holder Transfers any interest
in its Note to a Loan Pledgee (each such Person or such Loan Pledgee, a “Proposed Transferee”) and such interest, together with any interests in any other Note and any interests in any other promissory note related to any Mezzanine
Loan or the Mortgage Loan previously or simultaneously transferred to the Proposed Transferee or an Affiliate thereof, has a principal amount equal to or greater than 2% of the aggregate outstanding principal amount of the Mortgage Loan and each
Mezzanine Loan, then such Proposed Transferee shall promptly after such Transfer (if it has not done so previously) take all necessary action to become approved by the New Jersey Casino Control Commission (“NJCCC”) as a
“financial source” unless such Proposed Transferee is otherwise exempt from such approval requirements to the extent set forth under applicable New Jersey law (such Proposed Transferee that is so approved or is in the process of becoming
approved, or that is exempt from such approval requirements, a “Permitted Transferee”). 
 (ii)
Each Holder (including in its capacity as a Pledging Holder, if applicable) agrees and each Loan Pledgee shall be deemed to have agreed that in the event the NJCCC or any other applicable regulatory authority affirmatively determines that such
Holder (including in its capacity as a Pledging Holder, if applicable) or such Loan Pledgee is disqualified by the NJCCC in accordance with applicable law, rules or regulations (such Holder (including in its capacity as a Pledging Holder, if
applicable) or such Loan Pledgee, a “Disqualified Transferee”), then such Disqualified Transferee (provided that with respect to a Disqualified Transferee that is a Loan Pledgee, solely with respect to clause
(x) below) agrees (x) immediately, and without any required notice or any action by any other Holder or the Servicer, (1) that such Disqualified Transferee shall have no right to vote on any matters hereunder, including without
limitation, any right to vote on any Majority Decisions or Unanimous Decisions, and any such votes shall be determined without regard to the interest in the Mortgage Loan held by such Disqualified Transferee and any other Disqualified Transferees
and (2) that such Holder 
  

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(or with respect to a Loan Pledgee, the related Pledging Holder) shall have no right to receive interest in respect of its Note (or interest therein) pursuant to Section 3(a)(i)
hereof during such time as such Holder or such Loan Pledgee is a Disqualified Transferee, (y) to indemnify, defend and hold each other Holder harmless from, against and in respect of any actions, causes of action, suits, claims, liabilities,
damages, losses, costs or expenses (including attorneys’ fees and disbursements) incurred by such other Holder as a result of any action taken with respect to the Mortgage Loan or any Mezzanine Loan, the related borrowers, related operators or
related licensees by the NJCCC or any other applicable regulatory authority as a result of the Holder failing to comply with Section 13(b)(i) or the Holder or any related Pledging Holder otherwise being a Disqualified Transferee and
(z) to use its reasonable best efforts to Transfer its Notes or interest therein to a Permitted Transferee. Notwithstanding anything to the contrary contained herein or in any other Mortgage Loan Document, the foregoing obligation to indemnify
each other Holder (as set forth in clause (y) of the preceding sentence) or to transfer its Notes or interest therein (as set forth in clause (z) of the preceding sentence) shall not apply to any trust in connection with a Securitization
other than an Opt-Out Securitization that satisfies clause (i) or (ii) of the definition of Opt-Out Eligible Securitization unless such Opt-Out Securitization is structured as a REMIC. For the avoidance of doubt, this
Section 13(b)(ii) shall not apply if (i) such Holder’s interest in the Mortgage Loan and any Mezzanine Loan in the aggregate is less than 2% of the outstanding principal amount of the Mortgage Loan and each Mezzanine Loan, in
the aggregate or (ii) any Loan Pledgee’s interest in the Mortgage Loan and any Mezzanine Loan in the aggregate is less than 2% of the outstanding principal amount of the Mortgage Loan and each Mezzanine Loan, in the aggregate. 

