Document:

Exhibit 10.16

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

This SECOND AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”), dated as of June 29, 2020, by and among Golden
Nugget ONLINE Gaming, Inc. (f/k/a Landry’s Finance Acquisition Co.), a New Jersey corporation (the “Borrower”)
and Jefferies Finance LLC (“Jefferies”), as agent for the Lenders (in such capacity, “Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the
Borrower, LANDRY’S FERTITTA, LLC, a Texas limited liability company, certain lenders party thereto and Agent are parties
to that certain Credit Agreement, dated as of April 28, 2020 (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”);

 

WHEREAS, Section 14.1(h) of
the Existing Credit Agreement permits Agent and the Borrower to amend any provision of any Loan Document to amend any identified
error or omission of a technical or immaterial nature, subject to certain requirements set forth in said Section;

 

WHEREAS, the
Borrower and Agent have jointly identified certain omitted provisions of a technical nature in the Existing Credit Agreement and
have agreed to amend such provisions as set forth herein;

 

NOW, THEREFORE,
in consideration of the premises and the mutual agreements herein contained and other good and valuable consideration, the sufficiency
and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.            Defined
Terms. Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings ascribed thereto in
the Existing Credit Agreement, as amended by the Amendments (as defined below) (the “Amended Credit Agreement”).

 

2.            Amendments.
Subject to the satisfaction (or waiver) of the conditions precedent set forth in Section 3 below, the Existing Credit Agreement
is hereby amended (the “Amendments”) to delete the stricken text (indicated textually in the same manner as
the following example: stricken text) and to add the underlined text (indicated
textually in the same manner as the following example: underlined text) as set forth
in the pages attached hereto as Exhibit A.

 

3.            Conditions
to Effectiveness.

 

(i) The effectiveness
of this Amendment shall be subject to the following conditions (the date on which all such conditions are so satisfied (or waived)
is referred to herein as the “Second Amendment Effective Date”): (a) Agent’s receipt of counterparts
of this Amendment duly executed by the Borrower and Agent and (b) five Business Days shall have elapsed since the date
this Amendment was distributed to Lenders without the Required Lenders having objected in writing thereto.

 

4.            GOVERNING
LAW. THE VALIDITY OF THIS AMENDMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE RIGHTS OF THE PARTIES
HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO (WHETHER IN CONTRACT, TORT OR OTHERWISE) SHALL BE DETERMINED
UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

    

     

    

 

5.            Counterparts;
Integration; Effectiveness. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts),
each of which when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute
but one and the same agreement. This Amendment constitutes the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Delivery of an executed counterpart of this Amendment by e-mail transmission shall be equally as effective as delivery of an original
executed counterpart of this Amendment. A complete set of counterparts of this Amendment shall be lodged with Borrower and Agent.
The words “execution”, “signed”, “signature”, and words of like import in this Amendment shall
be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act.

 

6.            Reference
to and Limited Effect on the Existing Credit Agreement and the Other Loan Documents.

 

(a)  On and after
the Second Amendment Effective Date, (x) each reference in the Amended Credit Agreement, to “this Agreement”,
 “hereunder”, “hereof”, “herein” or words of like import referring to the Existing Credit Agreement,
and (y) each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof”,
 “therein” or words of like import referring to the Existing Credit Agreement shall mean and be a reference to the Amended
Credit Agreement.

 

(b)  Except as specifically
amended by this Amendment, the Existing Credit Agreement and each of the other Loan Documents shall remain in full force and effect
and are hereby ratified and confirmed.

 

(c)  The execution,
delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of Agent or Lenders under, the Amended Credit Agreement or any of the other Loan Documents.

 

(d)  Each Loan Party
party hereto hereby acknowledges that it has reviewed the terms and provisions of this Amendment and consents to the amendment
of the Existing Credit Agreement effected pursuant to this Amendment.

 

(e)  The parties
hereto acknowledge and agree that, for all purposes under the Amended Credit Agreement and the other Loan Documents, this Amendment
constitutes a “Loan Document” under and as defined in the Amended Credit Agreement.

 

7.            Severability.
Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

    1

     

    

 

8.            Headings.
Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the
construction of, or be taken into consideration in interpreting, this Amendment.

 

9.            Conflicts.
In the event of any conflict between the terms of this Amendment and the terms of the Amended Credit Agreement, as applicable,
or any of the other Loan Documents, the terms of this Amendment shall govern.

 

10.          Effective
Date Amendments. For the avoidance of doubt, the Amendments set forth herein shall be in addition to and not in lieu of the
Effective Date Amendments as set forth and defined in the First Amendment.

 

[SIGNATURE PAGES FOLLOW]

 

    2

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first written above.

 

	 	Golden
    Nugget ONLINE Gaming, Inc., as Borrower
	 	 
	 	By:	/s/ Steven L. Scheinthal
	 	 	Name:	Steven L. Scheinthal
	 	 	Title:	Vice President

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO CREDIT AGREEMENT]

 

    

     

    

 

	 	JEFFERIES FINANCE LLC, as Agent
	 	
	 	 
	 	By:	/s/ J. R. Young
	 	 	Name:	J.R. Young
	 	 	Title:	Managing Director

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO CREDIT AGREEMENT]

 

    

     

    

 

EXHIBIT A

 

AMENDED CREDIT AGREEMENT

 

[see attached]

 

    

     

    

 

 

 

CREDIT AGREEMENT

 

as modified by the First Amendment,
dated June 12, 2020

 

by and among

 

LANDRY’S FERTITTA, LLC,

as Parent,

 

GOLDEN NUGGET ONLINE GAMING, INC.

(f/k/a LANDRY’S FINANCE ACQUISITION CO.),

as Borrower,

 

THE LENDERS THAT ARE SIGNATORIES HERETO,

as the Lenders,

 

JEFFERIES FINANCE LLC,

as Agent,

 

and

 

JEFFERIES FINANCE LLC,

Coöperatieve Rabobank U.A., New York Branch,

KeyBanc Capital Markets Inc.,

Citizens Bank, N.A.,

 

as Joint Arrangers,

 

Dated as of April 28, 2020 

 

 

    

     

    

 

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS AND CONSTRUCTION	1

 

		1.1	Definitions	1

		1.2	Accounting Terms	1

		1.3	Code	1

		1.4	Construction	2

		1.5	Schedules and Exhibits	2

		1.6	[Reserved]	2

		1.7	Cashless Rollovers	2

		1.8	Divisions	2

 

		2.	LOAN AND TERMS OF PAYMENT	3

 

		2.1	[Reserved]	3

		2.2	Term Loans	3

		2.3	Borrowing Procedures	3

		2.4	Payments; Reductions of Commitments; Prepayments	6

		2.5	[Reserved]	12

		2.6	Interest Rates: Rates, Payments, and Calculations	12

		2.7	Crediting Payments	13

		2.8	Designated Account	14

		2.9	Maintenance of Loan Account; Statements of Obligations	14

		2.10	Fees	14

		2.11	[Reserved]	14

		2.12	LIBOR Option	14

		2.13	Capital Requirements	17

		2.14	[Reserved]	18

		2.15	Reverse Dutch Auction Repurchases	18

		2.16	Open Market Purchases	20

		2.17	Refinancing Amendments	20

		2.18	Loan Modification Offers	21

 

		3.	CONDITIONS; TERM OF AGREEMENT	22

 

		3.1	Conditions Precedent to the Initial Extension of Credit	22

		3.2	[Reserved]	22

		3.3	Maturity	22

		3.4	Effect of Maturity	22

 

		4.	REPRESENTATIONS AND WARRANTIES	23

 

		4.1	Due Organization and Qualification; Subsidiaries	23

		4.2	Due Authorization; No Conflict	24

		4.3	Governmental Consents	24

		4.4	Binding Obligations; Perfected Liens	24

		4.5	Title to Assets; No Encumbrances	25

 

    i

     

    

 

TABLE OF CONTENTS

(continued)

 

		4.6	Jurisdiction of Organization; Location of Chief Executive Office;
                                         Organizational Identification Number; Commercial Tort Claims	25

		4.7	Litigation	25

		4.8	Compliance with Laws	26

		4.9	Material Adverse Change	26

		4.10	Fraudulent Transfer	26

		4.11	Employee Benefits.	26

		4.12	Environmental Condition	26

		4.13	Intellectual Property	27

		4.14	Leases	27

		4.15	Gaming Matters	27

		4.16	Complete Disclosure	27

		4.17	Ability to be Licensed	28

		4.18	Patriot Act; FCPA	28

		4.19	Indebtedness	28

		4.20	Payment of Taxes	28

		4.21	Margin Stock	28

		4.22	Governmental Regulation	29

		4.23	OFAC	29

		4.24	Labor Matters	29

		4.25	Agreements	29

		4.26	Insurance	29

		4.27	Status as EEA Financial Institution	29

		4.28	Compliance with Gaming and Liquor Laws	30

 

		5.	AFFIRMATIVE COVENANTS	30

 

		5.1	Financial Statements, Reports, Certificates	30

		5.2	Collateral Reporting	30

		5.3	Existence	30

		5.4	Maintenance of Properties	30

		5.5	Taxes	30

		5.6	Insurance	31

		5.7	Inspection	31

		5.8	Compliance with Laws	31

		5.9	Environmental	31

		5.10	Disclosure Updates	32

		5.11	Formation of Subsidiaries; Designation of Additional Restricted
                                         Subsidiaries	32

		5.12	Further Assurances	35

		5.13	Lender Meetings	36

		5.14	[Reserved]	36

		5.15	Maintenance of Corporate Separateness	36

		5.16	Maintenance of Gaming Licenses	36

		5.17	[Reserved]	36

 

		6.	NEGATIVE COVENANTS	36

 

		6.1	Indebtedness	36

		6.2	Liens	36

		6.3	Restrictions on Fundamental Changes	36

		6.4	Disposal of Assets	3738

 

    ii

     

    

 

TABLE OF CONTENTS

(continued)

 

		6.5	Change Name	3738

		6.6	Nature of Business	3738

		6.7	Prepayments and Amendments; etc.	3839

		6.8	[Reserved]	40

		6.9	Restricted Junior Payments	3940

		6.10	Accounting Methods	3940

		6.11	Investments	4041

		6.12	Transactions with Affiliates	4041

		6.13	Limitations on Dividends and Other Payment Restrictions Affecting
                                         Restricted Subsidiaries	4041

		6.14	Limitation on Issuance of Capital Stock	4143

		6.15	Use of Proceeds	4243

		6.16	Sanctioned Persons and Anti-Terrorism	4243

		6.17	Division	4243

 

		7.	[RESERVED]	4243

 

		8.	EVENTS OF DEFAULT	4243

 

		9.	RIGHTS AND REMEDIES	4546

 

		9.1	Rights and Remedies	4546

		9.2	Remedies Cumulative	4546

 

		10.	WAIVERS; INDEMNIFICATION	4546

 

		10.1	Demand; Protest; etc.	4546

		10.2	The Lender Group’s Liability for Collateral	4546

		10.3	Indemnification; Damage Waiver	4647

 

		11.	NOTICES	4748

 

		12.	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.	4849

 

		13.	ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS	4950

 

		13.1	Assignments and Participations	4950

		13.2	Successors	5354

 

		14.	AMENDMENTS; WAIVERS	5354

 

		14.1	Amendments and Waivers	5354

		14.2	Replacement of Certain Lenders	5657

		14.3	No Waivers; Cumulative Remedies	5657

 

		15.	AGENT; THE LENDER GROUP	5658

 

		15.1	Appointment and Authorization of Agent	5658

		15.2	Delegation of Duties	5758

		15.3	Liability of Agent	5759

		15.4	Reliance by Agent	5859

 

    iii

     

    

 

TABLE OF CONTENTS

(continued)

 

		15.5	Notice of Default or Event of Default	5859

		15.6	Credit Decision	5860

		15.7	Costs and Expenses; Indemnification	5960

		15.8	Agent in Individual Capacity	6061

		15.9	Successor Agent	6061

		15.10	Lender in Individual Capacity	6061

		15.11	Collateral and Guaranty Matters	6162

		15.12	Restrictions on Actions by Lenders; Sharing of Payments	6263

		15.13	Agency for Perfection	6364

		15.14	Payments by Agent to the Lenders	6364

		15.15	Concerning the Collateral and Related Loan Documents	6364

		15.16	Name Agents	6364

 

		16.	WITHHOLDING TAXES	6364

 

		17.	GENERAL PROVISIONS	6667

 

		17.1	Effectiveness	6667

		17.2	Section Headings	6667

		17.3	Interpretation	6768

		17.4	Severability of Provisions	6768

		17.5	Bank Product Providers	6768

		17.6	Debtor-Creditor Relationship	6768

		17.7	Counterparts; Electronic Execution	6769

		17.8	Revival and Reinstatement of Obligations	6869

		17.9	Confidentiality	6870

		17.10	Lender Group Expenses	6970

		17.11	Survival	6970

		17.12	USA PATRIOT Act, Etc.	7071

		17.13	Integration     	7071

		17.14	Gaming Laws	7071

		17.15	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	7172

		17.16	Acknowledgment Regarding Any Supported QFCs	7273

		17.17	Certain ERISA Matters	7273

 

    iv

     

    

 

EXHIBITS AND SCHEDULES

 

	Exhibit A	Form of
    Notice of Borrowing
	Exhibit B-1	Form of Assignment
    and Acceptance
	Exhibit B-2	Form of Affiliate
    Assignment and Acceptance
	Exhibit C	Form of Compliance
    Certificate
	Exhibit D	Form of Guaranty
	Exhibit E	Form of Intercompany
    Subordination Agreement
	Exhibit F	Form of LIBOR
    Notice
	Exhibit G	Form of Post-Closing
    Agreement
	Exhibit H	Form of Security
    Agreement
	Exhibit I	Form of Solvency
    Certificate
	Exhibit J-1	Form of U.S.
    Tax Compliance Certificate (Foreign Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit J-2	Form of U.S.
    Tax Compliance Certificate (Foreign Lenders that are Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit J-3	Form of U.S.
    Tax Compliance Certificate (Foreign Participants that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit J-4	Form of U.S.
    Tax Compliance Certificate (Foreign Participants that are Partnerships for U.S. Federal Income Tax Purposes)
	Schedule A-1	Agent’s Account
	Schedule C-1	Commitments
	Schedule D-1	Designated Account
	Schedule G-1	Guarantors as of
    the Closing Date
	Schedule G-2	Gaming Properties
	Schedule I-2	Immaterial Subsidiaries
    as of the Closing Date
	Schedule P-1	Permitted Investments
	Schedule P-2	Permitted Liens
	Schedule P-3	Primary Gaming Licenses
	Schedule R-1	Real Property Collateral
	Schedule 1.1	Definitions
	Schedule 2.15	Dutch Auction Procedures
    (as amended by the First Amendment)
	Schedule 3.1	Conditions Precedent
	Schedule 4.1(b)	Capitalization of
    Parent and Borrower
	Schedule 4.1(c)	Capitalization of
    Borrower’s Restricted Subsidiaries
	Schedule 4.6(a)	States of Organization
	Schedule 4.6(b)	Chief Executive
    Offices
	Schedule 4.6(c)	Organizational Identification
    Numbers
	Schedule 4.6(d)	Commercial Tort
    Claims
	Schedule 4.7(b)	Litigation
	Schedule 4.12	Environmental Matters
	Schedule 4.13	Intellectual Property
	Schedule 4.15	Gaming Matters
	Schedule 4.19(a)	Existing Indebtedness
    as of the Closing Date
	Schedule 4.26	Insurance
	Schedule 5.1	Financial Statements,
    Reports, Certificates
	Schedule 5.2	Collateral Reporting

 

    i

     

    

 

CREDIT AGREEMENT

 

THIS CREDIT AGREEMENT
(this “Agreement”), is entered into as of April 28, 2020, by and among the lenders identified on the
signature pages hereof (each of such lenders, together with their respective successors and permitted assigns, are referred
to hereinafter as a “Lender”, as that term is hereinafter further defined), JEFFERIES FINANCE LLC, a Delaware
limited liability company (“Jefferies Finance”), as the agent for the Lenders (in such capacity, together with
its successors and permitted assigns in such capacity, “Agent”), LANDRY’S FERTITTA, LLC, a Texas limited
liability company (“Parent”) and GOLDEN NUGGET ONLINE GAMING, INC. (f/k/a LANDRY’S FINANCE ACQUISITION
CO.), a New Jersey corporation (“Borrower”).

 

W I T N E S S E T H

 

WHEREAS, Borrower
has requested the Lenders to extend credit in the form of senior secured Term Loans on the Closing Date, in an aggregate principal
amount of $300,000,000 and

 

WHEREAS, upon
the terms and conditions set forth herein, the Lenders are willing to make available to Borrower the respective credit facilities
provided for herein.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

		1.	DEFINITIONS
                                         AND CONSTRUCTION.

 

1.1            Definitions.
Capitalized terms used in this Agreement shall have the meanings specified therefor on Schedule 1.1.

 

1.2            Accounting
Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting
principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by
such other entity as have been approved by a significant segment of the accounting profession, consistently applied, in each case,
which are in effect on the Closing Date in the United States (“GAAP”). If at any time any change in GAAP would
affect the computation of any financial ratio set forth in this Agreement or any other Loan Document, and Borrower or the Required
Lenders shall so request, Agent and Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to approval by the Required Lenders and Borrower); provided
that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change
therein, and Borrower shall provide to Agent and the Lenders within five days after delivery of each certificate or financial
report required hereunder that is affected thereby a written statement of the chief financial officer of Borrower setting forth
in reasonable detail the differences that would have resulted if such financial statements had been prepared without giving effect
to such change. When used herein, the term “financial statements” shall include the notes and schedules thereto. Whenever
the term “Borrower” is used in respect of a financial covenant or a related definition, it shall be understood
to mean Borrower and its Restricted Subsidiaries on a consolidated basis, unless the context clearly requires otherwise.

 

1.3            Code.
Any terms used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless
otherwise defined herein; provided, however, to the extent that the Code is used to define any term herein and such
term is defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the
Code shall govern.

 

    1

     

    

 

1.4            Construction.
Unless the context of this Agreement or any other Loan Document clearly requires otherwise, references to the plural include
the singular, references to the singular include the plural, the terms “includes” and “including” are
not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase
 “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and
similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document, as the case may
be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. Section,
subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in
this Agreement or in any other Loan Document to any agreement, instrument, or document shall include all alterations, amendments,
changes, extensions, modifications, renewals, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions
on such alterations, amendments, changes, extensions, modifications, renewals, joinders, and supplements set forth herein). The
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any
and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights. Any reference
herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the Obligations shall mean the repayment
in full in cash or immediately available funds (or in the case of obligations with respect to Bank Products (other than Hedge
Obligations), providing Bank Product Collateralization) of all monetary Obligations (including the payment of any termination
amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under
Hedge Agreements provided by Bank Product Providers) other than (i) unasserted contingent indemnification Obligations, (ii) any
Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed by the applicable Bank Product Provider
to remain outstanding without being required to be repaid or cash collateralized, and (iii) any Hedge Obligations that, at
such time, are allowed by the applicable Bank Product Provider to remain outstanding without requiring to be repaid. Any reference
herein to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing contained
herein or in any other Loan Document shall be satisfied by the transmission of a Record.

 

1.5            Schedules
and Exhibits. All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference.

 

1.6            [Reserved].

 

1.7            Cashless
Rollovers. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the
extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with loans
that refinance in full or fully replace a Tranche of Term Loans or loans incurred under a new credit facility, in each case, to
the extent such extension, replacement, renewal or refinancing is effected by means of a “cashless roll” by such Lender,
such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement hereunder or any other Loan
Document that such payment be made “in Dollars”, “in immediately available funds”, “in cash”
or any other similar requirement.

 

1.8            Divisions.
Any reference in this Agreement or any other Loan Document to a merger, transfer, consolidation, amalgamation, consolidation,
disposal, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited
liability company, corporation, limited partnership or trust, or an allocation of assets to a series of or one or more limited
liability companies, limited partnerships, corporations or trusts, or the unwinding of such a division or allocation, as if it
were a merger, transfer, consolidation, amalgamation, consolidation, disposal, assignment, sale, disposition or transfer, or similar
term, as applicable, to, of or with a separate Person (each a “Division”). Any Division of a limited liability
company, corporation, limited partnership or trust shall be deemed to constitute the formation of a separate Person, and any such
Division shall constitute a separate Person hereunder and under the other Loan Documents (and each Division of any limited liability
company, corporation, limited partnership or trust that is a subsidiary, joint venture or any other like term shall also constitute
such a Person or entity).

 

    2

     

    

 

2.            LOAN
AND TERMS OF PAYMENT.

 

2.1          [Reserved].

 

2.2          Term
Loans.

 

(a)            Subject
to the terms and conditions set forth in the Original Credit Agreement, on the Closing Date, each Lender with a B Term Loan Commitment
made B Term Loans (as defined in the Original Credit Agreement) to Borrower in an aggregate principal amount equal to such Lender’s
Pro Rata Share of the B Term Loan Amount.

 

(b)            [Reserved].

 

(c)            All
principal of, interest on, and other amounts payable in respect of the 2020 Initial Term Loans shall constitute Obligations. Any
principal amount of the 2020 Initial Term Loans that is repaid or prepaid may not be reborrowed. The outstanding unpaid principal
balance and all accrued and unpaid interest on the 2020 Initial Term Loans (including, in each case, the unpaid principal balance
of any installment due prior to such date) shall be due and payable on the earlier of (i) the 2020 Initial Term Loan Maturity
Date and (ii) the date of the acceleration of the 2020 Initial Term Loans in accordance with the terms hereof.

 

(d)            All
principal of, interest on, and other amounts payable in respect of the 2020 Buyback Term Loans shall constitute Obligations. Any
principal amount of the 2020 Buyback Term Loans that is repaid or prepaid may not be reborrowed. The outstanding unpaid principal
balance and all accrued and unpaid interest on the 2020 Buyback Term Loans (including, in each case, the unpaid principal balance
of any installment due prior to such date) shall be due and payable on the earlier of (i) the 2020 Buyback Term Loan Maturity
Date and (ii) the date of the acceleration of the 2020 Buyback Term Loans in accordance with the terms hereof.

 

(e)            All
principal of, interest on, and other amounts payable in respect of the Other Term Loans of a given Tranche shall constitute Obligations.
Any principal amount of the Other Term Loans of a given Tranche that is repaid or prepaid may not be reborrowed. The outstanding
unpaid principal balance and all accrued and unpaid interest on the Other Term Loans of a given Tranche shall be due and payable
on the earlier of (i) the maturity date for such Tranche of Other Term Loans provided in the Refinancing Amendment or Loan
Modification Offer, as applicable, and (ii) the date of the acceleration of the Other Term Loans of such Tranche in accordance
with the terms hereof.

 

2.3          Borrowing
Procedures.

 

(a)            Procedure
for Borrowing. Each incurrence of Loans shall be made by a written request by an Authorized Person of Borrower delivered to
Agent. With respect to a Borrowing of Base Rate Loans, such request must be received by Agent no later than 12:00 p.m. (New
York City time) on the Business Day that is the requested Funding Date. With respect to a Borrowing of LIBOR Rate Loans, such
request must be received by Agent no later than 3:00 p.m. (New York City time) 3 Business Days prior to the date that is
the requested Funding Date. Each such request (each, a “Notice of Borrowing”), except as otherwise expressly
provided herein, shall be irrevocable and in the form of Exhibit A, appropriately completed to specify: (i) the aggregate
principal amount of the Loans to be incurred pursuant to such Borrowing, (ii) the requested Funding Date (which shall be
a Business Day), (iii) whether the Loans being incurred pursuant to such Borrowing shall constitute B Term Loans, or Other
Term Loans of the applicable Tranche, and (iv) whether the Loans being incurred pursuant to such Borrowing are to be initially
maintained as Base Rate Loans or, to the extent permitted hereunder, LIBOR Rate Loans and, if LIBOR Rate Loans, the initial Interest
Period to be applicable thereto. Each 2020 Buyback Term Loan shall initially be deemed to be a LIBOR Rate Loan with an initial
Interest Period equal to the remaining duration (as of the First Amendment Signing Date) of the Interest Period applicable to
the Existing Term Loans (as defined in the First Amendment) from which such 2020 Buyback Term Loans were converted. Each 2020
Initial Term Loan shall initially be deemed to be a LIBOR Rate Loan with the Interest Period in effect under the Original Credit
Agreement immediately prior to the First Amendment Signing Date. Agent shall promptly give each Lender which is required to make
Loans of the respective Tranche specified in the respective Notice of Borrowing, notice of such proposed Borrowing, of such Lender’s
proportionate share thereof and of the other matters required by the immediately preceding sentence to be specified in the Notice
of Borrowing. At Agent’s election, in lieu of delivering the above-described written request, any Authorized Person of Borrower
may give Agent telephonic notice of such request by the required time. In such circumstances, Borrower agrees that any such telephonic
notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written
confirmation shall not affect the validity of the request.

 

    3

     

    

 

(b)          Minimum
Borrowing Amounts. The aggregate principal amount of each Borrowing of Base Rate Loans and LIBOR Rate Loans under a specified
Tranche shall not be less than the Minimum Borrowing Amount applicable thereto. More than one Borrowing may occur on the same
date, but at no time shall there be outstanding more than 10 Borrowings of LIBOR Rate Loans in the aggregate for all Tranches
of Loans (or such greater number of Borrowings of LIBOR Rate Loans as may be agreed to from time to time by Agent).

 

(c)          Disbursement
of Funds.

 

(i)            Each
Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in Dollars and
in immediately available funds, to Agent’s Account, not later than 1:00 p.m. (New York City time) on the Funding Date
applicable thereto. After Agent’s receipt of the proceeds of such Loan, Agent shall make the proceeds thereof available
to Borrower on the applicable Funding Date by transferring immediately available funds equal to such proceeds received by Agent
to the Designated Account.

 

(ii)            Unless
Agent receives notice from a Lender prior to 9:00 a.m. (New York City time) on the date of a Borrowing (or 1:00 p.m. (New
York City time) on the date of a Borrowing with respect to Base Rate Loans to be made on same day notice) that such Lender will
not make available as and when required hereunder to Agent for the account of Borrower the amount of that Lender’s Pro Rata
Share of the Borrowing, Agent may assume that each such Lender has made or will make such amount available to Agent in immediately
available funds on the Funding Date and Agent may (but shall not be so required), in reliance upon such assumption, make available
to Borrower on such date a corresponding amount. If any Lender shall not have made its full amount available to Agent in Dollars
and in immediately available funds and if Agent in such circumstances has made available to Borrower such amount, that Lender
shall on the Business Day following such Funding Date make such amount available to Agent, together with interest at the Defaulting
Lender Rate for each day during such period. A notice submitted by Agent to any Lender with respect to amounts owing under this
Section 2.3(c)(ii) shall be conclusive, absent manifest error. If such amount is so made available, such payment
to Agent shall constitute such Lender’s Loan on the Funding Date for all purposes of this Agreement. If such amount is not
made available to Agent on the Business Day following the Funding Date, Agent will notify Borrower of such failure to fund and,
upon demand by Agent, Borrower shall pay such amount to Agent for Agent’s account, together with interest thereon for each
day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Loans
composing such Borrowing. The failure of any Lender to make any Loan on any Funding Date shall not relieve any other Lender of
any obligation hereunder to make a Loan on such Funding Date, but no Lender shall be responsible for the failure of any other
Lender to make the Loan to be made by such other Lender on any Funding Date.

 

    4

     

    

 

(d)            Notation.
Agent, as a non-fiduciary agent for Borrower, shall maintain a register showing the principal amount of the Loans owing to
each Lender, and the interests therein of each Lender, from time to time and such register shall, absent manifest error, conclusively
be presumed to be correct and accurate.

 

(e)            Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then
the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(A)            notwithstanding
anything to the contrary contained herein, any amount payable to a Defaulting Lender hereunder (whether on account of principal,
interest, fees or otherwise) may, in lieu of being distributed to such Defaulting Lender, be retained by Agent in a segregated
non-interest bearing account and, subject to any requirements of applicable law, be applied at such time or times as may be determined
by Agent (i) first, to the payment of any amounts owing by such Defaulting Lender to Agent hereunder, (ii) second, [reserved],
(iii) third, [reserved], (iv) fourth, held in such account as cash collateral for future funding obligations of the
Defaulting Lender under this Agreement, and Agent shall apply such amounts to fund such Defaulting Lender’s share of future
funding obligations under this Agreement, (v) fifth, to the payment of any amounts owing to the Lenders as a result of any
judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement, (vi) sixth, so long as no Default or Event of Default has
occurred and is continuing, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent
jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement, and (vii) seventh, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction;
provided that if such payment is (x) a prepayment of the principal amount of any Loans in respect of which a Defaulting
Lender has funded its participation obligations and (y) made at a time when the conditions set forth in Section 3.1
are satisfied or waived, such payment shall be applied solely to prepay the Loans of, and reimbursement obligations owed to,
all Non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans owed to any Defaulting Lender. Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting
Lender or to post cash collateral pursuant to this clause (A) shall be deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto; and

 

(B)            in
the event that Agent and Borrower each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender
to be a Defaulting Lender then that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made
retroactively with respect to payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender.

 

(f)            Independent
Obligations. All Loans shall be made by the Lenders contemporaneously and in accordance with their Pro Rata Shares. It is
understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make
any Loan (or other extension of credit) hereunder, nor shall any Commitment of any Lender be increased or decreased as a result
of any failure by any other Lender to perform its obligations hereunder, and (ii) no failure by any Lender to perform its
obligations hereunder shall excuse any other Lender from its obligations hereunder.

 

    5

     

    

 

2.4          Payments;
Reductions of Commitments; Prepayments.

 

(a)           Payments
by Borrower.

 

(i)            Except
as otherwise expressly provided herein, all payments by Borrower shall be made to Agent’s Account for the account of the
Lender Group and shall be made in Dollars and in immediately available funds, no later than 2:00 p.m. (New York City time)
on the date specified herein. Any payment received by Agent later than 2:00 p.m. (New York City time) shall be deemed to
have been received on the following Business Day and any applicable interest or fee shall continue to accrue until such following
Business Day.

 

(ii)            Unless
Agent receives notice from Borrower prior to the date on which any payment is due to the Lenders that Borrower will not make such
payment in full as and when required, Agent may assume that Borrower has made (or will make) such payment in full to Agent on
such date in Dollars and in immediately available funds and Agent may (but shall not be so required), in reliance upon such assumption,
distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower does
not make such payment in full to Agent on the date when due, each Lender severally shall repay to Agent on demand such amount
distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount
is distributed to such Lender until the date repaid.

 

(b)           Apportionment
and Application.

 

(i)            So
long as no Application Event has occurred and is continuing and except as otherwise provided herein with respect to Defaulting
Lenders or pursuant to Section 2.15, all principal and interest payments received by Agent shall be apportioned ratably
among the Lenders entitled thereto (according to the unpaid principal balance of the Obligations to which such payments relate
held by each Lender) and all payments of fees and expenses received by Agent shall be apportioned ratably among the Lenders having
a Pro Rata Share of the type of Commitment or Obligation to which a particular fee or expense relates. All payments to be made
hereunder by Borrower shall be remitted to Agent and all (subject to Section 2.4(b)(ii), Section 2.4(b)(iv) and
Section 2.4(e)) such payments shall be applied, so long as no Application Event has occurred and is continuing, to
reduce the balance of Loans outstanding and, thereafter, to Borrower (to be wired to the Designated Account) or such other Person
entitled thereto under applicable law.

 

(ii)            At
any time that an Application Event has occurred and is continuing and except as otherwise provided herein with respect to Defaulting
Lenders, all payments remitted to Agent and all proceeds of Collateral received by Agent shall be applied as follows:

 

(A)            first,
to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due and payable to Agent in its
capacity as such under the Loan Documents, until paid in full,

 

(B)            second,
to pay any fees or premiums then due and payable to Agent in its capacity as such under the Loan Documents until paid in full,

 

    6

     

    

 

(C)            third,
ratably, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due and payable to any
of the Lenders and Bank Product Providers under the Loan Documents and the Bank Product Agreements, until paid in full,

 

(D)            fourth,
ratably, (i) to pay any fees or premiums then due and payable to any of the Lenders under the Loan Documents until paid in
full and (ii) to pay any fees (other than breakage, termination or similar payments) then due and payable to any of the Bank
Product Providers under the Bank Product Agreements until paid in full,

 

(E)            fifth,
ratably, (i) to pay interest accrued in respect of the Loans until paid in full and (ii) to pay any interest or other
scheduled periodic payments accrued in respect of the Bank Products until paid in full,

 

(F)            sixth,
ratably, (i) to pay the principal of all outstanding Term Loans (in the inverse order of the maturity of the installments
due thereunder) until each Term Loan is paid in full and (ii) to pay any principal, breakage, termination or similar payments
in respect of the Bank Products until paid in full, with any balance to be paid to Agent, to be held by Agent, for the ratable
benefit of the Bank Product Providers, as cash collateral (which cash collateral may be released by Agent to the Bank Product
Providers and applied by the Bank Product Providers to the payment or reimbursement of any amounts due and payable with respect
to Bank Product Obligations owed to the Bank Product Providers as and when such amounts first become due and payable and, if and
at such time as all such Bank Product Obligations are paid or otherwise satisfied in full, the cash collateral held by Agent in
respect of such Bank Product Obligations shall be reapplied pursuant to this Section 2.4(b)(ii), beginning with tier
(A) hereof),

 

(G)            seventh,
to pay any other Obligations other than Obligations owed to Defaulting Lenders on a ratable basis,

 

(H)           eighth,
ratably to pay any Obligations owed to Lenders, and Defaulting Lenders

 

(I)             ninth,
to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law or as a court of
competent jurisdiction may direct.

 

(iii)         Agent
promptly shall distribute to each Lender, pursuant to the applicable wire instructions received from each Lender in writing, such
funds as it may be entitled to receive.

 

(iv)         In
each instance, so long as no Application Event has occurred and is continuing, Section 2.4(b)(i) shall not apply
to any payment made by Borrower to Agent and specified by Borrower to be for the payment of specific Obligations then due and
payable (or prepayable) under any provision of this Agreement or any other Loan Document.

 

(v)          For
purposes of Section 2.4(b)(ii), “paid in full” of a type of Obligation means payment in cash or immediately
available funds of all amounts owing on account of such type of Obligation, including interest accrued after the commencement
of any Insolvency Proceeding, accrued and unpaid default interest, accrued and unpaid interest on interest, and expense reimbursements,
irrespective of whether any of the foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.

 

(vi)         In
the event of a direct conflict between the priority provisions of this Section 2.4 and any other provision contained
in this Agreement or any other Loan Document, it is the intention of the parties hereto that such provisions be read together
and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict
that cannot be resolved as aforesaid, if the conflict relates to the provisions of Section 2.3(e) and this Section 2.4,
then the provisions of Section 2.3(e) shall control and govern, and if otherwise, then the terms and provisions
of this Section 2.4 shall control and govern.

 

    7

     

    

 

(c)          Reduction
of Commitments.

 

(i)            [Reserved].

 

(ii)           Term
Loan Commitments. The Other Term Commitments of an applicable Tranche shall terminate upon the making of the Other Term Loans
of such Tranche on the Funding Date thereof.

 

(d)          Optional
Prepayments.

 

(i)            [Reserved].

 

(ii)            Term
Loans. Borrower may prepay the principal of the Term Loans, in whole or in part without penalty or premium (except as otherwise
provided in Section 2.4(e)(iv) and Section 2.4(g)). Each prepayment made pursuant to this Section 2.4(d)(ii) shall
be accompanied by the payment of accrued interest to the date of such payment on the amount prepaid. Each such prepayment (i) shall
be allocated among each of the outstanding Tranches of Term Loans on a pro rata basis, with each Tranche of outstanding Term Loans
to be allocated its Term Loan Percentage of the amount of such prepayment (unless the Lenders under such Tranche have elected
to receive less than their pro rata share thereof as provided in a Refinancing Amendment or a Loan Modification Offer), and (ii) to
the extent allocated to a Tranche of Term Loans, shall be applied against the remaining installments of principal due on such
Tranche of Term Loans in the manner directed by Borrower at the time of the respective prepayment (and, in the absence of any
such direction, in direct order of maturity) (for the avoidance of doubt, any amount that is due and payable on a Term Loan Maturity
Date for such Tranche of Term Loans shall constitute an installment).

 

Each optional prepayment of Loans under
this Section 2.4(d) shall be made by Borrower on the following terms and conditions: (i) Borrower shall
give Agent prior to 3:00 p.m. (New York City time) (x) at least 1 Business Day prior written notice (or telephonic notice
promptly confirmed in writing) of its intent to prepay Base Rate Loans (y) at least 3 Business Days’ prior written
notice (or telephonic notice promptly confirmed in writing) of its intent to prepay LIBOR Rate Loans, which notice (in each case)
shall specify the applicable Tranche of Term Loans that shall be prepaid, the amount of such prepayment and the Types of Loans
to be prepaid and, in the case of LIBOR Rate Loans, the specific Borrowing or Borrowings pursuant to which such LIBOR Rate Loans
were made, and which notice Agent shall promptly transmit to each of the Lenders; and (ii) each partial prepayment of Term
Loans pursuant to this Section 2.4(d) shall be in an aggregate principal amount of at least $1,000,000 (or such
lesser amount as is acceptable to Agent in any given case), provided that if any partial prepayment of LIBOR Rate Loans
made pursuant to any Borrowing shall reduce the outstanding principal amount of LIBOR Rate Loans made pursuant to such Borrowing
to an amount less than the Minimum Borrowing Amount applicable thereto, then such Borrowing may not be continued as a Borrowing
of LIBOR Rate Loans (and same shall automatically be converted into a Borrowing of Base Rate Loans) and any election of an Interest
Period with respect thereto given by Borrower shall have no force or effect. A notice of prepayment pursuant to this Section 2.4(d) shall
be irrevocable; provided, however, a notice of prepayment of all outstanding Loans pursuant to this Section 2.4(d) 
may state that such notice is conditioned upon the effectiveness of other credit facilities the proceeds of which will be used
to refinance in full this Agreement, in which case such notice may be revoked by Borrower (by notice to Agent on or prior to the
specified effective date) if such condition is not satisfied (although any such revocation shall not affect Borrower’s obligations
pursuant to Section 2.12(b)).

 

    8

     

    

 

(e)          Mandatory
Prepayments.