(c) Notwithstanding any other provision hereof but subject to the provisions of Section 13(b) and 13(d), each Holder
consents to each Holder’s pledge or sale in or under a repurchase transaction, credit facility or other similar transaction (a “Pledge”) of its respective Note or interest therein (such Holder that pledges its Note or interest
therein, a “Pledging Holder”) to any entity which has extended credit, including, without limitation, credit in the form of a repurchase agreement facility, credit facility or other similar transaction, to any Holder if such entity
would otherwise satisfy the requirements of a Qualified Transferee or is a financial institution whose unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency (a “Loan Pledgee”), on the
terms and conditions set forth in this Section 13(c). No Loan Pledgee may be the Borrower, any borrower under a Mezzanine Loan, any Affiliate of the Borrower or of a borrower under a Mezzanine Loan, or any Sponsor Affiliate and any such
Pledge shall be void ab initio. Upon written notice by a Holder to the Servicer and the other Holders that the Pledge has been effected and the address for notice purposes of the Loan Pledgee, the Servicer and each Holder agrees to
acknowledge receipt of such notice and thereafter agrees as applicable: (i) Servicer shall give Loan Pledgee written notice of any default by the applicable Holder under this Agreement of which default the Servicer has actual knowledge;
(ii) to allow Loan Pledgee a period of at least ten (10) calendar days from its receipt of such notice to cure a monetary default and thirty (30) calendar days from its receipt of such notice to cure a non-monetary default by the
applicable Holder in respect of its obligations to the Servicer or such Holder hereunder, but Loan Pledgee shall not be obligated to cure any such default; (iii) that no amendment or modification of this Agreement and no waiver or termination
of any applicable Holder’s rights under this Agreement, shall be effective against Loan Pledgee 
  

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without the written consent of Loan Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, the consent of the Loan Pledgee shall not
be required unless applicable Holder’s consent was required pursuant to the terms of this Agreement to effect such modification, waiver or termination; (iv) that such other Holders shall deliver to Loan Pledgee such estoppels as Loan
Pledgee shall reasonably request; provided that any such estoppel certificates shall be in a form reasonably satisfactory to such other Holders; and (v) that, upon written notice (a “Redirection Notice”) to the Servicer
by Loan Pledgee that the applicable Holder is in default beyond applicable cure periods under such Holder’s obligations to Loan Pledgee pursuant to the applicable credit agreement or repurchase agreement between the applicable Holder and Loan
Pledgee (which notice need not be joined in or confirmed by such Holder), and until such Redirection Notice is withdrawn or rescinded by Loan Pledgee, the Servicer shall remit to the applicable Loan Pledgee and not to the applicable Holder, any
payments that the Servicer would otherwise be obligated to pay to such Holder from time to time pursuant to this Agreement, any Mortgage Loan Document, any document evidencing a Holder’s interest, copies of any default notices or any other
agreement between the Servicer or any Holder that relates to the Mortgage Loan or this Agreement. Each pledging Holder hereby unconditionally and absolutely releases the Servicer and the other Holders from any liability to such Holder on account of
the Servicer’s or a Holder’s compliance with any Redirection Notice believed by the Servicer or a Holder to have been delivered by the pledging Holder’s Loan Pledgee. Loan Pledgee shall be permitted to fully exercise its rights and
remedies against the applicable Holder, and realize on any and all collateral granted by the applicable Holder to Loan Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law. In such event,
the Servicer and each of the other Holders shall recognize a Loan Pledgee that is a Qualified Transferee (and any transferee which is also a Qualified Transferee at any foreclosure or similar sale held by Loan Pledgee or any transfer in lieu of such
foreclosure), and its successors and assigns, as the successor to the applicable Holder’s rights, remedies and obligations under this Agreement and the documents evidencing a Holder’s interest and any such Loan Pledgee or Qualified
Transferee shall assume in writing the obligations of the applicable Holder hereunder accruing from and after such Transfer and agrees to be bound by the terms and provisions hereof, it being agreed that, notwithstanding anything to the contrary
contained herein, such Loan Pledgee shall not be required to so assume applicable Holder’s obligations hereunder prior to such realization on such collateral. The rights of Loan Pledgee under this Section 13 shall remain effective
unless and until Loan Pledgee shall have notified the Servicer and Holders in writing that its interest in the applicable Note has terminated. 