 

(i)            Dispositions.
Within 3 Business Days after the date of receipt by Parent or any of its Restricted Subsidiaries of the Net Cash Proceeds
of any voluntary or involuntary sale or disposition by Parent or any of its Restricted Subsidiaries of assets (including casualty
losses or condemnations, but excluding sales or dispositions which qualify as Permitted Dispositions under clause (a), (b), (c),
(d), (g), (h), (i), (j), (k) or (m) of the definition of Permitted Dispositions, but in any event 100% of the Net Cash
Proceeds received by Parent or any of its Restricted Subsidiaries in connection with a Change of Control), Borrower shall prepay
the outstanding principal amount of the Loans in accordance with Section 2.4(f) in an amount equal to 100% of
such Net Cash Proceeds (including condemnation awards and payments in lieu thereof) received by such Person in connection with
such sales or dispositions; provided that so long as (A) no Event of Default shall have occurred and is continuing
or would result therefrom, (B) Borrower shall have given Agent prior written notice of Borrower’s intention to apply
such monies to the costs of replacement of the properties or assets that are the subject of such sale or disposition or the cost
of purchase or construction of other assets (other than working capital assets) useful in the business of Borrower and its Restricted
Subsidiaries that are Loan Parties (and, in the case of monies received in connection with a sale or disposition by a Restricted
Subsidiary of Borrower that is not a Loan Party, Borrower’s Restricted Subsidiaries that are not Loan Parties) and (C) Borrower
or its Restricted Subsidiaries, as applicable, complete such replacement, purchase, or construction within 365 days after the
initial receipt of such monies, then Borrower or the Restricted Subsidiary whose assets were the subject of such disposition shall
have the option to apply such monies to the costs of replacement of the assets that are the subject of such sale or disposition
or the cost of purchase or construction of other assets (other than working capital assets) useful in the business of Borrower
and its Restricted Subsidiaries that are Loan Parties (and, in the case of monies received in connection with a sale or disposition
by a Restricted Subsidiary that is not a Loan Party, its Restricted Subsidiaries that are not Loan Parties) unless and to the
extent that such applicable period shall have expired without such replacement, purchase, or construction being made or completed,
in which case, any amounts not theretofore used to effect such replacement, purchase, or construction shall be paid to Agent and
applied in accordance with Section 2.4(f); and, provided further, that Borrower may use a portion of such Net
Cash Proceeds to prepay or repurchase any other term Indebtedness that is secured by the Collateral on a pari passu basis with
the Term Loans to the extent such other term Indebtedness and the Liens securing the same are permitted hereunder and the documentation
governing such other term Indebtedness requires such a prepayment or repurchase thereof with such Net Cash Proceeds, in each case
in an amount not to exceed the product of (x) the amount of such Net Cash Proceeds and (y) a fraction, the numerator
of which is the outstanding principal amount of such other term Indebtedness and the denominator of which is the aggregate outstanding
principal amount of Loans and such other term Indebtedness.

 

(ii)            Indebtedness.
Within 3 Business Days after the date of incurrence by Parent or any of its Restricted Subsidiaries of any Indebtedness, other
than Permitted Indebtedness (other than Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt, Permitted
Second Priority Refinancing Debt and Other Loans), Borrower shall prepay the outstanding principal amount of the Loans in accordance
with Section 2.4(f) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection
with such incurrence. The provisions of this Section 2.4(e)(ii) shall not be deemed to be implied consent to
any such incurrence otherwise prohibited by the terms and conditions of this Agreement or the other Loan Documents.

 

(iii)            [Reserved].

 

    9

     

    

 

 

(iv)         Change
of Control.

 

(A)            Upon
the occurrence of a Change of Control, the Borrower shall offer to redeem all outstanding Term Loans pursuant to the offer described
below (the “Change of Control Offer”) at an offer price in cash equal to the outstanding principal amount of
the Term Loans as to which Lenders have not declined prepayment in accordance with Section 2.4(h), plus (x) 1.00% of
the aggregate principal amount of the Term Loans prepaid (the “Change of Control Premium”) and (y) accrued
and unpaid interest to the date of such prepayment. The Borrower will make the Change of Control Offer by delivering a prepayment
notice in writing to the Agent in accordance with Section 2.4(e)(iv)(B) no less than ten (10) Business Days
prior to the occurrence of a Change of Control, specifying the “Change of Control Payment Date” (which such
date shall be concurrent with such Change of Control).

 

(B)            Such
 “prepayment notice” shall mean a notice delivered to Agent stating:

 

(i)            that
a Change of Control is contemplated and all or a portion of such Term Loans may be prepaid in cash in an amount equal to the outstanding
principal amount with respect to the Term Loans or portions thereof to be prepaid (plus the Change of Control Premium), plus accrued
and unpaid interest to the date of prepayment;

 

(ii)            in
reasonable detail, the circumstances and relevant facts regarding such Change of Control;

 

(iii)            the
prepayment date (which shall be the effective date of the Change of Control); and

 

(iv)            that
the Lenders electing not to have any Term Loans prepaid pursuant to such prepayment will be required to notify the Agent in accordance
with Section 2.4(h).

 

(C)            By
2:00 p.m. (New York City time) on the Change of Control Payment Date, the Borrower shall, (1) prepay all Term Loans or
portions thereof that have not been elected to be not prepaid pursuant to Section 2.4(h) and (2) pay in immediately
available funds an amount equal to the outstanding amount of all such Term Loans or portions thereof to be prepaid plus the Change
of Control Premium and accrued and unpaid interest to the date of redemption.

 

(D)            Borrower
shall not be required to make a Change of Control Offer following a Change of Control if, on Borrower’s behalf, Parent or
a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set
forth in this Section 2.4(e)(iv) applicable to a Change of Control Offer made by Borrower and purchases all of the Term
Loans validly offered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a
Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

 

(E)            In
the event that a Change of Control does not occur on the date specified for prepayment, the prepayment shall be deferred until
and shall be made on the date on which such Change of Control actually occurs. Borrower shall keep the Agent reasonably and timely
informed of any such deferral and the date on which the Change of Control is expected to occur.

 

(v)          Golden
Nugget Note Payments. Within 3 Business Days after the date of receipt by Parent or any of its Restricted Subsidiaries of
any amounts received in payment of the principal indebtedness owed to the Parent under the Golden Nugget Note, other than, subject
to the execution of the First Amendment Term Loan Buybacks and the occurrence of the First Amendment Effective Date, amounts received
in connection with the payment of the First Amendment Golden Nugget Note Payment, Borrower shall prepay the outstanding principal
amount of the Term Loans in accordance with Section 2.4(f) in an amount equal to 100% of such amounts received.

 

    10

     

    

 

(f)           Application
of Payments. Each prepayment pursuant to Section 2.4(e)(i), Section 2.4(e)(ii) or Section 2.4(e)(v) shall
(A) so long as no Application Event shall have occurred and be continuing, be applied, without penalty or premium (except
as otherwise provided in Section 2.4(g)), to the outstanding principal amount of the Term Loans until paid in full
and with each prepayment of Term Loans pursuant to this clause (A) to be accompanied by the payment of accrued interest thereon
to the date of such prepayment on the amount prepaid, and (B) if an Application Event shall have occurred and be continuing,
be applied in the manner set forth in Section 2.4(b)(ii). Each such prepayment of the Term Loans (i) shall be
allocated among each of the outstanding Tranches of Term Loans on a pro rata basis, with each Tranche of outstanding Term Loans
to be allocated its Term Loan Percentage of the amount of such prepayment (unless the Lenders under such Tranche have elected
to receive less than their pro rata share thereof as provided in a Refinancing Amendment or a Loan Modification Offer), and (ii) to
the extent allocated to a Tranche of Term Loans, shall be applied against the remaining installments of principal of such Tranche
of Term Loans on a pro rata basis (for the avoidance of doubt, any amount that is due and payable on a Term Loan Maturity Date
for such Tranche of Term Loans shall constitute an installment).

 

(g)           Prepayment
Premium. At any time on or before the 24-month anniversary of the Closing Date (the “Make Whole Premium Period”),
the Borrower may prepay the B Term Loans (including pursuant to Section 2.18(b) or Section 14.2 as
a result of, or in connection with, any Lender not agreeing or otherwise consenting to any waiver, consent or amendment in connection
with a Repricing Event or acceleration) subject to the payment of the Make Whole Amount applicable to such prepayment. In the
event all or any portion of the B Term Loans are repaid (including pursuant to Section 2.18(b) or Section 14.2
as a result of, or in connection with, any Lender not agreeing or otherwise consenting to any waiver, consent or amendment
in connection with a Repricing Event or acceleration), repriced or effectively refinanced through any amendment of the B Term
Loans or accelerated for any reason after the Make Whole Premium Period and on or prior to the 30-month anniversary of the Closing
Date, such repayments, repricings or acceleration will be made at 107.0% of the amount repaid, repriced or accelerated; provided
that mandatory prepayments of Term Loans made pursuant to Section 2.4(e)(i) and Section 2.4(e)(iv),
shall not be subject to the prepayment premium contained in this Section 2.4(g).

 

(h)           Lender
Opt-Out.

 

(i)           With
respect to any prepayment of the B Term Loans pursuant to Section 2.4(e)(iv), any Lender may decline to accept the
applicable Change of Control Offer by providing written notice to Agent no later than five (5) Business Days after the date
of such Lender’s receipt of the applicable prepayment notice referenced in Section 2.4(e)(iv). If any Lender does not
give such a notice to Agent on or prior to such fifth Business Day informing Agent that it declines to accept the applicable prepayment
in connection with such Change of Control Offer, then such Lender will be deemed to have accepted such prepayment.

 

(ii)            In
the event that the Borrower is required to prepay the B Term Loans pursuant to Section 2.4(e)(i) and Section 2.4(e)(v),
not less than three (3) Business Days prior to the date on which the Borrower is required to make such mandatory prepayment,
the Borrower will notify the Agent in writing of the amount of such prepayment, and the Agent will promptly furnish such notice
to each Lender holding an outstanding B Term Loan. Any Lender may decline to accept the applicable prepayment by providing written
notice to Agent no later than one (1) Business Day after the date of such Lender’s receipt of the applicable prepayment
notice. If any Lender does not give a notice to Agent on or prior to such fifth Business Day informing Agent that it declines to
accept the applicable prepayment in connection with such prepayment offer, then such Lender will be deemed to have accepted such
prepayment.

 

    11

     

    

 

2.5          [Reserved].

 

2.6          Interest
Rates: Rates, Payments, and Calculations.

 

(a)           Interest
Rates. Except as provided in Section 2.6(c), all outstanding Loans shall bear interest on the Daily Balance thereof
as follows:

 

(i)           in
the case of a LIBOR Rate Loan, at a per annum rate equal to the LIBOR Rate for the respective Interest Period for such LIBOR Rate
Loan plus the applicable LIBOR Rate Margin as in effect on such day, and

 

(ii)          in
the case of a Base Rate Loan, at a per annum rate equal to the Base Rate plus the applicable Base Rate Margin each as in effect
on such day.

 

(b)          [Reserved].

 

(c)           Default
Rate. (i)(x) Upon the occurrence and during the continuation of an Event of Default under Section 8.1, Section 8.4
or Section 8.5, and (y) at the election of the Required Lenders upon the occurrence and during the continuation
of any other Event of Default (written notice of such election to be given by Agent to Borrower as promptly as practicable after
receipt of written instructions from the Required Lenders), all outstanding Loans shall bear interest on the Daily Balance thereof
at a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable hereunder, and

 

(ii)          Without
duplication of any amounts payable under clause (c)(i) above, (x) overdue principal and, to the extent permitted by law,
overdue interest in respect of each Loan shall bear interest on the Daily Balance thereof at a rate per annum equal to 2 percentage
points above the per annum rate otherwise applicable to such Loan and (y) all other overdue Obligations shall bear interest
on the Daily Balance thereof at a rate per annum equal to 2 percentage points above the interest rate otherwise applicable to Loans
that are maintained as Base Rate Loans hereunder from time to time.

 

All interest accrued
pursuant to this Section 2.6(c) (including interest on past due interest) shall be payable on demand.

 

(d)          Payment.
Except to the extent provided to the contrary in the Fee Letter, Section 2.2(c), Section 2.2(d), Section 2.4(d)(ii),
Section 2.6(c) or in Section 2.12(a), all interest, all other fees payable hereunder or under any
of the other Loan Documents shall be due and payable, in arrears, on the last day of each March, June, September and December at
any time that Obligations or Commitments are outstanding; provided that if such last day falls on a day that is not a Business
Day, such payment shall be made on the immediately succeeding Business Day. Subject to the notice requirement provided in Section 2.7
(to the extent such notice is required), Borrower hereby authorizes Agent, and Agent may (but shall have no obligation to),
from time to time charge all accrued and unpaid interest and all other fees payable hereunder or under any of the other Loan Documents
(in each case, as and when due and payable), all costs, expenses and Lender Group Expenses (in each case, as and when incurred),
all fees and costs provided for in Section 2.10 (as and when accrued or incurred), and all other payments as and when
due and payable under any Loan Document (other than any Bank Product Agreement or any amounts due and payable to the Bank Product
Providers in respect of Bank Products) to the Loan Account, which amounts thereafter shall accrue interest at the rate then applicable
to Loans that are Base Rate Loans.

 

    12

     

    

 

(e)           Computation.
All interest and fees payable under the Loan Documents (other than interest with respect to Base Rate Loans based on clause
(c) of the definition of Base Rate) shall be computed on the basis of a 360 day year, in each case, for the actual number
of days elapsed in the period during which the interest or fees accrue. Interest with respect to Base Rate Loans based on clause
(c) of the definition of Base Rate shall be computed on the basis of a 365/366 day year for the actual number of days elapsed
in the period during which the interest accrues.

 

(f)           Intent
to Limit Charges to Maximum Lawful Rate. The Lender Group and all other parties to the Loan Documents intend to contract in
strict compliance with applicable usury law from time to time in effect. In furtherance thereof, such Persons stipulate and agree
that none of the terms and provisions contained in the Loan Documents shall ever be construed to create a contract to pay, for
the use, forbearance or detention of money, or interest in excess of the Maximum Interest. No Loan Party, endorser, or other Person
hereafter becoming liable for payment of any Obligation shall ever be liable to pay interest thereon in excess of the Maximum
Interest, and the provisions of this section shall control over all other provisions of the Loan Documents which may be in
conflict or apparent conflict herewith. If (i) the maturity of any Obligation is accelerated for any reason, (ii) any
Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Interest,
or (iii) any Lender or any other holder of any or all of the Obligations shall otherwise collect moneys that are determined
to constitute interest which would otherwise increase the interest and other amounts deemed interest on any or all of the Obligations
to an amount in excess of the Maximum Interest, then all sums determined to constitute interest in excess of the Maximum Interest
shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at such Lender’s
or holder’s option, promptly returned to Borrower upon such determination. In determining whether or not the interest paid
or payable, under any specific circumstance, exceeds the Maximum Interest, the Lender Group and Loan Parties shall to the greatest
extent permitted under applicable law, (x) characterize any non-principal payment as an expense, fee or premium rather than
as interest, (y) exclude the voluntary prepayments and the effects thereof, and (z) amortize, prorate, allocate, and
spread the total amount of interest throughout the entire contemplated term of the instruments evidencing Obligations in accordance
with the amounts outstanding from time to time thereunder and the Maximum Interest in order to lawfully charge the Maximum Interest.
If at any time mandatory provisions of law provide for the application of an interest ceiling under Chapter 303 of the Texas Finance
Code (the “Texas Finance Code”) as amended, at such time, the ceiling shall be the “weekly ceiling”
as defined in the Texas Finance Code; provided that if any applicable law permits greater interest, the law permitting
the greatest interest shall apply. To the extent that the interest rate or rates otherwise payable under this Agreement plus any
other amounts paid under this Agreement or any other Loan Document are limited under applicable law, each Lender agrees to limit
the interest to which it is otherwise entitled to the Maximum Interest. Such limitation for each Lender for any period shall be
in an amount equal to such Lender’s Pro Rata Share multiplied by the difference between the applicable interest rate under
this Agreement and the Maximum Interest. For purposes of this calculation at any date of determination, any fees or charges included
in the calculation of interest not directly related to a particular type of Obligation shall be allocated ratably to each Lender
based upon the outstanding Obligations of each Lender compared to all Obligations. As provided in Section 12(a), this
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. The foregoing provisions
are included solely out of an abundance of caution and shall not be construed to mean that any of the above referenced provisions
of Texas law are in any way applicable to this Agreement, the other Loan Documents, or the Obligations.

 

2.7          Crediting
Payments. The receipt of any payment item by Agent shall not be considered a payment on account unless such payment item
is a wire transfer of immediately available federal funds made to Agent’s Account or unless and until such payment item
is honored when presented for payment. Agent shall provide Borrower at least 2 Business Days’ notice prior to charging the
Loan Account for any such payment item; provided that, should any payment item not be honored when presented for payment,
then Borrower shall be deemed not to have made such payment and interest shall be calculated and may be charged against the Loan
Account in accordance with Section 2.6(d). Anything to the contrary contained herein notwithstanding, any payment
item shall be deemed received by Agent only if it is received into Agent’s Account on a Business Day on or before 2:00 p.m. (New
York City time). If any payment item is received into Agent’s Account on a non-Business Day or after 2:00 p.m. (New
York City time) on a Business Day, it shall be deemed to have been received by Agent as of the opening of business on the immediately
following Business Day.

 

    13

     

    

 

2.8          Designated
Account. Agent is authorized to make the Loans under this Agreement based upon telephonic or other instructions received
from anyone believed by Agent in good faith to be an Authorized Person of Borrower or, without instructions, if pursuant to Section 2.6(d).
Borrower agrees to establish and maintain the Designated Account with the Designated Account Bank for the purpose of receiving
the proceeds of the Loans requested by Borrower and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and
Borrower, any Loans requested by Borrower and made by Agent or the Lenders hereunder shall be made to the Designated Account.

 

2.9          Maintenance
of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrower (the
 “Loan Account”) on which Borrower will be charged with the Loans made by Agent or the Lenders to Borrower or
for Borrower’s account, and with all other payment Obligations hereunder or under the other Loan Documents, including, accrued
interest, fees and expenses, and Lender Group Expenses. In accordance with Section 2.7, the Loan Account will be credited
with all payments received by Agent from Borrower or for Borrower’s account.

 

2.10        Fees.
Borrower shall pay to Agent, for the account of Agent, as and when due and payable under the terms of the Fee Letter, the fees
set forth in the Fee Letter.,

 

2.11        [Reserved].

 

2.12        LIBOR
Option.

 

(a)           Interest
and Interest Payment Dates. Borrower shall have the option, subject to Section 2.12(b) (the “LIBOR
Option”), to have interest on all or a portion of the Loans be charged (whether at the time when made (unless otherwise
provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR
Rate Loan) at a rate of interest based upon the LIBOR Rate in lieu of having interest charged at the rate based upon the Base
Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable
thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three month intervals after
the first day of such Interest Period, (ii) the date on which all or any portion of the respective Obligations are accelerated
pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the
last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the
interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate
Loans of the same type hereunder. Unless the Required Lenders otherwise agree, at any time that an Event of Default has occurred
and is continuing, Borrower no longer shall have the option to request that any portion of the Loans bear interest at a rate based
upon the LIBOR Rate.

 

(b)          LIBOR
Election.

 

(i)           Borrower
may, at any time and from time to time, so long as no Event of Default has occurred and is continuing, elect to exercise the LIBOR
Option by notifying Agent prior to 3:00 p.m. (New York City time) at least 3 Business Days prior to the commencement of the
proposed Interest Period (the “LIBOR Deadline”). Notice of Borrower’s election of the LIBOR Option for
a permitted portion of the Loans under a Tranche and an Interest Period pursuant to this Section 2.12(b) shall
be made by delivery to Agent of a LIBOR Notice received by Agent before the LIBOR Deadline, or by telephonic notice received by
Agent before the LIBOR Deadline (to be confirmed by delivery to Agent of a LIBOR Notice received by Agent prior to 5:00 p.m. (New
York City time) on the same day). Promptly upon its receipt of each such LIBOR Notice, Agent shall provide a copy thereof to each
of the Affected Lenders.

 

    14

     

    

 

(ii)          Each
LIBOR Notice shall be irrevocable and binding on Borrower. In connection with each LIBOR Rate Loan, Borrower shall indemnify, defend,
and hold Agent and the Lenders harmless against any loss, cost, or expense actually incurred by Agent or any Lender as a result
of (A) the payment of any principal of any LIBOR Rate Loan other than on the last day of an Interest Period applicable thereto
(including as a result of an Event of Default), (B) the conversion of any LIBOR Rate Loan other than on the last day of the
Interest Period applicable thereto, or (C) the failure to borrow, convert, continue or prepay any LIBOR Rate Loan on the date
specified in any Notice of Borrowing, LIBOR Notice or prepayment notice delivered pursuant hereto (such losses, costs, or expenses,
 “Funding Losses”). A certificate of Agent or a Lender delivered to Borrower setting forth in reasonable detail
the calculation of any amount or amounts that Agent or such Lender is entitled to receive pursuant to this Section 2.12
shall be conclusive absent manifest error. Borrower shall pay such amount to Agent or the Lender, as applicable, within 30 days
of the date of its receipt of such certificate. If a payment of a LIBOR Rate Loan on a day other than the last day of the applicable
Interest Period would result in a Funding Loss, Agent may, in its sole discretion at the request of Borrower, hold the amount of
such payment as cash collateral in support of the Obligations until the last day of such Interest Period and apply such amounts
to the payment of the applicable LIBOR Rate Loan on such last day, it being agreed that Agent has no obligation to so defer the
application of payments to any LIBOR Rate Loan and that, in the event that Agent does not defer such application, Borrower shall
be obligated to pay any resulting Funding Losses.

 

(iii)         The
aggregate number of LIBOR Rate Loans, and the minimum principal amount of each Loan under a Tranche subject to a LIBOR Option,
shall be as set forth in Section 2.3(b).

 

(c)           Conversion.
Borrower may convert LIBOR Rate Loans to Base Rate Loans at any time; provided, however, that in the event that
LIBOR Rate Loans are converted or prepaid on any date that is not the last day of the Interest Period applicable thereto, including
as a result of any automatic prepayment through the required application by Agent of proceeds of Parent’s and its Restricted
Subsidiaries’ Collections in accordance with Section 2.4(b) or for any other reason, including early termination
of the term of this Agreement or acceleration of all or any portion of the Obligations pursuant to the terms hereof, Borrower
shall indemnify, defend, and hold Agent and the Lenders and their Participants harmless against any and all Funding Losses in
accordance with Section 2.12(b)(ii).

 

(d)          Special
Provisions Applicable to LIBOR Rate.

 

(i)           The
LIBOR Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any additional or increased
costs to such Lender of maintaining or obtaining any Dollar deposits or increased costs, in each case, due to changes in applicable
law (other than changes in laws relative to Taxes, which shall be governed by Section 16) occurring subsequent to
the commencement of the then applicable Interest Period, including changes in tax laws (except changes of general applicability
in corporate income tax laws) and changes in the reserve requirements imposed by the Board of Governors of the Federal Reserve
System (or any successor), excluding the Reserve Percentage, which additional or increased costs would increase the cost of funding
or maintaining loans bearing interest at the LIBOR Rate. In any such event, the Affected Lender shall give Borrower and Agent
prompt written notice of such a determination and adjustment and Agent promptly shall transmit the notice to each other Lender
and, upon its receipt of the notice from the Affected Lender, Borrower may, by notice to such Affected Lender (x) require
such Lender to furnish to Borrower a statement setting forth the basis for adjusting such LIBOR Rate and the method for determining
the amount of such adjustment, or (y) repay the LIBOR Rate Loans with respect to which such adjustment is made (together
with any amounts due under Section 2.12(b)(ii)). Such statement shall be in reasonable detail and shall certify that
the claim for additional amounts referred to therein is generally consistent with such Lender’s treatment of similarly situated
customers of such Lender whose transactions with such Lender are similarly affected by the change in circumstances giving rise
to such payment. In no event will any such Lender be required to disclose any confidential or proprietary information in connection
with such statement. Upon giving such a written notice, the Affected Lender shall be obligated to comply with Section 14.2.

 

    15

     

    

 

(ii)          In
the event that any change in market conditions or any law, regulation, treaty, or directive, or any change therein or in the interpretation
or application thereof, shall at any time after the date hereof, in the reasonable opinion of any Lender, make it unlawful or impractical
for such Lender to fund or maintain LIBOR Rate Loans or to continue such funding or maintaining, or to determine or charge interest
rates at the LIBOR Rate, such Lender shall give written notice of such changed circumstances to Agent and Borrower and Agent promptly
shall transmit the notice to each other Lender and (x) in the case of any LIBOR Rate Loans of such Lender that are outstanding,
the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such LIBOR Rate Loans,
and interest upon the LIBOR Rate Loans of such Lender thereafter shall accrue interest at the rate then applicable to Base Rate
Loans, and (y) Borrower shall not be entitled to elect the LIBOR Option until such Lender determines that it would no longer
be unlawful or impractical to do so.

 

(e)          No
Requirement of Matched Funding. Anything to the contrary contained herein notwithstanding, neither Agent, nor any Lender,
nor any of their Participants, is required actually to acquire eurodollar deposits to fund or otherwise match fund any Obligation
as to which interest accrues at the LIBOR Rate.

 

(f)           Notwithstanding
anything in this Agreement to the contrary, (x) the Dodd- Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof and (y) all
requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel
III, shall in each case be deemed to be a change after the Closing Date in a requirement of law or government rule, regulation
or order, regardless of the date enacted, adopted, issued or implemented (including for purposes of Section 2.12(d) and
Section 2.13(a)).

 

(g)           Notwithstanding
anything to the contrary in this Agreement or any other Loan Document, if at any time Agent or Borrower determines (which determination
shall be conclusive absent manifest error) that (i) adequate and reasonable means do not exist for ascertaining the LIBOR
Rate for any requested Interest Period, including, without limitation, because the LIBOR Rate is not available or published on
a current basis and such circumstances are unlikely to be temporary or (ii) the administrator of the LIBOR Rate or any applicable
Governmental Authority has made a public statement identifying a specific date after which the LIBOR Rate shall no longer be made
available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”),
then Agent and Borrower shall endeavor to establish an alternate rate of interest to the LIBOR Rate that gives due consideration
to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such
time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes
to this Agreement as may be applicable; provided that, if such alternate rate of interest shall be less than zero, such
rate shall be deemed to be zero for the purposes of this Agreement (but without limiting the 1.00% floor in the definition of
 “LIBOR Rate”); provided, further, that (A) any such successor rate shall be applied by Agent in a manner
consistent with market practice and (B) to the extent such market practice is not administratively feasible for Agent, such
successor rate shall be applied in a manner as otherwise reasonably determined by Agent and Borrower. Notwithstanding anything
to the contrary in Section 14.1, such amendment shall become effective without any further action or consent of any
other party to this Agreement so long as Agent shall not have received, within five Business Days of the date notice of such alternate
rate of interest is provided to the Lenders, written notice from the Required Lenders stating that such Required Lenders object
to such amendment. If no such alternate rate has been determined and the circumstances under clause (i) above exist or the
Scheduled Unavailability Date has occurred (as applicable), Agent will promptly so notify Borrower and each Lender. Thereafter,
(x) the obligation of the Lenders to make or maintain LIBOR Rate Loans shall be suspended (to the extent of the affected
LIBOR Rate Loans or Interest Periods) and (y) the LIBOR Rate component shall no longer be utilized in determining the Base
Rate. Upon receipt of such notice, Borrower may revoke any pending request for a Loan of, conversion to or continuation of, LIBOR
Rate Loans (to the extent of the affected LIBOR Rate Loans or Interest Periods) or, failing that, will be deemed to have converted
such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein.

 

    16

     

    

 

2.13        Capital
Requirements.

 

(a)           If,
after the date hereof, any Lender determines that (i) the adoption of or change in any law, rule, regulation or guideline
regarding capital, reserve or liquidity requirements for banks or bank holding companies, or any change in the interpretation,
implementation, or application thereof by any Governmental Authority charged with the administration thereof, or (ii) compliance
by such Lender or its parent bank holding company with any guideline, request or directive of any such entity regarding capital
adequacy (whether or not having the force of law), has the effect of reducing the return on such Lender’s or such holding
company’s capital as a consequence of such Lender’s Commitments or obligations hereunder to a level below that which
such Lender or such holding company could have achieved but for such adoption, change, or compliance (taking into consideration
such Lender’s or such holding company’s then existing policies with respect to capital adequacy and assuming the full
utilization of such entity’s capital) by any amount deemed by such Lender to be material, then such Lender may notify Borrower
and Agent thereof. Following receipt of such notice, Borrower agrees to pay such Lender the amount of such reduction of return
of capital as and when such reduction is determined, payable within 30 days after presentation by such Lender of a statement in
the amount and setting forth in reasonable detail such Lender’s calculation thereof and the assumptions upon which such
calculation was based (which statement shall be deemed true and correct absent manifest error). In determining such amount, such
Lender may use any reasonable averaging and attribution methods. Failure or delay on the part of any Lender to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided
that Borrower shall not be required to compensate a Lender pursuant to this Section for any reductions in return incurred
more than 90 days prior to the date that such Lender notifies Borrower of such law, rule, regulation or guideline giving rise
to such reductions and of such Lender’s intention to claim compensation therefor; provided further that if such claim
arises by reason of the adoption of or change in any law, rule, regulation or guideline that is retroactive, then the 90-day period
referred to above shall be extended to include the period of retroactive effect thereof.

 

(b)           If
any Lender requests additional or increased costs referred to in Section 2.12(d)(i) or amounts under Section 2.13(a) or
sends a notice under Section 2.12(d)(ii) relative to changed circumstances (any such Lender, an “Affected
Lender”), then such Affected Lender shall use reasonable efforts to promptly designate a different one of its lending
offices or to assign its rights and obligations hereunder to another of its offices or branches, if (i) in the reasonable
judgment of such Affected Lender, such designation or assignment would eliminate or reduce amounts payable pursuant to Section 2.12(d)(i) or
Section 2.13(a), as applicable, and (ii) in the reasonable judgment of such Affected Lender, such designation
or assignment would not subject it to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous
to it. Borrower agrees to pay all reasonable out-of-pocket costs and expenses incurred by such Affected Lender in connection with
any such designation or assignment. If, after such reasonable efforts, such Affected Lender does not so designate a different
one of its lending offices or assign its rights to another of its offices or branches so as to eliminate Borrower’s obligation
to pay any future amounts to such Affected Lender pursuant to Section 2.12(d)(i) or Section 2.13(a),
as applicable, or to enable Borrower to obtain LIBOR Rate Loans, then Borrower (without prejudice to any amounts then due to such
Affected Lender under Section 2.12(d)(i) or Section 2.13(a), as applicable) may, unless prior to
the effective date of any such assignment the Affected Lender withdraws its request for such additional amounts under Section 2.12(d)(i) or
Section 2.13(a), as applicable, or indicates that it is no longer unlawful or impractical to fund or maintain LIBOR
Rate Loans, designate a substitute Lender reasonably acceptable to Agent to purchase the Obligations owed to such Affected Lender
and such Affected Lender’s Commitments hereunder (and/or, to the extent provided in Section 14.2, those of a
Holdout Lender or Tax Lender (a “Replacement Lender”)), and if such Replacement Lender agrees to such purchase,
such Affected Lender shall assign to the Replacement Lender its Obligations and Commitments within 5 Business Days of Borrower’s
notice of such designation of a Replacement Lender, pursuant to an Assignment and Acceptance, and upon such purchase by the Replacement
Lender, such Replacement Lender shall be deemed to be a “Lender” for purposes of this Agreement and such Affected
Lender shall cease to be a “Lender” for purposes of this Agreement.

 

    17

     

    

 

2.14        [Reserved].

 

2.15        Reverse
Dutch Auction Repurchases.

 

(a)           Notwithstanding
anything to the contrary contained in this Agreement or any other Loan Document, Borrower or any Affiliate of Borrower (other
than Parent or any of its other Subsidiaries) may, at any time and from time to time after the Closing Date, conduct reverse Dutch
auctions in order to purchase Term Loans (each, an “Auction” and each such Auction to be managed exclusively
by an investment bank of recognized standing selected by Borrower or such Affiliate following consultation with Agent, in such
capacity, the “Auction Manager”), so long as the following conditions are satisfied:

 

(i)           each
Auction shall be conducted in accordance with the procedures, terms and conditions set forth in this Section 2.15 and
Schedule 2.15;

 

(ii)          except
in connection with Term Loans purchased by an Affiliate of Borrower in any Auction, no Default or Event of Default shall have occurred
and be continuing on the date of the delivery of each Auction Notice and at the time of purchase of any Term Loans in connection
with any Auction;

 

(iii)         the
minimum principal amount (calculated on the face amount thereof) of all Term Loans that Borrower or such Affiliate offers to purchase
in any such Auction shall be no less than $25,000,000 (unless another amount is agreed to by Agent);

 

(iv)         [reserved];

 

(v)          the
aggregate principal amount (calculated on the face amount thereof) of all Term Loans so purchased by Borrower or such Affiliate
shall automatically be cancelled and retired by Borrower or such Affiliate on the settlement date of the relevant purchase (and
may not be resold);

 

(vi)         no
more than one Auction may be ongoing at any one time;

 

    18

     

    

 

(vii)        no
more than five Auctions may be effected in any twelve month period (unless a higher number is agreed to by Agent);

 

(viii)       each
Auction shall be open and offered to all Lenders of the relevant Tranche of Term Loans on a pro rata basis;

 

(ix)          Borrower
or such Affiliate represents and warrants that, as of the date of the delivery of each Auction Notice and at the time of purchase
of any Term Loans in connection with any Auction, no Loan Party or such Affiliate (as applicable) shall have any MNPI that both
(A) has not been previously disclosed in writing to Agent and the Lenders (other than because such Lender does not wish to
receive such MNPI) prior to such time and (B) would reasonably be expected to have a material effect upon, or otherwise be
material to, a Lender’s decision to participate in the Auction and the Affiliate Assignment and Acceptance pursuant to which
such Term Loans are to be purchased shall contain a representation and warranty by such Loan Party or Affiliate (as applicable)
that such Loan Party or Affiliate does not have any such MNPI or if Borrower or such Affiliate is unable to make such representation,
all parties to the relevant transaction shall render customary “big boy” disclaimer letters;

 

(x)          except
in connection with Term Loans purchased by an Affiliate of Borrower in any Auction, the Minimum Liquidity Condition has been satisfied
at such time and immediately after giving effect to the purchase of Term Loans pursuant to such Auction;

 

(xi)          [reserved];
and

 

(xii)        at
the time of each purchase of Term Loans through an Auction, Borrower and, in the case of any purchase of Term Loans by an Affiliate
of Borrower in any Auction, such Affiliate shall have delivered to the Auction Manager and Agent an officer’s certificate
of an Authorized Person of Borrower and (if applicable) such Affiliate certifying as to compliance with (to the extent that such
compliance is required by) preceding clauses (ii), (v), (x) and (xi) and containing the calculations (in reasonable detail)
required by preceding clauses (iv) and (x).

 

(b)          Borrower
or the applicable Affiliate of Borrower must terminate an Auction if it fails to satisfy one or more of the conditions set forth
above which are required to be met at the time which otherwise would have been the time of purchase of Term Loans pursuant to
the respective Auction. If Borrower or the applicable Affiliate of Borrower commences any Auction (and all relevant requirements
set forth above which are required to be satisfied at the time of the commencement of the respective Auction have in fact been
satisfied), and if at such time of commencement Borrower or such Affiliate reasonably believes that all required conditions set
forth above which are required to be satisfied at the time of the purchase of Term Loans pursuant to such Auction shall be satisfied,
then Borrower or such Affiliate shall have no liability to any Lender for any termination of the respective Auction as a result
of its failure to satisfy one or more of the conditions set forth above which are required to be met at the time which otherwise
would have been the time of purchase of Term Loans pursuant to the respective Auction, and any such failure shall not result in
any Default or Event of Default hereunder. With respect to all purchases of Term Loans made by Borrower or the applicable Affiliate
of Borrower pursuant to this Section 2.15, (x) Borrower or such Affiliate shall pay on the settlement date of
each such purchase all accrued and unpaid interest (except to the extent otherwise set forth in the relevant offering documents),
if any, on the purchased Term Loans up to, but not including (if paid prior to 2:00 p.m. (New York City time)) the settlement
date of such purchase and (y) such purchases (and the payments made by Borrower or such Affiliate and the cancellation of
the purchased Term Loans, in each case in connection therewith) shall not constitute voluntary or mandatory payments or prepayments
for purposes of this Agreement (although the par principal amount of Term Loans of the respective Tranche so purchased pursuant
to this Section 2.15 shall be applied to reduce the remaining scheduled repayments of such Tranche of Term Loans of
the applicable Lenders being repaid in inverse order of maturity (for the avoidance of doubt, any amount that is due and payable
on the respective Term Loan Maturity Date for such Tranche of Term Loans shall constitute a scheduled repayment)).

 

    19

     

    

 

(c)          Agent
and the Lenders hereby consent to the Auctions and the other transactions contemplated by this Section 2.15 (provided
that no Lender shall have an obligation to participate in any such Auctions) and hereby waive the requirements of any provision
of this Agreement (it being understood and acknowledged that purchases of the Term Loans by Borrower contemplated by this Section 2.15
shall not constitute Investments by Borrower) or any other Loan Document that may otherwise prohibit or conflict with any
Auction or any other transaction contemplated by this Section 2.15 or result in a Default or an Event of Default as
a result of the Auction or purchase of Term Loans pursuant to this Section 2.15. The Auction Manager acting in its
capacity as such hereunder shall be entitled to the benefits of the provisions of Sections 10.3 and 15 mutatis mutandis as
if each reference therein to “Agent” were a reference to the Auction Manager, and Agent shall cooperate with
the Auction Manager as reasonably requested by the Auction Manager in order to enable it to perform its responsibilities and duties
in connection with each Auction.

 

2.16        Open
Market Purchases. Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, Borrower
or any Affiliate of Borrower (other than Parent or any of its other Subsidiaries) may, at any time and from time to time after
the Closing Date, make open market purchases of Term Loans (each, an “Open Market Purchase”), so long as (a) the
aggregate principal amount (calculated on the face amount thereof) of all Term Loans so purchased by Borrower or such Affiliate
shall automatically be cancelled and retired by Borrower or such Affiliate on the settlement date of the relevant Open Market
Purchase (and may not be resold) and Borrower or such Affiliate shall have delivered evidence thereof reasonably satisfactory
to Agent of such cancellation and retirement, (b) the par principal amount of Term Loans of the respective Tranche so purchased
pursuant to this Section 2.16 shall be applied to reduce the remaining scheduled repayments of such Tranche of Term
Loans of the applicable Lenders in inverse order of maturity (for the avoidance of doubt, any amount that is due and payable on
the respective Term Loan Maturity Date for such Tranche of Term Loans shall constitute a scheduled repayment), (c) the Affiliate
Assignment and Acceptance pursuant to which such Term Loans are to be purchased shall contain a representation and warranty by
such Affiliate that such Affiliate does not have any MNPI that both (i) has not been previously disclosed in writing to Agent
and the Lenders (other than because such Lender does not wish to receive such MNPI) prior to such time and (ii) would reasonably
be expected to have a material effect upon, or otherwise be material to, a Lender’s decision to participate in such Open
Market Purchase or, if such Affiliate is unable to make such representation, all parties to the relevant transaction shall render
customary “big boy” disclaimer letters, (d) except in connection with Term Loans purchased by an Affiliate of
Borrower in any Open Market Purchase, the Minimum Liquidity Condition has been satisfied at such time and immediately after giving
effect to the purchase of Term Loans pursuant to such Open Market Purchase, (e)  except in connection with Term Loans purchased
by an Affiliate of Borrower, no Default or Event of Default shall have occurred and be continuing at the time of purchase of any
Term Loans and (f) at the time of each purchase of Term Loans pursuant to this Section 2.16, Borrower or the
respective Affiliate shall have delivered to Agent an officer’s certificate of Borrower or such Affiliate certifying as
to compliance with the provisions of this Section 2.16.

 

2.17        Refinancing
Amendments.

 

(a)           Borrower
may obtain, from any Lender or any New Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the
Term Loans then outstanding under this Agreement (which for purposes of this clause (a) will be deemed to include
any then outstanding Other Term Loans), in the form of Other Term Loans or Other Term Commitments; provided that (i) such
Credit Agreement Refinancing Indebtedness will have such pricing (including interest, fees and premiums) and optional prepayment
(or redemption) terms as may be agreed by Borrower and the Lenders thereof, but otherwise subject to the provisions of the definition
of Credit Agreement Refinancing Indebtedness, and (ii) the proceeds of such Credit Agreement Refinancing Indebtedness shall
be applied, substantially concurrently with the incurrence thereof, to the prepayment of the Indebtedness being so refinanced
or replaced, as the case may be. Each Tranche of Credit Agreement Refinancing Indebtedness incurred under this Section 2.17
shall be in an aggregate principal amount that is (x) not less than $25,000,000 and (y) an integral multiple of
$1,000,000 in excess thereof. Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each
of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed
amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing
Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto
as Other Term Loans and/or Other Term Commitments). Any Refinancing Amendment may, without the consent of any other Lenders, effect
such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of
Agent and Borrower, to effect the provisions of this Section 2.17.

 

    20

     

    

 

(b)          Notwithstanding
anything to the contrary, this Section 2.17 shall supersede any provisions in Section 14.1 or Section 15.12
to the contrary.

 

2.18        Loan
Modification Offers.

 

(a)           Borrower
may on one or more occasions, by written notice to Agent, make one or more offers (each, a “Loan Modification Offer”)
to all the Lenders of one or more Tranches (each Tranche subject to such a Loan Modification Offer, an “Affected Tranche”)
to effect one or more Permitted Amendments relating to such Affected Tranche pursuant to procedures reasonably specified by Agent
and reasonably acceptable to Borrower (including mechanics to permit cashless rollovers and exchanges by Lenders). Such notice
shall set forth (i) the terms and conditions of the requested Permitted Amendment and (ii) the date on which such Permitted
Amendment is requested to become effective. Permitted Amendments shall become effective only with respect to the Loans and Commitments
of the Lenders of the Affected Tranche that accept the applicable Loan Modification Offer (such Lenders, the “Accepting
Lenders”) and, in the case of any Accepting Lender, only with respect to such Lender’s Loans and Commitments of
such Affected Tranche as to which such Lender’s acceptance has been made.

 

(b)          A
Permitted Amendment shall be effected pursuant to a Loan Modification Agreement executed and delivered by Borrower, each applicable
Accepting Lender and Agent; provided that no Permitted Amendment shall become effective unless Borrower shall have delivered
to Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates and other documents
as shall be reasonably requested by Agent in connection therewith. Agent shall promptly notify each Lender as to the effectiveness
of each Loan Modification Agreement. Each Loan Modification Agreement may, without the consent of any Lender other than the applicable
Accepting Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in
the opinion of Agent, to give effect to the provisions of this Section 2.18, including any amendments necessary to
treat the applicable Loans and/or Commitments of the Accepting Lenders as a new “Tranche” of loans and/or commitments
hereunder.

 

(c)           If,
in connection with any proposed Loan Modification Offer, any Lender declines to consent to such Loan Modification Offer on the
terms and by the deadline set forth in such Loan Modification Offer (each such Lender, a “Non-Accepting Lender”),
then Borrower may, on notice to Agent and the Non-Accepting Lender, (i) replace such Non-Accepting Lender in whole or in
part by causing such Lender to (and such Lender shall be obligated to) assign and delegate, without recourse (in accordance with
and subject to the restrictions contained in Section 13.1), all or any part of its interests, rights and obligations
under this Agreement in respect of the Loans and Commitments of the Affected Tranche to one or more Assignees (which Assignee
may be another Lender, if a Lender accepts such assignment); provided that neither Agent nor any Lender shall have any
obligation to Borrower to find a Replacement Lender; and, provided further, that (a) the applicable assignee shall
have agreed to provide Loans and/or Commitments on the terms set forth in the applicable Permitted Amendment, (b) such Non-Accepting
Lender shall have received payment of an amount equal to the outstanding principal of the Loans of the Affected Tranche assigned
by it pursuant to this Section 2.18(c), accrued interest thereon, accrued fees and all other amounts payable to it
hereunder from the Assignee (to the extent of such outstanding principal and accrued interest and fees), (c) unless waived
by Agent, Borrower or such Assignee shall have paid to Agent the processing and recordation fee specified in Section 13.1(a),
and (d) such Non-Accepting Lender shall be entitled to any prepayment fees or penalties from Borrower to the extent a fee
or penalty would be due in respect of a prepayment of Term Loans pursuant to Section 2.4(g).

 

    21

     

    

 

(d)          Notwithstanding
anything to the contrary, this Section 2.18 shall supersede any provisions in Section 14.1 or Section 15.2
to the contrary.

 

3.            CONDITIONS;
TERM OF AGREEMENT.

 

3.1          Conditions
Precedent to the Initial Extension of Credit. The obligation of each Lender to make its initial extension of credit provided
for hereunder on the Closing Date is subject to the fulfillment or waiver, to the satisfaction of Agent, of each of the conditions
precedent set forth on Schedule 3.1 (the making of such initial extension of credit by a Lender being conclusively
deemed to be its satisfaction or waiver of the conditions precedent).

 

3.2          [Reserved].

 

3.3          Maturity.
This Agreement shall continue in full force and effect for a term ending on the Latest Maturity Date, but only so long as all
Obligations have been paid in full and all the Commitments have terminated on such Latest Maturity Date (and if such is not the
case, this Agreement shall continue in full force and effect until all such Obligations have been paid in full and all Commitments
have been terminated). The foregoing notwithstanding, the Lender Group, upon the election of the Required Lenders, shall have
the right to terminate its obligations under this Agreement immediately upon the occurrence and during the continuation of an
Event of Default in accordance with Section 9.1.

 

3.4           Effect
of Maturity. On the Maturity Date for each Tranche of Loans, all commitments of the Lender Group to provide additional
credit hereunder under such Tranche of Loans shall automatically be terminated (to the extent not theretofore terminated) and
all of the Obligations in respect of such Tranche of Loans immediately shall become due and payable without notice or demand and
Borrower shall be required to repay all such Obligations in full. No termination of the obligations of the Lender Group (other
than payment in full of the Obligations and termination of the Commitments) shall relieve or discharge any Loan Party of its duties,
obligations, or covenants hereunder or under any other Loan Document and Agent’s Liens in the Collateral shall continue
to secure the Obligations and shall remain in effect until all Obligations have been paid in full and Commitments have been terminated.
When all of the Obligations have been paid in full and the Lender Group’s obligations to provide additional credit under
the Loan Documents have been terminated irrevocably, Agent will, at Borrower’s sole expense, execute and deliver any termination
statements, lien releases, mortgage releases, re-assignments of trademarks, discharges of security interests, and other similar
discharge or release documents (and, if applicable, in recordable form) as are reasonably necessary to release, as of record,
the Agent’s Liens and all notices of security interests and liens previously filed by Agent.

 

    22

     

    

 

4.            REPRESENTATIONS
AND WARRANTIES.

 

In order to induce the
Lender Group to enter into this Agreement, each of Parent and Borrower makes the following representations and warranties to the
Lender Group, which representations and warranties shall be true, correct, and complete in all material respects (except that such
materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality
in the text thereof) as of the Closing Date, and shall be true, correct and complete in all material respects (except that such
materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality
in the text thereof) as of the date of the making of each Loan as though made on and as of the date of such Loan (except to the
extent that such representations and warranties relate solely to an earlier date, in which case, such representations and warranties
shall be true and correct as of such earlier date) and such representations and warranties shall survive the execution and delivery
of this Agreement:

 

4.1           Due
Organization and Qualification; Subsidiaries.

 

(a)           Each
Loan Party (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization,
(ii) is qualified and licensed to do business in any state where the failure to be so qualified individually or in the aggregate
reasonably could be expected to result in a Material Adverse Change, and (iii) has all requisite organizational power and
authority to own, lease and operate its properties, to carry on its business as now conducted and as proposed to be conducted,
to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby.

 

(b)          Set
forth on Schedule 4.1(b) is a complete and accurate description of the authorized Capital Stock of each of Parent
and Borrower, by class, and, as of the Closing Date, a description of the number of shares of each such class that are issued
and outstanding. Other than as described on Schedule 4.1(b), there are no subscriptions, options, warrants, or calls relating
to any shares of either Parent’s or Borrower’s Capital Stock, including any right of conversion or exchange under
any outstanding security or other instrument. Neither Parent nor Borrower is subject to any obligation (contingent or otherwise)
to repurchase or otherwise acquire or retire any shares of its Capital Stock or any security convertible into or exchangeable
for any of its Capital Stock.

 

(c)           Set
forth on Schedule 4.1(c) (as such Schedule may be further updated from time to time to reflect changes resulting
from transactions permitted under this Agreement) is a complete and accurate list of the Loan Parties’ direct and indirect
Restricted Subsidiaries, showing: (i) the number of shares of each class of Capital Stock authorized for each of such Restricted
Subsidiaries, (ii) the number and the percentage of the outstanding shares of each such class owned directly or indirectly
by Borrower and (iii) whether such Restricted Subsidiary is an Immaterial Subsidiary. All of the outstanding Capital Stock
of each such Restricted Subsidiary has been validly issued and is fully paid and non-assessable.

 

(d)           Except
as set forth on Schedule 4.1(c), there are no subscriptions, options, warrants, or calls relating to any shares of Borrower’s
Restricted Subsidiaries’ Capital Stock, including any right of conversion or exchange under any outstanding security or
other instrument. Except as set forth on Schedule 4.1(c), neither Parent nor any of its Restricted Subsidiaries is subject
to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of Borrower’s Restricted
Subsidiaries’ Capital Stock or any security convertible into or exchangeable for any such Capital Stock.

 

    23

     

    

 

4.2          Due
Authorization; No Conflict.

 

(a)          As
to each Loan Party, the execution, delivery and performance by such Loan Party of the Loan Documents to which it is a party have
been duly authorized by all necessary organizational action on the part of such Loan Party.

 

(b)          As
to each Loan Party, the execution, delivery and performance by such Loan Party of the Loan Documents to which it is a party do
not and will not (i) violate (x) subject to receipt of the approvals described on Schedule 4.15, any provision
of federal, state, or local law or regulation applicable to such Loan Party (including any applicable Gaming Laws), (y) the
Governing Documents of such Loan Party, or (z) any order, judgment, or decree of any court or other Governmental Authority
binding on such Loan Party, except, in the case of any order, judgment or decree of any such court or Governmental Authority,
to the extent such violation could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change,
(ii) conflict with, result in a breach of, constitute (with due notice or lapse of time or both) a default under, or require
any consent or approval under any indenture or other agreement or instrument binding upon such Loan Party except, (I) in
the case of any such conflict, breach or default, to the extent that such conflict, breach or default could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Change or (II) in the case of any such consents or
approvals, (x) consents or approvals that have been obtained and are still in force and effect, or (y) consents or approvals,
the failure to obtain which, could not, individually or in the aggregate, reasonably be expected to cause a Material Adverse Change.

 

4.3          Governmental
Consents. The execution, delivery and performance by each Loan Party of the Loan Documents to which such Loan Party is
a party and the consummation of the transactions contemplated by the Loan Documents do not and will not require any registration
with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than (a) registrations,
consents, approvals, notices or other actions that have been obtained and that are still in force and effect, (b) filings
and recordings with respect to the Collateral required to be made, or otherwise delivered to Agent for filing or recordation,
as of the Closing Date in accordance with the Loan Documents, (c) with respect to the grant of a security interest in the
Capital Stock of Borrower, Parent or the Subsidiaries of either of them, those approvals still required to be obtained from the
applicable Gaming Authorities of the State of Nevada as, and to the extent, set forth on Schedule 4.15, and (d) prior
to the date that they are required to be made pursuant to the terms of the Loan Documents, other filings, recordings or other
actions necessary to perfect Liens granted to Agent in Collateral.

 

4.4          Binding
Obligations; Perfected Liens.

 

(a)           Each
Loan Document (upon its execution and delivery in accordance with the terms hereof) has been duly executed and delivered by each
Loan Party that is a party thereto and is the legally valid and binding obligation of such Loan Party, enforceable against such
Loan Party in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy,
insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally.

 

(b)           Except
to the extent set forth on Schedule 4.15 with respect to any Gaming Collateral (provided that this exception shall
cease to apply as to any Gaming Collateral when the requisite approvals to create a security interest in such Gaming Collateral
as set forth on such Schedule 4.15 have been obtained), Agent’s Liens on the Collateral are validly created, perfected
(other than (i) in respect of equipment that is subject to a certificate of title and as to which Agent has not caused its
Lien to be noted on the applicable certificate of title, (ii) any Deposit Accounts and Securities Accounts not required to
be subject to a control agreement pursuant to the terms of the Loan Documents, and (iii) prior to the date they are required
to be made, or otherwise delivered to Agent for filing or recordation, pursuant to the terms of the Loan Documents, other filings,
recordings or other actions necessary to perfect Liens granted to Agent and subject only to the filing of financing statements
and the recordation of the Mortgages, in each case, in the appropriate filing offices, and the possession of any Collateral as
to which the Code requires possession in order to be perfected), and first priority Liens, subject only to Permitted Liens which
by operation of law or contract would have priority over the Liens securing the Obligations. For the avoidance of doubt, upon
the approval by the applicable Gaming Authorities, Agent’s Liens on the applicable Gaming Collateral shall be validly created,
perfected and first priority Liens, subject only to Permitted Liens which by operation of law or contract would have priority
over the Liens securing the Obligations.

 

    24

     

    

 

4.5          Title
to Assets; No Encumbrances. Each of the Loan Parties and its Restricted Subsidiaries has (a) good and marketable
title to (in the case of fee interests in Real Property), (b) valid leasehold interests in (in the case of leasehold interests
in real or personal property), and (c) good and valid title to (in the case of all other personal property), all of their
respective assets reflected in their most recent financial statements delivered pursuant to Section 5.1, in each case
except for assets disposed of since the date of such financial statements to the extent permitted by the Loan Documents. All of
such assets are free and clear of Liens except for Permitted Liens.

 

4.6          Jurisdiction
of Organization; Location of Chief Executive Office; Organizational Identification Number; Commercial Tort Claims.

 

(a)           The
name of (within the meaning of Section 9-503 of the Code) and jurisdiction of organization of each Loan Party and
each of its Restricted Subsidiaries is set forth on Schedule 4.6(a) (as such Schedule may be updated from time
to time to reflect changes resulting from transactions permitted under this Agreement).

 

(b)           The
chief executive office of each Loan Party and each of its Restricted Subsidiaries is located at the address indicated on Schedule
4.6(b) (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted
under this Agreement).

 

(c)           Each
Loan Party’s and each of its Restricted Subsidiaries’ tax identification numbers and organizational identification
numbers, if any, are identified on Schedule 4.6(c) (as such Schedule may be updated from time to time to reflect
changes resulting from transactions permitted under this Agreement).

 

(d)          As
of the Closing Date, no Loan Party and no Restricted Subsidiary of a Loan Party holds any commercial tort claims that exceed $5,000,000
in amount, except as set forth on Schedule 4.6(d).

 

4.7          Litigation.

 

(a)          There
are no actions, suits, or proceedings pending or, to the knowledge of Parent or Borrower, after due inquiry, threatened in writing
against Parent or any of its Restricted Subsidiaries that, individually or in the aggregate, could reasonably be expected to result
in a Material Adverse Change.

 

(b)          Schedule
4.7(b) sets forth a complete and accurate description, with respect to each of the actions, suits or proceedings that,
as of the Closing Date, is pending or, to the knowledge of Parent or Borrower, after due inquiry, threatened in writing against
Parent or any of its Restricted Subsidiaries and that could reasonably be expected to result in liability of Parent or one of
its Restricted Subsidiaries of $10,000,000 or more, of (i) the parties to such actions, suits or proceedings, (ii) the
nature of the dispute that is the subject of such actions, suits, or proceedings, (iii) [reserved], (iv) the status,
as of the Closing Date, with respect to such actions, suits or proceedings, and (v) whether any liability of the Loan Parties’
and their Restricted Subsidiaries in connection with such actions, suits or proceedings is covered, or claimed to be covered,
by insurance.

 

    25

     

    

 

4.8          Compliance
with Laws. Neither Parent nor any of its Restricted Subsidiaries (a) is in violation of any applicable laws, rules,
regulations, executive orders, or codes (including Environmental Laws, any zoning or building ordinance, code or approval or building
permits and, except to the extent addressed in Section 4.28, Gaming Laws and Liquor Laws,) that, individually or in
the aggregate, could reasonably be expected to result in a Material Adverse Change, or (b) is subject to or in default with
respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal
or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually
or in the aggregate, could reasonably be expected to result in a Material Adverse Change and except in such instances in which
such laws, rules, regulations, executive orders, codes (including Gaming Laws, Liquor Laws, Environmental Laws and any zoning
or building ordinance, code or approval or building permits), judgments, writs, injunctions or decrees are being contested in
good faith by appropriate proceedings diligently pursued.

 

4.9          Material
Adverse Change. All historical financial statements relating to Parent and Borrower and its Restricted Subsidiaries that
have been delivered by (or on behalf of) Parent or Borrower to Agent have been prepared in accordance with GAAP (except, in the
case of unaudited financial statements, for the lack of footnotes and being subject to year-end audit adjustments) and present
fairly in all material respects Parent and its Restricted Subsidiaries’ financial condition as of the date thereof and results
of operations for the period then ended. Since December 31, 2019, no event, condition, circumstance or change has occurred
or exists that, individually or in the aggregate, has resulted in or could reasonably be expected to result in a Material Adverse
Change.

 

4.10        Fraudulent
Transfer.

 

(a)           Each
of Parent and its Restricted Subsidiaries is Solvent.

 

(b)           No
transfer of property is being made by Parent or any of its Restricted Subsidiaries and no obligation is being incurred by Parent
or any of its Restricted Subsidiaries in connection with the transactions contemplated by this Agreement or the other Loan Documents
with the intent to hinder, delay or defraud either present or future creditors of Parent or such Restricted Subsidiary.

 

4.11        Employee
Benefits.

 

(a)           Each
Benefit Plan is in compliance in form and operation with its terms and with ERISA and the IRC and all other applicable laws and
regulations, except where any failure to comply, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Change.

 

(b)           No
ERISA Event has occurred, or is reasonably expected to occur, other than as could not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Change.

 

(c)           There
exists no Unfunded Pension Liability with respect to any Benefit Plan, except as could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change.

 

4.12        Environmental
Condition. Except as set forth on Schedule 4.12, (a) to Parent’s and Borrower’s actual knowledge,
none of Parent’s nor any of its Restricted Subsidiaries’ properties or assets has ever been used by Parent or its
Restricted Subsidiaries or by previous owners or operators in the disposal of, or to produce, store, handle, treat, release, or
transport, any Hazardous Materials, where such disposal, production, storage, handling, treatment, release or transport was in
violation, in any material respect, of any applicable Environmental Law, (b) to Parent’s and Borrower’s actual
knowledge, none of Parent’s nor any of its Restricted Subsidiaries’ properties or assets has ever been designated
or identified in any manner pursuant to any environmental protection statute as a Hazardous Materials disposal site, (c) neither
Parent nor any of its Restricted Subsidiaries has received notice that a Lien (other than a Permitted Lien) arising under any
Environmental Law has attached to any revenues or to any Real Property owned or operated by Parent or any of its Restricted Subsidiaries,
and (d) neither Parent nor any of its Restricted Subsidiaries nor any of their respective facilities or operations is subject
to any outstanding written order, consent decree, or settlement agreement with any Person relating to any Environmental Law or
Environmental Liability that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change.

 

    26

     

    

 

4.13        Intellectual
Property. Each of Parent and its Restricted Subsidiaries own, or hold licenses in, all trademarks, trade names, domain
names, copyrights, patents, licenses and other intellectual property that are necessary to the conduct of its business as currently
conducted, and attached hereto as Schedule 4.13 (as may be updated from time to time) is a true, correct, and complete
listing of all material trademarks, trade names, domain names, copyrights, and patents as to which Parent or one of its Restricted
Subsidiaries is the owner or is an exclusive licensee; provided, however, that Borrower may amend Schedule 4.13
to add additional material intellectual property so long as such amendment occurs by written notice to Agent not less than
45 days after the end of each fiscal quarter following the date on which Parent or its Restricted Subsidiary acquires any such
property after the Closing Date.

 

4.14        Leases.
Each of Parent and its Restricted Subsidiaries enjoy peaceful and undisturbed possession under all leases material to their business
and to which they are parties or under which they are operating, and, subject to Permitted Protests, all of such material leases
are valid and subsisting and no material default by Parent or any of its Restricted Subsidiaries, as applicable, exists under
any of them, individually or in the aggregate, that could reasonably be expected to result in a Material Adverse Change.

 

4.15        Gaming
Matters. Except as, and to the extent, set forth on Schedule 4.15, Parent and its Restricted Subsidiaries have
obtained (i) all Gaming Licenses, (ii) as of the Closing Date, all required approvals from Gaming Authorities for the
transactions contemplated by this Agreement and the other Loan Documents, subject to the provisions of such approvals or conditions
in respect of the Primary Gaming Licenses.

 

4.16        Complete
Disclosure. All factual information taken as a whole (other than forward-looking information and projections and information
of a general economic nature and general information about Borrower’s industry) furnished by or on behalf of Parent or any
of its Restricted Subsidiaries in writing to Agent or any Lender (including all information contained in the Schedules hereto
or in the other Loan Documents, but excluding Projections) for purposes of or in connection with this Agreement or the other Loan
Documents, and all other such written factual information taken as a whole (other than forward-looking information and projections
and information of a general economic nature and general information about Borrower’s industry) hereafter furnished by or
on behalf of Parent or any of its Restricted Subsidiaries in writing to Agent or any Lender (other than Projections) will be,
true and accurate, in all material respects, on the date as of which such information is dated or certified and not incomplete
by omitting to state any fact necessary to make such information (taken as a whole) not misleading in any material respect at
such time in light of the circumstances under which such information was provided. The Projections delivered to Agent on March 23,
2020 represent, and as of the date on which any other Projections are delivered to Agent, such additional Projections represent,
Parent’s and Borrower’s good faith estimate, on the date such Projections are delivered, of Parent’s and its
Restricted Subsidiaries’ future performance for the periods covered thereby based upon assumptions believed by Parent and
Borrower to be reasonable at the time of the delivery thereof to Agent (it being understood that such Projections are subject
to uncertainties and contingencies, many of which are beyond the control of Parent and its Restricted Subsidiaries, that actual
results during the period or periods covered by such Projections may differ significantly from the projected results, and that
no assurances can be given that such Projections will be realized).

 

    27

     

    

 

4.17        Ability
to be Licensed. Neither Parent, Borrower nor any of their Affiliates or Subsidiaries nor any of their respective members,
managers, officers, directors or key employees (collectively, “Loan Party Representatives”) has ever been denied,
or had terminated, suspended or revoked a material application for, a gaming license by a Governmental Authority or Gaming Authority.
Parent, Borrower and each of their respective Loan Party Representatives and Affiliates are in good standing with the Gaming Authorities
in each of the jurisdictions in which any of them owns or operates material gaming facilities. There are no facts that, if known
to the regulators under the Gaming Laws, would be reasonably likely to (i) result in the denial, termination, suspension,
revocation or non-renewal of a material Gaming License, approval, consent or waiver from any Gaming Authority or (ii) negatively
materially impact, or cause a material delay under, any suitability proceeding or other approval proceeding, in each case, reasonably
necessary for the consummation of the transactions contemplated by this Agreement or for the ownership, management and operation
of the businesses of Parent or any of its Restricted Subsidiaries.

 

4.18        Patriot
Act; FCPA. To the extent applicable, each of Parent and each of its Restricted Subsidiaries is in compliance with the
USA PATRIOT Act (Title III of Pub. L. 10756 (signed into law October 26, 2001) (the “Patriot Act”)).
No part of the proceeds of the Loans made hereunder will be used by any Loan Party or any of its Affiliates, directly or indirectly,
for any payments to any governmental official or employee, political party, official of a political party, candidate for political
office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage,
in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.

 

4.19        Indebtedness.

 

(a)           Set
forth on Schedule 4.19(a) is a true and complete list of all Indebtedness for borrowed money of Parent and each of
its Restricted Subsidiaries outstanding immediately prior to the Closing Date that is to remain outstanding immediately after
giving effect to the closing hereunder on the Closing Date and such Schedule accurately sets forth the aggregate principal
amount of such Indebtedness as of the Closing Date.

 

(b)           Set
forth on Schedule 4.19(b) is a true and complete list of all Indebtedness for borrowed money and Capital Leases of
the Parent and its Restricted Subsidiaries outstanding immediately prior to the Closing Date that is to remain outstanding after
giving effect to the Transactions to occur on the Closing Date and such Schedule accurately sets forth the aggregate principal
amount of such Indebtedness as of the Closing Date.

 

4.20        Payment
of Taxes. All federal and other material tax returns and reports of Parent, the Borrower, and its Restricted Subsidiaries
required to be filed by any of them have been timely filed. Except as otherwise permitted under Section 5.5, all material
taxes whether or not shown on such tax returns to be due and payable and all assessments, fees and other governmental charges
upon Parent and its Restricted Subsidiaries and upon their respective assets, income, businesses and franchises that are due and
payable have been paid when due and payable. Parent and each of its Restricted Subsidiaries have made adequate provision in accordance
with GAAP for all material taxes not yet due and payable. Neither Parent nor Borrower know of any proposed material tax assessment
against a Loan Party or any of its Restricted Subsidiaries that is not being actively contested by such Loan Party or such Restricted
Subsidiary diligently, in good faith, and by appropriate proceedings; provided such reserves or other appropriate provisions,
if any, as shall be required in conformity with GAAP shall have been made or provided therefor.

 

4.21         Margin
Stock. Neither Parent nor any of its Restricted Subsidiaries is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the
Loans made to the Borrower will be used to purchase or carry any such Margin Stock or to extend credit to others for the purpose
of purchasing or carrying any such Margin Stock or for any purpose that violates the provisions of Regulation T, U or X of the
Board of Governors of the United States Federal Reserve.

 

    28

     

    

 

4.22        Governmental
Regulation. Neither Parent nor any of its Restricted Subsidiaries is subject to regulation under the Federal Power Act
or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to
incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable. Neither Parent nor any of
its Restricted Subsidiaries is a “registered investment company” or a company “controlled” by a “registered
investment company” or a “principal underwriter” of a “registered investment company” as such terms
are defined in the Investment Company Act of 1940.

 

4.23        OFAC.
Neither Parent nor any of its Restricted Subsidiaries or any director, officer, employee or Affiliate of Parent or any of its
Restricted Subsidiaries, or to the knowledge of Borrower, no agent of Parent or any of its Restricted Subsidiaries is (a) a
Person that is, or is owned or controlled by, a Sanctioned Person, (b) located, organized or resident in Sanctioned Countries,
or (c) derives its revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Countries. No proceeds
of any Loan made hereunder will be used (i) to fund any operations in, finance any investments or activities in, or make
any payments to, a Sanctioned Person or a Sanctioned Country or (ii) in any other manner that would result in a violation
of Sanctions by any Person (including any Person participating in the Loans, whether as an underwriter, advisor, investor or otherwise).

 

4.24        Labor
Matters. There are no strikes, lockouts or slowdowns against any Parent or any of its Restricted Subsidiaries pending
or, to the best of the knowledge of Parent and Borrower, threatened that have resulted in, or could reasonably be expected to
result in, individually or in the aggregate, a Material Adverse Change. The hours worked by and payments made to employees of
Parent and its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act of 1938, as amended, or any
other applicable legal requirement dealing with such matters in any manner that has resulted in, or could reasonably be expected
to result in, individually or in the aggregate, a Material Adverse Change. All payments due from Parent or any of its Restricted
Subsidiaries, or for which any claim may be made against Parent or any of its Restricted Subsidiaries, on account of wages and
employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of such Loan Party,
in accordance with GAAP, except to the extent that the failure to do so has not resulted in, and could not reasonably be expected
to result in, individually or in the aggregate, a Material Adverse Change.

 

4.25        Agreements.
No Loan Party is a party to any agreement, instrument or other document or subject to any corporate or other constitutional restriction,
or any restriction under its Governing Documents, that has resulted, or could reasonably be expected to result, individually or
in the aggregate, in a Material Adverse Change.

 

4.26        Insurance.
Schedule 4.26 sets forth a true, complete and accurate description in reasonable detail of all insurance maintained by
Parent and each of its Restricted Subsidiaries as of the Closing Date.

 

4.27        Status
as EEA Financial Institution. Neither Parent, Borrower or any other Guarantor is an EEA Financial Institution.

 

    29

     

    

 

4.28        Compliance
with Gaming and Liquor Laws. Parent, Borrower and each of their Restricted Subsidiaries, and to their knowledge, each
of such entity’s senior officers and key employees currently hold all material permits, registrations, findings of suitability,
licenses, temporary licenses, variances, exemptions, certificates of occupancy, orders and approvals of all applicable Gaming
Authorities and Liquor Authorities necessary to conduct the current business and operations of such entities, each of which is
in full force and effect in all material respects (collectively, the “Gaming and Liquor Permits”), and, to
their knowledge, no event has occurred that (with or without the giving of notice or passage time, or both) permits revocation,
non-renewal, suspension or termination of any material Gaming and Liquor Permit that currently is in effect. Parent, Borrower
and each of their Restricted Subsidiaries, and to their knowledge, each of their directors, senior officers and key employees
are currently in compliance, in all material respects, with the terms of the Gaming and Liquor Permits. Neither Parent, Borrower,
nor any of their respective Restricted Subsidiaries has received written notice of any material investigation or review by any
applicable Gaming Authority with respect to any of them that is pending, and, to their knowledge, no investigation or review is
threatened, nor has any Gaming Authority indicated in writing any intention to conduct the same, other than any routine investigation
or review. To the knowledge of Parent and Borrower, there are no facts that, if known to the regulators under the Gaming Laws
or the Liquor Laws, would be reasonably likely to result in the revocation, limitation, condition or suspension of any material
gaming operations conducted by Parent, Borrower or any of their Restricted Subsidiaries. Neither Parent, Borrower, nor any of
their respective Restricted Subsidiaries, nor, to their knowledge, any senior officer or key employee of such entity, has suffered
a suspension or revocation of any material permit, license, approval, qualification or authorization of any Gaming Authority.

 

5.            AFFIRMATIVE
COVENANTS.

 

Each of Parent and Borrower
covenants and agrees that, until termination of all of the Commitments and payment in full of all of the Obligations, the Loan
Parties shall, and shall cause each of their Restricted Subsidiaries to, comply with each of the following:

 

5.1          Financial
Statements, Reports, Certificates. Deliver to Agent each of the financial statements, reports, and other
items set forth on Schedule 5.1 no later than the times specified therein. In addition, Parent and Borrower agree that
no Restricted Subsidiary of Parent will have a fiscal year different from that of Parent and Borrower. In addition, each of Parent
and Borrower agrees to maintain a system of accounting that enables Parent and Borrower to produce financial statements respecting
Parent, Borrower and each of its Restricted Subsidiaries in accordance with GAAP.

 

5.2          Collateral
Reporting. Provide Agent with each of the reports set forth on Schedule 5.2 at the times specified therein.

 

5.3          Existence.
Except as otherwise permitted under the Loan Documents, at all times maintain and preserve in full force and effect its existence
(including being in good standing in its jurisdiction of organization) and, except to the extent that the loss of any such rights,
franchises, licenses, or permits could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Change, all of its rights and franchises, licenses (including Gaming Licenses and Liquor Licenses), and permits.

 

5.4          Maintenance
of Properties.  Maintain and preserve all of its material assets that are necessary or useful in the proper conduct
of its business in good working order and condition (other than ordinary wear and tear, casualty, and Permitted Dispositions),
and comply with the material provisions of all material leases to which it is a party as lessee, so as to prevent the loss or
forfeiture thereof, unless such provisions are the subject of a Permitted Protest.

 

5.5          Taxes.
Cause all material assessments and taxes imposed, levied, or assessed against Parent, the Borrower, or any of its Restricted Subsidiaries,
or any of their respective assets or in respect of any of its income, businesses, or franchises to be paid in full, before delinquency
or before the expiration of any extension period, except to the extent that the validity of such assessment or tax shall be the
subject of a Permitted Protest. Parent and Borrower will, and will cause each of their Restricted Subsidiaries to, make timely
payment or deposit of all material tax payments and withholding taxes required of it and them by applicable laws, including those
laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon request, furnish
Agent with proof reasonably satisfactory to Agent indicating that Parent and its Restricted Subsidiaries have made such payments
or deposits.

 

    30

     

    

 

5.6          Insurance.
At Borrower’s expense, maintain insurance (other than directors and officers liability insurance) with reputable insurance
companies covering such risks and in such amounts as is consistent with past practices of Borrower and its Restricted Subsidiaries.
All property insurance policies covering the Collateral are to be made payable to Agent for the benefit of Agent and the Lenders,
as their interests may appear, in case of loss, pursuant to a standard loss payable endorsement with a standard non-contributory
 “lender” or “secured party” clause and are to contain such other provisions as Agent may reasonably require
to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such policies. All certificates
of property and general liability insurance are to be delivered to Agent, with the loss payable (but only in respect of Collateral)
and additional insured endorsements in favor of Agent and, to the extent obtainable (which the Loan Parties agree to use their
commercially reasonable efforts to obtain), shall provide for not less than 30 days (10 days in the case of non-payment) prior
written notice to Agent of the exercise of any right of cancellation; provided, however, that so long as no Event
of Default has occurred and is continuing, Agent agrees to endorse and deliver to Borrower any payment item that Agent receives
on account of casualty insurance or business interruption insurance. With respect to Real Property Collateral subject to a Mortgage,
obtain flood insurance in such total amount as Agent may from time to time reasonably require, if at any time the area in which
any improvements located on any such Real Property Collateral is designated a Flood Zone and otherwise comply with the Flood Program.
If Borrower fails to maintain such insurance, Agent may arrange for such insurance, but at Borrower’s expense. Borrower
shall give Agent prompt notice of any loss exceeding $10,000,000 covered by its casualty insurance or business interruption insurance.
Upon the occurrence and during the continuance of an Event of Default, Agent shall have the sole right to file claims under any
property and general liability insurance policies in respect of collateral, to receive, receipt and give acquittance for any payments
that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other
documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies.

 

5.7          Inspection.
Permit Agent and each of its duly authorized representatives or agents to visit any of its properties and audit, appraise or inspect
any of its assets or books and records, to perform business valuations of Parent, the Borrower and the Borrower’s Subsidiaries,
to examine and make copies of its books and records, and to discuss its affairs, finances, and accounts with, and to be advised
as to the same by, its officers and employees all during normal business hours and at such intervals as Agent may reasonably designate
and, so long as no Default under Sections 8.1 or 8.4 exists or any Event of Default exists, with reasonable
prior notice to Borrower.

 

5.8          Compliance
with Laws. Comply with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority
(including Gaming Laws and Liquor Laws), other than laws, rules, regulations, and orders the failure to comply with which, individually
or in the aggregate, could not reasonably be expected to have a Material Adverse Change.

 

5.9          Environmental.

 

(a)           Except
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change, keep any property either
owned or operated by Parent or any of its Restricted Subsidiaries free of any Environmental Liens or post bonds or other financial
assurances sufficient to satisfy the obligations or liability evidenced by such Environmental Liens,

 

    31

     

    

 

(b)           Except
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change, comply with Environmental
Laws and provide to Agent documentation of such compliance which Agent reasonably requests,

 

(c)           Promptly
notify Agent of any release of which Parent or Borrower has knowledge of a Hazardous Material in any reportable quantity from
or onto property owned, leased or operated by Parent or any of its Restricted Subsidiaries and, except as could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Change, take any Remedial Actions required to abate said
release or otherwise to come into compliance with applicable Environmental Law, and

 

(d)          Promptly,
but in any event within 10 Business Days of its receipt thereof, provide Agent with written notice of any of the following: (i) notice
that an Environmental Lien has been filed against any of the real or personal property of Parent or any of its Restricted Subsidiaries,
(ii) commencement of any Environmental Action or written notice that an Environmental Action will be filed against Parent
or any of its Restricted Subsidiaries, and (iii) notice of a violation, citation, or other administrative order from a Governmental
Authority.

 

5.10        Disclosure
Updates. Promptly and in no event later than 10 Business Days after obtaining knowledge thereof, (a) notify Agent
if any written information, exhibit, or report furnished to Agent or the Lenders pursuant to the Loan Documents contained, at
the time it was furnished, any untrue statement of a material fact or omitted to state any material fact necessary to make the
statements contained therein not misleading in light of the circumstances in which made, and (b) correct any defect or error
that may be described therein or in any Loan Document or the execution, acknowledgment, filing or recording thereof. The foregoing
to the contrary notwithstanding, any notification pursuant to the foregoing provision will not cure or remedy the effect of the
prior untrue statement of a material fact or omission of any material fact nor shall any such notification have the effect of
amending or modifying this Agreement or any of the Schedules hereto.