(d) Notwithstanding any provisions herein to the contrary, if a conduit (“Conduit”) which is not a Qualified Transferee
provides financing to a Holder, then such Conduit will be a permitted Loan Pledgee despite the fact it is not a Qualified Transferee if the following conditions are satisfied: 

(i) The loan (the “Conduit Inventory Loan”) made by the Conduit to the Holder to finance the acquisition
and holding of its interest in the Holder’s Note will require a third-party (the “Conduit Credit Enhancer”) to provide credit enhancement; 

(ii) The Conduit Credit Enhancer and the administrator of the Conduit will be a Qualified Transferee; 

 

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 (iii) Holder will pledge (or sell, transfer or assign as part of a
repurchase facility) its interest in the Note to the Conduit as collateral for the Conduit Inventory Loan; 

(iv) The Conduit Credit Enhancer and the Conduit will agree that, if Holder defaults under the Conduit Inventory Loan, or
if the Conduit is unable to refinance its outstanding commercial paper even if there is no default by Holder, the Conduit Credit Enhancer will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of
Holder’s interest in the Note to the Conduit Credit Enhancer; and 
 (v) Unless the Conduit is in fact then
a Qualified Transferee, the Conduit will not without obtaining a Rating Agency Confirmation from each Rating Agency have any greater right to acquire the interests in the Note pledged by the Holder, by foreclosure or otherwise, than would any other
purchaser that is not a Qualified Transferee at a foreclosure sale conducted by a Loan Pledgee. 
 (e) In the case of any sale,
assignment, transfer or other disposition of a participation interest in the Note, (i) the Holder’s obligations under this Agreement shall remain unchanged, (ii) the Holder shall remain solely responsible for the performance of such
obligations, and (iii) the Servicer and any Persons acting on its behalf shall continue to deal solely and directly with the Holder in connection with the Holder’s rights and obligations under this Agreement and the Servicing Agreement,
and all amounts payable hereunder shall be determined as if the Holder had not sold such participation interest. 
 (f) The
parties acknowledge and agree that Section 38 of the Intercreditor Agreement applies to discounted pay-offs of the Notes and that such discounted pay-offs described in Section 38 of the Intercreditor Agreement are not Transfers subject to
the provisions of Section 13 hereof. 
 14. Other Business Activities of the Holders. Each Holder acknowledges that
each party hereto may make loans or otherwise extend credit to, and generally engage in any kind of business with the Borrower, its Affiliates, any holder of preferred equity in the Borrower, or any lender that has foreclosed or is in process of
foreclosure or comparable conversion on any Mezzanine Loan (collectively, “Borrower Related Parties”), and receive payments on such other loans or extensions of credit to the Borrower Related Parties and otherwise act with respect
thereto freely and without accountability in the same manner as if this Agreement and the transactions contemplated hereby were not in effect. 

15. Exercise of Remedies. (a) (i) Except when acting through the Servicer in accordance with the terms of the Servicing
Agreement, the Intercreditor Agreement and this Agreement, each Holder agrees that it shall have no right, acting individually outside of the scope of this Agreement (other than the Specified Mezzanine Lender pursuant to Section 3.3 of the Note
Sales Agreement), and hereby presently and irrevocably permits the Servicer, to carry out the instructions, subject to obtaining the required consents for Majority Decisions, Super-Majority Decisions or Unanimous Decisions, on behalf of all of the
Holders, to do each of the following (in each case, subject to the terms and conditions hereof and of the Intercreditor 

 

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Agreement and Servicing Agreement): (i) to modify or waive any of the terms of the Mortgage Loan Documents; (ii) to consent to any action or failure to act by the Borrower or any party
to the Mortgage Loan Documents; (iii) to call an Event of Default under the Mortgage Loan Documents; (iv) to take legal action to enforce or protect each Holder’s interests with respect to the Mortgage Loan or to exercise or refrain
from exercising any powers, rights or remedies that the Holders may have under the Mortgage Loan Documents or otherwise with respect to the Mortgage Loan at law or in equity, including, without limitation, the right at any time to accelerate, or
refrain from accelerating, the Mortgage Loan, to foreclose and sell and otherwise deal with the Mortgage Loan Collateral, or refrain from foreclosing, selling or otherwise dealing with the Mortgage Loan Collateral, and to enforce or refrain from
enforcing the Mortgage Loan Documents; (v) to file any bankruptcy petition against the Borrower; provided, however that the Servicer shall not vote on behalf of the Holders any claims with respect to the Mortgage Loan in any
bankruptcy, insolvency or similar type of proceeding of the Borrower and such rights are exclusively retained by the individual Holders. Notwithstanding anything herein to the contrary, the Initial Servicer shall not be required to engage in Special
Services (as such term is defined in the Interim Servicing Agreement). The Initial Servicer shall not perform any Special Services except pursuant to a written agreement between the Holders and the Initial Servicer. The foregoing provisions of this
Section 15 shall not limit the right of any Holder to exercise its right to (i) appoint a Servicer in accordance with the terms of this Agreement and (ii) consent to a Majority Decision, a Super-Majority Decision or a Unanimous
Decision. 
 (b) The Servicer shall direct the Collateral Agent to take any action necessary to effectuate any of the
Servicer’s duties hereunder (subject to obtaining any necessary consent of the Holders in accordance with this Agreement) and the Collateral Agent shall take such action, to the extent such action is permitted under the terms of the Mortgage
Loan Documents. 
 16. Non-Recourse Obligations of the Holders. Notwithstanding anything to the contrary contained herein
or the Servicing Agreement, no Holder shall be personally liable hereunder or under the Servicing Agreement other than to the extent of cash, property or other value realized or derived from its respective ownership of the Mortgage Loan and to the
extent of amount distributable hereunder. 
 17. Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND THE RESPECTIVE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. EACH OF THE PARTIES HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

18. Modifications. Except as expressly provided herein, this Agreement shall not be modified, cancelled or terminated except by an
instrument in writing signed by each of the parties hereto; provided, however, that no amendment or modification hereof that requires the consent or approval of the Borrower pursuant to Section 9.11 of the Mortgage Loan Agreement
shall be permitted other than in compliance with such section. 
  

 -40- 

 19. Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to
the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Except as provided in Section 4, Section 6 and Section 13, none of the provisions of this Agreement
shall be for the benefit of or enforceable by any Person not a party hereto. 
 20. Counterparts; Facsimile Execution.
This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the same instrument. This Agreement may be executed by signature(s) transmitted by facsimile. 

21. Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and
are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration in the construction of this Agreement. 

22. Notices. All notices, demands, requests, consents, approvals or other communications required, permitted, or desired to be
given hereunder shall be in writing sent by facsimile (with answer back acknowledged) or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or reputable overnight courier addressed to the party to be so
notified at its address set forth on Exhibit B hereto, or to such other address as such party may hereafter specify in accordance with the provisions of this Section 22. Any such notice, demand, request, consent, approval or
other communication shall be deemed to have been received: (a) upon delivery (or first refusal of delivery) if sent by registered or certified mail, postage prepaid, return receipt requested, (b) on the date of sending by facsimile if sent
during business hours on a Business Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business Day (otherwise on the next Business Day) and (d) on the next Business Day if
sent by an overnight commercial courier. All written notices so given shall be deemed effective upon receipt or, if mailed, upon the earlier to occur of receipt or refusal thereof. Notwithstanding the foregoing, the Servicing Agreement and the
provisions of Section 24 of this Agreement may restrict the delivery of notices and other documents, information or reports to a Holder that is the Borrower, the manager of the Mortgage Loan Collateral or an Affiliate thereof.
Additionally, notwithstanding the foregoing, the Initial Servicer shall have satisfied the notice requirements under this Section by providing notices in accordance with the Servicing Agreement. 

23. Withholding Taxes. (a) If the Servicer or the Borrower shall be required by law to deduct and withhold Taxes from sums
payable to a Holder with respect to the Mortgage Loan as a result of such Holder constituting a Non-Exempt Person, the Servicer shall be entitled to do so with respect to such Holder’s interest in such payment (all withheld amounts being deemed
paid to such Holder); provided that the Servicer shall furnish such Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information which may reasonably be requested for purposes of assisting such
Holder to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which such Holder is subject to tax. To the fullest extent permitted under the Mortgage Loan Documents, the Servicer shall enforce against the
Borrower any right to receive a reimbursement from the Borrower with respect to any Taxes withheld from such Holder. 
  