 

5.11        Formation
of Subsidiaries; Designation of Additional Restricted Subsidiaries. (a) At the time that any Loan Party forms any
direct or indirect Subsidiary (other than (x) any Immaterial Subsidiary or any direct or indirect Subsidiary of Landry’s
Gaming or (y) Intermediate Holdings (as defined below)), or acquires any direct or indirect Subsidiary (other than (x) any
Immaterial Subsidiary, (y) any direct or indirect Subsidiary of Landry’s Gaming or (z) any Subsidiary designated
as an “Unrestricted Subsidiary” as defined in the Golden Nugget Note Purchase Agreement and that becomes a
direct or indirect Subsidiary of Parent solely as a result of a dividend made to Parent of the equity in such Subsidiary, so long
as Parent dividends the equity of such Subsidiary to its equity holders promptly following receipt of such dividend) or Collateral,
in each case, after the Closing Date, such Loan Party shall:

 

(i)          other
than with respect to the matters described in clause (iii) below, within 30 days of such formation or acquisition or designation
(or such later date as permitted by Agent in its sole discretion) cause any such Subsidiary that is a wholly owned Subsidiary
to provide to Agent a joinder to the Guaranty and the Security Agreement, together with such other security documents, as well
as appropriate financing statements, all in form and substance reasonably satisfactory to Agent (including being sufficient to
grant Agent a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired or designated
Subsidiary or Collateral); provided that, unless such Subsidiary is required to become (or has become) a Loan Party pursuant
to Section 5.11(d), the Guaranty, the Security Agreement and such other security documents shall not be required to be provided
to Agent with respect to any newly formed or acquired wholly owned Subsidiary of Borrower that is a CFC or a wholly owned Subsidiary
that has no material assets other than the Capital Stock of a CFC (a “Foreign Subsidiary Holding Company”),

 

    32

     

    

 

(ii)         within
30 days of such designation, formation or acquisition (or such later date as permitted by Agent in its sole discretion), provide
to Agent a pledge agreement (or an addendum to the Security Agreement) and appropriate certificates and powers or financing statements,
pledging all of the direct or beneficial ownership interest in such Subsidiary reasonably satisfactory to Agent; provided
that, unless such Subsidiary is required to become (or has become) a Loan Party pursuant to Section 5.11(d), only 65% of
the total outstanding Voting Stock of any first tier Subsidiary of a Loan Party that is a CFC or a Foreign Subsidiary Holding
Company (and none of the Capital Stock of any Subsidiary of such CFC or Foreign Subsidiary Holding Company) shall be required
to be pledged,

 

(iii)        within
60 days of such formation or acquisition or designation (or such later date as permitted by Agent in its sole discretion), provide,
or cause any such Subsidiary that is a wholly owned Subsidiary to provide, to Agent (1) Mortgages with respect to any Real
Property owned in fee with a Fair Market Value of $10,000,000 or more for an individual property of such Subsidiary, (2) unless
Agent otherwise consents, Mortgages with respect to any Real Property that is a Gaming Property, a hotel property or a ground
leased property, in each case, leased by a Loan Party and which lease (including any improvements or fixtures covered thereby
and owned in fee by the applicable Loan Party) individually has a Fair Market Value of at least $10,000,000 (provided that,
to the extent a Real Property is comprised of both fee and leasehold parcels, the Fair Market Value threshold shall be calculated
in the aggregate to include both the fee and the leasehold parcels), (3) unless Agent otherwise consents, Mortgages on gaming
vessels and riverboats acquired after the Closing Date (including any component parts thereof) (and shall deliver any such applications
and certifications necessary under 46 C.F.R Part 67 to document such vessel with the National Vessel Documentation Center
and to grant a Mortgage on such vessel or riverboat), (4) appropriate fixture filings, (5) if applicable, recorded memorandum
of lease in appropriate form to be filed in the applicable filing office in respect of a leasehold Mortgage and (6) all other
documentation, including, if requested by Agent, one or more opinions of counsel reasonably satisfactory to Agent, which in its
opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above in this clause
(iii) (including Mortgage Policies and all other documentation with respect to all Real Property or vessels required to be
subject to a Mortgage, in the case of each of the above, all in form and substance reasonably satisfactory to Agent (including,
to the extent applicable, being sufficient to grant Agent a first priority Lien (subject to Permitted Liens) in and to the assets
of such newly formed or acquired or designated Subsidiary or Collateral)),

 

(iv)        other
than with respect to the matters described in clause (iii) above, within 30 days (or, to the extent the approval of a Gaming
Authority is required, until such time as the approval is received) of such designation, formation or acquisition (or, in each
case, such later date as permitted by Agent in its sole discretion), provide to Agent all other documentation, including, if requested
by Agent, one or more opinions of counsel reasonably satisfactory to Agent, which in its opinion is appropriate with respect to
the execution and delivery of the applicable documentation referred to above, and

 

(v)         to
the extent that the provisions of Section 17.14 may be applicable, take such additional actions as may be required
or advisable under applicable Gaming Laws, including obtaining consent from applicable Gaming Authorities for the pledge of any
Gaming Collateral. Any document, agreement, or instrument executed or issued pursuant to this Section 5.11 shall be
a Loan Document.

 

Notwithstanding the
forgoing, no Loan Party shall be required to deliver a Mortgage with respect to any Real Property (or deliver any related Mortgage
Policies, Flood Certificates, Surveys or opinions of counsel) or gaming vessel or riverboat (x) to the extent that, and for
so long as, the terms of any Purchase Money Indebtedness permitted hereunder securing such Real Property or gaming vessel or riverboat
prohibit (or, in the reasonable opinion of the lender of such Purchase Money Indebtedness, prohibit) the delivery of any such
Mortgage or (y) solely with respect to Mortgages over leaseholds and/or vessels or riverboats, to the extent that all commercially
reasonable efforts to obtain necessary third party consents or grant vessel mortgages as required in Section 5.11(a)(iii) above
have been used but failed.

 

    33

     

    

 

(b)           If, at any time, either (x) an Immaterial Subsidiary that is a wholly owned Subsidiary no longer constitutes an
Immaterial Subsidiary pursuant to the definition thereof or (y) the aggregate Fair Market Value of the assets of all
Immaterial Subsidiaries that are wholly owned Subsidiaries exceeds $3,000,000, promptly (and in any event within 30 days
thereafter (as such date may be extended by Agent in its sole discretion)) cause such Immaterial Subsidiary (in the case of
preceding sub-clause (x)) or one or more Immaterial Subsidiaries (in the case of preceding sub-clause (y)) to take the
actions specified in clause (a) of this Section 5.11 on the same basis that any newly formed or acquired
Restricted Subsidiary of any Loan Party would have to take; provided, however, in the case of preceding
sub-clause (y), such actions shall only be required to the extent that, after giving effect to such actions, the aggregate
Fair Market Value of the assets of all then remaining Immaterial Subsidiaries do not exceed $3,000,000.

 

(c)          At
the time that any Loan Party forms Intermediate Holdings pursuant to Section 6.3(d), after the First Amendment Signing
Date, such Loan Party shall:

 

(i)          within
one (1) Business Day of such formation (or, to the extent the approval of a Gaming Authority is required, until such time
as the approval is received or such later date as permitted by Agent in its sole discretion) cause Intermediate Holdings to provide
to Agent a joinder to the Guaranty and the Security Agreement, together with such other security documents, as well as appropriate
financing statements, all in form and substance reasonably satisfactory to Agent (including being sufficient to grant Agent a
first priority Lien (subject to Permitted Liens) in and to the assets of Intermediate Holdings); and

 

(ii)         within
one (1) Business Day of such formation (or, to the extent the approval of a Gaming Authority is required, until such time
as the approval is received or such later date as permitted by Agent in its sole discretion), provide to Agent all other documentation,
including, if requested by Agent, one or more opinions of counsel reasonably satisfactory to Agent, which in its opinion is appropriate
with respect to the execution and delivery of the applicable documentation referred to above and

 

(iii)        to
the extent that the provisions of Section 17.14 may be applicable, take such additional actions as may be required
or advisable under applicable Gaming Laws, including obtaining consent from applicable Gaming Authorities for the pledge of any
Gaming Collateral.

 

(d)          [Reserved].

 

(e)           Notwithstanding
anything to the contrary contained above in this Section 5.11, if at any time either (x) any non-wholly owned
Restricted Subsidiary becomes a wholly owned Restricted Subsidiary or (y) any Restricted Subsidiary, directly or indirectly,
guarantees or otherwise provides direct credit support for any obligations of Borrower or any Guarantor, then, in either case,
such Restricted Subsidiary shall be required to comply with the provisions of clause (a) of this Section 5.11
on the same basis that any newly formed or acquired Restricted Subsidiary of any Loan Party would have to take (unless, in the
case of preceding clause (x), such Restricted Subsidiary would not otherwise be required to take such actions because it is an
Immaterial Subsidiary (subject to clause (b) of this Section 5.11) or the provisions of the proviso to such clause
(a) are applicable) (including, to the extent that the provisions of Section 17.14 may be applicable, taking
such additional actions as may be required or advisable under applicable Gaming Laws).

 

    34

     

    

 

5.12        Further
Assurances.

 

(a)           At
any time upon the reasonable request of Agent, execute or deliver to Agent any and all financing statements, fixture filings,
security agreements, pledges, assignments, endorsements of certificates of title, Mortgages, deeds of trust, opinions of counsel,
Flood Certificates, Surveys, Collateral Access Agreements and all other documents (the “Additional Documents”)
that Agent may reasonably request in form and substance reasonably satisfactory to Agent, to create, perfect, and continue to
perfect or to better perfect Agent’s Liens in substantially all of the assets of the Loan Parties (whether now owned or
leased or hereafter arising, acquired or leased, tangible or intangible, real or personal), to create and perfect Liens in favor
of Agent in any Real Property or gaming vessel or riverboat acquired by any Loan Party after the Closing Date and owned in fee
or, to the extent provided below, by way of lease, and in order to fully consummate all of the transactions contemplated hereby
and under the other Loan Documents; provided that the foregoing shall not apply to (i) any Immaterial Subsidiary,
unless such Immaterial Subsidiary is required to become (or has become) a Loan Party pursuant to Section 5.11(b) or
(d), (ii) [reserved], (iii) any Subsidiary of a Loan Party that is a CFC or a Foreign Subsidiary Holding Company,
unless such Subsidiary is required to become (or has become) a Loan Party pursuant to Section 5.11(d), (iv) any
Subsidiary that is not a wholly owned Subsidiary, (v) (x) any fee owned Real Property with a Fair Market Value of less
than $10,000,000 or (y) any Real Property leased by any Loan Party which (1) is not a Gaming Property or a hotel property
or a ground lease or (2) lease (including any improvements or fixtures covered thereby and owned in fee by the applicable
Loan Party) individually has a Fair Market Value of less than $10,000,000 (provided that, to the extent a Real Property
is comprised of both fee and leasehold parcels, the Fair Market Value threshold shall be calculated in the aggregate to include
both the fee and the leasehold parcels), (vi) any Mortgage on any Real Property (or any related Mortgage Policies, Flood
Certificates, Surveys or opinions of counsel) or gaming vessel or riverboat to the extent that, and for so long as, the terms
of any Purchase Money Indebtedness permitted hereunder securing such Real Property or gaming vessel or riverboat prohibit (or,
in the reasonable opinion of the lender of such Purchase Money Indebtedness, prohibit) the delivery of any such Mortgage, or (vii) the
Capital Stock of Landry’s Gaming, solely to the extent that Parent has determined, in its commercially reasonable discretion,
that it will be unable to obtain receipt of the applicable Required Gaming Approvals on or before May 15, 2020, or (viii) Mortgage
Policies on any Real Property Collateral and/or any gaming vessel or riverboat that constitutes Collateral existing as of the
Closing Date. To the maximum extent permitted by applicable law, after the occurrence and during the continuation of an Event
of Default or at any other time if any Loan Party refuses or fails to execute or delivery any reasonably requested Additional
Documents within a reasonable period of time following the request to do so, Borrower hereby authorizes Agent to execute any such
Additional Documents in the applicable Loan Party’s name and authorizes Agent to file such executed Additional Documents
in any appropriate filing office. In furtherance and not in limitation of the foregoing, each Loan Party shall take such actions
as Agent may reasonably request from time to time to ensure that the Obligations are guaranteed by the Guarantors and are secured
by all of the outstanding Capital Stock of Borrower and substantially all of the assets of the Loan Parties including all of the
outstanding Capital Stock of Borrower’s Restricted Subsidiaries (subject to the proviso set forth in the first sentence
of this clause (a) and the exceptions and limitations contained in the Loan Documents with respect to CFCs and Foreign Subsidiary
Holding Companies).

 

(b)          Subject
to the terms of the Post-Closing Agreement and the proviso set forth in clause (a) of this Section 5.12,
(i) Parent and Borrower shall use their commercially reasonable efforts to obtain, and each shall cause its applicable Affiliates
to use their commercially reasonable efforts to obtain, the Required Gaming Approvals as promptly as possible after the Closing
Date and (ii) within 30 days following the receipt of such Required Gaming Approvals (or such later date as (x) specified
in Section 5.11(a)(iii) or the Post-Closing Agreement or (y) permitted by Agent in its sole discretion),
take, and cause such applicable Affiliate(s) to take, all actions otherwise required to be taken by (or with respect to)
such Persons under the provisions of clause (a) of this Section 5.12.

 

    35

     

    

 

5.13        Lender
Meetings. Within 120 days after the close of each fiscal year, at the request of Agent or the Required Lenders and upon
reasonable prior notice, hold a meeting (at a mutually agreeable location and time or, at the option of Borrower, by conference
call) with all Lenders who choose to attend such meeting (or conference call), at which meeting (or conference call) shall be
reviewed the financial results of the previous fiscal year and the financial condition of Parent and its Restricted Subsidiaries
and the projections presented for the current fiscal year.

 

5.14        [Reserved].

 

5.15        Maintenance
of Corporate Separateness. Satisfy in all material respects, customary corporate, limited liability company or other like
formalities, including the accurate maintenance of separate organizational and business records.

 

5.16        Maintenance
of Gaming Licenses. Ensure that all necessary Gaming Licenses from any Gaming Authority for the ownership, use, or operation
of the material businesses or properties owned or operated by Parent and its Restricted Subsidiaries are timely obtained in accordance
with applicable Gaming Laws and maintained in full force and effect and comply, in all material respects, with all of the provisions
thereof applicable to them.

 

5.17        [Reserved].

 

6.             NEGATIVE
COVENANTS.

 

Each of Parent and Borrower
covenants and agrees that, until termination of all of the Commitments and payment in full of all of the Obligations, the Loan
Parties will not, and will not permit any of their Restricted Subsidiaries to, do any of the following, other than with respect
to Sections 6.9 (Restricted Junior Payments) and 6.11 (Investments) below, which covenants shall not apply to Parent:

 

6.1          Indebtedness.
Create, incur, assume, suffer to exist, guarantee, or otherwise become or remain, directly or indirectly, liable with respect
to any Indebtedness, except for Permitted Indebtedness. The foregoing to the contrary notwithstanding, Parent and Borrower will
not incur, and will not permit any of the other Loan Parties to incur, any Indebtedness (including Permitted Indebtedness) that
is contractually subordinated in right of payment to any other Indebtedness of Parent, Borrower or such other Loan Party unless
such Indebtedness is also contractually subordinated in right of payment to the Obligations and the applicable guarantees on substantially
identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right
of payment to any other Indebtedness solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien
basis.

 

6.2          Liens.
Create, incur, assume, or suffer to exist, directly or indirectly, any Lien on or with respect to any of its assets, of any kind,
whether now owned or hereafter acquired, or any income or profits therefrom, except for Permitted Liens.

 

6.3          Restrictions
on Fundamental Changes.

 

(a)           Enter
into any merger, consolidation, reorganization, or recapitalization, or reclassify its Capital Stock (including pursuant to a
Division), except for, subject to applicable Gaming Laws,

 

(i)          any
merger between Loan Parties (other than Parent and Intermediate Holdings), provided that in any merger involving Borrower,
Borrower shall be the surviving entity of any such merger,

 

    36

     

    

  

(ii)              
any merger between Loan Parties (other than Parent and Intermediate Holdings) and Restricted Subsidiaries of Borrower that
are not Loan Parties so long as such Loan Party is the surviving entity of any such merger, and

 

(iii)            
any merger between Restricted Subsidiaries of Borrower that are not Loan Parties;,
and

 

(iv)       solely
in connection with the First Amendment Transactions (as defined in the First Amendment), any merger, consolidation, reorganization,
recapitalization or reclassification of Capital Stock between Borrower and GNOG LLC; provided that if the Person formed by or surviving
any such merger or consolidation is not Borrower (any such Person, the “Successor Borrower”) then (w) the Successor
Borrower shall be an entity organized and existing under the laws of the United States of America, any State of the United States
or the District of Columbia, (x) the Successor Borrower shall expressly assume the Obligations of Borrower pursuant to a written
agreement in form and substance reasonably satisfactory to Agent and shall enter into any additional security and guaranty documentation
reasonably requested by Agent, (y) except as Agent may otherwise agree, each Guarantor, unless it is the other party to such merger
or consolidation, shall have executed and delivered a customary reaffirmation agreement confirming that its guarantee of, and grant
of any Lien as security for, the Obligations of the Borrower shall apply to the Successor Borrower’s obligations under this
Agreement and the other Loan Documents and (z) upon the request of Agent, the Borrower shall have delivered to Agent an officer’s
certificate stating that such merger or consolidation complies with this Agreement and no Event of Default then exists or would
result from such merger or consolidation and an opinion of counsel in form and substance reasonably satisfactory to Agent; it being
understood and agreed that if the foregoing conditions under clauses (w) through (z) are satisfied, the Successor Borrower will
succeed to, and be substituted for, Borrower under this Agreement and the other Loan Documents; provided, that Borrower agrees
to provide any documentation and other information about the Successor Borrower at least three Business Days prior to the consummation
of any such merger or consolidation as shall have been reasonably requested in writing by any Lender through Agent at least ten
Business Days prior to the consummation of such merger or consolidation that such Lender shall have reasonably determined is required
by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including
the Patriot Act;

 

(v)
       solely
in connection with the First Amendment Transactions (as defined in the First Amendment), any merger or consolidation between Intermediate
Holdings and a newly formed Person; provided that if the Person formed by or surviving any such merger or consolidation is not
Borrower (any such Person, the “Successor Holdings”) then (x) the Successor Holdings shall be an entity organized and
existing under the laws of the United States of America, any State of the United States or the District of Columbia, (y) the Successor
Holdings shall expressly assume the Obligations of Intermediate Holdings pursuant to a written agreement in form and substance
reasonably satisfactory to Agent and shall enter into any additional security and guaranty documentation reasonably requested by
Agent and (z) upon the request of Agent, the Borrower shall have delivered to Agent an officer’s certificate stating that
such merger or consolidation complies with this Agreement and no Event of Default then exists or would result from such merger
or consolidation and an opinion of counsel in form and substance reasonably satisfactory to Agent; it being understood and agreed
that if the foregoing conditions under clauses (x) through (z) are satisfied, the Successor Holdings will succeed to, and be substituted
for, Intermediate Holdings under this Agreement and the other Loan Documents;

  

    37

     

    

 

(b)           Liquidate,
wind up, or dissolve itself (including pursuant to a Division) (or suffer any liquidation or dissolution (including pursuant to
a Division)), except for (i) the liquidation or dissolution of non-operating Restricted Subsidiaries of Borrower with nominal
assets and nominal liabilities, (ii) the liquidation or dissolution of a Loan Party (other than Parent, Intermediate
Holdings or Borrower) or any of its wholly-owned Restricted Subsidiaries so long as all of the assets (including any interest
in any Capital Stock) of such liquidating or dissolving Loan Party or Restricted Subsidiary are transferred to a Loan Party that
is not liquidating or dissolving, or (iii) the liquidation or dissolution of a Restricted Subsidiary of Borrower that is
not a Loan Party so long as all of the assets of such liquidating or dissolving Restricted Subsidiary are transferred to a Restricted
Subsidiary of Borrower that is not liquidating or dissolving;

 

(c)           Suspend
or go out of a substantial portion of its or their business, except as permitted pursuant to clauses (a) or (b) above
or in connection with the transactions permitted pursuant to Section 6.4; or

 

(d)           Parent
will not convey or transfer or lease all or substantially all of its assets in the IGaming Business to any Person, unless

 

(i)          (x) the
conveyance or transfer is made to a newly formed direct wholly owned Subsidiary of Parent (“Intermediate Holdings”)
and (y) Intermediate Holdings shall be an entity organized and existing under the laws of the United States of America, any
State of the United States or the District of Columbia and

 

(ii)         the
conveyance or transfer to Intermediate Holdings is of 100% of the Equity Interests of Borrower.

 

6.4          Disposal
of Assets. Other than Permitted Dispositions or transactions expressly permitted by Section 6.3 or Section 6.11,
convey, sell, lease, license, assign, transfer, or otherwise dispose of (including pursuant to a Division) (or enter into an agreement
to convey, sell, lease, license, assign, transfer, or otherwise dispose of (including pursuant to a Division)) any of Parent’s
or any of its Restricted Subsidiaries’ assets.

 

6.5          Change
Name. Other than pursuant to the consummation of the Transactions and/or as disclosed to Agent in writing prior to the
Closing Date, change any Loan Party’s name, organizational identification number, chief executive office location, state
of organization or organizational identity unless such Loan Party provides at least 5 days prior written notice to Agent of such
change (it being understood and agreed that Borrower intends to change its name to “Golden Nugget Online Gaming, Inc.,
a New Jersey corporation” immediately after the Closing Date).

 

6.6          Nature
of Business.

 

(a)           Make
any change in the principal nature of its or their business as conducted as of the Closing Date or acquire any properties or assets
that are not reasonably related to the conduct of such business activities; provided, however, that the foregoing
shall not prevent Borrower and its Restricted Subsidiaries from engaging in any business that is reasonably related, ancillary,
incidental, or complementary to its or their business.

 

(b)               
With respect to Parent, engage in any business activities or have any material properties or liabilities, other than (i)
its ownership of the Capital Stock of Intermediate Holdings and Landry’s Gaming and its ownership, directly or indirectly,
of the Capital Stock of Borrower and
a newly formed, directly or indirectly, wholly owned New Jersey limited liability company (“GNOG LLC”), which entity
shall become the Successor Borrower on or prior to the Amendment Effective Date, (ii) the consummation of
the Transactions, (iii) obligations (x) under the Loan Documents, (y) the Parent Intercompany Loan and (z) in respect of any Credit
Agreement Refinancing Indebtedness, (iv) activities pursuant to the Golden Nugget Note Purchase Agreement and (v) special purpose
holding company activities and properties and liabilities reasonably incidental to the foregoing clauses (i), (ii)
and (iii).

   

    38

     

    

 

(c)               
With respect to Intermediate Holdings, engage in any business activities or have any material properties or liabilities,
other than (i) its ownership of the Capital Stock of Borrower and
GNOG LLC, (ii) obligations (x) under the Loan Documents and (y) in respect of any Credit Agreement Refinancing
Indebtedness and (iii) special purpose holding company activities and properties and liabilities reasonably incidental to the
foregoing clauses (i) and (ii).

 

6.7          Prepayments
and Amendments; etc.

 

(a)           Make
(or give any notice in respect of) any voluntary or optional payment or prepayment on or redemption, repurchase or acquisition
for value of, or any prepayment or redemption as a result of any asset sale or similar event of (including, in each case, by way
of depositing with the trustee with respect thereto or any other Person money or securities before due for the purpose of paying
when due), any Junior Financing; provided, however, in the event that Borrower receives a notice from any applicable
Gaming Authority that any holder of any Indebtedness in respect of any Junior Financing is a disqualified holder and Borrower
is required by such Gaming Authority to repurchase such holder’s Indebtedness in respect of such Junior Financing, Borrower
may prepay or repurchase such holder’s Indebtedness in respect of such Junior Financing so long as (i) no Event of
Default then exists or would result therefrom and (ii) the purchase price for such prepayment or repurchase is funded solely
with new cash equity proceeds received by Parent and Borrower from a Permitted Holder. Without limiting the foregoing, in no event
shall any Loan Party or any of its Restricted Subsidiaries make any payment on any Junior Financing in violation of the applicable
subordination provisions thereof.

 

(b)           Directly
or indirectly, amend, modify, or change any of the terms or provisions of,

 

(i)          documents
in respect of any Junior Financing permitted hereunder except to the extent that any such amendment, modification, or change could
not, individually or in the aggregate, reasonably be expected to be adverse to the interests of the Lenders in any material respect
or would otherwise violate the provisions of this Agreement or any applicable intercreditor agreement, or

 

(ii)         the
Governing Documents of any Loan Party or any of its Restricted Subsidiaries (unless expressly permitted by the terms of this Agreement)
if the effect thereof, individually or in the aggregate, could reasonably be expected to be materially adverse to the interests
of the Lenders.

 

(c)           Directly
or indirectly, amend, modify, waive or change, or provide any consent in respect of, any of the terms or provisions of the Parent
Intercompany Loan; provided that, subject to the occurrence of the First Amendment Effective Date, Borrower and Parent
shall be permitted to make the Parent Intercompany Loan Prepayment and amend and restate the Parent Intercompany Note (as defined
in the Security Agreement) in the form of the A&R Parent Intercompany Note (as defined in the First Amendment), the Golden
Nugget Note Purchase Agreement or any “Note Documents” (as defined in the Golden Nugget Note Purchase Agreement) if
the effect thereof, individually or in the aggregate, could reasonably be expected to be materially adverse to the interests of
the Lenders; provided that the Lenders agree that any amendment, waiver, modification or change, or consent in respect
of, the terms or provisions of the Golden Nugget Note Purchase Agreement shall be deemed to be not materially adverse to the interests
of the Lenders hereunder to the extent a corresponding amendment, waiver, modification or change, or consent in respect of, a
substantially identical term under the Existing Credit Agreement has been effected in accordance with Section 14.1 thereof.
Parent shall not assign the Golden Nugget Note issued under the Golden Nugget Note Purchase Agreement or any of its rights, title
or interest thereunder to any person other than the Agent or its successor and assign.

 

    39

     

    

 

6.8          [Reserved].

 

6.9            Restricted
Junior Payments. Make any Restricted Junior Payment; provided, however, that, so long as it is permitted
by applicable law,

 

(a)           any
Restricted Subsidiary of Borrower that is a Guarantor may make Restricted Junior Payments to Borrower or another Restricted Subsidiary
of Borrower that is a Guarantor;

 

(b)           any
Restricted Subsidiary of Borrower that is not a Guarantor may make Restricted Junior Payments to Borrower or another Restricted
Subsidiary of Borrower;

 

(c)           any
non-wholly owned Restricted Subsidiary may make cash Restricted Junior Payments to its shareholders, members or partners generally,
so long as Borrower or its respective Restricted Subsidiary which owns the Capital Stock in the non-wholly-owned Restricted Subsidiary
paying such Restricted Junior Payments receives at least its proportionate share thereof (based upon its relative holding of the
Capital Stock in the Restricted Subsidiary paying such Restricted Junior Payments and taking into account the relative preferences,
if any, of the various classes of Capital Stock of such Restricted Subsidiary);

 

(d)           so
long as no Event of Default has occurred and is continuing or would be caused thereby, the preceding provisions shall not prohibit
Permitted Tax Distributions;

 

(e)           (I) to
the extent actually used substantially concurrently by Parent to pay such taxes, costs and expenses, payments by Borrower to or
on behalf of Parent in an amount sufficient to pay all franchise taxes and other fees required to maintain the legal existence
of Parent and (II) payments by Borrower to or on behalf of Parent in an amount sufficient to pay all out-of-pocket legal,
accounting and filing costs and other expenses in the nature of overhead in the ordinary course of business of Parent, in the
case of preceding clauses (I) and (II) in an aggregate amount not to exceed $250,000 in any period of 12 consecutive
months; and

 

(f)            prior
to the occurrence of the Amendment Effective Date, on any interest payment date, Borrower may make additional Restricted Junior
Payments to Parent solely with the Net Cash Proceeds of interest payments received by Borrower in cash pursuant to the Parent
Intercompany Loan so long as (i) after giving effect to such Restricted Junior Payment the aggregate amount of cash of Borrower
and its Restricted Subsidiaries (calculated on a pro forma basis after giving effect to the payment of interest by Borrower on
such date) shall be no less than $5,000,000, (ii) the proceeds of such Restricted Junior Payment shall, substantially concurrently
therewith, be invested by Parent into the business of Golden Nugget and its “Restricted Subsidiaries” (as defined
in the Existing Credit Agreement) and (iii) no Default or Event of Default has occurred and is continuing or would result
therefrom.

 

The amount of all Restricted
Junior Payments (other than cash) will be the Fair Market Value on the date of the Restricted Junior Payment of the asset(s) or
securities proposed to be transferred or issued by Borrower or such Restricted Subsidiary, as the case may be, pursuant to the
Restricted Junior Payment. The Fair Market Value of any assets or securities that are required to be valued by this covenant will
be determined by the Board of Directors of Borrower whose resolution with respect thereto will be delivered to Agent. The Board
of Directors’ determination must be based upon an opinion or appraisal issued by a reputable accounting, appraisal or investment
banking firm if the Fair Market Value exceeds $40,000,000.

 

6.10        Accounting
Methods. Modify or change its fiscal year or its method of accounting (other than as may be required to conform to GAAP).

 

    40

     

    

 

6.11        Investments.
Except for Permitted Investments, directly or indirectly, make or acquire any Investment.

 

6.12        Transactions
with Affiliates. Make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets
to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding,
loan, advance or guarantee with, or for the benefit of, any Affiliate of Parent or any of its Restricted Subsidiaries (each, an
 “Affiliate Transaction”), unless:

 

(a)           the
Affiliate Transaction is on terms that are no less favorable to Parent or the relevant Restricted Subsidiary than those that would
have been obtained in a comparable transaction by Parent or such Restricted Subsidiary with an unaffiliated Person and

 

(b)          Borrower
delivers to Agent (i) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $20,000,000, a resolution of the Board of Directors of Parent or Borrower set forth in an officer’s
certificate certifying that such Affiliate Transaction complies with this covenant, and (ii) with respect to any Affiliate
Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $40,000,000, an opinion
as to the fairness to Parent or such Restricted Subsidiary of such Affiliate Transaction from a financial point of view issued
by an accounting, appraisal or investment banking firm of national standing.

 

The following shall
not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of the prior paragraph:

 

(i)          transactions
permitted by Section 6.3 or Section 6.9, or any Permitted Intercompany Advance;

 

(ii)         transactions
between or among Borrower or the Restricted Subsidiaries to the extent otherwise not prohibited hereunder;

 

(iii)        payment
of reasonable directors’ fees;

 

(iv)        Permitted
Investments;

 

(v)         Restricted
Junior Payments that do not violate the provisions of this Agreement and

 

(vi)        the
Online Gaming Operations Agreement.

 

6.13        Limitations
on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries. Directly or indirectly create or permit
to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary of Borrower
to: (i) pay dividends or to make any other distributions on its Capital Stock to Borrower or any of its Restricted Subsidiaries,
or with respect to any other interest in or participation in, or measured by, its profits, or pay any Indebtedness owed to Borrower
or any of its Restricted Subsidiaries, (ii) to make loans or advances to Borrower or any of its Restricted Subsidiaries,
or (iii) transfer any of its property or assets to Borrower or any of its Restricted Subsidiaries; provided, however,
that nothing in any of clauses (i) through (iii) of this Section 6.13 shall apply to encumbrances or restrictions
existing under or by reason of, or prohibit or restrict compliance with:

 

    41

     

    

 

(a)           this
Agreement and the other Loan Documents;

 

(b)          any
documentation governing any Credit Agreement Refinancing Indebtedness or any Junior Financing permitted hereunder, in each case,
so long as such encumbrances and restrictions are no more restrictive in any material respect than those contained in this Agreement;

 

(c)           any
applicable law (including any applicable Gaming Law), rule or regulation (including applicable currency control laws and
applicable state corporate statutes restricting the payment of dividends in certain circumstances) or order;

 

(d)           any
instrument governing Indebtedness or Capital Stock of a Person (which term includes any Subsidiaries of such Person) acquired
by Borrower or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness
or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is
not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the
Person, so acquired;

 

(e)           customary
non-assignment provisions in contracts, leases, and licenses entered into in the ordinary course of business;

 

(f)            purchase
money obligations for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose restrictions
on the property purchased or leased of the nature described in clause (iii) of the preceding paragraph;

 

(g)          any
agreement for the sale or other disposition of a Restricted Subsidiary of Borrower that restricts distributions by that Restricted
Subsidiary pending the sale or other disposition;

 

(h)          Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing
Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness
being refinanced;

 

(i)            Permitted
Liens that limit the right of the debtor to dispose of the assets subject to such Liens;

 

(j)            provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements entered into with the approval of the Board of Directors of Borrower,
which limitation is applicable only to the assets that are the subject of such agreements;

 

(k)           restrictions
imposed by third parties on deposits made pursuant to the requirements of contracts entered into with third parties in the ordinary
course of business;

 

(l)            net
worth limitations imposed by third parties pursuant to the requirements of contracts entered into with third parties in the ordinary
course of business; and

 

(m)          any
instrument governing Indebtedness of a Foreign Restricted Subsidiary of Borrower so long as such encumbrance or restriction is
only applicable to a Foreign Restricted Subsidiary of Borrower; provided that such Indebtedness is permitted by the terms
of this Agreement.

 

    42

     

    

 

6.14        Limitation
on Issuance of Capital Stock. Issue or sell or enter into any agreement or arrangement for the issuance and sale of, or
permit any of its Restricted Subsidiaries to issue or sell or enter into any agreement or arrangement for the issuance and sale
of, any shares of its Capital Stock, any securities convertible into or exchangeable for its Capital Stock or any warrants, except
(i) for issuances of shares of Capital Stock and other Equity Interests of Parent permitted to be issued hereunder, (ii) for
issuances of common Capital Stock by Borrower to Parent, (iii) for stock splits, stock dividends and additional issuances
of Capital Stock of Restricted Subsidiaries of Borrower which do not decrease the percentage ownership of Borrower or any of its
Restricted Subsidiaries in any class of the Capital Stock of any such Restricted Subsidiary, and (iv) Restricted Subsidiaries
of Borrower formed or acquired after the Closing Date in accordance with this Agreement may issue Capital Stock to Borrower and
the Restricted Subsidiary of Borrower which is to own such Capital Stock and to such Restricted Subsidiaries other equity holders
to the extent permitted under this Agreement.

 

6.15        Use
of Proceeds. Use the proceeds of any B Term Loan made hereunder for any purpose other than (a) on the Closing Date,
(i) to effect the Transactions, and (ii) to pay transactional fees, costs and expenses incurred in connection with this
Agreement, the other Loan Documents and the transactions contemplated hereby and thereby and (b) thereafter, consistent with
the terms and conditions hereof, for its other lawful and permitted purposes. Borrower will use the proceeds of any Other Term
Loans for the purposes set forth in Section 2.17(a) and will apply the proceeds of any Credit Agreement Refinancing
Indebtedness among the Loans in accordance with the terms of this Agreement.

 

6.16        Sanctioned
Persons and Anti-Terrorism.

 

(a)           Cause
or permit any of the funds or properties of the Loan Parties and their Restricted Subsidiaries that are used to repay the Loans
to constitute property of, or be beneficially owned directly or indirectly by, any Sanctioned Person, with the result that the
investment in the Loan Parties or any of their Restricted Subsidiaries (whether directly or indirectly) is prohibited by applicable
laws or Sanctions, or any of the Loans made by the Lenders would be in violation of any applicable laws or Sanctions.

 

(b)          Directly
or indirectly, (i) conduct any business or engage in making or receiving any contribution of funds, goods or services to
or for the benefit of any Sanctioned Person or Sanctioned Country, (ii) deal in, or otherwise engage in any transaction relating
to, any property or interests in property blocked pursuant to, Sanctions, or (iii) engage in or conspire to engage in any
transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in any Sanctions (and the Loan Parties shall deliver to the Lenders any certification or other evidence requested from
time to time by any Lender in its Permitted Discretion, confirming the Loan Parties and their Restricted Subsidiaries compliance
with this Section 6.16).

 

6.17        Division.
Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, neither Parent nor Borrower will
(a) enter into (or agree to enter into) any Division or (b) permit any new “series” to be created or issued
under Parent’s or Borrower’s, as applicable, Governing Documents.

 

7.            [RESERVED].

 

8.            EVENTS
OF DEFAULT.

 

Any one or more of the
following events shall constitute an event of default (each, an “Event of Default”) under this Agreement:

 

8.1          If
Borrower fails to pay when due and payable, or when declared due and payable, (a) all or any portion of the Obligations consisting
of interest, fees, or charges due the Lender Group, reimbursement of Lender Group Expenses, or other amounts constituting Obligations,
and such failure continues for a period of 3 Business Days, or (b) all or any portion of the principal of the Obligations;

 

    43

     

    

 

8.2          If
any Loan Party or any of its Restricted Subsidiaries:

 

(a)           fails
to perform or observe any covenant or other agreement contained in any of (i) Section 5.1 (as it relates to the
failure to give any notice of a Default or an Event of Default), 5.3 (as it relates to Borrower’s existence), or
5.11 of this Agreement, (ii) Sections 6.1 through 6.16 of this Agreement, or (iii) Section 6
of the Security Agreement;

 

(b)           [reserved];

 

(c)           [reserved];
or

 

(d)           fails
to perform or observe any covenant or other agreement contained in this Agreement, or in any of the other Loan Documents, in each
case, other than any such covenant or agreement that is the subject of another provision of this Section 8 (in which
event such other provision of this Section 8 shall govern), and such failure continues for a period of 30 days after
the earlier of (i) the date on which such failure shall first become known to any officer of Parent or Borrower or (ii) the
date on which written notice thereof is given to Borrower by Agent or Required Lenders;

 

8.3          If
one or more judgments, orders or awards for the payment of money involving an aggregate amount of $25,000,000 or more (except
to the extent fully covered (other than customary deductibles) by insurance pursuant to which the insurer has accepted liability
therefor in writing) is entered or filed against a Loan Party or any of its Restricted Subsidiaries, or with respect to any of
their respective assets, and either (a) there is a period of 30 consecutive days at any time after the entry of any such
judgment, order, or award during which a stay of enforcement thereof is not in effect or during which such judgment or order is
not vacated or bonded, or (b) enforcement proceedings are commenced upon such judgment, order, or award;

 

8.4          If
an Insolvency Proceeding is commenced by a Loan Party or any Restricted Subsidiary of a Loan Party (other than any Immaterial
Subsidiary);

 

8.5          If
an Insolvency Proceeding is commenced against a Loan Party or any Restricted Subsidiary of a Loan Party (other than any Immaterial
Subsidiary) and any of the following events occur: (a) such Loan Party or such Restricted Subsidiary consents to the institution
of such Insolvency Proceeding against it, (b) the petition commencing the Insolvency Proceeding is not timely controverted,
(c) the petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing
thereof, (d) an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets
of, or to operate all or any substantial portion of the business of, such Loan Party or such Restricted Subsidiary, or (e) an
order for relief shall have been issued or entered therein;

 

8.6          If
a Loan Party or any of its Restricted Subsidiaries is enjoined, restrained, or in any way prevented by court order from continuing
to conduct all or any material part of its business affairs and, as a result thereof, a Material Adverse Change occurs or could
reasonably be expected to result therefrom;

 

8.7          If
any Loan Party or any of its Restricted Subsidiaries shall (i) fail to pay any principal, premium or interest, regardless
of amount, due in respect of any Indebtedness (other than the Obligations under the Loan Documents), when and as the same shall
become due and payable beyond any applicable grace period, or (ii) fail to observe or perform any other term, covenant, condition
or agreement contained in any agreement or instrument evidencing or governing any such Indebtedness if the effect of any failure
referred to in this clause (ii) is to cause, or to permit the holder or holders of such Indebtedness or a trustee or other
representative on its or their behalf (with or without the giving of notice, the lapse of time or both) to cause, such Indebtedness
to become due prior to its Stated Maturity or become subject to a mandatory offer to purchase by the obligor; provided
that it shall not constitute an Event of Default pursuant to this Section 8.7 unless (x) the aggregate amount of all
such Indebtedness referred to in preceding clauses (i) and (ii) exceeds $25,000,000 at any one time or (y) such
Indebtedness is with respect to the Parent Intercompany Loan;

 

    44

     

    

 

8.8          If
any warranty, representation, certificate, statement, or Record made by a Loan Party herein or in any other Loan Document or delivered
in writing to Agent or any Lender pursuant to this Agreement or any other Loan Document proves to be untrue in any material respect
(except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof) as of the date of issuance or making or deemed making thereof;

 

8.9          If
the obligation of any Guarantor under the Guaranty is limited or terminated by operation of law or by such Guarantor (for the
avoidance of doubt, a transaction permitted under Section 6.3 shall not result in an Event of Default under this Section 8.9);

 

8.10        If
the Security Agreement or any other Loan Document that purports to create a Lien shall fail or cease to create a valid and, following
the filing of financing statements, the recordation of Mortgages or the filing or recording of other filings or documents or other
actions necessary to perfect Agent’s Lien in the Collateral as required by the Loan Documents, perfected first priority
Lien on the Collateral covered thereby (other than an immaterial portion thereof) (subject to any Permitted Liens which by operation
of law or contract would have priority over the Liens securing the Obligations), except as a result of a disposition of the applicable
Collateral in a transaction permitted under this Agreement or the other Loan Documents;

 

8.11        If
any provision of any Loan Document shall at any time for any reason be declared to be null and void, or the validity or enforceability
thereof shall be contested by a Loan Party, or a proceeding shall be commenced by a Loan Party, or by any Governmental Authority
having jurisdiction over a Loan Party, seeking to establish the invalidity or unenforceability thereof, or a Loan Party shall
deny that such Loan Party has any liability or obligation purported to be created under any Loan Document (except to the extent
a Loan Party or the applicable Collateral shall have been released in accordance with the Loan Documents);

 

8.12        If
any “Event of Default” (as defined in the Golden Nugget Note Purchase Agreement) shall have occurred and be continuing
under the Golden Nugget Note Purchase Agreement;

 

8.13        If
Parent or any of its Restricted Subsidiaries fails to keep in full force and effect, suffers the termination, revocation, forfeiture,
nonrenewal or suspension of, or suffers a material adverse amendment, condition or limitation to, any material Gaming License,
qualification, finding of suitability or other approval or authorization required to enable Parent or such Restricted Subsidiary
to own, operate, or otherwise conduct or manage any gaming activities where Parent or any of its Restricted Subsidiaries conduct
such business for seven consecutive calendar days; or

 

8.14        ERISA.
If (i) one or more ERISA Events shall have occurred, (ii) there is or arises an Unfunded Pension Liability or (iii) there
is or arises any potential withdrawal liability under Section 4201 of ERISA, if Parent, Borrower, any Restricted Subsidiary
or the ERISA Affiliates were to withdraw completely from any and all Multiemployer Plans and any such ERISA Event, Unfunded Pension
Liability or potential withdrawal liability, individually or in the aggregate, has resulted in, or could reasonably be expected
to result in, a Material Adverse Change.