 -41- 

 (b) Each Holder shall and hereby agrees to indemnify the other Holders and the Servicer
against and hold the other Holders and the Servicer harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Servicer to withhold Taxes from payment made to such
Holder if and to the extent the Servicer failed to withhold in reliance upon any representation, certificate, statement, document or instrument made or provided by such Holder to the Servicer in connection with the obligation of the Servicer to
withhold Taxes from payments made to such Holder, it being expressly understood and agreed that (i) the Servicer shall be absolutely and unconditionally entitled to accept any such representation, certificate, statement, document or instrument
as being true and correct in all respects and to fully rely thereon without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) each
Holder shall, upon request of the Servicer and at its sole cost and expense, defend any claim or action relating to the foregoing indemnification using counsel selected by the Holder and reasonably acceptable to the Servicer. The Person that is the
Holder of a Note at any particular time shall not be liable under this Section 23 with respect to any predecessor or successor Holder of such Note. 

(c) Each Holder represents to the Servicer (for the benefit of the Borrower) that it is not a Non-Exempt Person. Contemporaneously with
the execution of this Agreement and from time to time as necessary during the term of the Agreement, each Holder shall deliver to the Servicer evidence satisfactory to the Servicer substantiating that it is not a Non-Exempt Person and that the
Servicer is not obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise under this Agreement. Without limiting the effect of the foregoing, (i) if a Holder is created or organized under
the laws of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the Servicer an Internal Revenue Service Form W-9 and (ii) if a Holder is not created or
organized under the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or other amounts by the Borrower is treated for United States income tax purposes as derived in whole or part from sources
within the United States, a Holder shall satisfy the requirements of the preceding sentence by furnishing to the Servicer an Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as may
be required from time to time, duly executed by such Holder, as evidence of such Holder’s exemption from the withholding of United States tax with respect thereto. Except in the case of the Initial Holders, the Servicer shall not be obligated
to make any payment hereunder to any Holder in respect of such Holder’s Note or otherwise until such Holder shall have furnished to the Servicer the forms, certificates, statements or documents required by this Section 23.

 24. Borrower Affiliate Holders. Notwithstanding anything to the contrary contained herein, if at any time a Holder
becomes a Borrower Affiliate Holder, then for so long as such Holder is a Borrower Affiliate Holder it shall not be entitled (i) to vote on, give any advice or recommendation relating to, be involved in any consultations relating to,
participate in, or otherwise exercise, any Majority Decision, Super-Majority Decision or Unanimous Decision, and such Borrower Affiliate Holder’s Note and Percentage Interest shall not be taken into account for purposes of calculating whether
the requisite voting percentages have been achieved, (ii) to exercise any other rights or remedies, or grant any consents or waivers, or (iii) to receive any notices or “asset status reports” or other similar correspondence under
this Agreement, the 
  

 -42- 

 
Servicing Agreement or the Intercreditor Agreement. Any such Borrower Affiliate Holder shall, however, retain the right to receive any and all amounts payable on account of its Note under this
Agreement other than any default interest or late fees or charges. In the case of clause (i) above, each Holder other than a Borrower Affiliate Holder shall have their aggregate Percentage Interest in the Mortgage Loan “grossed up” on
account of the Borrower Affiliate Holder’s Percentage Interest in the Mortgage Loan for the purposes of calculating a Majority Decision, a Super-Majority Decision or a Unanimous Decision and for all other related purposes hereunder. For
example, in the event there are five Holders, each with a 20% Percentage Interest, and one of those Holders becomes a Borrower Affiliate Holder, for voting purposes going forward, each non-affiliated Holder shall be deemed to have a percentage
interest of 25%. Notwithstanding anything to the contrary contained herein, each Holder hereby covenants and agrees that if it shall become a Borrower Affiliate Holder, it shall not interfere with the foreclosure rights or the exercise of any other
remedies asserted by, or on behalf of, the Holders that are not Borrower Affiliate Holders. Notwithstanding the foregoing, each Holder agrees that if it shall own, directly or indirectly, any economic, legal or other beneficial interest in the
Borrower or any Related Mezzanine Loan Borrower solely by virtue of its foreclosure of a Mezzanine Loan in which such Holder held an interest then, in exercising any right or granting or withholding any consent under this Agreement, the
Intercreditor Agreement or the Mortgage Loan Documents with respect to the Mortgage Loan, such Holder shall not take into account its respective interests as holder of the equity in the Borrower or any Related Mezzanine Loan Borrower, as applicable,
and instead shall exercise such right or grant and withhold such consent solely on account of its status as a Holder of the Mortgage Loan. 

25. Consents to Jurisdiction. Each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of the United
States District Court for the Southern District of New York, any court in the State of New York located in the borough of Manhattan in the city and county of New York, and any appellate court from any thereof, in any action, proceeding or
counterclaim arising out of or relating to this Agreement or the transactions contemplated hereunder or for recognition or enforcement of any judgment and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect
of any action, proceeding or counterclaim arising out of or relating to this Agreement or the transactions contemplated hereunder may be heard or determined in such New York State court or, to the extent permitted by law, in such federal court.

 26. Co-Origination Agreement. Each of the Holders hereby acknowledges and agrees that on and after the date hereof,
the Co-Origination Agreement is hereby terminated and of no force and effect and no provisions shall apply with respect to the Mortgage Loan. 

27. Note Register. The Servicer shall keep or cause to be kept at its offices books (the “Note Register”) for the
registration and transfer of each Note. The Note Register shall contain the name and address of the Holders and the name and address of any transferee of each Note, together with wire instructions for such holder or transferee, of whom the Servicer
has received notice, and the form of a copy of any written assumption agreement referred to in Section 13(a), shall be registered in the Note Register. The Person in whose name a Note is so registered shall be deemed and treated as the
sole owner and holder thereof for all purposes of this Agreement. The Servicer shall promptly furnish to any Holder a copy of the Note Register upon receipt of request therefor. 

 

 -43- 

 28. Notes Not Securities. Each Holder acknowledges and agrees that the Notes are not
securities for purposes of federal and state securities laws and that each Note represents a separate debt obligation of the Borrower. 

29. Custody of Mortgage Loan Documents. The Mortgage Loan Documents, other than each Holder’s respective Note, shall be held
by Bank of America, N.A. (as successor by merger to LaSalle Bank, National Association) in accordance with the terms of that certain Custodial Agreement, dated May 5, 2008 (the “Custodial Agreement”), among JPMorgan Chase Bank,
N.A., Bank of America, N.A., Citibank, N.A., Credit Suisse, Cayman Islands Branch, German American Capital Corporation, Merrill Lynch Mortgage Lending, Inc., Bear Stearns Commercial Mortgage, Inc., Goldman Sachs Mortgage Company and Morgan Stanley
Mortgage Capital Holdings LLC, as Owner, and LaSalle Bank National Association, as Custodian, until such time as the Custodial Agreement is terminated in accordance with the terms thereof. In the event of a termination of the Custodial Agreement,
the Mortgage Loan Documents shall be held as determined by the Deciding Majority, or after the occurrence of the Lead Securitization, the Mortgage Loan Documents shall be held in accordance with the Lead Pooling and Servicing Agreement. 

30. Collateral Agent. The Collateral Agent hereby represents, warrants and covenants that it shall not take any action that is
reserved for the Servicer or the Holders under this Agreement or the Intercreditor Agreement, except to the extent directed by the Servicer. 

[REMAINDER OF PAGE INTENTIONALLY BLANK] 
  

 -44- 

 IN WITNESS WHEREOF, the Holders have caused this Agreement to be duly executed as of the day
and year first above written. 
  

			
	 JPMORGAN CHASE BANK, N.A., as Note A-1 Holder and as Note A-7 Holder

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:
	
	 BANK OF AMERICA, N.A., as Note A-2 Holder

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:
	
	 CITIBANK, N.A., as Note A-3 Holder

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:
	
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Note A-4 Holder

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:

			
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:
	
	 GERMAN AMERICAN CAPITAL CORPORATION, as Note A-5 Holder

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:
		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:
	
	 MERRILL LYNCH MORTGAGE LENDING, INC., as Note A-6 Holder

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:
	
	 GOLDMAN SACHS MORTGAGE COMPANY, as Note A-8 Holder

		
	By:	 	Goldman Sachs Real Estate Funding Corp.,
		 	its General Partner
		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:

			
	 MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, as Note A-9 Holder

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:
	
	 BANK OF AMERICA, N.A., as Collateral Agent

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:
	
	 BANK OF AMERICA, N.A., as Initial Servicer

		
	By:	 	 /s/ Authorized Signatory

		 	Name:
		 	Title:

 EXHIBIT A 

HOLDER SCHEDULE 

$4,000,000,000 Mortgage Loan 

[Redacted.] 
  