 

    45

     

    

 

9.            RIGHTS
AND REMEDIES.

 

9.1          Rights
and Remedies. Upon the occurrence and during the continuation of an Event of Default, Agent may, and, at the instruction
of the Required Lenders, shall (in each case under clause (a) or (b) below by written notice to Borrower),
in addition to any other rights or remedies provided for hereunder or under any other Loan Document or by applicable law, do any
one or more of the following:

 

(a)           declare
the Obligations (other than Bank Product Obligations), whether evidenced by this Agreement or by any of the other Loan Documents,
immediately due and payable, whereupon the same shall become and be immediately due and payable and Borrower shall be obligated
to repay all of such Obligations in full, without presentment, demand, protest, or further notice or other requirements of any
kind, all of which are hereby expressly waived by Borrower;

 

(b)           declare
the Commitments terminated, whereupon the Commitments shall immediately be terminated together with any obligation of any Lender
hereunder to make Loans; and

 

(c)           exercise
all other rights and remedies available to Agent or the Lenders under the Loan Documents and/or applicable law.

 

The foregoing to the contrary notwithstanding,
upon the occurrence of any Event of Default described in Section 8.4 or Section 8.5 (with respect to Borrower),
in addition to the remedies set forth above, without any notice to Borrower or any other Person or any act by the Lender Group,
the Commitments shall automatically terminate and the Obligations (other than Bank Product Obligations), inclusive of all accrued
and unpaid interest thereon and all fees and all other amounts owing under this Agreement or under any of the other Loan Documents,
shall automatically and immediately become due and payable, and Borrower shall be obligated to repay all of such Obligations in
full, without presentment, demand, protest, or notice of any kind, all of which are expressly waived by Borrower.

 

9.2          Remedies
Cumulative. The rights and remedies of the Lender Group under this Agreement, the other Loan Documents, and all other
written agreements with the Loan Parties shall be cumulative. The Lender Group shall have all other rights and remedies not inconsistent
herewith as provided under the Code, by law, or in equity. No exercise by the Lender Group of one right or remedy shall be deemed
an election, and no waiver by the Lender Group of any Event of Default shall be deemed to be a waiver in any similar or other
circumstances. No delay by the Lender Group shall constitute a waiver, election, or acquiescence by it.

 

10.            WAIVERS;
INDEMNIFICATION.

 

10.1        Demand;
Protest; etc. Except as expressly provided herein, Borrower waives demand, protest, notice of protest, notice of
default or dishonor, notice of payment and nonpayment, nonpayment at maturity, release, compromise, settlement, extension, or
renewal of documents, instruments, chattel paper, and guarantees at any time held by the Lender Group on which Borrower may
in any way be liable.

 

10.2        The
Lender Group’s Liability for Collateral. Borrower hereby agrees that: (a) so long as Agent or the applicable
member of the Lender Group having possession of any Collateral complies with its obligations, if any, under the Code, the Lender
Group shall not in any way or manner be liable or responsible for: (i) the safekeeping of the Collateral, (ii) any loss
or damage thereto occurring or arising in any manner or fashion from any cause, (iii) any diminution in the value thereof,
or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person, and (b) all risk
of loss, damage, or destruction of the Collateral shall be borne by Borrower.

 

    46

     

    

 

10.3        Indemnification;
Damage Waiver. (a) Borrower shall pay, indemnify, defend, and hold the Agent-Related Persons, the Joint Arranger-Related
Persons, the Lender-Related Persons, and each Participant (each, an “Indemnified Person”) harmless (to the
fullest extent permitted by law) from and against any and all claims, demands, suits, actions, investigations, proceedings, liabilities,
fines, costs, penalties, and damages (other than in relation to lawsuits solely between the Lenders or Lender-Related Persons
or solely between the Joint Arrangers and the Joint Arranger-Related Persons related to (i) the sharing of fees or payments
pursuant to the Loan Documents or (ii) the sharing of fees or payments pursuant to any agreement of the type referenced in
Section 14.1(e), but expressly inclusive of lawsuits against Agent, the Agent-Related Persons, the Joint Arrangers
and the Joint Arranger-Related Persons, in such capacities, or involving an act or omission on the part of Parent or any of its
Subsidiaries or Affiliates), and all reasonable fees and out-of-pocket disbursements of attorneys (provided that attorneys’
fees shall be limited to one legal counsel for Agent and one additional legal counsel for the Lender Group (as a whole), and if
necessary, (x) a single local counsel in each relevant jurisdiction and a special or regulatory counsel in each specialty
and in each relevant jurisdiction for each of Agent and the Lender Group (as a whole) and (y) in the case of an actual or
perceived conflict of interest, one additional counsel for each similarly affected group and if reasonably necessary, one additional
local counsel for each similarly affected group in each relevant jurisdiction and one additional special or regulatory counsel
in each specialty and in each relevant jurisdiction), experts, or consultants and all other costs and expenses actually incurred
in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective
of whether suit is brought), at any time asserted against, imposed upon, or incurred by any of them (a) in connection with
or as a result of or related to the execution and delivery (provided that Borrower shall not be liable for costs and expenses
(including attorneys’ fees) of any Lender (other than Jefferies Finance and the other Joint Arrangers) incurred in advising,
structuring, drafting, reviewing, administering or syndicating the Loan Documents), enforcement, performance, or administration
(including any restructuring or workout with respect hereto) of this Agreement, any of the other Loan Documents, or the transactions
contemplated hereby or thereby or the monitoring of Parent’s and its Restricted Subsidiaries’ compliance with the
terms of the Loan Documents, provided, however, that the indemnification in this clause (a) shall not extend
to (i) disputes solely between or among the Lenders or Lender-Related Persons, (ii) disputes solely among the Joint
Arrangers and the Joint Arranger-Related Persons related to (x) the sharing of fees or payments pursuant to the Loan Documents
or (y) the sharing of fees or payments pursuant to any agreement of the type referenced in Section 14.1(e), but
expressly inclusive of lawsuits against Agent, the Agent-Related Persons, the Joint Arrangers and the Joint Arranger-Related Persons,
in such capacities, or involving an act or omission on the part of Parent or any of its Subsidiaries or Affiliates, (iii) disputes
solely between or among the Lenders and their respective Affiliates; it being understood and agreed that the indemnification in
this clause (a) shall extend to Agent (but not the Lenders) relative to disputes between or among Agent on the one hand,
and one or more Lenders, or one or more of their Affiliates, on the other hand, or (iv) any Taxes or any costs attributable
to Taxes, which shall be governed by Section 16), (b) with respect to any investigation, litigation, or proceeding
related to this Agreement, any other Loan Document, or the use of the proceeds of the credit provided hereunder (irrespective
of whether any Indemnified Person is a party thereto and regardless of whether brought by a Lender, a third party or by the Parent,
Borrower or any other Loan Party), or the transactions contemplated by this Agreement, any of the other Loan Documents, or the
transactions contemplated hereby or thereby, or any act, omission, event, or circumstance in any manner related thereto, and (c) in
connection with or arising out of any presence or release of Hazardous Materials at, on, under, to or from any assets or properties
owned, leased or operated by Parent or any of its Subsidiaries or any Environmental Actions, Environmental Liabilities and costs
or Remedial Actions related in any way to any such assets or properties of Parent or any of its Subsidiaries at any time prior
to foreclosure upon Agent’s Liens and Agent’s possession of the applicable property or assets (each and all of the
foregoing, the “Indemnified Liabilities”). The foregoing to the contrary notwithstanding, Borrower shall have
no obligation to any Indemnified Person under this Section 10.3 with respect to any Indemnified Liability that a court
of competent jurisdiction in a final and non-appealable decision determines to have resulted from the gross negligence or willful
misconduct of such Indemnified Person or its officers, directors, employees, attorneys or agents. This provision shall survive
the termination of this Agreement and the repayment of the Obligations. If any Indemnified Person makes any payment to any other
Indemnified Person with respect to an Indemnified Liability as to which Borrower was required to indemnify the Indemnified Person
receiving such payment, the Indemnified Person making such payment is entitled to be indemnified and reimbursed by Borrower with
respect thereto; provided, that, to the extent of any payments made by Borrower to any Indemnified Person in respect of Indemnified
Liabilities pursuant to this Section 10.3, Borrower shall be subrogated to the rights of recovery by such Indemnified
Persons against any third Person in respect of such Indemnified Liabilities, so long as Borrower has indefeasibly paid in full
all of the Indemnified Liabilities owed by Borrower to the Indemnified Persons pursuant to the terms and conditions of this Section 10.3.
WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH INDEMNIFIED PERSON WITH RESPECT TO INDEMNIFIED LIABILITIES
WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF ANY NEGLIGENT ACT OR OMISSION OF SUCH INDEMNIFIED PERSON OR OF ANY
OTHER PERSON.

 

    47

     

    

 

(b)          To
the fullest extent permitted by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against
any Indemnified Person, on any theory of liability, for special, indirect, exemplary, consequential, or punitive damages (including
any loss of profits, business or anticipated savings) arising out of, in connection with, or as a result of, any Loan Document
or any agreement or instrument contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnified Person
shall be liable for any damages arising from the use by unintended recipients of any information, or other materials distributed
by it through telecommunications, electronic or other information transmission systems in connection with the Loan Documents or
the transactions contemplated hereby or thereby.

 

11.            NOTICES.

 

Unless otherwise provided
in this Agreement, all notices or demands relating to this Agreement or any other Loan Document shall be in writing and (except
for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally
delivered or sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier, electronic mail
(at such email addresses as a party may designate in accordance herewith), or telefacsimile. In the case of notices or demands
to Borrower or Agent, as the case may be, they shall be sent to the respective address set forth below:

 

	If to Borrower:	Golden
                                         Nugget Online Gaming, Inc.

                                         (f/k/a Landry’s Finance Acquisition Co.)

                                         1510 West Loop South

        Houston, TX 77027

        Attn: Steven L. Scheinthal, General Counsel

        Fax No.: (713) 386-7070

	 	 
	with copies to (for informational purposes only and
    not constituting notice)	HAYNES
                                         AND BOONE, LLP

                                         2323 Victory Ave. Suite 700

        Dallas, Texas 75219

        Attn: Paul Amiel

        Fax No.: (214) 200-0555

	 	 
	If to Agent:	JEFFERIES FINANCE LLC

    520 Madison Avenue 

    New York, NY 10022

     Attn: Account Officer – Landry’s, Inc.

    Fax No.: 212-284-3444

 

    48

     

    

 

Any party hereto may
change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given to the other
party. All notices or demands sent in accordance with this Section 11, shall be deemed received on the earlier of
the date of actual receipt or 3 Business Days after the deposit thereof in the mail; provided, that (a) notices sent by overnight
courier service shall be deemed to have been given when received, (b) notices by facsimile shall be deemed to have been given
when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next Business Day for the recipient) and (c) notices by electronic mail shall be deemed received
upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested”
function, as available, return email or other written acknowledgment).

 

12.            CHOICE
OF LAW AND VENUE; JURY TRIAL WAIVER.

 

(a)           THE
VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN
RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS
OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO (WHETHER
IN CONTRACT, TORT OR OTHERWISE) SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.

 

(b)           THE
PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE
TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF
NEW YORK, BOROUGH OF MANHATTAN AND STATE OF NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST
ANY LOAN PARTY, ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION
WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH LOAN PARTY, COLLATERAL OR OTHER PROPERTY MAY BE FOUND. BORROWER AND
EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE
DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS
SECTION 12(b).

 

(c)           TO
THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS
CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY
CLAIMS.  BORROWER AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

    49

     

    

 

(d)          EACH
OF PARENT AND BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS
LOCATED IN THE COUNTY OF NEW YORK, BOROUGH OF MANHATTAN AND THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO ANY LOAN DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT AND IRREVOCABLY WAIVES AND AGREES NOT
TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

13.           ASSIGNMENTS
AND PARTICIPATIONS; SUCCESSORS.

 

13.1        Assignments
and Participations.

 

(a)           With
the prior written consent of (A) Borrower, which consent of Borrower shall not be unreasonably withheld, delayed or conditioned
(and shall not be required (i) if an Event of Default under Section 8.1, 8.4 or 8.5 has occurred
and is continuing, (ii) in connection with an assignment to a Person that is a Lender, a Related Fund, or an Affiliate (other
than individuals) of a Lender or (iii) in connection with the primary syndication by Jefferies Finance of the B Term Loans
outstanding on the Closing Date); provided, it being understood that Borrower shall be deemed to have consented to any such assignment
for which its consent is otherwise required unless it shall object thereto by written notice to Agent within 5 Business Days after
having received notice thereof and (B) Agent, which consent of Agent shall not be unreasonably withheld, delayed or conditioned
(and shall not be required in connection with an assignment to a Person that is a Lender or an Affiliate (other than individuals)
of a Lender), any Lender may assign and delegate to one or more assignees (each an “Assignee”; provided,
however, that no Loan Party or Affiliate of a Loan Party shall be permitted to become an Assignee except to the limited
extent provided in Section 2.15 and Section 2.16) all or any portion of the Obligations, the Commitments
and the other rights and obligations of such Lender hereunder and under the other Loan Documents, in a minimum amount (unless
waived by Agent) of $1,000,000 in the case of Term Loans of any Tranche (except, in either case, such minimum amount shall not
apply to (x) an assignment or delegation by any Lender to any other Lender or an Affiliate of any Lender, (y) a group
of new Lenders, each of which is an Affiliate of each other or a Related Fund of such new Lender to the extent that the aggregate
amount to be assigned to all such new Lenders is at least $2,500,000 or $1,000,000, as applicable, or (z) an assignment of
the entire remaining amount of the assigning Lender’s Commitments or outstanding Loans); provided, however,
that Borrower and Agent may continue to deal solely and directly with such Lender in connection with the interest so assigned
to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses, and related information
with respect to the Assignee, have been given to Borrower and Agent by such Lender and the Assignee, (B) such Lender and
its Assignee have delivered to Borrower and Agent an Assignment and Acceptance and Agent has notified the assigning Lender of
its receipt thereof in accordance with Section 13.1(b), (C) unless waived by Agent, the assigning Lender or Assignee
has paid to Agent for Agent’s separate account a processing fee in the amount of $3,500; provided, however,
that such fee shall not be payable in the case of an assignment by any Lender to a Related Fund of such Lender, and (D) such
assignment shall have been recorded by Agent in the Register in accordance with Section 13.1(h).

 

    50

     

    

 

(b)          From
and after the date that Agent notifies the assigning Lender (with a copy to Borrower) that it has received an executed Assignment
and Acceptance, the recordation of such assignment in the Register in accordance with Section 13.1(h) and, if
applicable, payment of the required processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent
that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall be a “Lender”
and shall have the rights and obligations of a Lender under the Loan Documents, and (ii) the assigning Lender shall, to the
extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment
and Acceptance, relinquish its rights (except with respect to Section 10.3, Section 12 and any other Section of
this Agreement or any other Loan Document with respect to indemnities and expense reimbursement provisions that expressly survive
the termination of this Agreement) and be released from any future obligations under this Agreement (and in the case of an Assignment
and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement
and the other Loan Documents, such Lender shall cease to be a party hereto and thereto); provided, however, that
nothing contained herein shall release any assigning Lender from obligations that survive the termination of this Agreement, including
such assigning Lender’s obligations under Section 15 and Section 17.9.

 

(c)           By
executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the Assignee thereunder confirm to
and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance,
such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties
or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other Loan Document furnished pursuant hereto, (ii) such assigning Lender makes
no representation or warranty and assumes no responsibility with respect to the financial condition of Parent or any of its Restricted
Subsidiaries or the performance or observance by Parent or any of its Restricted Subsidiaries of any of its obligations under
this Agreement or any other Loan Document, (iii) such Assignee confirms that it has received a copy of this Agreement, together
with such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
such Assignment and Acceptance, (iv) such Assignee will, independently and without reliance upon Agent, such assigning Lender
or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under this Agreement, (v) such Assignee appoints and authorizes Agent
to take such actions and to exercise such powers under this Agreement and the other Loan Documents as are delegated to Agent,
by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, and (vi) such Assignee agrees
that it will perform all of the obligations which by the terms of this Agreement and the other Loan Documents are required to
be performed by it as a Lender.

 

(d)           Immediately
upon Agent’s receipt of the required processing fee, if applicable, delivery of notice to the assigning Lender pursuant
to Section 13.1(b) and the recordation of such assignment in the Register pursuant to Section 13.1(h),
this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee
and the resulting adjustment of the Commitments and Loans arising therefrom. The Commitment allocated to each Assignee shall reduce
such Commitments of the assigning Lender pro tanto.

 

    51

     

    

 

(e)           Any
Lender may at any time sell to one or more commercial banks, financial institutions or other Persons (each a “Participant”)
participating interests in all or any portion of its Obligations, its Commitment, and the other rights and interests of that Lender
(the “Originating Lender”) hereunder and under the other Loan Documents; provided, however, that
(i) the Originating Lender shall remain a “Lender” for all purposes of this Agreement and the other Loan
Documents and the Participant receiving the participating interest in the Obligations, the Commitments, and the other rights and
interests of the Originating Lender hereunder shall not constitute a “Lender” hereunder or under the other
Loan Documents and the Originating Lender’s obligations under this Agreement shall remain unchanged, (ii) the Originating
Lender shall remain solely responsible for the performance of such obligations, (iii) Borrower, Agent and the Lenders shall
continue to deal solely and directly with the Originating Lender in connection with the Originating Lender’s rights and
obligations under this Agreement and the other Loan Documents, (iv) no Lender shall transfer or grant any participating interest
under which the Participant has the right to approve any amendment to, or any consent or waiver with respect to, this Agreement
or any other Loan Document, except to the extent such amendment to, or consent or waiver with respect to this Agreement or of
any other Loan Document would (A) extend the final maturity date of the Obligations hereunder in which such Participant is
participating, (B) reduce the interest rate applicable to the Obligations hereunder in which such Participant is participating,
(C) release all or substantially all of the Collateral or guaranties (except to the extent expressly provided herein or in
any of the Loan Documents) supporting the Obligations hereunder in which such Participant is participating, (D) postpone
the payment of, or reduce the amount of, the interest or fees payable to such Participant through such Lender (other than a waiver
of default interest), or (E) decreases the amount or postpones the due dates of scheduled principal repayments or prepayments
or premiums payable to such Participant through such Lender, (v) all amounts payable by Borrower hereunder shall be determined
as if such Lender had not sold such participation, except that, if amounts outstanding under this Agreement are due and unpaid,
or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant
shall be deemed to have the right of set off in respect of its participating interest in amounts owing under this Agreement to
the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement so long
as such Participant complies with Section 15.12(b), and (vi) no Lender shall transfer or grant any participating
interest to Parent or any of its Subsidiaries or Affiliates. Except to the extent set forth in clause (v) of the immediately
preceding sentence, the rights of any Participant only shall be derivative through the Originating Lender with whom such Participant
participates and no Participant shall have any rights under this Agreement or the other Loan Documents or any direct rights as
to the other Lenders, Agent, Borrower, the Collections of Borrower or its Subsidiaries, the Collateral, or otherwise in respect
of the Obligations. No Participant shall have the right to participate directly in the making of decisions by the Lenders among
themselves.

 

(f)           In
connection with any such assignment or participation or proposed assignment or participation or any grant of a security interest
in, or pledge of, its rights under and interest in this Agreement, a Lender may, subject to the provisions of Section 17.9,
disclose to the applicable Assignee or Participant all documents and information which it now or hereafter may have relating to
Parent and its Subsidiaries and their respective businesses.

 

(g)           Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any central
bank, and this Section 13.1 shall not apply to any such pledge or assignment of a security interest; provided
that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto. Without limiting the foregoing, in the case of any Lender that
is a fund that invests in bank loans or similar extensions of credit, such Lender may, without the consent of Borrower, Agent
or any other Person, collaterally assign or pledge all or any portion of its rights under this Agreement, including the Loans
(and any notes evidencing such Loans) or any other instrument evidencing its rights as a Lender under this Agreement, to any holder
of, trustee for, or any other representative of holders of, obligations owed or securities issued, by such fund, as security for
such obligations or securities.

 

    52

     

    

 

 

(h)        Agent
(as a non-fiduciary agent on behalf of Borrower) shall maintain, or cause to be maintained, a register (the “Register”)
on which it enters the name and address of each Lender as the registered owner of the Loans (and the principal amount thereof and
stated interest thereon) and Commitments held by such Lender (each, a “Registered Loan”). (i) A Registered
Loan (and the registered note, if any, evidencing the same) may be assigned or sold in whole or in part only by registration of
such assignment or sale on the Register (and each registered note shall expressly so provide) and (ii) any assignment or sale
of all or part of such Registered Loan (and the registered note, if any, evidencing the same) may be effected only by registration
of such assignment or sale on the Register, together with the surrender of the registered note, if any, evidencing the same duly
endorsed by (or accompanied by a written instrument of assignment or sale duly executed by) the holder of such registered note,
whereupon, at the request of the designated assignee(s) or transferee(s), one or more new registered notes in the same aggregate
principal amount shall be issued to the designated assignee(s) or transferee(s). Prior to the registration of assignment or
sale of any Registered Loan (and the registered note, if any evidencing the same), Borrower shall treat the Person in whose name
such Registered Loan (and the registered note, if any, evidencing the same) is registered as the owner thereof for the purpose
of receiving all payments thereon and for all other purposes, notwithstanding notice to the contrary.

 

(i)         In
the event that a Lender sells participations in the Registered Loan, such Lender, as a non-fiduciary agent on behalf of Borrower,
shall maintain (or cause to be maintained) a register on which it enters the name of all participants in the Registered Loans held
by it (and the principal amount (and stated interest thereon) of the portion of such Registered Loans that is subject to such participations)
(the “Participant Register”). No Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant of any information relating to a Participant’s interest in any commitments,
loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure
is necessary to establish that such commitment, loan, letter credit or other obligations is in registered form under Section 5f.103-1(c) or
Proposed Section 1.163-5(b) of the United States Treasury Regulations (or, in each case, any amended or successor version).

 

(j)         Agent
shall make a copy of the Register available for review by Borrower from time to time as Borrower may reasonably request. The Register
shall be available for inspection by any Lender (with respect to its own interest only), at any reasonable time and from time to
time upon reasonable prior written notice to Agent.

 

(k)        Notwithstanding
anything to the contrary contained in this Section 13.1, without the consent of Borrower, no Lender shall assign, or
sell participating interests in, all or a portion of its rights and obligations under this Agreement and the other Loan Documents
to an Assignee who is a direct competitor of Borrower (if and only if such assigning Lender has actual knowledge that such proposed
Assignee is a direct competitor of Borrower); provided that the restriction set forth in this clause (k) shall not
be applicable if (i) an Event of Default has occurred and is continuing, (ii) such assignment is in connection with any
merger, consolidation, sale, transfer, or other disposition of all or any substantial portion of the business or loan portfolio
of the Lender making such assignment, or (iii) the proposed Assignee is a finance company, fund or other similar entity which
merely has an economic interest in any such direct competitor that has been so identified, and is not itself such a direct competitor
that has been so identified.

 

    53

     

    

 

(l)         Notwithstanding
anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding
vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to Agent and Borrower,
the option to provide to Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to
such Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC
to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such
Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof; provided further, that nothing
herein shall make the SPC a “Lender” for the purposes of this Agreement, obligate Borrower or any other Loan
Party or Agent to deal with such SPC directly, obligate Borrower or any other Loan Party in any manner to any greater extent than
they were obligated to the Granting Lender, or increase costs or expenses of Borrower. The Loan Parties and Agent shall be entitled
to deal solely with, and obtain good discharge from, the Granting Lender and shall not be required to investigate or otherwise
seek the consent or approval of any SPC, including for the approval of any amendment, waiver or other modification of any provision
of any Loan Document. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same
extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for
any indemnity or similar payment obligation under this Agreement (all liability or payment obligation for which shall remain with
the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination
of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial
paper or other senior indebtedness of any SPC, it will not institute against, or join any other person in instituting against,
such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States
of America or any state thereof. In addition, notwithstanding anything to the contrary contained in this Section 13.1(l),
any SPC may (i) with notice to, but without the prior written consent of, Borrower and Agent and without paying any processing
fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented
to by Borrower and Agent) providing liquidity and/or credit support to or for the account of such SPC to support the funding or
maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating
agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC.

 

13.2        Successors.
This Agreement shall bind and inure to the benefit of the respective successors and assigns of each of the parties; provided,
however, that (i) neither Parent nor Borrower may assign this Agreement or any rights or duties hereunder without
the Lenders’ prior written consent (other than as part of the Transactions) and any prohibited assignment shall be absolutely
void ab initio and (ii) no Loan Party may assign or otherwise transfer any of their respective rights or obligations
under the Loan Documents to any person found unsuitable under any applicable Gaming Laws or who refuses to file for a finding
of suitability if otherwise required by applicable Gaming Laws. No consent to assignment by the Lenders shall release Parent or
Borrower from its Obligations. A Lender may assign this Agreement and the other Loan Documents and its rights and duties hereunder
and thereunder pursuant to Section 13.1 and, except as expressly required pursuant to Section 13.1, no
consent or approval by Borrower is required in connection with any such assignment.

 

14.          AMENDMENTS;
WAIVERS.

 

14.1      Amendments
and Waivers.

 

(a)          No
amendment, waiver or other modification of any provision of this Agreement or any other Loan Document (other than Bank Product
Agreements or the Fee Letter), and no consent with respect to any departure by Parent or any of its Subsidiaries therefrom, shall
be effective unless the same shall be in writing and signed by the Required Lenders (or by Agent at the written request of the
Required Lenders) and the Loan Parties that are party thereto and then any such waiver or consent shall be effective, but only
in the specific instance and for the specific purpose for which given; provided, however, that no such waiver, amendment
or consent shall, unless in writing and signed by all of the Lenders directly affected thereby and all of the Loan Parties that
are party thereto, do any of the following:

 

    54

     

    

 

(i)        increase
the amount of or extend the expiration date of any Commitment of any Lender (it being understood that no amendment, modification,
termination, waiver or consent with respect to any condition precedent, covenant, mandatory commitment reduction or Default or
Event of Default (or any definition used, respectively, therein) shall constitute an increase in the Commitment of any Lender for
purposes of this clause (i)),

 

(ii)       postpone
or delay any date fixed by this Agreement or any other Loan Document for any payment of regularly scheduled principal due hereunder
or for the payment of interest, fees or any applicable prepayment premium due hereunder or under any other Loan Document (for the
avoidance of doubt, prepayments required to be made under Section 2.4(e) shall not constitute payments of regularly
scheduled principal for purposes of this clause (ii)),

 

(iii)      reduce
the principal of, or the rate of interest on, any Loan hereunder, or reduce any fees or any applicable prepayment premium payable
hereunder or under any other Loan Document (except in connection with the waiver of applicability of Section 2.6(c) (which
waiver shall be effective with the written consent of the Required Lenders)),

 

(iv)      amend,
modify, or eliminate this Section or any provision of this Agreement providing for consent or other action by all Lenders
or all Lenders directly affected thereby (except for technical amendments to this Section with respect to additional extensions
of credit pursuant to this Agreement which afford the protections to such additional extensions of credit of the type provided
to the Term Loans on the Closing Date),

 

(v)       other
than as permitted by this Agreement, (x) release Agent’s Lien in and to all or substantially all of the Collateral or
(y) release all or substantially all of the value of the Guarantors from the Guaranty,

 

(vi)      reduce
the percentage specified in the definition of “Required Lenders” or amend, modify, or eliminate the definition
of “Pro Rata Share” (it being understood that, with the consent of the Required Lenders or as otherwise provided
in this Agreement, additional extensions of credit pursuant to this Agreement may be included in the definition of “Required
Lenders” and the definition of “Pro Rata Share” (and such definitions may be so amended or modified)
on substantially the same basis as the extensions of Term Loans are included on the Closing Date) or amend the pro rata sharing
provisions contained in Section 15.12(b),

 

(vii)     other
than in connection with the Transactions, consent to the assignment or transfer by Parent or Borrower of any of its rights or duties
under this Agreement or the other Loan Documents,

 

(viii)    amend,
modify, or eliminate any of the provisions of Section 2.4(b)(i) or (ii), or

 

(ix)      change
Section 13.1(a) in a manner which further restricts assignments thereunder,

 

provided, further, however,
that without the consent of the Majority Lenders of each Tranche which is being allocated a lesser prepayment, repayment or commitment
reduction as a result of the actions described below (or without the consent of the Majority Lenders of each Tranche in the case
of an amendment to the definition of Majority Lenders), amend or modify the definition of Majority Lenders or alter the required
application of any prepayments or repayments (or commitment reduction), as between the various Tranches, pursuant to Section 2.4(d)(ii) or
Section 2.4(f) (although the Required Lenders may waive, in whole or in part, any such prepayment, repayment or
commitment reduction, so long as the application, as amongst the various Tranches, of any such prepayment, repayment or commitment
reduction which is still required to be made is not altered).

 

    55

     

    

 

(b)          No
amendment, waiver, modification, elimination or consent shall amend, modify or waive (i) the definition of, or any of the
terms or provisions of, the Fee Letter, without the written consent of Agent and Borrower (and shall not require the written consent
of any of the Lenders), and (ii) any provision of Section 15 pertaining to Agent, or any other rights or duties
of Agent under this Agreement or the other Loan Documents, without the written consent of Agent, Borrower and the Required Lenders.

 

(c)          Anything
in this Section 14.1 to the contrary notwithstanding, no amendment, waiver, modification, elimination or consent shall amend,
modify or waive of any provision of this Agreement or any other Loan Document that materially disadvantages or otherwise materially
adversely affects the 2020 Initial Term Loan Lenders compared to the 2020 Buyback Term Loan Lenders (or vice versa), in each case,
as reasonably determined by Agent, without the written consent of the Non-Defaulting Lenders of such Tranche with more than 50%
of the outstanding principal amount of Term Loans under such Tranche (and shall not require the written consent of the Required
Lenders).

 

(d)          [Reserved].

 

(e)          Anything
in this Section 14.1 to the contrary notwithstanding, (i) any amendment, modification, elimination, waiver, consent,
termination or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to
the relationship of the Lender Group among themselves, and that does not affect the rights or obligations of Borrower, shall not
require consent by or the agreement of any Loan Party, and (ii) any amendment, modification, elimination, waiver or consent
of or with respect to any provision of this Agreement or any other Loan Document may be entered into without the consent of, or
over the objection of, any Defaulting Lender other than any of the matters governed by Sections 14.1(a)(i) through
(iii).

 

(f)          In
addition, and notwithstanding the foregoing, (i) amendments to the Loan Documents shall be permitted as, and to the extent,
provided or contemplated by Section 2.17 and Section 2.18 and (ii) amendments to the Security Agreement
shall be permitted with only the consent of Agent, Parent and Borrower to the extent provided in Section 27 of the
Security Agreement.

 

(g)          Notwithstanding
the foregoing, any provision of this Agreement may be amended by an agreement in writing entered into by Parent, Borrower, the
Required Lenders and Agent if (i) by the terms of such agreement the Commitments of each Lender not consenting to the amendment
provided for therein shall terminate upon the effectiveness of such amendment and (ii) at the time such amendment becomes
effective, each Lender not consenting thereto receives payment (including pursuant to an assignment to a Replacement Lender in
accordance with Section 14.2) in full of the principal of and accrued and unpaid interest on each Loan made by it and
all other amounts owing to it or accrued for its account under this Agreement.

 

(h)          Notwithstanding
anything to the contrary contained in this Section 14.1, if following the Closing Date, Agent and Borrower shall have
jointly identified an ambiguity, inconsistency, obvious error or any error or omission of a technical or immaterial nature, in
each case, in any provision of the Loan Documents, then Agent and the Loan Parties shall be permitted to amend such provision and
such amendment shall become effective without any further action or consent of any other party to any Loan Documents if the same
is not objected to in writing by the Required Lenders within 5 Business Days following receipt of notice thereof.

 

    56

     

    

 

14.2      Replacement
of Certain Lenders.

 

(a)          If
(i) any action to be taken by the Lender Group or Agent hereunder requires the consent, authorization or agreement of all
Lenders or all Lenders affected thereby and if such action has received the consent, authorization or agreement of the Required
Lenders but not of all Lenders or of all Lenders affected thereby, or (ii) any Lender makes a claim for compensation under
Section 16, then Borrower, upon irrevocable prior written notice to Agent and such Lender, may permanently replace
any Lender that failed to give its consent, authorization or agreement (a “Holdout Lender”) or any Lender that
made a claim for compensation (a “Tax Lender”) with one or more Replacement Lenders (provided that, in
the case of preceding clause (i), a Holdout Lender may only be replaced with a Replacement Lender that consents, authorizes or
agrees, as applicable, to such action in respect of which the Holdout Lender failed to consent, authorize or agree, as applicable)
and the Holdout Lender or Tax Lender, as applicable, shall have no right to refuse to be replaced hereunder. Such notice to replace
the Holdout Lender or Tax Lender, as applicable, shall specify an effective date for such replacement, which date shall not be
later than 15 Business Days after the date such notice is given.

 

(b)          Prior
to the effective date of such replacement, the Holdout Lender or Tax Lender, as applicable, and each Replacement Lender shall execute
and deliver an Assignment and Acceptance, subject only to the Holdout Lender or Tax Lender, as applicable, being repaid in full
its share of the outstanding Obligations (without any premium or penalty of any kind whatsoever (other than as may be required
pursuant to the terms of Section 2.4(g)), but including all interest, fees and other amounts that may be due and payable
in respect thereof). If the Holdout Lender or Tax Lender, as applicable, shall refuse or fail to execute and deliver any such Assignment
and Acceptance prior to the effective date of such replacement, Agent may, but shall not be required to, execute and deliver such
Assignment and Acceptance in the name of and on behalf of the Holdout Lender or Tax Lender, as applicable, and irrespective of
whether Agent executes and delivers such Assignment and Acceptance, the Holdout Lender or Tax Lender, as applicable, shall be deemed
to have executed and delivered such Assignment and Acceptance (with any applicable processing and recordation fee to be paid by
Borrower or the Replacement Lender). The replacement of any Holdout Lender or Tax Lender, as applicable, shall be made in accordance
with the terms of Section 13.1. Until such time as one or more Replacement Lenders shall have acquired all of the Obligations,
the Commitments and the other rights and obligations of the Holdout Lender or Tax Lender, as applicable, hereunder and under the
other Loan Documents, the Holdout Lender or Tax Lender, as applicable, shall remain obligated to make the Holdout Lender’s
or Tax Lender’s, as applicable, Pro Rata Share of Loans.

 

14.3      No
Waivers; Cumulative Remedies. No failure by Agent or any Lender to exercise any right, remedy or option under this Agreement
or any other Loan Document, or delay by Agent or any Lender in exercising the same, will operate as a waiver thereof. No waiver
by Agent or any Lender will be effective unless it is in writing, and then only to the extent specifically stated. No waiver by
Agent or any Lender on any occasion shall affect or diminish Agent’s and each Lender’s rights thereafter to require
strict performance by Parent or any of its Restricted Subsidiaries of any provision of this Agreement or any other Loan Document.
Agent’s and each Lender’s rights under this Agreement and the other Loan Documents will be cumulative and not exclusive
of any other right or remedy that Agent or any Lender may have.

 

    57

     

    

 

15.          AGENT;
THE LENDER GROUP.

 

15.1      Appointment
and Authorization of Agent. Each Lender hereby irrevocably designates and appoints Jefferies Finance as its agent under
this Agreement and the other Loan Documents and each Lender hereby irrevocably authorizes (and by entering into a Bank Product
Agreement, each Bank Product Provider shall be deemed to irrevocably designate, appoint and authorize) Agent to execute and deliver
each of the other Loan Documents on its behalf and to take such other action on its behalf under the provisions of this Agreement
and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to Agent by the terms
of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Agent agrees to
act as agent for and on behalf of the Lenders (and the Bank Product Providers) on the conditions contained in this Section 15.
Any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document notwithstanding, Agent shall
not have any duties or responsibilities, except those expressly set forth herein or in the other Loan Documents, nor shall Agent
have or be deemed to have any fiduciary relationship with any Lender (or Bank Product Provider), and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise
exist against Agent. Without limiting the generality of the foregoing, the use of the term “agent” in this Agreement
or the other Loan Documents with reference to Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended
to create or reflect only a representative relationship between independent contracting parties. Each Lender hereby further authorizes
(and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to authorize) Agent to act as the secured
party under each of the Loan Documents that create a Lien on any item of Collateral. Except as expressly otherwise provided in
this Agreement, Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any
discretionary rights or taking or refraining from taking any actions that Agent expressly is entitled to take or assert under
or pursuant to this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, or of any other
provision of the Loan Documents that provides rights or powers to Agent, Lenders agree that Agent shall have the right to exercise
the following powers as long as this Agreement remains in effect: (a) maintain, in accordance with its customary business
practices, ledgers and records reflecting the status of the Obligations, the Collateral, the Collections of Parent and its Subsidiaries,
and related matters, (b) execute or file any and all financing or similar statements or notices, amendments, renewals, supplements,
documents, instruments, proofs of claim, notices and other written agreements with respect to the Loan Documents, (c) make
Loans, for itself or on behalf of Lenders, as provided in the Loan Documents, (d) exclusively receive, apply and distribute
the Collections of Parent and its Subsidiaries as provided in the Loan Documents, (e) open and maintain such bank accounts
and cash management arrangements as Agent deems necessary and appropriate in accordance with the Loan Documents for the foregoing
purposes with respect to the Collateral and the Collections of Parent and its Subsidiaries, (f) perform, exercise and enforce
any and all other rights and remedies of the Lender Group with respect to Parent or its Subsidiaries, the Obligations, the Collateral,
the Collections of Parent and its Subsidiaries, or otherwise related to any of same as provided in the Loan Documents, and (g) incur
and pay such Lender Group Expenses as Agent may deem necessary or appropriate for the performance and fulfillment of its functions
and powers pursuant to the Loan Documents.