 A-1 

 EXHIBIT B 

NOTICE ADDRESSES 

Initial Holder: 
 [Redacted.]

  

 B-1 

 EXHIBIT C 

PRE-QUALIFIED SPECIAL SERVICER 
  

			
	 Bank of America, National Association

Capital Markets Servicing Group
 900 West Trade
Street
 NC1-026-06-01
 Suite
650
 Charlotte, North Carolina 28255

Attention: [Name of Securitization]
 Telephone:
(704) 317-0750
 Facsimile: (704) 317-0770
	  	 LNR Partners Inc.
 1601
Washington Avenue, Suite 700
 Miami Beach, Florida 33139

Ronald E. Schrager, Division Pres.
 305.695.5649

 www.lnrproperty.com

		
	 C-III Asset Management LLC

John Lloyd
 Senior Director and Manager –
Servicing
 5221 N. O’Connor Blvd., Suite 600

Irving, Texas
 972.868.5343 

www.centerline.com
	  	 Midland Loan Services Inc.

Business Development Office
 7200 Wisconsin
Avenue, Suite 314
 Bethesda, Maryland 20814

Stacey Berger, EVP
 301.986.5818

 www.midlandls.com

		
	 GE Capital Realty Group Inc.

16479 Dallas Parkway, Suite 400
 Dallas, Texas
75228-2661
 Bruce Wheeless, SVP

972.447.2526 
 www.gecapital.com

	  	 Wells Fargo Bank, N.A.

Structured Products Services
 301 South College
Street
 Charlotte, North Carolina 28288

James Gray
 704.715.1384

		
	 J.E. Robert Co. Inc.
 1650
Tysons Boulevard, Suite 1600
 McLean, Virginia 22102

Keith Belcher, Managing Director
 703.714.8000

 www.jer.com
	  	
		
	 KeyBank Real Estate Capital

911 Main Street, Suite 700
 Kansas City, Missouri
64105
 Marty L. O’Connor, VP

816.460.2170 

www.key.com
	  	

  

 C-1 

 SCHEDULE I 

MAJORITY DECISIONS 

(a) any amendment, modification or waiver of any provision of the Mortgage Loan Documents that is not otherwise included
as a Unanimous Decision; 
 (b) any determination to accelerate the Mortgage Loan following an Event of Default;

 (c) any commencement or termination of any foreclosure upon or comparable conversion of the ownership of the
Mortgage Loan Collateral or any other enforcement action under the Mortgage Loan Documents (or any election not to commence or continue any foreclosure pursuant to Section 5(j) of the Co-Lender Agreement); 

(d) the filing or joinder in any filing of any involuntary bankruptcy case against any Person; 

(e) except as specifically permitted in the Mortgage Loan Documents, any consent to an assignment and assumption of any of
the obligations of the Borrower under the Mortgage Loan; 
 (f) any determination to bring the Mortgage Loan
Collateral into compliance with applicable environmental laws or otherwise addressing hazardous materials located at the Mortgage Loan Collateral; 

(g) any renewal or replacement of any insurance policy required to be maintained under any Mortgage Loan Document to the
extent that the renewal or replacement policy does not comply with the terms of such Mortgage Loan Document; 

(h) any approval of annual budgets, business plans, major leases, modifications to or terminations of major leases or a
material capital expenditure or other extraordinary expenses, in each case, to the extent any such approval is requested by the Borrower or required under the Mortgage Loan Documents; 

(i) any approval of the transfer of any portion of the Mortgage Loan Collateral to the extent any such approval is
requested by the Borrower or required under the Mortgage Loan Documents and is not otherwise included as a Unanimous Decision; 

(j) any material modification to a ground lease; 

(k) any determination to apply casualty proceeds or condemnation awards toward repayment of the Mortgage Loan rather than
toward restoration of the Mortgage Loan Collateral, in each case, to the extent any such approval is requested by the Borrower or required under the Mortgage Loan Documents; 