 

15.2      Delegation
of Duties. Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees
or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Agent shall
not be responsible for the negligence or misconduct of any agent or attorney in fact that it selects except to the extent that
such selection was made with gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final
and non-appealable decision).

 

    58

     

    

 

15.3      Liability
of Agent. None of the Agent-Related Persons shall (a) be liable for any action taken or omitted to be taken by any
of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except
for its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable
decision), or (b) be responsible in any manner to any of the Lenders (or Bank Product Providers) for any recital, statement,
representation or warranty made by Parent or any of its Subsidiaries or Affiliates, or any officer or director thereof, contained
in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided
for in, or received by Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of Parent or any of
its Subsidiaries or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related
Person shall be under any obligation to any Lenders (or Bank Product Providers) to ascertain or to inquire as to the observance
or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect
the books and records or properties of Parent or any of its Subsidiaries. No Agent-Related Persons shall be under any obligation
to ascertain as to whether any Assignee or Participant is a direct competitor of Borrower nor shall any Agent- Related Person
have any liability to Parent, any of its Subsidiaries or Affiliates or other Persons as a result of any assignment or participation
by a Lender to a direct competitor of Borrower.

 

15.4      Reliance
by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice,
consent, certificate, affidavit, letter, telegram, telefacsimile or other electronic method of transmission, telex or telephone
message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or
made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan Party or
counsel to any Lender), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing
or refusing to take any action under this Agreement or any other Loan Document unless Agent shall first receive such advice or
concurrence of the Lenders as it deems appropriate and until such instructions are received, Agent shall act, or refrain from
acting, as it deems advisable. If Agent so requests, it shall first be indemnified to its reasonable satisfaction by the Lenders
(and, if it so elects, the Bank Product Providers) against any and all liability and expense that may be incurred by it by reason
of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in refraining from
acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders and such
request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders (and Bank Product Providers).

 

15.5      Notice
of Default or Event of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default
or Event of Default and, except with respect to Events of Default of which Agent has actual knowledge, unless Agent shall have
received written notice from a Lender or Borrower referring to this Agreement, describing such Default or Event of Default, and
stating that such notice is a “notice of default,” Agent promptly will notify the Lenders of its receipt of any such
notice or of any Event of Default of which Agent has actual knowledge. If any Lender obtains actual knowledge of any Event of
Default, such Lender promptly shall notify the other Lenders and Agent of such Event of Default. Each Lender shall be solely responsible
for giving any notices to its Participants, if any. Subject to Section 15.4, Agent shall take such action with respect
to such Default or Event of Default as may be requested in writing by the Required Lenders in accordance with Section 9;
provided, however, that unless and until Agent has received any such written request, Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall
deem advisable.

 

    59

     

    

 

15.6      Credit
Decision. Each Lender (and Bank Product Provider) acknowledges that none of the Agent-Related Persons has made any representation
or warranty to it, and that no act by Agent hereinafter taken, including any review of the affairs of Parent and its Subsidiaries
or Affiliates, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender (or Bank
Product Provider). Each Lender represents (and by entering into a Bank Product Agreement, each Bank Product Provider shall be
deemed to represent) to Agent that it has, independently and without reliance upon any Agent-Related Person and based on such
due diligence, documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
prospects, operations, property, financial and other condition and creditworthiness of Parent, any of its Subsidiaries or any
other Person party to a Loan Document, and all applicable bank and other regulatory laws relating to the transactions contemplated
hereby, and made its own decision to enter into this Agreement and to extend credit to Borrower. Each Lender also represents (and
by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to represent) that it will, independently
and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at
the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement
and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects,
operations, property, financial and other condition and creditworthiness of Parent, any of its Subsidiaries or any other Person
party to a Loan Document. Except for notices, reports, and other documents expressly herein required to be furnished to the Lenders
by Agent, Agent shall not have any duty or responsibility to provide any Lender (or Bank Product Provider) with any credit or
other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of Parent, any of its Subsidiaries or any other Person party to a Loan Document that may come into the possession of any of the
Agent-Related Persons. Each Lender acknowledges (and by entering into a Bank Product Agreement, each Bank Product Provider shall
be deemed to acknowledge) that Agent does not have any duty or responsibility, either initially or on a continuing basis (except
to the extent, if any, that is expressly specified herein) to provide such Lender (or Bank Product Provider) with any credit or
other information with respect to Parent, its Subsidiaries, its Affiliates or any of their respective business, legal, financial
or other affairs, and irrespective of whether such information came into Agent’s or its Affiliates’ or representatives’
possession before or after the date on which such Lender became a party to this Agreement (or such Bank Product Provider entered
into a Bank Product Agreement).

 

15.7      Costs
and Expenses; Indemnification. Agent may incur and pay Lender Group Expenses to the extent Agent reasonably deems necessary
or appropriate for the performance and fulfillment of its functions, powers, and obligations pursuant to the Loan Documents, including
court costs, attorneys’ fees and expenses, fees and expenses of financial accountants, advisors, consultants, and appraisers,
costs of collection by outside collection agencies, auctioneer fees and expenses, and costs of security guards or insurance premiums
paid to maintain the Collateral, whether or not Borrower is obligated to reimburse Agent or Lenders for such expenses pursuant
to this Agreement or otherwise. Agent is authorized and directed to deduct and retain sufficient amounts from the Collections
of Parent and its Subsidiaries received by Agent to reimburse Agent for such out-of-pocket costs and expenses prior to the distribution
of any amounts to Lenders (or Bank Product Providers). In the event Agent is not reimbursed for such costs and expenses by Parent
or its Subsidiaries, each Lender hereby agrees that it is and shall be obligated to pay to Agent such Lender’s ratable share
thereof. Each of the Lenders, on a ratable basis, shall indemnify and defend the Agent-Related Persons (to the extent not reimbursed
by or on behalf of Borrower and without limiting the obligation of Borrower to do so), from and against any and all Indemnified
Liabilities; provided, however, that no Lender shall be liable for the payment to any Agent-Related Person of any
portion of such Indemnified Liabilities resulting solely from such Person’s gross negligence or willful misconduct (as determined
by a court of competent jurisdiction in a final and non-appealable decision) nor shall any Lender be liable for the obligations
of any Defaulting Lender in failing to make a Loan or other extension of credit hereunder. Without limitation of the foregoing,
each Lender shall reimburse Agent upon demand for such Lender’s ratable share of any costs or out of pocket expenses (including
attorneys, accountants, advisors, and consultants fees and expenses) incurred by Agent in connection with the preparation, execution,
delivery, administration, modification, amendment, or enforcement (whether through negotiations, legal proceedings or otherwise)
of, or legal advice in respect of rights or responsibilities under, this Agreement or any other Loan Document, to the extent that
Agent is not reimbursed for such expenses by or on behalf of Borrower. The undertaking in this Section shall survive the
payment of all Obligations hereunder and the resignation or replacement of Agent.

 

    60

     

    

 

15.8      Agent
in Individual Capacity. Jefferies Finance and its Affiliates may make loans to, issue letters of credit for the account
of, accept deposits from, provide Bank Products to, acquire equity interests in, and generally engage in any kind of banking,
trust, financial advisory, underwriting, or other business with Parent and its Subsidiaries and Affiliates and any other Person
party to any Loan Document as though Jefferies Finance were not Agent hereunder, and, in each case, without notice to or consent
of the other members of the Lender Group. The other members of the Lender Group acknowledge (and by entering into a Bank Product
Agreement, each Bank Product Provider shall be deemed to acknowledge) that, pursuant to such activities, Jefferies Finance or
its Affiliates may receive information regarding Parent or its Affiliates or any other Person party to any Loan Documents that
is subject to confidentiality obligations in favor of Parent or such other Person and that prohibit the disclosure of such information
to the Lenders (or Bank Product Providers), and the Lenders acknowledge (and by entering into a Bank Product Agreement, each Bank
Product Provider shall be deemed to acknowledge) that, in such circumstances (and in the absence of a waiver of such confidentiality
obligations, which waiver Agent will use its reasonable best efforts to obtain), Agent shall not be under any obligation to provide
such information to them. The terms “Lender” and “Lenders” include Jefferies Finance in
its individual capacity.

 

15.9      Successor
Agent. Agent may resign as Agent upon 30 days prior written notice to the Lenders (unless such notice is waived by the
Required Lenders) and Borrower (unless an Event of Default under Section 8.4 or 8.5 exists with respect to
Borrower or unless such notice is waived by Borrower) and without any notice to the Bank Product Providers. If Agent resigns under
this Agreement, the Required Lenders shall be entitled, with (so long as no Event of Default has occurred and is continuing) the
consent of Borrower (such consent not to be unreasonably withheld, delayed or conditioned), appoint a successor Agent for the
Lenders (and the Bank Product Providers). If no successor Agent is appointed prior to the effective date of the resignation of
Agent, Agent may appoint, after consulting with the Lenders and Borrower, a successor Agent. In any such event, upon the acceptance
of its appointment as successor Agent hereunder, such successor Agent shall succeed to all the rights, powers, and duties of the
retiring Agent and the term “Agent” shall mean such successor Agent and the retiring Agent’s appointment,
powers and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent, the provisions
of this Section 15 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent
under this Agreement. If no successor Agent has accepted appointment as Agent by the date which is 30 days following a retiring
Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and
the Lenders shall perform all of the duties of Agent hereunder until such time, if any, as the Lenders appoint a successor Agent
as provided for above; provided that, in the case of any Collateral held by Agent on behalf of the Lenders under any of
the Loan Documents, the retiring Agent shall continue to hold such Collateral, as bailee, until such time as a successor Agent
is appointed.

 

15.10    Lender
in Individual Capacity. Any Lender and its respective Affiliates may make loans to, issue letters of credit for the account
of, accept deposits from, provide Bank Products to, acquire equity interests in and generally engage in any kind of banking, trust,
financial advisory, underwriting, or other business with Parent and its Subsidiaries and Affiliates and any other Person party
to any Loan Documents as though such Lender were not a Lender hereunder without notice to or consent of the other members of the
Lender Group (or the Bank Product Providers). The other members of the Lender Group acknowledge (and by entering into a Bank Product
Agreement, each Bank Product Provider shall be deemed to acknowledge) that, pursuant to such activities, such Lender and its respective
Affiliates may receive information regarding Parent or its Affiliates or any other Person party to any Loan Documents that is
subject to confidentiality obligations in favor of Parent or such other Person and that prohibit the disclosure of such information
to the Lenders, and the Lenders acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be
deemed to acknowledge) that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which
waiver such Lender will use its reasonable best efforts to obtain), such Lender shall not be under any obligation to provide such
information to them.

 

    61

     

    

 

15.11     Collateral
and Guaranty Matters.

 

(a)          The
Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed
to irrevocably authorize) Agent to release any Lien on any Collateral (i) upon the termination of the Commitments and payment
and satisfaction in full by Borrower of all of the Obligations, (ii) constituting property being sold or disposed of if a
release is required or desirable in connection therewith and if Borrower certifies to Agent that the sale or disposition is permitted
under this Agreement or any other Loan Document (and Agent may rely conclusively on any such certificate, without further inquiry),
(iii) constituting property in which Parent or its Restricted Subsidiaries owned no interest at the time Agent’s Lien
was granted nor at any time thereafter, (iv) constituting property leased to Parent or its Subsidiaries under a lease that
has expired or is terminated in a transaction permitted under this Agreement, or (v) constituting property that is an Excluded
Asset (as defined in the Security Agreement). The Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement,
each Bank Product Provider shall be deemed to authorize) Agent, based upon the instruction of the Required Lenders, to (A) consent
to, credit bid, or purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral
at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Section 363 of the Bankruptcy Code,
(B) credit bid or purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral
at any sale or other disposition thereof conducted under the provisions of the Code, including pursuant to Sections 9-610
or 9-620 of the Code, or (C) credit bid or purchase (either directly or through one or more acquisition vehicles) all or any
portion of the Collateral at any other sale or foreclosure conducted (whether by judicial action or otherwise) in accordance with
applicable law. In connection with any such credit bid or purchase, the Obligations owed to the Lenders and the Bank Product Providers
shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated
claims being estimated by Agent for such purpose if the fixing or liquidation thereof would not unduly delay the ability of Agent
to credit bid or purchase at such sale or other disposition of the Collateral and, if such claims cannot be estimated without unduly
delaying the ability of Agent to credit bid, then such claims shall be disregarded, not credit bid, and not entitled to any interest
in the asset or assets purchased by means of such credit bid) and the Lenders and the Bank Product Providers whose Obligations
are credit bid shall be entitled to receive interests (ratably based upon the proportion of their Obligations credit bid in relation
to the aggregate amount of the Obligations so credit bid) in the asset or assets so purchased (or in the Capital Stock of the acquisition
vehicle or vehicles that are used to consummate such purchase). Except as provided above, Agent will not execute and deliver a
release of any Lien on any Collateral without the prior written authorization of (x) if the release is of all or substantially
all of the Collateral, all of the Lenders (without requiring the authorization of the Bank Product Providers), or (y) otherwise,
the Required Lenders (without requiring the authorization of the Bank Product Providers). Upon request by Agent or Borrower at
any time, the Lenders will (and if so requested, the Bank Product Providers will) confirm in writing Agent’s authority to
release any such Liens on particular types or items of Collateral pursuant to this Section 15.11; provided,
however, that (1) Agent shall not be required to execute any document necessary to evidence such release on terms that,
in Agent’s reasonable opinion, would expose Agent to liability or create any obligation or entail any consequence other than
the release of such Lien without recourse, representation, or warranty, and (2) such release shall not in any manner discharge,
affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of any Loan Party
in respect of) all interests retained by any Loan Party, including, the proceeds of any sale, all of which shall continue to constitute
part of the Collateral.

 

    62

     

    

 

(b)          Agent
shall have no obligation whatsoever to any of the Lenders (or the Bank Product Providers) to assure that the Collateral exists
or is owned by Parent or its Subsidiaries or is cared for, protected, or insured or has been encumbered, or that Agent’s
Liens have been properly or sufficiently or lawfully created, perfected, protected, or enforced or are entitled to any particular
priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising,
any of the rights, authorities and powers granted or available to Agent pursuant to any of the Loan Documents, it being understood
and agreed that in respect of the Collateral, or any act, omission, or event related thereto, subject to the terms and conditions
contained herein, Agent may act in any manner it may deem appropriate, in its sole discretion given Agent’s own interest
in the Collateral in its capacity as one of the Lenders and that Agent shall have no other duty or liability whatsoever to any
Lender (or Bank Product Provider) as to any of the foregoing, except as otherwise provided herein.

 

(c)          The
Lender Group hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed
to irrevocably authorize) Agent to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a
Restricted Subsidiary as a result of a transaction permitted hereunder. Upon request by Agent or Borrower, the Lender Group and,
by entering into a Bank Product Agreement, the Bank Product Providers agree that they, will confirm in writing Agent’s authority
to release any such Guarantor pursuant to this Section 15.11; provided, however, that (1) Agent
shall not be required to execute any document necessary to evidence such release on terms that, in Agent’s reasonable opinion,
would expose Agent to liability or create any obligation or entail any consequence other than the release of such Guarantor without
recourse, representation, or warranty, and (2) such release shall not in any manner discharge, affect, or impair the Obligations
or any Liens (other than those expressly so released) and the Agent’s Liens shall automatically attach to the proceeds from
any such sale, license, lease, or other dispositions of any such Collateral.

 

15.12    Restrictions
on Actions by Lenders; Sharing of Payments.

 

(a)          Each
of the Lenders agrees that it shall not, without the express written consent of Agent, and that it shall, to the extent it is lawfully
entitled to do so, upon the written request of Agent, set off against the Obligations, any amounts owing by such Lender to Parent
or its Subsidiaries or any deposit accounts of Parent or its Subsidiaries now or hereafter maintained with such Lender. Each of
the Lenders further agrees that it shall not, unless specifically requested to do so in writing by Agent, take or cause to be taken
any action, including, the commencement of any legal or equitable proceedings to enforce any Loan Document against Borrower or
any Guarantor or to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral.

 

(b)          Except
to the extent otherwise provided in this Agreement, if, at any time or times any Lender shall receive (i) by payment, foreclosure,
setoff, or otherwise, any proceeds of Collateral or any payments with respect to the Obligations, except for any such proceeds
or payments received by such Lender from Agent pursuant to the terms of this Agreement, or (ii) payments from Agent in excess
of such Lender’s Pro Rata Share of all such distributions by Agent, such Lender promptly shall (A) turn the same over
to Agent, in kind, and with such endorsements as may be required to negotiate the same to Agent, or in immediately available funds,
as applicable, for the account of all of the Lenders and for application to the Obligations in accordance with the applicable provisions
of this Agreement, or (B) purchase, without recourse or warranty, an undivided interest and participation in the Obligations
owed to the other Lenders so that such excess payment received shall be applied ratably as among the Lenders in accordance with
their Pro Rata Shares; provided, however, that to the extent that such excess payment received by the purchasing
party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as applicable,
and the applicable portion of the purchase price paid therefor shall be returned to such purchasing party, but without interest
except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment.

 

    63

     

    

 

15.13    Agency
for Perfection. Agent hereby appoints each other Lender (and each Bank Product Provider) as its agent (and each Lender
hereby accepts (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to accept) such appointment)
for the purpose of perfecting Agent’s Liens in assets which, in accordance with Article 8 or Article 9, as applicable,
of the Code can be perfected by possession or control. Should any Lender (or Bank Product Provider) obtain possession or control
of any such Collateral, such Lender (or Bank Product Provider) shall notify Agent thereof, and, promptly upon Agent’s request
therefor, shall deliver possession or control of such Collateral to Agent or in accordance with Agent’s instructions.

 

15.14    Payments
by Agent to the Lenders. All payments to be made by Agent to the Lenders (or Bank Product Providers) shall be made by
bank wire transfer of immediately available funds pursuant to such wire transfer instructions as each party may designate for
itself by written notice to Agent. Concurrently with each such payment, Agent shall identify whether such payment (or any portion
thereof) represents principal, premium, fees or interest of the Obligations.

 

15.15     Concerning
the Collateral and Related Loan Documents. Each member of the Lender Group authorizes and directs Agent to enter into
this Agreement and the other Loan Documents (including any intercreditor agreement contemplated by this Agreement). Each member
of the Lender Group agrees (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to agree)
that any action taken by Agent in accordance with the terms of this Agreement or the other Loan Documents relating to the Collateral
and the exercise by Agent of its powers set forth therein or herein, together with such other powers that are reasonably incidental
thereto, shall be binding upon all of the Lenders (and such Bank Product Provider).

 

15.16    Name
Agents. The parties hereto acknowledge that the Joint Arrangers hold such titles in name only, and that such titles confer
no additional rights or obligations relative to those conferred on any Lender hereunder.

 

16.          WITHHOLDING
TAXES.

 

(a)          All
payments made by Borrower or any other Loan Party hereunder or under any note or other Loan Document will be made without setoff,
counterclaim or other defense. In addition, all such payments will be made free and clear of, and without deduction or withholding
for, any present or future taxes, and in the event any deduction or withholding of taxes is required, Borrower agrees that (i) if
such taxes are within the definition of Taxes, the sum payable by the relevant Loan Party shall be increased as necessary so that
after making all required deductions (including deductions or withholdings applicable to additional sums payable under this Section 16)
Agent or any Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions or withholdings
been made, (ii) the relevant Loan Party shall make such deductions or withholdings, and (iii) the relevant Loan Party
shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law.
Borrower will furnish to Agent as promptly as possible after the date the payment of any tax is due pursuant to applicable law,
certified copies of tax receipts evidencing such payment by Borrower.

 

(b)          (i) Borrower
agrees to pay any present or future stamp, value added or documentary taxes or any other excise or property taxes, charges, or
similar levies (“Other Taxes”) that arise from any payment made hereunder or from the execution, delivery, performance,
recordation, or filing of, or otherwise with respect to this Agreement or any other Loan Document.

 

    64

     

    

 

(ii)       Borrower
shall indemnify Agent and each Lender, within 10 Business Days after written demand therefor, for the full amount of any Taxes
or Other Taxes payable or paid by Agent or such Lender, as the case may be, on or with respect to any payment by or on account
of any obligation of Borrower or any other Loan Party hereunder or under any other Loan Document (including Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section 16) and any penalties, interest and expenses
arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Borrower by a
Lender (in each case, with a copy delivered concurrently to Agent), or by Agent on its own behalf or on behalf of a Lender, shall
be conclusive absent manifest error.

 

(c)          (i) If
a Lender or Participant is entitled to an exemption or reduction from United States withholding tax, such Lender or Participant
shall deliver to Borrower and Agent (or, in the case of a Participant, to the Lender granting the participation only) one of the
following before receiving its first payment under this Agreement:

 

(A)        if
such Lender or Participant claims an exemption from United States withholding tax pursuant to the portfolio interest exception,
(A) a statement of the Lender or Participant substantially in the form of Exhibit J-1, signed under penalty of perjury,
that it is not a (I) a “bank” as described in Section 881(c)(3)(A) of the IRC, (II) a 10% shareholder
of Borrower (within the meaning of Section 871(h)(3)(B) of the IRC), or (III) a controlled foreign corporation related
to Borrower within the meaning of Section 864(d)(4) of the IRC (a “U.S. Tax Compliance Certificate”),
and (B) a properly completed and executed IRS Form W-8BEN or Form W-8BEN-E, as applicable;

 

(B)        if
such Lender or Participant claims an exemption from, or a reduction of, withholding tax under a United States tax treaty, (x) with
respect to payments of interest under any Loan Document, a properly completed and executed copy of IRS Form W- 8BEN or Form W-8BEN-E,
as applicable, establishing an exemption from, or reduction of, United States federal withholding tax pursuant to the “interest”
article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, a properly completed
and executed copy of IRS Form W-8BEN or Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of,
U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

(C)        if
such Lender or Participant claims that interest paid under this Agreement is exempt from United States withholding tax because
it is effectively connected with a United States trade or business of such Lender, a properly completed and executed copy of IRS
Form W-8ECI;

 

(D)        to
the extent a Foreign Lender is not the beneficial owner, a properly completed and executed copy of IRS Form W-8IMY, accompanied
by a properly completed and executed copy of IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S.
Tax Compliance Certificate substantially in the form of Exhibit J-2 or Exhibit J-3, IRS Form W-9, and/or other
certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership
and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign
Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-4 on behalf of each such direct
and indirect partner; or

 

(E)        a
properly completed and executed copy of any other form or forms, including IRS Form W-9, as may be required under the IRC
or other laws of the United States as a condition to exemption from, or reduction of, United States withholding or backup withholding
tax.

 

Each Lender or Participant shall provide
new forms (or successor forms) upon the expiration or obsolescence of any previously delivered forms or promptly notify Agent (or,
in the case of a Participant, to the Lender granting the participation only) of any change in circumstances which would modify
or render invalid any claimed exemption or reduction.

 

    65

     

    

 

(ii)       If
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the IRC, as applicable), such Lender shall deliver to Borrower and Agent at the time or times prescribed by law
and at such time or times reasonably requested by Borrower or Agent such documentation prescribed by applicable law (including
as prescribed by Section 1471(b)(3)(C)(i) of the IRC) and such additional documentation reasonably requested by the Borrower
or Agent as may be necessary for Borrower and Agent to comply with their obligations under FATCA and to determine that such Lender
has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such
payment. Solely for purposes of this clause (ii), “FATCA” shall include any amendments made to FATCA after the
date of this Agreement.

 

(d)          If
a Lender or Participant claims an exemption from withholding tax in a jurisdiction other than the United States, such Lender or
such Participant shall use reasonable efforts to deliver to Borrower and Agent (or, in the case of a Participant, to the Lender
granting the participation only) any such form or forms, as may be required under the laws of such jurisdiction as a condition
to exemption from, or reduction of, foreign withholding or backup withholding tax before receiving its first payment under this
Agreement, but only if such Lender or such Participant is able to deliver such forms legally and without suffering material prejudice
or unreimbursed cost, provided, however, that nothing in Section 16(c) and Section 16(d) shall
require a Lender or Participant to disclose any information that it deems to be confidential (including without limitation, its
tax returns). Each Lender and each Participant shall use reasonable efforts to provide new forms (or successor forms) upon the
expiration or obsolescence of any previously delivered forms and to promptly notify Agent (or, in the case of a Participant, to
the Lender granting the participation only) of any change in circumstances which would modify or render invalid any claimed exemption
or reduction.

 

(e)          If
a Lender or Participant claims exemption from, or reduction of, withholding tax and such Lender or Participant sells, assigns,
grants a participation in, or otherwise transfers all or part of the Obligations of Borrower to such Lender or Participant, such
Lender or Participant agrees to notify Agent (in the case of a sale of a participation interest, solely if such Agent is applicable
withholding agent under applicable law and therefore is required to so receive notice) of the percentage amount in which it is
no longer the beneficial owner of Obligations of Borrower to such Lender or Participant. To the extent of such percentage amount,
Agent will treat such Lender’s or such Participant’s documentation provided pursuant to Section 16(c) or
16(d) as no longer valid. With respect to such percentage amount, such Participant or Assignee may provide new documentation,
pursuant to Section 16(c) or 16(d), if applicable. Borrower agrees that each Participant shall be entitled
to the benefits of this Section 16 with respect to its participation in any portion of the Commitments and the Obligations
so long as such Participant complies with the obligations set forth in this Section 16 with respect thereto (it being
understood that the documentation required under this Section 16 shall be delivered by the Participant to the participating
Lender).

 

(f)          If
a Lender or a Participant is entitled to a reduction in the applicable withholding tax, Borrower and Agent (or, in the case of
a Participant, to the Lender granting the participation) may withhold from any interest payment to such Lender or such Participant
an amount equivalent to the applicable withholding tax after taking into account such reduction. If the forms or other documentation
required by Section 16(c) or 16(d) are not delivered to Borrower and Agent (or, in the case of a Participant,
to the Lender granting the participation), then Borrower and Agent (or, if it is the withholding agent under applicable law, the
Lender granting the participation) may withhold from any interest payment to such Lender or such Participant not providing such
forms or other documentation an amount equivalent to the applicable withholding tax.

 

    66

     

    

 

(g)          If
the IRS or any other Governmental Authority of the United States or other jurisdiction asserts a claim that Agent (or, in the case
of a Participant, to the Lender granting the participation) did not properly withhold tax from amounts paid to or for the account
of any Lender or any Participant (because the appropriate form was not delivered, was not properly executed, or because such Lender
failed to notify Agent (or such Participant failed to notify the Lender granting the participation) of a change in circumstances
which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason) such Lender shall indemnify
and hold Agent harmless (and, in the case of a Participant, such Participant shall indemnify and hold the Lender granting the participation
harmless) for all amounts paid, directly or indirectly, by Agent (and, in the case of a Participant, to the Lender granting the
participation), as tax or otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the
amounts payable to Agent (and, in the case of a Participant, to the Lender granting the participation only) under this Section 16,
together with all costs and expenses (including attorneys’ fees and expenses). The obligation of the Lenders and the Participants
under this subsection shall survive the payment of all Obligations and the resignation or replacement of Agent.

 

(h)          If
Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified
by Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section 16, so long as no
Default or Event of Default has occurred and is continuing, it shall promptly notify Borrower and promptly pay over such refund
to Borrower (but only to the extent of payments made, or additional amounts paid, by Borrower under this Section 16
with respect to Taxes giving rise to such a refund), net of all out-of-pocket expenses of Agent or such Lender and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such a refund); provided, that Borrower, upon
the request of Agent or such Lender, agrees to repay the amount paid over to Borrower (plus any penalties, interest or other charges,
imposed by the relevant Governmental Authority, other than such penalties, interest or other charges imposed as a result of the
willful misconduct or gross negligence of Agent or such Lender hereunder) to Agent or such Lender in the event Agent or such Lender
is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h),
in no event will the Agent or Lender be required to pay any amount to Borrower pursuant to this paragraph (h) the payment
of which would place the Agent or Lender in a less favorable net after-tax position than such party would have been in if the Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. Notwithstanding anything in this Agreement to the
contrary, this Section 16 shall not be construed to require Agent or any Lender to make available its tax returns (or
any other information which it deems confidential) to Borrower or any other Person.

 

(i)          Each
party’s obligations under this Section 16 shall survive the resignation or replacement of the Agent or any assignment
of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge
of all obligations under any Loan Document.

 

17.          GENERAL
PROVISIONS.

 

17.1      Effectiveness.
This Agreement shall be binding and deemed effective when executed by Parent, Borrower, Agent and each Lender whose signature
is provided for on the signature pages hereof.

 

17.2      Section Headings.
Headings and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything
contained in each Section applies equally to this entire Agreement.

 

    67

     

    

 

17.3      Interpretation.
Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against the Lender Group or Borrower, whether
under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be
construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions
of all parties hereto.

 

17.4      Severability
of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the
purpose of determining the legal enforceability of any specific provision.

 

17.5      Bank
Product Providers. Each Bank Product Provider shall be deemed a third party beneficiary hereof and of the provisions of
the other Loan Documents for purposes of any reference in a Loan Document to the parties for whom Agent is acting. Agent hereby
agrees to act as agent for such Bank Product Providers, and by virtue of entering into a Bank Product Agreement, the applicable
Bank Product Provider shall be automatically deemed to have appointed Agent as its agent and to have accepted the benefits of
the Loan Documents; it being understood and agreed that the rights and benefits of each Bank Product Provider under the Loan Documents
consist exclusively of such Bank Product Provider’s being a beneficiary of the Liens and security interests (and, if applicable,
guarantees) granted to Agent and the right to share in payments and collections out of the Collateral as more fully set forth
herein. In connection with any such distribution of payments or proceeds of Collateral, Agent shall be entitled to assume no amounts
are due or owing to any Bank Product Provider unless such Bank Product Provider has provided a written certification to Agent
as to the amounts that are due and owing to it and such written certification is received by Agent a reasonable period of time
prior to the making of such distribution. Agent shall have no obligation to calculate the amount due and payable with respect
to any Bank Products, but may rely upon the written certification of the amount due and payable from the relevant Bank Product
Provider. In the absence of an updated certification, Agent shall be entitled to assume that the amount due and payable to the
relevant Bank Product Provider is the amount last certified to Agent by such Bank Product Provider as being due and payable (less
any distributions made to such Bank Product Provider on account thereof). Borrower may obtain Bank Products from any Bank Product
Provider, although Borrower is not required to do so. Borrower acknowledges and agrees that no Bank Product Provider has committed
to provide any Bank Products and that the providing of Bank Products by any Bank Product Provider is in the sole and absolute
discretion of such Bank Product Provider. Notwithstanding anything to the contrary in this Agreement or any other Loan Document,
no provider or holder of any Bank Product shall have any voting or approval rights hereunder (or be deemed a Lender) solely by
virtue of its status as the provider or holder of such agreements or products or the Obligations owing thereunder, nor shall the
consent of any such provider or holder be required (other than in their capacities as Lenders, to the extent applicable) for any
matter hereunder or under any of the other Loan Documents, including as to any matter relating to the Collateral or the release
of Collateral or Guarantors.

 

17.6      Debtor-Creditor
Relationship. The relationship between the Lenders, any SPC and Agent, on the one hand, and the Loan Parties, on the other
hand, is solely that of creditor and debtor. No member of the Lender Group or any SPC has (or shall be deemed to have) any fiduciary
relationship or duty to any Loan Party arising out of or in connection with the Loan Documents or the transactions contemplated
thereby, and there is no agency or joint venture relationship between the members of the Lender Group, on the one hand, and the
Loan Parties or any SPC, on the other hand, by virtue of any Loan Document or any transaction contemplated therein.

 

    68

     

    

 

17.7      Counterparts;
Electronic Execution. This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together,
shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other
electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement.
The words “execution,” “signed,” “signature,” and words of like import in this Agreement and
the other Loan Documents (including any Assignment and Acceptance or Auction Assignment and Assumption) shall be deemed to include
electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Any party
delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver
an original executed counterpart of this Agreement if reasonably requested by any other party hereunder, but the failure to deliver
an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement. The foregoing
shall apply to each other Loan Document mutatis mutandis.

 

17.8      Revival
and Reinstatement of Obligations. If the incurrence or payment of the Obligations by Borrower or any Guarantor or the
transfer to the Lender Group of any property should for any reason subsequently be asserted, or declared, to be void or voidable
under any state or federal law relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent
conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (each, a “Voidable
Transfer”), and if the Lender Group is required to repay or restore, in whole or in part, any such Voidable Transfer,
or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that
the Lender Group is required or elects to repay or restore, and as to all reasonable costs, expenses, and attorneys’ fees
of the Lender Group related thereto, the liability of Borrower or each Guarantor automatically shall be revived, reinstated and
restored and shall exist as though such Voidable Transfer had never been made.

 

    69

     

    

 

17.9      Confidentiality.

 

(a)          Agent,
Joint Arrangers and Lenders each individually (and not jointly or jointly and severally) agree that material, non-public information
regarding Parent and its Subsidiaries, their operations, assets, and existing and contemplated business plans (“Confidential
Information”) shall be treated by Agent, Joint Arrangers and Lenders in a confidential manner, and shall not be disclosed
by Agent, Joint Arranger or Lenders to Persons who are not parties to this Agreement, except: (i) to attorneys for and other
advisors, accountants, auditors, and consultants to any member of the Lender Group and to employees, directors and officers of
any member of the Lender Group (the Persons in this clause (i) “Lender Group Representatives”) on a “need
to know” basis, in connection with this Agreement and the transactions contemplated hereby and on a confidential basis, (ii) to
Subsidiaries and Affiliates of any member of the Lender Group (including the Bank Product Providers), provided that any
such Subsidiary or Affiliate shall have agreed to receive such information hereunder subject to, and to treat such information
in accordance with, the terms of this Section 17.9, (iii) as may be required by regulatory authorities so long
as such authorities are informed of the confidential nature of such information, (iv) as may be required by statute, decision,
or judicial or administrative order, rule, or regulation; provided that (x) prior to any disclosure under this clause
(iv), the disclosing party agrees to provide Borrower with prior notice thereof, to the extent that it is practicable to do so
and to the extent that the disclosing party is permitted to provide such prior notice to Borrower pursuant to the terms of the
applicable statute, decision, or judicial or administrative order, rule or regulation and (y) any disclosure under this
clause (iv) shall be limited to the portion of the Confidential Information as may be required by such statute, decision,
or judicial or administrative order, rule or regulation, (v) as may be agreed to in advance in writing by Borrower, (vi) as
requested or required by any Governmental Authority pursuant to any subpoena or other legal process, provided, that, (x) prior
to any disclosure under this clause (vi) the disclosing party agrees to provide Borrower with prior written notice thereof,
to the extent that it is practicable to do so and to the extent that the disclosing party is permitted to provide such prior written
notice to Borrower pursuant to the terms of the subpoena or other legal process and (y) any disclosure under this clause (vi) shall
be limited to the portion of the Confidential Information as may be required by such Governmental Authority pursuant to such subpoena
or other legal process, (vii) as to any such information that is or becomes generally available to the public (other than
as a result of prohibited disclosure by Agent, Joint Arrangers or Lenders or the Lender Group Representatives), (viii) in
connection with any assignment, participation or pledge of any Lender’s interest under this Agreement, provided that,
prior to receipt of Confidential Information any such assignee, participant, or pledgee shall have agreed to receive such Confidential
Information hereunder subject to, and to treat such information in accordance with, the terms of this Section 17.9,
(ix) in connection with any litigation or other adversary proceeding involving parties hereto which such litigation or adversary
proceeding involves claims related to the rights or duties of such parties under this Agreement or the other Loan Documents, provided,
that, prior to any disclosure to any Person (other than any Loan Party, Agent, any Lender, Joint Arrangers, any of their respective
Affiliates, or their respective counsel) under this clause (ix) with respect to litigation involving any Person (other than
Borrower, Agent, any Lender, any of their respective Affiliates, or their respective counsel), the disclosing party agrees to provide
Borrower with prior written notice thereof, (x) in connection with, and to the extent necessary or reasonably desirable, for
the exercise of any right or remedy under this Agreement or under any other Loan Document, (xi) to the extent that such information
is received by Agent, any Lender, Joint Arrangers, or any of their respective Affiliates from a third party that is not, to the
knowledge of any such Person, subject to confidentiality obligations owing to Borrower, (xii) to the extent that such information
is independently developed by Agent, any Lender, Joint Arrangers, or any of their respective Affiliates, (xiii) for purposes
of establishing a “due diligence” defense, and (xiv) to any actual or prospective investor in an SPC. The provisions
of this Section 17.9(a) shall survive for 2 years after the payment in full of the Obligations.

 

(b)          Anything
in this Agreement to the contrary notwithstanding, Agent may provide information concerning the terms and conditions of this Agreement
and the other Loan Documents to loan syndication and pricing reporting services.

 

(c)          Anything
in this Agreement or the other Loan Documents to the contrary notwithstanding (other than preceding clause (b)), in no event shall
Agent, Joint Arrangers or any Lender issue any press release or other public announcement regarding this Agreement, the other Loan
Documents, Parent or any of its Restricted Subsidiaries without the prior review and approval of such proposed press release or
other public announcement by Borrower.

 

17.10    Lender
Group Expenses. Borrower agrees to pay any and all Lender Group Expenses on the earlier of (a) the first day of the
month or (b) the date on which demand therefor is made by Agent and agrees that its obligations contained in this Section 17.10
shall survive payment or satisfaction in full of all other Obligations.

 

17.11    Survival.
All representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied
upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any loans,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that Agent or any Lender may
have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit
is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any
loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have
not expired or terminated.

 

    70

     

    

 

17.12    USA
PATRIOT Act, Etc.

 

Each Lender that is subject
to the requirements of the Patriot Act and the Beneficial Ownership Regulation and hereby notifies Parent and Borrower that pursuant
to the requirements of the Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information
that identifies Parent, Borrower and each other Loan Party, which information includes the name and address of Parent, Borrower
and each other Loan Party and other information that will allow such Lender to identify Parent, Borrower and each other Loan Party
in accordance with the Patriot Act and the Beneficial Ownership Regulation. In addition, if Agent is required by law or regulation
or internal policies to do so, it shall have the right to periodically conduct (a) Patriot Act searches, OFAC/PEP searches,
and customary individual background checks for the Loan Parties and (b) OFAC/PEP searches and customary individual background
checks for the Loan Parties’ senior management and key principals, and Borrower agrees to cooperate in respect of the conduct
of such searches and further agrees that the reasonable costs and charges for such searches shall constitute Lender Group Expenses
hereunder and be for the account of Borrower.

 

17.13    Integration.
This Agreement, together with the other Loan Documents, reflects the entire understanding of the parties with respect to the transactions
contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof.
In the event of a direct conflict between the terms and provisions of this Agreement and any other Loan Document, it is the intention
of the parties hereto that both such documents shall be read together and construed, to the fullest extent possible, to be in
concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and
provisions of this Agreement shall control and govern; provided, however, that the inclusion in any Loan Document
of additional obligations on the part of any Loan Party or supplemental rights and remedies in favor of Agent, in each case in
respect of the Collateral, shall not be deemed a conflict with this Agreement. The foregoing to the contrary notwithstanding,
all Bank Product Agreements, if any, are independent agreements governed by the written provisions of such Bank Product Agreements,
which will remain in full force and effect, unaffected by any repayment, prepayments, acceleration, reduction, increase, or change
in the terms of any credit extended hereunder, except as otherwise expressly provided in such Bank Product Agreement.

 

17.14    Gaming
Laws.

 

(a)          This
Agreement and the other Loan Documents are (or may be) subject to Gaming Laws and Liquor Laws. Without limiting the foregoing,
the Lenders, Agent and the Bank Product Providers acknowledge that (i) they are or may be subject to the jurisdiction of the
Gaming Authorities and Liquor Authorities, in their discretion, for licensing, qualification or findings of suitability or to file
or provide other information and (ii) all rights, remedies and powers in or under this Agreement and the other Loan Documents
with respect to the Gaming Collateral and the ownership and operation of facilities subject to the jurisdiction of the Gaming Authorities
may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of the Gaming Laws and
only to the extent that any required approvals (including prior approvals) are obtained from the relevant Gaming Authorities. Further,
the pledge of any Capital Stock (the “Pledged Gaming Interests”) issued by any Restricted Subsidiary that is
subject to the jurisdiction of applicable Gaming Authorities as a licensee or holding company under applicable Gaming Laws of such
Gaming Authorities may require the approval of such applicable Gaming Authorities in order to be effective. To the extent such
approvals are required by applicable Gaming Authorities, no certificates evidencing the subject Pledged Gaming Interests may be
delivered to Agent or any custodial agent until such approval has been obtained.

 

(b)          Agent
and the Bank Product Providers each agree to cooperate with all Gaming Authorities and Liquor Authorities in connection with the
provision of such documents or other information as may be requested by such Gaming Authorities and Liquor Authorities relating
to the Loans or the Loan Documents.

 

    71

     

    

 

(c)          Notwithstanding
anything to the contrary contained in this Agreement, the Lenders acknowledge and agree that if Borrower receives a notice from
any applicable Gaming Authority that any Lender is a disqualified holder (and such Lender is notified by Borrower in writing of
such disqualification), Borrower shall have the right to (i) cause such disqualified holder to transfer and assign, without
recourse, all of its interests, rights and obligations in its outstanding Term Loans or (ii) in the event that (A) Borrower
is unable to effect an assignment of such Term Loans after using its best efforts to cause such an assignment and (B) no Default
or Event of Default has occurred and is continuing, prepay such disqualified holder’s Term Loans. Notice to such disqualified
holder shall be given at least 10 days prior to the required date of assignment or prepayment, as the case may be, and shall be
accompanied by evidence demonstrating that such transfer or prepayment is required pursuant to Gaming Laws. Notwithstanding anything
herein to the contrary, any prepayment of a Term Loan shall be at a price that, unless otherwise directed by a Gaming Authority,
shall be equal to the sum of the principal amount of such Term Loan and accrued and unpaid interest thereon to the date such Lender
or holder became a disqualified holder (plus any fees and other amounts accrued for the account of such disqualified holder to
the date such Lender or holder became a disqualified holder).

 

(d)          If
during the existence of an Event of Default it shall become necessary or, in the opinion of the Required Lenders, advisable for
an agent, supervisor, receiver or other representative of the Lenders to obtain interim authorization, become licensed or found
qualified under any Gaming Law or otherwise obtain any needed approval of the Gaming Authorities as a condition to receiving the
benefit of any Gaming Collateral encumbered by the Loan Documents or to otherwise enforce the rights of Agent, the Bank Product
Providers and the Lenders under the Loan Documents with respect to the Gaming Collateral, each of Parent and Borrower (on its own
behalf and on behalf of each of its Subsidiaries) hereby agrees to consent to the application for such interim authorization, licensure
or qualification determination or approval of the Gaming Authorities and to execute (or cause any applicable Subsidiary to execute)
such further documents as may be required in connection with the evidencing of such consent and also any other documents as shall
be required by the Gaming Authorities in order to permit the Gaming Authorities to consider and rule upon the application
of an agent, supervisor, receiver or other representative of the Lenders to obtain interim authorization, become licensed or found
qualified or otherwise obtain the approval of the Gaming Authorities to receive the benefit of any Gaming Collateral encumbered
by the Loan Documents or to otherwise enforce the rights of Agent, the Bank Product Providers and the Lenders under the Loan Documents
with respect to the Gaming Collateral.

 

17.15    Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or
in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to
the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to
be bound by:

 

(a)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)          the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)        a
reduction in full or in part or cancellation of any such liability;

 

(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

    72

     

    

 

(iii)        the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution
Authority.

 

17.16    Acknowledgment
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise,
for any Hedge Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”,
and each such QFC, a “Supported QFC”), the parties hereto acknowledge and agree as follows with respect to
the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S.
Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable
notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of
New York and/or of the United States or any other state of the United States): In the event a Covered Entity that is party to
a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such
Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support)
from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution
Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered
Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might
otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the
Supported QFC and the Credit Documents were governed by the laws of the United States or a state of the United States. Without
limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting
Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

17.17    Certain
ERISA Matters.

 

(a)        Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,
the Agent, the Joint Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the
Borrower or any other Loan Party, that at least one of the following is and will be true:

 

(i)      such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, or the
Commitments;

 

(ii)       the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Commitments and this Agreement;

 

    73

     

    

 

(iii)      (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter
into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections
(b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection
(a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement; or

 

(iv)       such
other representation, warranty and covenant as may be agreed in writing between the Agent, in its sole discretion, and such Lender.

 

(b)        In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender
or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the
immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Agent, the Joint Arrangers and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Agent, the Joint Arrangers
and their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection
with the reservation or exercise of any rights by the Agent under this Agreement, any Loan Document or any documents related hereto
or thereto).

 

[Signature pages to follow.]

 

    74

     

    

 

Schedule 1.1

 

As used in the Agreement,
the following terms shall have the following definitions:

 

“2020 Buyback
Term Loans” means, on the First Amendment Auction Date (as defined in the First Amendment), immediately upon and after
the 2020 Conversion, the B Term Loans made to the Borrower pursuant to Section 2.2(a) of the Original Credit Agreement
that the Lenders converted and reclassified into a new tranche of 2020 Buyback Term Loans pursuant to the First Amendment.

 

“2020 Buyback
Term Loan Lenders” means Lenders holding 2020 Buyback Term Loans, in their capacity as such.

 

“2020 Buyback
Term Loan Maturity Date” means October 4, 2023.

 

“2020 Conversion”
has the meaning specified in the First Amendment.

 

“2020 Initial
Term Loans” means (i) immediately prior to the First Amendment Auction Date, the B Term Loans made to the Borrower
pursuant to Section 2.2(a) of the Original Credit Agreement and (ii) on the First Amendment Auction Date, immediately
upon and after the 2020 Conversion, the B Term Loans made to the Borrower pursuant to Section 2.2(a) of the Original
Credit Agreement that were not subject to an Assignment and Assumption Agreement countersigned by Agent on the First Amendment
Auction Date pursuant to the First Amendment, which remain outstanding under this Agreement, immediately after giving effect to
the 2020 Conversion.

 

“2020 Initial
Term Loan Lenders” means Lenders holding 2020 Initial Term Loans, in their capacity as such.

 

“2020 Initial
Term Loan Maturity Date” means October 4, 2023.

 

“Accepting Lenders”
has the meaning specified therefore in Section 2.18(a) of the Agreement.

 

“Account”
means an account (as that term is defined in the Code).

 

“Acquisition”
means (a) the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of the assets of (or
any division or business line of) any other Person, or (b) the purchase or other acquisition (whether by means of a merger,
consolidation, or otherwise) by a Person or its Subsidiaries of all or substantially all of the Capital Stock of any other Person.

 

“Additional
Documents” has the meaning specified therefor in Section 5.12 of the Agreement.

 

“Affected Lender”
has the meaning specified therefor in Section 2.13(b) of the Agreement.

 

“Affected Tranche”
has the meaning specified therefor in Section 2.18(a) of the Agreement.

 

    1

     

    

 

“Affiliate”
means, as applied to any Person, any other Person who controls, is controlled by, or is under common control with, such Person;
provided that (x) Agent and its Affiliates shall not be deemed to be an Affiliate of any Loan Party and its respective
Affiliates and (y) Jefferies LLC and its Affiliates shall be deemed to be Affiliates of Jefferies Finance LLC and its Affiliates.
For purposes of this definition, “control” means the possession, directly or indirectly through one or more intermediaries,
of the power to direct the management and policies of a Person, whether through the ownership of Capital Stock, by contract, or
otherwise; provided, however, that (a) any Person which owns directly or indirectly 10% or more of the Capital
Stock having ordinary voting power for the election of directors or other members of the governing body of a Person or 10% or more
of the partnership or other ownership interests of a Person (other than as a limited partner of such Person) shall be deemed an
Affiliate of such Person, (b) each director (or comparable manager) of a Person shall be deemed to be an Affiliate of such
Person, (c) each partnership in which a Person is a general partner shall be deemed an Affiliate of such Person.

 

“Affiliate Assignment
and Acceptance” means an Affiliate Assignment and Acceptance Agreement substantially in the form of Exhibit B-2
or such other form as may be approved by Agent.

 

“Affiliate Transaction”
has the meaning specified therefor in Section 6.12 of the Agreement.

 

“Agent”
has the meaning specified therefor in the preamble to the Agreement.

 

“Agent-Related
Persons” means Agent, together with its Affiliates, officers, directors, employees, attorneys and agents.

 

“Agent’s
Account” means the Deposit Account of Agent identified on Schedule A-1.

 

“Agent’s
Liens” means the Liens granted by Parent, by Borrower or by any of their Restricted Subsidiaries to Agent under the Loan
Documents.

 

“Agreement”
means the Credit Agreement to which this Schedule 1.1 is attached.

 

“Amendment Effective
Date” has the meaning specified in the First Amendment.

 

“Application
Event” means the occurrence of (a) a failure by Borrower to repay all of the Obligations in full on the Maturity
Date for such Obligations (or any earlier date upon which the Obligations have become due and payable in full pursuant to Section 9.1),
or (b) a continuing Event of Default and the election by the Required Lenders to require that payments and proceeds of Collateral
be applied pursuant to Section 2.4(b)(ii) of the Agreement.

 

“Assignee”
has the meaning specified therefor in Section 13.1(a) of the Agreement.

 

“Assignment
and Acceptance” means an Assignment and Acceptance Agreement substantially in the form of Exhibit B-1 or such other
form as may be approved by Agent.

 

“Auction”
has the meaning specified therefor in Section 2.15(a) of the Agreement.

 

“Auction Manager”
has the meaning specified therefor in Section 2.15(a) of the Agreement.

 

“Auction Notice”
has the meaning specified therefor in Schedule 2.15 (as amended by the First Amendment).

 

     

     

    

 

“Authorized
Person” means, with respect to (i) delivering Notices of Borrowing, LIBOR Notices and similar notices, any person
or persons that has or have been authorized by the Board of Directors of Borrower to deliver such notices pursuant to the Agreement
and that has or have appropriate signature cards on file with Agent, (ii) delivering financial information and officer’s
certificates pursuant to the Agreement, the chief executive officer, the chief operating officer, the chief financial officer,
the treasurer, the controller or the principal accounting officer of Borrower, and (iii) any other matter in connection with
the Agreement or any other Loan Document, any officer (or a person or persons so designated by any two officers) of Parent or Borrower.

 

“Available Amount”
means, at any date of determination, a cumulative amount equal to the amount of Net Cash Proceeds actually received by Parent after
the Closing Date from the issuance of any of its Equity Interests (or through capital contributions to its equity) (other than
Prohibited Preferred Stock), in each case, so long as such Net Cash Proceeds have been contributed to Borrower as common equity.

 

“B Term Loans”
means the 2020 Initial Term Loans and the 2020 Buyback Term Loans.

 

“B Term Loan
Amount” means $300,000,000.

 

“B Term Loan
Commitment” means, for each Lender, the amount set forth opposite such Lender’s name in Schedule C-1 directly
below the column entitled “B Term Loan Commitment,” as such amount may be terminated on the Closing Date pursuant to
the Agreement. As of the First Amendment Signing Date, the aggregate outstanding amount of B Term Loan Commitments is $0.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution.

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and
of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in
the EU Bail-In Legislation Schedule.

 

“Bank Product”
means any one or more of the following financial products or accommodations extended to Parent, Borrower or its Restricted Subsidiaries
by a Bank Product Provider: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) stored
value cards, (e) purchase cards (including so-called “procurement cards” or “P-cards”), (f) Cash
Management Services, or (g) transactions under Hedge Agreements.

 

“Bank Product
Agreements” means those agreements entered into from time to time by Parent, Borrower or its Restricted Subsidiaries
with a Bank Product Provider in connection with the obtaining of any of the Bank Products.

 

“Bank Product
Collateralization” means providing cash collateral (pursuant to documentation reasonably satisfactory to Agent) to be
held by Agent for the benefit of the Bank Product Providers (other than in respect of any Hedge Obligations owed to a Bank Product
Provider) in an amount determined by Agent as sufficient to satisfy the reasonably estimated credit exposure with respect to the
then existing Bank Product Obligations (other than Hedge Obligations).

 

“Bank Product
Obligations” means (a) all obligations, liabilities, reimbursement obligations, fees or expenses owing by Parent,
Borrower or its Restricted Subsidiaries to any Bank Product Provider pursuant to or evidenced by a Bank Product Agreement and irrespective
of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or
hereafter arising and (b) all Hedge Obligations.

 

     

     

    

 

“Bank Product
Provider” means any Lender or any of its Affiliates; provided, however, that no such Person (other than
Jefferies Finance or its Affiliates) shall constitute a Bank Product Provider with respect to a Bank Product unless and until Agent
shall have received a Bank Product Provider Letter Agreement from such Person and with respect to the applicable Bank Product within
10 Business Days after the provision of such Bank Product to a Loan Party or any of its Restricted Subsidiaries; provided further,
however, that if, at any time, a Lender ceases to be a Lender under the Agreement, then, from and after the date on which it ceases
to be a Lender thereunder, neither it nor any of its Affiliates shall constitute Bank Product Providers (other than with respect
to Hedge Agreements that are then in effect) and the obligations with respect to such Bank Products provided by such former Lender
or any of its Affiliates shall no longer constitute Bank Product Obligations.

 

“Bank Product
Provider Letter Agreement” means a letter agreement in form and substance reasonably satisfactory to Agent, duly executed
by the applicable Bank Product Provider and Agent.

 

“Bankruptcy
Code” means title 11 of the United States Code, as in effect from time to time.

 

“Base Rate”
means, at any time, the highest of (i) the Prime Lending Rate at such time, (ii) 1/2 of 1% per annum in excess of the
overnight Federal Funds Rate at such time, (iii) the LIBOR Rate for a LIBOR Rate Loan with a 1 month interest period commencing
on such day plus 1.00% and (iv) with respect to (x) B Term Loans only, 2.00% and (y) any Tranche of Other Term Loans,
such percentage as may be agreed to in the respective Refinancing Amendment or Loan Modification Agreement, as applicable. For
purposes of this definition, the LIBOR Rate shall be determined using the LIBOR Rate as otherwise determined by Agent in accordance
with the definition of LIBOR Rate, except that (I) if a given day is a Business Day, such determination shall be made on such
day (rather than 2 Business Days prior to the commencement of an Interest Period) or (II) if a given day is not a Business
Day, the LIBOR Rate for such day shall be the rate determined by Agent pursuant to preceding clause (I) for the most recent
Business Day preceding such day. Any change in the Base Rate due to a change in the Prime Lending Rate, the Federal Funds Rate
or such LIBOR Rate shall be effective as of the opening of business on the day of such change in the Prime Lending Rate, the Federal
Funds Rate or such LIBOR Rate, respectively.

 

“Base Rate Loan”
means each portion of the Loans that bears interest at a rate determined by reference to the Base Rate.

 

“Base Rate Margin”
means for each other Tranche of Loans, the LIBOR Rate Margin in effect from time to time for such Tranche of Loans minus 1.00%.

 

“Beneficial
Ownership Regulation” means 31 CFR § 1010.230.

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a
 “plan” as defined in and subject to Section 4975 of the IRC or (c) any Person whose assets include (for purposes
of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the IRC) the assets of any such
 “employee benefit plan” or “plan”.

 

“BHC Act Affiliate”
of a party shall mean an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C.
1841(k)) of such party.

 

     

     

    

 

“Board of Directors”
of any Person means the board of directors (or comparable managers) of such Person or any committee thereof duly authorized to
act on behalf of the board of directors (or comparable managers).

 

“Borrower”
has the meaning specified therefor in the preamble to this Agreement.

 

“Borrowing”
means the borrowing of one Type of Loan of a single Tranche from all the Lenders having Commitments (or outstanding Loans) of the
respective Tranche on a given date (or resulting from a conversion or conversions on such date) having, in the case of LIBOR Rate
Loans, the same Interest Period; provided that Base Rate Loans incurred pursuant to Section 2.12(d)(ii) of the
Agreement shall be considered part of the related Borrowing of LIBOR Rate Loans.

 

“Business Day”
means any day that is not a Saturday, Sunday, or other day on which banks are authorized or required to close in the State of New
York, except that, if a determination of a Business Day shall relate to a LIBOR Rate Loan or the determination of the Base Rate
pursuant to clause (iii) of the definition thereof, the term “Business Day” also shall exclude any day
on which banks are closed for dealings in Dollar deposits in the London interbank market.

 

“Capital Expenditures”
means, with respect to any Person for any period, the aggregate of all expenditures made in such fiscal year by such Person and
its Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures
are paid in cash, financed, or incurred, but excluding capitalized interest.

 

“Capital Lease”
means a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP.

 

“Capital Stock”
means:

 

(a)            in
the case of a corporation, corporate stock;

 

(b)            in
the case of an association or business entity, any and all shares, interests, participations, rights, or other equivalents (however
designated) of corporate stock;

 

(c)            in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and

 

(d)           any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.

 

“Capitalized
Lease Obligation” means that portion of the obligations under a Capital Lease that is required to be capitalized in accordance
with GAAP.

 

     

     

    

 

“Cash Equivalents”
means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States or issued by any agency
thereof and backed by the full faith and credit of the United States, in each case maturing within 1 year from the date of acquisition
thereof, (b) marketable direct obligations issued or fully guaranteed by any state of the United States or any political subdivision
of any such state or any public instrumentality thereof maturing within 1 year from the date of acquisition thereof and, at the
time of acquisition, having one of the two highest ratings obtainable from either S&P Global Ratings (“S&P”)
or Moody’s Investors Service, Inc. (“Moody’s”), (c) commercial paper maturing no more
than 270 days from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or
at least P-1 from Moody’s, (d) certificates of deposit, time deposits, overnight bank deposits or bankers’ acceptances
maturing within 1 year from the date of acquisition thereof issued by any bank organized under the laws of the United States or
any state thereof or the District of Columbia or any United States branch of a foreign bank having at the date of acquisition thereof
combined capital and surplus of not less than $250,000,000, (e) Deposit Accounts maintained with (i) any bank that satisfies
the criteria described in clause (d) above, or (ii) any other bank organized under the laws of the United States or any
state thereof so long as the full amount maintained with any such other bank is insured by the Federal Deposit Insurance Corporation,
(f) repurchase obligations of any commercial bank satisfying the requirements of clause (d) of this definition or recognized
securities dealer having combined capital and surplus of not less than $250,000,000, having a term of not more than seven days,
with respect to securities satisfying the criteria in clauses (a) or (d) above, (g) debt securities with maturities
of six months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying
the criteria described in clause (d) above, (h) Investments in money market funds substantially all of whose assets are
invested in the types of assets described in clauses (a) through (g) above, and (i) in the case of any Foreign Restricted
Subsidiary only, substantially similar investments of the type described in clauses (a) through (h) above denominated
in foreign currencies and from similarly capitalized and rated foreign banks in the jurisdiction in which such Foreign Restricted
Subsidiary is organized.

 

“Cash Management
Services” means any cash management or related services including treasury, depository, return items, overdraft, controlled
disbursement, merchant store value cards, e-payables services, electronic funds transfer, interstate depository network, automatic
clearing house transfer (including the Automated Clearing House processing of electronic funds transfers through the direct Federal
Reserve Fedline system) and other cash management arrangements.

 

“CFC”
means a “controlled foreign corporation” within the meaning of Section 957 of the IRC.

 

“Change of Control”
means that (a) Permitted Holders fail to own and control, directly or indirectly (on a fully diluted basis), 50.1%, or more,
of the Capital Stock of Parent having the right to vote for the election of members of the Board of Directors of Parent, (b) Parent
at any time ceases to own, directly or indirectly, 100% of the Equity Interests of Borrower or ceases to have the power to vote,
or direct the voting of, any such Equity Interests, (c) the Parent and its Restricted Subsidiaries shall have disposed of
(whether in one transaction or in a series of transactions) all or substantially all of their assets or business (whether now owned
or hereafter acquired) or (d) a “Change of Control” occurs under and as defined in any document evidencing
any Credit Agreement Refinancing Indebtedness.

 

“Change of Control
Offer” has the meaning specified therefor in Section 2.4(e)(iv) of the Agreement.

 

“Change of Control
Premium” has the meaning specified therefor in Section 2.4(e)(iv) of the Agreement.

 

“Closing Date”
means the date on which Agent acknowledges to Borrower that Agent is satisfied that each of the conditions precedent set forth
on Schedule 3.1 have either been satisfied or waived.

 

     

     

    

 

“Code”
means the New York Uniform Commercial Code, as in effect from time to time.

 

“Collateral”
means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by Parent, Borrower or any of their
Restricted Subsidiaries in or upon which a Lien is granted by such Person in favor of Agent or the Lenders under any of the Loan
Documents.

 

“Collateral
Access Agreement” means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman, processor,
consignee, or other Person in possession of, having a Lien upon, or having rights or interests in Parent’s, Borrower’s
or any of their Restricted Subsidiaries’ books and records, Equipment, or Inventory or any other agreements under which,
among other things, a landlord waives or subordinates its lien on tenant property and grants Agent access to the applicable leased
premises in order to sell, gather or otherwise deal with Collateral as may be entered into from time to time with respect to leases
with respect to Real Property entered into prior to, on or after the Closing Date, in each case, in form and substance reasonably
satisfactory to Agent.

 

“Collections”
means all cash, checks, notes, instruments, and other items of payment (including insurance proceeds and cash proceeds of asset
sales).

 

“Commitment”
means, with respect to each Lender, its B Term Loan Commitment, its Other Term Commitment of any Tranche or its Total Commitment,
as the context requires and, with respect to all Lenders, their B Term Loan Commitments, their Other Term Commitments of any Tranche
or their Total Commitments, as the context requires.

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit C (or such other form as Agent may approve)
delivered by an Authorized Person of Borrower to Agent.

 

“Confidential
Information” has the meaning specified therefor in Section 17.9(a) of the Agreement.

 

“Copyright Security
Agreement” has the meaning specified therefor in the Security Agreement.

 

“Covered Entity”
shall mean any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b).

 

“Covered Party”
has the meaning specified in Section 17.16.

 

     

     

    

 

“Credit Agreement
Refinancing Indebtedness” means Indebtedness (whether in the form of revolving loans, term loans or one or more series
of notes, which, to the extent permitted below, may be secured or unsecured and senior or subordinated) issued, incurred or otherwise
obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace
or refinance, in whole or part, existing B Term Loans and any then existing Credit Agreement Refinancing Indebtedness (“Refinanced
Debt”); provided that such exchanging, extending, renewing, replacing or refinancing Indebtedness (a) is
in an original aggregate principal amount not greater than the aggregate principal amount of the Refinanced Debt (plus any premium,
accrued and unpaid interest and fees and expenses, commissions and underwriting discounts incurred in connection with such exchange,
extension, renewal, replacement or refinancing), (b) does not mature earlier than and does not have a Weighted Average Life
to Maturity shorter than, the Refinanced Debt (or, in the case of any such Indebtedness ranking junior (as to payment or security)
to the Refinanced Debt or that is unsecured, does not mature earlier than 91 days after the Latest Maturity Date and does not have
a Weighted Average Life to Maturity less than the Weighted Average Life to Maturity of existing Term Loans plus 91 days), (c) does
not have mandatory prepayment or redemption provisions (other than, subject to the first proviso below in this definition, customary
asset sale proceeds events, insurance and condemnation proceeds events, change of control offers or events of default) that could
result in the prepayment or redemption thereof prior to the maturity date of the Refinanced Debt, (d) is not guaranteed by
any entity that is not a Loan Party, (e) in the case of any secured Indebtedness, (i) is not secured by any assets not
securing the Obligations and (ii) is secured on an equal priority basis with or on a junior basis to the Liens securing the
Obligations and is subject to an intercreditor agreement in form and substance reasonably satisfactory to Agent, (f) is used
on the date on which it is incurred to repay, refinance, defease or satisfy and discharge the respective Refinanced Debt and all
accrued and unpaid interest, fees and premiums (if any) associated therewith, and all expenses, commissions and underwriting discounts
incurred in connection therewith, (g) shall be established as a separate facility that is not incurred under this Agreement
to the extent that such Indebtedness is in the form of one or more series of notes or does not otherwise constitute a Tranche of
Loans or Commitments hereunder, (h) has terms and conditions (excluding pricing, interest rate margins, rate floors, discounts,
fees, premiums and, subject to clauses (b) and (c) above, prepayment or redemption provisions, provided that,
any such Indebtedness that is secured on an equal priority basis with the Liens securing the Obligations may participate in any
voluntary or mandatory prepayment on a pro rata basis (or on a basis that is less than pro rata, but not on a greater than pro
rata basis) with the Loans) that are not more restrictive to the Loan Parties and their Restricted Subsidiaries (when taken as
a whole and as reasonably determined by Borrower) than the Indebtedness being exchanged, extended, renewed, replaced or refinanced
(when taken as a whole) are to the Loan Parties and their Restricted Subsidiaries unless the Refinanced Debt is (A) replaced
or refinanced in full and if the Refinanced Debt is contractually subordinated to the Loans in right of payment, such Credit Agreement
Refinancing Indebtedness shall be contractually subordinated to the Loans on the same basis, (B) contractually subordinated
to the Loans in right of security, such Credit Agreement Refinancing Indebtedness shall be contractually subordinated to the Loans
on the same basis or be unsecured and (C) unsecured, such Credit Agreement Refinancing Indebtedness shall be unsecured.

 

“Daily Balance”
means, as of any date of determination and with respect to any Obligation, the amount of such Obligation owed at the end of such
day.

 

“Default”
means an event, condition, or default that, with the giving of notice, the passage of time, or both, would be an Event of Default.

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2
or 382.1, as applicable.

 

     

     

    

 

“Defaulting
Lender” means, subject to Section 2.3(e)(B) of the Agreement, any Lender that (a) has failed to
(i) fund all or any portion of its Loans within 2 Business Days of the date such Loans were required to be funded hereunder
unless such Lender notifies Agent and Borrower in writing that such failure is the result of such Lender’s determination
that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable Default or Event
of Default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to Agent or any Lender any
other amount required to be paid by it hereunder within 2 Business Days of the date when due (unless such amount is subject to
a good faith dispute), (b) has notified Borrower or Agent in writing that it does not intend to comply with its funding obligations
hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s
obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition
precedent to funding (which condition precedent, together with any applicable Default or Event of Default, shall be specifically
identified in such writing or public statement) cannot be satisfied), (c) has failed, within 3 Business Days after written
request by Agent or Borrower, to confirm in writing to Agent and Borrower that it will comply with its prospective funding obligations
hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt
of such written confirmation by Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become
the subject of an Insolvency Proceeding, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including
the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become
the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender under this clause (d) solely
by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof
by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit
such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such
Lender; provided further, that, as of any date of determination, the determination of whether any Lender is a Defaulting
Lender hereunder shall not take into account, and shall not otherwise impair, any amounts funded by such Lender which have been
assigned by such Lender to an SPC pursuant to Section 13.1(l) of the Agreement. Any determination by Agent that
a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above (notwithstanding anything to the
contrary contained in any such clause) shall be conclusive and binding absent manifest error, and such Lender shall be deemed to
be a Defaulting Lender (subject to Section 2.3(e)(B) of the Agreement) upon delivery of written notice of such determination
to Borrower and each Lender.

 

“Defaulting
Lender Rate” means (a) for the first 3 days from and after the date the relevant payment is due, the Base Rate,
and (b) thereafter, the interest rate then applicable to (or, if respective payment obligation does not relate to any particular
Tranche of Loans, the respective rate then applicable to Loans that are Base Rate Loans (inclusive of the Base Rate Margin applicable
thereto)) Base Rate Loans of the respective Tranche (inclusive of the Base Rate Margin applicable thereto).

 

“Deposit Account”
means any deposit account (as that term is defined in the Code).

 

“Designated
Account” means the Deposit Account identified on Schedule D-1 or such other deposit account of a Loan Party (located
within the United States) that has been designated as such, in writing, by Borrower to Agent.

 

“Designated
Account Bank” means the Designated Account Bank identified on Schedule D-1.

 

“Division”
has the meaning specified therefor in Section 1.8.

 

“Dollars”
or “$” means United States dollars.

 

“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a
parent of an institution described in clause (a) of this definition, or (c) any financial institution established in
an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is
subject to consolidated supervision with its parent.

 

     

     

    

 

“EEA Member
Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Engagement
Letter” means that certain amended and restated engagement letter, dated April 28,
2020, among Borrower, Jefferies Finance, Coöperatieve Rabobank U.A., New York Branch,
Keybanc Capital Markets Inc. and Citizens Bank, N.A.

 

“Environmental
Action” means any written complaint, summons, citation, notice, directive, order, claim, litigation, investigation, judicial
or administrative proceeding, judgment, letter, or other written communication from any Governmental Authority, or any third party
involving violations of Environmental Laws or releases of Hazardous Materials (a) from any assets, properties, or businesses
of Parent, Borrower or any of their Restricted Subsidiaries (or, in the case of Section 10.3 of the Agreement, any
of their Subsidiaries), or any of their predecessors in interest, (b) from adjoining properties or businesses, or (c) from
or onto any facilities which received Hazardous Materials generated by Parent, Borrower or any of their Restricted Subsidiaries
(or, in the case of Section 10.3 of the Agreement, any of their Subsidiaries), or any of their predecessors in interest.

 

“Environmental
Law” means any applicable federal, state, provincial, foreign or local statute, law, rule, regulation, ordinance, code,
binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect
and in each case as amended, or any judicial or administrative interpretation thereof, including any judicial or administrative
order, consent decree or judgment, in each case, to the extent binding on Parent, Borrower or their Restricted Subsidiaries (or,
in the case of Section 10.3 of the Agreement, any of their Subsidiaries), relating to the environment, the effect of
the environment on employee health, or Hazardous Materials, in each case as amended from time to time.

 

“Environmental
Liabilities” means all liabilities, monetary obligations, losses, damages, costs and expenses (including all reasonable
fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines,
penalties, sanctions, and interest incurred as a result of any claim or demand, or Remedial Action required, by any Governmental
Authority or any third party, and which relate to any Environmental Action.

 

“Environmental
Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities.

 

“Equipment”
means equipment (as that term is defined in the Code).

 

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

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

     

     

    

 

“ERISA Affiliate”
means (a) any Person subject to ERISA whose employees are treated as employed by the same employer as the employees of Parent,
Borrower or their Subsidiaries under IRC Section 414(b), (b) any trade or business subject to ERISA whose employees are
treated as employed by the same employer as the employees of Parent, Borrower or their Subsidiaries under IRC Section 414(c),
(c) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any organization subject to ERISA that
is a member of an affiliated service group of which Parent, Borrower or any of their Subsidiaries is a member under IRC Section 414(m),
or (d) solely for purposes of Section 412 of the IRC, any Person subject to ERISA that is a party to an arrangement with
Parent, Borrower or any of their Subsidiaries and whose employees are aggregated with the employees of Parent, Borrower or their
Subsidiaries under IRC Section 414(o).

 

“ERISA Event”
means any one or more of the following: (a) any reportable event, as defined in Section 4043 of ERISA, with respect to
a Benefit Plan, as to which the PBGC has not waived under subsection.22,.23,.25,.27 or.28 of PBGC Regulation Section 4043
the requirement of Section 4043(a) of ERISA that it be notified of such event; (b) the filing of a notice of intent
to terminate any Benefit Plan, if such termination would require material additional contributions in order to be considered a
standard termination within the meaning of Section 4041(b) of ERISA, the filing under Section 4041(a)(2) of
ERISA of a notice of intent to terminate any Benefit Plan or the termination of any Benefit Plan under Section 4041(c) of
ERISA; (c) the institution of proceedings, or the occurrence of an event or condition which would reasonably be expected to
constitute grounds for the institution of proceedings by the PBGC under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Benefit Plan; (d) the failure to make a required contribution to any Benefit Plan
that would result in the imposition of a lien or other encumbrance under Section 430 of the IRC or Section 303 or 4068
of ERISA, or the arising of such a lien or encumbrance; the failure to satisfy the minimum funding standard under Section 412
of the IRC or Section 302 of ERISA, whether or not waived; or the filing of any request for or receipt of a minimum funding
waiver under Section 412 of the IRC with respect to any Benefit Plan, or that such filing may be made; or a determination
that any Benefit Plan is, or is expected to be, considered an at-risk plan within the meaning of Section 430 of the IRC or
Section 303 of ERISA; Parent, Borrower, any Restricted Subsidiary or any ERISA Affiliate incurring any liability under Section 436
of the IRC, or a violation of Section 436 of the IRC with respect to a Benefit Plan; or the failure to make any required contribution
to a Multiemployer Plan; (e) engaging in a non-exempt prohibited transaction within the meaning of Section 4975 of the
IRC or Section 406 of ERISA with respect to a Benefit Plan; (f) the complete or partial withdrawal of Parent, Borrower,
any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan, the insolvency under Title IV of ERISA of any Multiemployer
Plan; or the receipt by Parent, Borrower, any Restricted Subsidiary or any ERISA Affiliate, of any notice, or the receipt by any
Multiemployer Plan from Parent, Borrower, any Restricted Subsidiary or any ERISA Affiliate of any notice, that a Multiemployer
Plan is in endangered or critical status under Section 432 of the IRC or Section 305 of ERISA; or (g) Parent, Borrower,
a Restricted Subsidiary or an ERISA Affiliate incurring any liability under Title IV of ERISA with respect to any Benefit Plan
(other than premiums due and not delinquent under Section 4007 of ERISA).

 

“EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor person), as in effect from time to time.

 

“Event of Default”
has the meaning specified therefor in Section 8 of the Agreement.

 

“Excluded Swap
Obligation” means, with respect to any Guarantor, (a) any Swap Obligation if, and to the extent that, all or a portion
of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or
any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure
for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations
thereunder (determined after giving effect to any applicable keep well, support, or other agreement for the benefit of such Guarantor
and any and all Guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guaranty of such Guarantor
or the grant of security interest becomes effective with respect to such Swap Obligation or (b) any other Swap Obligation
designated as an “Excluded Swap Obligation” of such Guarantor as specified in any agreement between the relevant
Loan Parties and counterparty applicable to such Swap Obligations. If a Swap Obligation arises under a master agreement governing
more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which
such Guaranty or security interest is or becomes illegal.

 

     

     

    

 

“Fair Market
Value” means the consideration that would be paid by a willing buyer to an unaffiliated willing seller in a transaction
not involving distress or necessity of either party.

 

“FATCA”
has the meaning specified therefor in the definition of Taxes.

 

“Federal Funds
Rate” means, for any period, a fluctuating interest rate per annum equal to, for each day during such period, the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds
brokers, as published for such day (or, if such day is not a Business Day, on the next succeeding Business Day) by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations
(rounded upwards, if necessary, to the next 1/100th of 1%) for such day on such transactions received by Agent from three Federal
funds brokers of recognized standing selected by it.

 

“Fee Letter”
means that certain fee letter, dated April 7, 2020, between Borrower and Agent.

 

“First Amendment”
means that certain First Amendment to Credit Agreement, dated as of June 12, 2020, by and among the Borrower, Parent, the
other Loan Parties party thereto, the Lenders party thereto and the Agent.

 

“First Amendment
Auction Date” has the meaning specified therefor in the First Amendment.

 

“First Amendment
Buyback Amount” means the principal amount of Term Loans purchased by the Borrower or its Affiliates pursuant to the
First Amendment Term Loan Buybacks.

 

“First Amendment
Golden Nugget Note Payment” means the payment of up to $150,000,000, but not more than the First Amendment Buyback Amount,
of principal indebtedness owed to Parent under the Golden Nugget Note made by Golden Nugget to Parent on or around the Amendment
Effective Date.

 

“First Amendment
Signing Date” has the meaning specified in the First Amendment.

 

“First Amendment
Term Loan Buybacks” has the meaning specified therefor in the First Amendment.

 

“Flood Certificate”
means a “Standard Flood Hazard Determination Form” of the Federal Emergency Management Agency and any successor
Governmental Authority performing a similar function.

 

     

     

    

 

“Flood Program”
means collectively, (a) the National Flood Insurance Act of 1968, (b) the Flood Disaster Protection Act of 1973, (c) the
National Flood Insurance Reform Act of 1994 (which comprehensively revised the National Flood Insurance Act of 1968 and the Flood
Disaster Protection Act of 1973), (d) the Flood Insurance Reform Act of 2004 and (e) the Biggert-Waters Flood Insurance
Reform Act of 2012, each as now or hereafter in effect or any successor statute thereto and any and all official rulings and interpretation
thereunder or thereof.

 

“Flood Zone”
means areas having special flood hazards as described in the National Flood Insurance Act of 1968, as amended from time to time,
and any successor statute.

 

“Flow Through
Entity” means an entity that is treated as (i) a partnership not taxable as a corporation, (ii) a grantor trust,
(iii) a disregarded entity, (iv) an “S” corporation or (v) a qualified subchapter “S” subsidiary
for U.S. federal income tax purposes or subject to treatment on a comparable basis for purposes of state, local or foreign tax
law.

 

“Foreign Lender”
means any Lender or Participant that is not a United States person within the meaning of IRC Section 7701(a)(30).