 

 I-1 

 (l) the subordination of any lien (other than the lien on any material
Mortgage Loan Collateral) created pursuant to the terms of the Mortgage Loan Documents; 
 (m) any material
alteration to any of the Mortgage Loan Collateral, in each case, to the extent any such approval is requested by the Borrower or required under the Mortgage Loan Documents; 

(n) approval of any plans and specifications submitted to the lender for approval under the terms and provisions of the
Mortgage Loan Documents; 
 (o) any consent granted under any of the terms or provisions of the Intercreditor
Agreement that is not otherwise included as a Unanimous Decision; 
 (p) any waiver of an Event of Default that
is not otherwise included as a Unanimous Decision; 
 (q) any termination or replacement of the property manager,
casino operator, franchisor or any material approval or modification or any termination of the property management agreement, shared services agreement, intellectual property license agreement or any other agreement relating to operation of the
casinos or any franchise agreement relating to the properties that is not otherwise included as a Unanimous Decision; 

(r) the appointment, termination or approval of any Servicer; 

(s) the appointment, termination or approval of any Collateral Agent; 

(t) any amendment, modification, waiver or supplement of any provision of, or any assignment of any operating lease or
operating lease guarantee that is not otherwise included as a Unanimous Decision; and 
 (u) the incurrence by
the Borrower of any additional debt. 
  

 I-2 

 SCHEDULE II 

SUPER-MAJORITY DECISIONS 

(a) any amendment, modification or waiver of any of the terms or provisions of the Intercreditor Agreement that is not
otherwise included as a Unanimous Decision. 
  

 II-1 

 SCHEDULE III 

UNANIMOUS DECISIONS 

(a) any extension, postponement or waiver of the date for payment of any interest, principal or fee in respect of a Note
(other than extensions of maturity as permitted under Section 2.7 of the Mortgage Loan Agreement); 
 (b)
any waiver, reduction, deferral or forgiveness of the principal amount of a Note (other than pursuant to the terms of the Note Sales Agreement); 

(c) any waiver, reduction, deferral or forgiveness of the interest rate (or any component definition thereof) or any
interest or fee payable in respect of a Note; 
 (d) the extension of the maturity date with respect to a Note
(other than as permitted under Section 2.7 of the Mortgage Loan Agreement); provided, however, that, following the acceleration of the Mortgage Loan, the consent to any action that results in the Mortgage Loan no longer being accelerated such
that the maturity date is returned to the date it was prior to the acceleration shall not be an extension of the maturity date for purposes of this clause (d); 

(e) any extension, postponement or waiver of the date for payment of any amount payable under the Note Sales Agreement,
and any waiver, reduction, deferral or forgiveness of any amount payable under the Note Sales Agreement; 
 (f)
the release, substitution (involving a release) or sale of any material Mortgage Loan Collateral or any other material collateral securing the Mortgage Loan or any material guaranty of obligations under the Mortgage Loan (other than to the extent
permitted under the Mortgage Loan Documents and other than in connection with the release and/or conveyance of the O’Sheas or the RDE Parcels (each as defined in the Mortgage Loan Agreement), in each case under Section 2.5 of the Mortgage
Loan Agreement) or the reduction of any release consideration under the Mortgage Loan Agreement; 
 (g) the
amendment of any Mortgage Loan Document in a manner that would by its terms alter the pro rata application of payments required thereunder or the priority of the Mortgage Loan or any Note (whether among Holders of the Mortgage Loan or among the
Mortgage Loan and the Mezzanine Loans) under the Mortgage Loan Documents with respect thereto; 
 (h) any
amendment, modification or waiver of any of the terms or provisions of the Intercreditor Agreement in a manner that would reduce the consent rights of the Senior Lender (as defined in the Intercreditor Agreement); 

(i) any amendment, modification or waiver of any operating lease that reduces or defers the rent payable under such lease;

  

 III-1 

 (j) any amendment, modification or waiver of any guaranty of an operating
lease that has the effect of reducing or deferring any payment obligations of the guarantor thereof; and 
 (k)
the subordination of any lien on any material Mortgage Loan Collateral. 
  

 III-2

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