 

“Foreign Subsidiary
Holding Company” has the meaning specified therefor in Section 5.11(a) of the Agreement.

 

“Foreign Restricted
Subsidiary” means any Restricted Subsidiary of Borrower that is not organized under the laws of the United States or
any state of the United States or the District of Columbia.

 

“Funding Date”
means the date on which an incurrence of Loans occurs.

 

“Funding Losses”
has the meaning specified therefor in Section 2.12(b)(ii) of the Agreement.

 

“GAAP”
has the meaning specified therefor in Section 1.2 of the Agreement; provided, however, all calculations
relative to liabilities shall be made without giving effect to Statement of Financial Accounting Standards No. 159 (or any
similar accounting principle permitting a Person to value its financial liabilities at the fair value thereof).

 

“Gaming Authorities”
means any agency, authority, board, bureau, commission, department, office or instrumentality of any nature whatsoever of the United
States of America or foreign government (including Native American governments), any state, province, city, or other political
subdivision thereof, whether now or hereafter existing, or any officer or official thereof, including, without limitation, any
other agency with authority to regulate any gaming operation (or proposed gaming operation) owned, managed or operated by any Loan
Party or its Subsidiaries, including without limitation, the City of Las Vegas, the Clark County Liquor and Gaming Licensing Board,
the Louisiana Gaming Control Board, the Louisiana Department of Public Safety and Corrections, Office of State Police, Gaming Enforcement
Section, the Louisiana Office of Alcohol and Tobacco Control, the New Jersey Casino Control Commission and Division of Gaming Enforcement,
the Mississippi Gaming Commission and the Mississippi Department of Revenue.

 

“Gaming Business”
means the business and operations of Borrower and its Restricted Subsidiaries with respect to, and the properties and assets of
Borrower and its Restricted Subsidiaries used in connection with, any casino (including riverboat casinos), hotel casino or gaming
business now or in the future owned by Borrower or any of its Restricted Subsidiaries or in which Borrower or any of its Restricted
Subsidiaries has an interest either through a joint venture or as a party to a management agreement.

 

     

     

    

 

“Gaming Collateral”
means (x) the Capital Stock of Borrower and any Restricted Subsidiary of Borrower that directly or indirectly owns a Gaming
Business or (y) any other Collateral used in a Gaming Business.

 

“Gaming Laws”
means all applicable federal, state and local laws, rules and regulations and ordinances pursuant to which the Gaming Authorities
possess regulatory, licensing or permit authority over the ownership or operation of gaming facilities.

 

“Gaming License”
means any grant of interim authorization, qualification or determination and any finding of suitability, registration, license
(including any conditions thereto), franchise or other approval or authorization issued by or from any Gaming Authority under Gaming
Laws that is required to own, lease, operate or otherwise conduct or manage the gaming activities of Borrower and its Restricted
Subsidiaries in any state or jurisdiction in which Borrower or any of its Restricted Subsidiaries conducts business.

 

“Gaming Property”
means each property described on Schedule G-2.

 

“GNOG
LLC” has the meaning specified therefor in Section 6.6(b) of this Agreement.

 

“Golden Nugget”
means Golden Nugget, LLC, a Nevada limited liability company.

 

“Golden Nugget
Note” means the note issued by Golden Nugget, LLC to Parent under the Note Purchase Agreement.

 

“Golden Nugget
Note Purchase Agreement” means the Note Purchase Agreement, dated as of April 28, 2020, by and among Parent, as
the purchaser and Golden Nugget, as the issuer.

 

“Governing Documents”
means, with respect to any Person, the certificate or articles of incorporation, by-laws, or other organizational documents of
such Person.

 

“Governmental
Authority” means any federal, state, local, or other governmental or administrative body, instrumentality, board, department,
or agency (including, without limitation, any Gaming Authority and Liquor Authority) or any court, tribunal, administrative hearing
body, arbitration panel, commission, or other similar dispute-resolving panel or body.

 

“Granting Lender”
has the meaning specified therefor in Section 13.1(l) of the Agreement.

 

“Guarantors”
means (a) Parent, (b) each wholly-owned Restricted Subsidiary of Borrower (other than (x) any Immaterial Subsidiary
(except to the extent provided in Section 5.11(b) or (d) of the Agreement), (y) any CFC or Foreign
Subsidiary Holding Company in existence on the Closing Date (except to the extent provided in Section 5.11(d) of
the Agreement) and (z) any Restricted Subsidiary that is not required to become a Guarantor pursuant to Section 5.11
of the Agreement (but otherwise subject to Section 5.11(d) of the Agreement)), and (c) any other guarantor
of the Obligations, and “Guarantor” means any one of them. Schedule G-1 specifies all Guarantors as of
the Closing Date.

 

“Guaranty”
means that certain general continuing guaranty, dated as of even date with the Agreement, executed and delivered by each extant
Guarantor in favor of Agent, for the benefit of the Lender Group and the Bank Product Providers, in the form of Exhibit D.

 

     

     

    

 

“Hazardous Materials”
means (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable laws or regulations
as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,”
or any other formulation intended to define, list, or classify substances by reason of deleterious properties such as ignitability,
corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil, petroleum,
or petroleum derived substances, natural gas, natural gas liquids, synthetic gas, drilling fluids, produced waters, and other wastes
associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable
substances or explosives or any radioactive materials, and (d) asbestos in any form or electrical equipment that contains
any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million.

 

“Hedge Agreement”
means a “swap agreement” as that term is defined in Section 101(53B)(A) of the Bankruptcy Code.

 

“Hedge Obligations”
means any and all obligations or liabilities, whether absolute or contingent, due or to become due, now existing or hereafter arising,
of Parent, Borrower or any of their Restricted Subsidiaries arising under, owing pursuant to, or existing in respect of Hedge Agreements
entered into with one or more of the Bank Product Providers; provided, however, that the term “Hedge Obligations”
shall specifically exclude Excluded Swap Obligations of Parent, Borrower or any of their Restricted Subsidiaries.

 

“Holdout Lender”
has the meaning specified therefor in Section 14.2(a) of the Agreement.

 

“IGaming Business”
means the internet gaming (casino and sports wagering) business to be conducted by Borrower.

 

“Immaterial
Subsidiary” means, at any date of determination, any direct or indirect Restricted Subsidiary of Borrower that (a) does
not own or possess any assets (including Equity Interests in any Person) having a Fair Market Value in excess of $100,000 in the
aggregate as of the last day of the Test Period most recently ended on or prior to the date of determination and (b) has gross
revenues for such Test Period not in excess of $100,000 as of the last day of the Test Period most recently ended on or prior to
the date of determination, in each case determined in accordance with GAAP; provided, however, a Restricted Subsidiary
of Borrower that (x) no longer meets the foregoing requirements of this definition or is otherwise required to become a Loan
Party pursuant to Section 5.11(b) or (d) of the Agreement or (y) guarantees or otherwise provides direct
credit support for any Indebtedness of Borrower or any other Loan Party, in each case, shall no longer constitute an Immaterial
Subsidiary for purposes of the Agreement. Schedule I-2 specifies all Immaterial Subsidiaries as of the Closing Date.

 

“Indebtedness”
as to any Person means (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced
by bonds, debentures, notes or other similar instruments and all reimbursement or other obligations in respect of letters of credit,
bankers acceptances, or other financial products, (c) all obligations of such Person as a lessee under Capital Leases, (d) all
obligations or liabilities of others secured by a Lien on any asset of such Person, irrespective of whether such obligation or
liability is assumed, (e) all obligations of such Person to pay the deferred purchase price of assets (other than trade payables
incurred in the ordinary course of business and repayable in accordance with customary trade practices), (f) all obligations
of such Person owing under Hedge Agreements (which amount shall be calculated based on the amount that would be payable by such
Person if the Hedge Agreement were terminated on the date of determination), (g) any Prohibited Preferred Stock of such Person,
and (h) any obligation of such Person guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed,
co-made, discounted, or sold with recourse) any obligation of any other Person that constitutes Indebtedness under any of clauses
(a) through (g) above. For purposes of this definition, (i) the amount of any Indebtedness represented by a guaranty
or other similar instrument shall be the lesser of the principal amount of the obligations guaranteed and still outstanding and
the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Indebtedness,
and (ii) the amount of any Indebtedness described in clause (d) above shall be the lower of the amount of the obligation
and the Fair Market Value of the assets of such Person securing such obligation.

 

     

     

    

 

“Indemnified
Liabilities” has the meaning specified therefor in Section 10.3 of the Agreement.

 

“Indemnified
Person” has the meaning specified therefor in Section 10.3 of the Agreement.

 

“Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under
any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria,
compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

 

“Intercompany
Subordination Agreement” means an intercompany subordination agreement, dated as of even date with the Agreement, executed
and delivered by Parent, Borrower, each of Borrower’s Subsidiaries and Agent, in the form of Exhibit E.

 

“Interest Period”
means, with respect to each LIBOR Rate Loan, a period commencing on the date of the making of such LIBOR Rate Loan (or the continuation
of a LIBOR Rate Loan or the conversion of a Base Rate Loan to a LIBOR Rate Loan) and ending 1, 2, 3 or 6 (or, if agreed to by all
Lenders under the applicable Tranche of Loans, 12) months thereafter; provided, however, that (a) interest shall
accrue at the applicable rate based upon the LIBOR Rate from and including the first day of each Interest Period to, but excluding,
the day on which any Interest Period expires, (b) any Interest Period that would end on a day that is not a Business Day shall
be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest
Period shall end on the next preceding Business Day, (c) with respect to an Interest Period that begins on the last Business
Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such
Interest Period), the Interest Period shall end on the last Business Day of the calendar month that is 1, 2, 3, 6 or 12 months
after the date on which the Interest Period began, as applicable, and (d) Borrower may not elect an Interest Period for any
Tranche of Loans which will end after the Maturity Date for such Tranche of Loans.

 

“Intermediate
Holdings” has the meaning specified therefor in Section 6.3(d)(i)(x) of the Agreement.

 

“Inventory”
means inventory (as that term is defined in the Code).

 

“Investment”
means, with respect to any Person, any investment by such Person in any other Person (including Affiliates) in the form of loans,
guarantees, advances, capital contributions (excluding (a) commission, travel, and similar advances to officers and employees
of such Person made in the ordinary course of business, and (b) bona fide Accounts arising in the ordinary course of business
consistent with past practice), or acquisitions of Indebtedness, Capital Stock, other Equity Interests, or all or substantially
all of the assets of such other Person (or of any division or business line of such other Person) (including any Acquisition),
and any other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.

 

“IRC”
means the Internal Revenue Code of 1986, as amended.

 

“Jefferies Finance”
has the meaning specified therefor in the preamble to the Agreement.

 

“Joint
Arrangers” means Jefferies Finance LLC, Coöperatieve Rabobank U.A., New
York Branch, Keybanc Capital Markets Inc. and
Citizens Bank, N.A., each in their capacity as lead arrangers and bookrunners.

 

     

     

    

 

“Joint Arranger-Related
Persons” means the Joint Arrangers, together with its Affiliates, officers, directors, employees, attorneys, and agents.

 

“Junior Financing”
means any Indebtedness (other than any permitted intercompany Indebtedness owing to Borrower or any Restricted Subsidiary) that
is (a) subordinated in right of payment to the Obligations, (b) secured on a junior basis to the Liens securing the Obligations
or (c) unsecured and incurred in reliance on clauses (d), (e) and (s) of the definition of Permitted Indebtedness.

 

“Landry’s
Gaming” means Landry’s Gaming LLC, a Nevada limited liability company.

 

“Latest Maturity
Date” means, at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment
hereunder at such time, including the latest maturity or expiration date of any Other Term Loan or any Other Term Commitment, in
each case as extended in accordance with the Agreement from time to time.

 

“Lender”
means each financial institution listed on Schedule C-1 and any Person that becomes a “Lender” hereunder
pursuant to Section 2.13, 2.17, 2.18, 13.1 or 14.2. For the avoidance of doubt, from and
after the First Amendment Auction Date, “Lenders” shall include 2020 Initial Term Loan Lenders and the 2020 Buyback
Term Loan Lenders.

 

“Lender Group”
means each of the Lenders and Agent, or any one or more of them.

 

“Lender Group
Expenses” means all (a) costs or expenses (including taxes and insurance premiums) required to be paid by Parent,
Borrower or any of their Restricted Subsidiaries under any of the Loan Documents that are paid, advanced or incurred by the Lender
Group, (b) reasonable out-of-pocket fees or charges paid or incurred by Agent in connection with the Lender Group’s
transactions with Parent, Borrower or any of their Restricted Subsidiaries under any of the Loan Documents, including, fees or
charges for photocopying, couriers and messengers, public record searches (including tax lien, litigation, and UCC searches and
including searches with the patent and trademark office, or the copyright office), filing, recording, publication, appraisal (including
periodic collateral appraisals or business valuations to the extent of the fees and charges (and up to the amount of any limitation)
contained in the Agreement or the Engagement Letter), real estate surveys, real estate title policies and endorsements (up to the
amount of any limitation set forth in the Loan Documents), and environmental audits, (c) out-of-pocket costs and expenses
incurred by Agent in the disbursement of funds to Borrower or other members of the Lender Group (by wire transfer or otherwise),
together with Agent’s customary charges and fees (as adjusted from time to time) with respect thereto, (d) out-of-pocket
charges paid or incurred by Agent resulting from the dishonor of checks payable by or to any Loan Party, (e) reasonable out-of-pocket
costs and expenses paid or incurred by the Lender Group to correct any default or enforce any provision of the Loan Documents,
or during the continuance of an Event of Default, in gaining possession of, maintaining, handling, preserving, storing, shipping,
selling, preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a sale is consummated,
(f) reasonable out-of-pocket audit fees and expenses (including travel, meals, and lodging) of Agent related to any inspections
or audits to the extent of the fees and charges (and up to the amount of any limitation) contained in the Agreement or the Engagement
Letter, (g) reasonable out-of-pocket costs and expenses of third party claims or any other suit paid or incurred by the Lender
Group in enforcing or defending the Loan Documents or in connection with the transactions contemplated by the Loan Documents or
the Lender Group’s relationship with Parent, Borrower or any of their Restricted Subsidiaries, (h) Agent’s and
the Joint Arranger’s reasonable costs and expenses (including reasonable attorney’s fees) incurred in advising, structuring,
drafting, reviewing, administering (including travel, meals, and lodging), or syndicating (including rating the Loans), or amending
the Loan Documents, (i) Agent’s reasonable costs and expenses (including reasonable attorney’s fees) incurred
in amending the Loan Documents, and (j) Agent’s and each Lender’s reasonable costs and expenses (including reasonable
attorneys, accountants, consultants, and other advisors fees and expenses) incurred in terminating, enforcing (including attorneys,
accountants, consultants, and other advisors fees and expenses incurred in connection with a “workout,” a “restructuring,”
or an Insolvency Proceeding concerning Parent, Borrower or any of Restricted Subsidiaries or in exercising rights or remedies under
the Loan Documents), or defending the Loan Documents, irrespective of whether suit is brought, or, during the continuance of an
Event of Default, in taking any Remedial Action concerning the Collateral (provided that, for purposes of this clause (j),
Lender Group Expenses will only include the fees and expenses of (A) counsel representing Agent (including any special counsel
and any local counsel, in each case, in any relevant jurisdiction) and (B) a single counsel representing all of the Lenders
unless representation of all of the Lenders would be inadvisable due to the existence of any actual or potential conflict of interest).

 

     

     

    

 

“Lender Group
Representatives” has the meaning specified therefor in Section 17.9 of the Agreement.

 

“Lender-Related
Person” means, with respect to any Lender, such Lender, together with such Lender’s Affiliates, officers, directors,
employees, attorneys, and agents.

 

“LIBOR Deadline”
has the meaning specified therefor in Section 2.12(b)(i) of the Agreement.

 

“LIBOR Notice”
means a written notice in the form of Exhibit F.

 

“LIBOR Option”
has the meaning specified therefor in Section 2.12(a) of the Agreement.

 

“LIBOR Rate”
means, with respect to any Borrowing of LIBOR Rate Loans for any Interest Period, the higher of (i) (a) the rate per
annum determined by Agent at approximately 11:00 a.m., London, England time, on the second full Business Day preceding the first
day of such Interest Period to be the offered rate that appears on the page of the Reuters Screen LIBOR01 (or any successor
thereto) (or any comparable or successor rate which is approved by Agent, as published on the applicable Bloomberg screen page (or
such other commercially available source providing such quotations as may be designated by Agent from time to time), which displays
the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person that takes over the
administration of that rate or any successor or comparable rate) for deposits in Dollars (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest Period; provided, however, that (x) if no comparable
term for an Interest Period is available, the LIBOR Rate shall be determined using the weighted average of the offered rates for
the two terms most nearly corresponding to such Interest Period and (y) if Reuters Screen LIBOR01 (or any successor thereto
or comparable page thereof as provided above) shall at any time no longer exist, the “LIBOR Rate” shall
be, with respect to each day during each Interest Period pertaining to LIBOR Rate Loans comprising part of the same Borrowing,
the rate per annum equal to the rate at which Agent is offered deposits in Dollars at approximately 11:00 a.m., London, England
time, 2 Business Days prior to the first day of such Interest Period in the London interbank market for delivery on the first day
of such Interest Period for the number of days comprised therein and in an amount comparable to its portion of the amount of such
LIBOR Rate Loan to be outstanding during such Interest Period), divided by (b) a percentage equal to 100% minus the Reserve
Percentage, and (ii) (x) with respect to B Term Loans only, 1.00% per annum and (y) with respect to any Tranche
of Other Term Loans, such percentage as may be agreed to in the respective Refinancing Amendment or Loan Modification Offer, as
applicable.

 

“LIBOR Rate
Loan” means each portion of a Loan that bears interest at a rate determined by reference to the LIBOR Rate.

 

     

     

    

 

“LIBOR Rate
Margin” means a percentage per annum equal to (i) for any day from the Closing Date through the date immediately
preceding the First Amendment Auction Date, (a) in the case of B Term Loans (as defined in the Original Credit Agreement)
maintained as LIBOR Rate Loans, 12.00% and (b) in the case of any Other Term Loans that are maintained as a LIBOR Rate Loan,
that percentage per annum set forth in the respective Loan Modification Offer or Refinancing Amendment, as applicable, (ii) for
any day on and after the First Amendment Auction Date, (a) in the case of 2020 Initial Term Loans maintained as LIBOR Rate
Loans, 12.00%, (b) in the case of 2020 Buyback Term Loans maintained as LIBOR Rate Loans, 12.00% and (c) in the case
of any Other Term Loans that are maintained as a LIBOR Rate Loan, that percentage per annum set forth in the respective Loan Modification
Offer or Refinancing Amendment, as applicable.

 

“Lien”
means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien
(statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement
of any kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a
lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of
the foregoing.

 

“Liquor Authority”
means any agency, authority, board, bureau, commission, department, division, office or instrumentality of any nature whatsoever
of the federal government or any state, county, city or other political subdivision, whether now or hereafter in existence, or
any officer or official thereof, but only to the extent that such agency, authority, board, bureau, commission, department, division,
office or instrumentality possesses the authority to regulate the sale, distribution and possession of alcoholic beverages, by
Borrower or any of its Restricted Subsidiaries.

 

“Liquor Laws”
means all applicable federal, state and local statutes, laws, rules and regulations pursuant to which Liquor Authorities possess
regulatory, licensing or permit authority over the sale, distribution and possession of alcoholic beverages.

 

“Liquor Licenses”
means all licenses, approvals, permits, privileges or other such rights necessary to permit Parent or any of its Restricted Subsidiaries
to sell and dispense alcoholic beverages for on-premises consumption.

 

“Loan”
means each B Term Loan and each Other Term Loan.

 

“Loan Account”
has the meaning specified therefor in Section 2.9 of the Agreement.

 

“Loan Documents”
means the Agreement, the Copyright Security Agreement, the Fee Letter, the Guaranty, the Intercompany Subordination Agreement,
the Mortgages, the Security Agreement, the Trademark Security Agreement, the Patent Security Agreement, any Refinancing Amendment,
any Loan Modification Offer, any note or notes executed by Borrower in connection with the Agreement and payable to any member
of the Lender Group, any intercreditor or subordination agreement entered into by Agent as contemplated by the Agreement, and any
other instrument or agreement entered into, now or in the future, by Parent, Borrower or any of their Restricted Subsidiaries and
the Lender Group (or Agent on behalf thereof) in connection with the Agreement.

 

“Loan Modification
Agreement” means a Loan Modification Agreement, in form reasonably satisfactory to Agent, among Borrower, Agent and one
or more Accepting Lenders, effecting one or more Permitted Amendments and such other amendments hereto and to the other Loan Documents
as are contemplated by Section 2.18 of the Agreement.

 

     

     

    

 

“Loan Modification
Offer” has the meaning assigned to such term in Section 2.18(a) of the Agreement.

 

“Loan Party”
means Borrower or any Guarantor.

 

“Loan Party
Representatives” has the meaning specified therefor in Section 4.17 of the Agreement.

 

“Majority Lenders”
of any Tranche means those Non-Defaulting Lenders which would constitute the Required Lenders under, and as defined in, the Agreement
if all outstanding Obligations of the other Tranches under the Agreement were repaid in full and all Commitments with respect thereto
were terminated.

 

“Make Whole
Amount” means, with respect to any prepayment of B Term Loans made prior to the 24 month anniversary of the Closing Date
pursuant to Section 2.4(d) or Section 2.4(e), or with respect to B Term Loans the principal of which has
become or has been declared to be immediately due and payable prior to the 24 month anniversary of the Closing Date pursuant to
Section 9.1, an amount equal to (A) the present value at such prepayment or acceleration, of (i) 100% of the aggregate
principal amount of the B Term Loans then prepaid or accelerated, plus (ii) all required remaining scheduled interest payments
due on the principal amount of such B Term Loans prepaid through the 24 month anniversary of the Closing Date, minus (B) the
outstanding principal amount of such B Term Loans then prepaid; provided that the Make Whole Amount may in no event be less
than zero. For purposes of this definition, (A) “present value” with respect to each of clauses (A)(i) and
(A)(ii) hereof shall be computed using a discount rate applied quarterly equal to the Treasury Rate as of the date of such
prepayment (or repayment) plus 50 basis points and (B) “Treasury Rate” means, as of any prepayment date, the yield
to maturity as of such prepayment date of United States Treasury securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days
prior to the prepayment date (or, if such Statistical Release is no longer published, any publicly available source of similar
market data)) most nearly equal to the period from the prepayment date to the 24 month anniversary of the Closing Date; provided
that the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year
will be used.

 

“Make Whole
Premium Period” has the meaning specified therefor in Section 2.4(g).

 

“Margin Stock”
has the meaning specified therefor in Regulation U of the Board of Governors of the Federal Reserve System as in effect from time
to time.

 

“Material Adverse
Change” means (a) a material adverse change in the business, operations, results of operations, assets, liabilities
or condition of Parent and its Restricted Subsidiaries, taken as a whole, or Borrower and its Restricted Subsidiaries, taken as
a whole, (b) a material impairment of Parent’s, Borrower’s or any other Loan Party’s ability to perform
their obligations under the Loan Documents to which they are parties or of the Lender Group’s ability to enforce the Obligations
or realize upon the Collateral (including, but not limited to, the ability of the Loan Parties to operate their respective casinos
at the Gaming Properties in accordance with the statement of conditions pertaining to the Primary Gaming Licenses and as required
under the Gaming Laws), or (c) a material impairment of the enforceability or priority of Agent’s Liens with respect
to the Collateral as a result of an action or failure to act on the part of Parent, Borrower or any of their Restricted Subsidiaries,
provided, that for purposes of determining the existence of a Material Adverse Change, any actual or potential impact, direct or
indirect, arising as a result of or related to (or could reasonably be expected to arise out of or result from) COVID-19, shall
be excluded and shall not constitute, result in or otherwise have (or reasonably be expected to constitute, result or otherwise
have) a Material Adverse Change.

 

“Maturity Date”
means, (i) with respect to the 2020 Initial Term Loans, the 2020 Initial Term Loan Maturity Date, (ii) with respect to
the 2020 Buyback Term Loans, the 2020 Buyback Term Loan Maturity Date and (iii) to the relevant Tranche of Loans or Commitments,
the Term Loan Maturity Date or the maturity date specified in any Refinancing Amendment or Loan Modification Offer for the relevant
Tranche of Other Loans, as the case may be.

 

“Maximum Interest”
means, for any period of determination, the highest rate of interest permitted to be paid under the Agreement under any law that
a court of competent jurisdiction shall, in a final and non-appealable determination, deem applicable.

 

     

     

    

 

 

“Minimum Borrowing
Amount” means for each Tranche of Term Loans maintained as (x) Base Rate Loans, $1,000,000 and (y) LIBOR Rate
Loans, $5,000,000.

 

“Minimum Liquidity
Condition” means that the aggregate amount of cash and Cash Equivalents of Borrower and its Restricted Subsidiaries at
such shall equal or exceed $50,000,000.

 

“MNPI”
means material non-public information with respect to Parent or any of its Subsidiaries, or their respective securities.

 

“Moody’s”
has the meaning specified therefor in the definition of Cash Equivalents.

 

“Mortgage Policy”
means a lender’s title insurance policy (Form 2006) or such other form as may be acceptable to Agent.

 

“Mortgages”
means, individually and collectively, one or more mortgages, deeds of trust, or deeds (including a fee, leasehold, Louisiana ship
mortgage and/or first preferred ship mortgage, deed of trust or other document, creating and evidencing a first priority Lien (subject
to Permitted Liens)) to secure debt, in each case including any amendments thereto and/or amendments and restatements thereof,
executed and delivered by any Loan Party in favor of Agent, in form and substance reasonably satisfactory to Agent, that encumber
Real Property Collateral and/or any gaming vessel or riverboat that constitutes Collateral.

 

“Multiemployer
Plan” means any multiemployer plan as defined in Section 4001(a)(3) of ERISA, which is contributed to by (or
to which there is or may be an obligation to contribute of) Parent, Borrower, a Restricted Subsidiary or an ERISA Affiliate, and
each such plan for the five-year period immediately following the latest date on which Parent, Borrower, a Restricted Subsidiary
or an ERISA Affiliate contributed to or had an obligation to contribute to such plan.

 

“Net Cash Proceeds”
means:

 

(a)            with
respect to any sale or disposition by Parent or any of its Restricted Subsidiaries of assets, the amount of cash proceeds actually
received (directly or indirectly) from time to time (whether as initial consideration or through the payment of deferred consideration)
by or on behalf of Parent or any of its Restricted Subsidiaries, in connection therewith after deducting therefrom only (i) the
amount of any Indebtedness secured by any Permitted Lien on any asset (other than (A) the Obligations, (B) Indebtedness
assumed by the purchaser of such asset, (C) [reserved], and (D) secured Credit Agreement Refinancing Indebtedness) which
is required to be, and is, repaid in connection with such sale or disposition, (ii) reasonable fees, commissions, and expenses
related thereto and required to be paid by Parent or such Restricted Subsidiary in connection with such sale or disposition and
(iii) taxes paid or payable to any taxing authorities by Parent or such Restricted Subsidiary in connection with such sale
or disposition, in each case to the extent, but only to the extent, that the amounts so deducted are, at the time of receipt of
such cash, actually paid or payable to a Person that is not an Affiliate of Parent or any of its Restricted Subsidiaries, and are
properly attributable to such transaction; and

 

(b)            with
respect to (x) the issuance or incurrence of any Indebtedness by Parent or any of its Restricted Subsidiaries,(y) the
issuance by Parent of any of its Equity Interests (or capital contributions to its equity) or (z) interest payments received
pursuant to the Parent Intercompany Loan, the aggregate amount of cash actually received (directly or indirectly) from time to
time (whether as initial consideration or through the payment or disposition of deferred consideration) by or on behalf of Parent,
or such Restricted Subsidiary in connection with such issuance or incurrence, after deducting therefrom only (i) reasonable
fees, commissions, underwriting discounts, and expenses related thereto and required to be paid by Parent or such Restricted Subsidiary
in connection with such issuance or incurrence and (ii) taxes paid or payable to any taxing authorities by Parent or such
Restricted Subsidiary in connection with such issuance or incurrence, in each case to the extent, but only to the extent, that
the amounts so deducted are, at the time of receipt of such cash, actually paid or payable to a Person that is not an Affiliate
of Parent or any of its Restricted Subsidiaries, and are properly attributable to such transaction.

 

     

     

    

 

“New Lender”
means, at any time, any bank or other financial institution (including any such bank or financial institution that is a Lender
at such time) that agrees to provide any portion of any Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment
in accordance with Section 2.17 of the Agreement; provided that each New Lender shall be subject to the approval
of Agent and otherwise be eligible to be a Lender hereunder pursuant to Section 13.1 of the Agreement (including by
reason of obtaining all necessary consents hereunder in accordance with the terms thereof).

 

“Non-Accepting
Lender” has the meaning assigned to such term in Section 2.18(c) of the Agreement.

 

“Non-Defaulting
Lender” means and includes each Lender, other than a Defaulting Lender.

 

“Notice of Borrowing”
has the meaning specified therefor in Section 2.3(a) of the Agreement.

 

“Obligations”
means (a) all Loans, debts, principal, interest (including any interest that accrues after the commencement of an Insolvency
Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), premiums,
if any, liabilities (including all amounts charged to the Loan Account pursuant to the Agreement), obligations (including indemnification
obligations), fees (including the fees provided for in the Fee Letter), Lender Group Expenses (including any fees or expenses that
accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a
claim in any such Insolvency Proceeding), guaranties, covenants, and duties of any kind and description owing by any Loan Party
to the Lender Group pursuant to or evidenced by the Agreement or any of the other Loan Documents and irrespective of whether for
the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising,
and including all interest not paid when due and all other expenses or other amounts that Borrower is required to pay or reimburse
by the Loan Documents or by law or otherwise in connection with the Loan Documents and (b) all Bank Product Obligations. Any
reference in the Agreement or in the Loan Documents to the Obligations shall include all or any portion thereof and any extensions,
modifications, renewals, or alterations thereof, both prior and subsequent to any Insolvency Proceeding.

 

“OFAC”
means The Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

“Online Gaming
Operations Agreement” means, both collectively and individually, as the context may require, that certain Online Gaming
Operations Agreement dated as of April 27, 2020, by and among Golden Nugget Atlantic City, LLC, a New Jersey limited liability
company (“GNAC”), as owner, and the Borrower, as operator, and each of the other agreements to be entered into
pursuant to the provisions thereof between or among Borrower, GNAC, and/or GNAC’s Affiliates, including but not limited to
the GN License Agreement, the Shared Services Agreement and the Live Dealer Studio Lease (each as defined in the Online Gaming
Operations Agreement), and in each case as amended, modified, supplemented, restated or amended and restated from time to time.

 

     

     

    

 

“Original Credit
Agreement” means this Agreement, as amended, restated or otherwise modified from time to time prior to the First Amendment
Signing Date.

 

“Originating
Lender” has the meaning specified therefor in Section 13.1(e) of the Agreement.

 

“Other Loans”
means one or more Tranches of Loans that result from a Refinancing Amendment.

 

“Other Term
Commitments” means one or more classes of term loan commitments hereunder that result from a Refinancing Amendment or
a Loan Modification Agreement.

 

“Other Term
Loans” means one or more Tranches of term loans that result from a Refinancing Amendment or a Loan Modification Agreement.

 

“Overpayment”
has the meaning specified therefor in the definition of Permitted Tax Distributions.

 

“Parent”
has the meaning specified therefor in the preamble to the Agreement.

 

“Parent
Intercompany Loan” means the intercompany loan made by the Borrower to Parent on
the Closing Date in an amount not to exceed $300,000,000; provided that on the Amendment Effective Date after giving
effect to the Parent Intercompany Loan Prepayment, the aggregate principal amount of indebtedness outstanding under the Parent
Intercompany Loan is no less than $150,000,000.

 

“Parent Intercompany
Loan Prepayment” means the prepayment of, or credit against, up to $150,000,000 of the outstanding principal balance
of the Parent Intercompany Loan on the Amendment Effective Date.

 

“Participant”
has the meaning specified therefor in Section 13.1(e) of the Agreement.

 

“Participant
Register” has the meaning set forth in Section 13.1(i) of the Agreement.

 

“Patriot Act”
has the meaning specified therefor in Section 4.18 of the Agreement.

 

“Permitted Acquisition”
means any Acquisition so long as:

 

(a)            no
Event of Default shall have occurred and be continuing or would result from the consummation of such proposed Acquisition and such
proposed Acquisition is consensual,

 

(b)            the
assets being acquired or the Person whose Capital Stock is being acquired, are useful in or engaged in, as applicable, the business
of Borrower and its Restricted Subsidiaries otherwise permitted by Section 6.6 of the Agreement,

 

(c)            except
as provided in clause (d) below, the subject assets or Capital Stock, as applicable, are being acquired directly by a Borrower
or one of its Restricted Subsidiaries that is a Loan Party, and, in connection therewith, (x) Borrower or the applicable Loan
Party shall have complied with Section 5.11 or 5.12, as applicable, of the Agreement and (y) in the case
of an acquisition of Capital Stock, the Person being acquired shall become a Loan Party and shall have complied with the requirements
of Section 5.11 and 5.12, as applicable, of the Agreement, and

 

     

     

    

 

(d)            prior
to the consummation of the proposed Acquisition, Borrower shall have delivered to Agent a certificate executed by an Authorized
Person of Borrower, certifying to the best of such officer’s knowledge, compliance with the requirements of preceding clauses
(a) through (c).

 

“Permitted Amendment”
means an amendment to the Agreement and, if applicable the other Loan Documents, effected in connection with a Loan Modification
Offer pursuant to Section 2.18 of the Agreement, providing for an extension of a maturity date applicable to the Loans
and/or Commitments of the Accepting Lenders and, in connection therewith, (a) a change in the Base Rate Margin and LIBOR Rate
Margin and/or modifying the amortization schedule with respect to the Loans and/or Commitments of the Accepting Lenders, (b) a
change in the fees payable to, or the inclusion of new fees to be payable to, the Accepting Lenders, (c) amended covenants
or other provisions shall be substantially identical to or not more favorable (when taken as a whole and as reasonably determined
by Borrower) to the Accepting Lenders than the Indebtedness subject to such Loan Modification Offer and/or (d) other provisions
applicable only to periods after the Latest Maturity Date at the time of such Loan Modification Offer.

 

“Permitted Discretion”
means a determination made in good faith and in the exercise of reasonable (from the perspective of a secured lender) business
judgment.

 

“Permitted Dispositions”
means:

 

(a)            the
use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of the Agreement or the other Loan
Documents,

 

(b)            the
licensing, on a non-exclusive basis, of patents, trademarks, copyrights, and other intellectual property rights in the ordinary
course of business,

 

(c)            the
granting of Permitted Liens,

 

(d)            the
sale or discount, in each case without recourse, of Accounts arising in the ordinary course of business, but only in connection
with the compromise or collection thereof,

 

(e)            any
involuntary loss, damage or destruction of property,

 

(f)             any
involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition
of use of property,

 

(g)            the
leasing or subleasing of assets of Borrower or any of its Restricted Subsidiaries in the ordinary course of business,

 

(h)            the
lapse of registered patents, trademarks and other intellectual property of Borrower and its Restricted Subsidiaries to the extent
not economically desirable in the conduct of their business and so long as such lapse could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change,

 

(i)             sales,
transfers or other dispositions of assets between or among Borrower and its Restricted Subsidiaries that are Loan Parties,

 

(j)             any
issuance of Equity Interests by a Restricted Subsidiary of Parent to Parent or to a Restricted Subsidiary of Parent to the extent
otherwise permitted by the Agreement,

 

     

     

    

 

(k)            the
making of a Restricted Junior Payment that is permitted to be made pursuant to the Agreement,

 

(l)             the
making of a Permitted Investment,

 

(m)            the
sale, abandonment, disposition, lease or sublease of products, inventory, equipment, services, accounts receivable or other assets,
or the granting of any option or other right to purchase, lease or otherwise acquire such assets, in each case, in the ordinary
course of business and any sale or other disposition of assets that are damaged, worn-out, obsolete or otherwise unsuitable for
use or unusable by Borrower or its Restricted Subsidiaries in connection with the conduct of their business as determined in good
faith by Borrower’s chief executive officer, and

 

(n)            dispositions
of assets (other than Accounts, or Capital Stock of Restricted Subsidiaries of Parent (unless, in the case of the Capital Stock
of a Restricted Subsidiary of Borrower, all of the Capital Stock of such Restricted Subsidiary is sold pursuant to this clause
(o))) not otherwise permitted in clauses (a) through (n) above so long as (i) no Event of Default then exists or
would result therefrom, (ii) the consideration received for each such disposition is at least 75% cash or Cash Equivalents
and is received at the closing thereof.

 

“Permitted First
Priority Refinancing Debt” means any secured Indebtedness incurred by Borrower in the form of senior secured revolving
loans, senior secured term loans or one or more series of senior secured notes; provided that (i) such Indebtedness
is secured by the Collateral on an equal priority basis with the Obligations and is not secured by any other assets or property
(unless such other assets or property become Collateral upon the incurrence or issuance of such Indebtedness), (ii) such Indebtedness
constitutes Credit Agreement Refinancing Indebtedness and (iii) a Senior Representative acting on behalf of the holders of
such Indebtedness shall have become party to an intercreditor agreement in form and substance reasonably satisfactory to Agent.
Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

 

“Permitted Holder”
means (a) Tilman J. Fertitta, or (b) any Related Person of Tilman J. Fertitta.

 

“Permitted Indebtedness”
means:

 

(a)            Indebtedness
evidenced by the Agreement and the other Loan Documents,

 

(b)            without
duplication of any Indebtedness addressed in any other clause of this definition of Permitted Indebtedness (and specifically excluding
from inclusion pursuant to this clause (b) any Indebtedness referenced in Schedule 4.19(a) that is already subject
to any limitation or other condition pursuant to any other clause of this definition of Permitted Indebtedness), other Indebtedness
set forth on Schedule 4.19(a) and any Permitted Refinancing Indebtedness in respect of such other Indebtedness,

 

(c)            [reserved],

 

(d)            [reserved],

 

(e)            [reserved],

 

(f)            endorsement
of instruments or other payment items for deposit,

 

     

     

    

 

(g)            Indebtedness
consisting of (i) unsecured guarantees incurred in the ordinary course of business with respect to surety and appeal bonds,
performance bonds, bid bonds, appeal bonds, completion guarantee and similar obligations, (ii) unsecured guarantees arising
with respect to customary indemnification obligations to purchasers in connection with Permitted Dispositions, and (iii) unsecured
guarantees with respect to Indebtedness of Borrower or one of its Restricted Subsidiaries, to the extent that the Person that is
obligated under such guaranty could have incurred such underlying Indebtedness,

 

(h)            Indebtedness
incurred in the ordinary course of business under performance, bid, surety, statutory, and appeal bonds,

 

(i)            Indebtedness
owed to any Person providing property, casualty, liability, or other insurance to Borrower or any of its Restricted Subsidiaries,
so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to
defer the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only
during such year,

 

(j)            the
guarantee by Borrower or any of its Restricted Subsidiaries that are Guarantors of Indebtedness of Borrower or any of its Restricted
Subsidiaries that was permitted to be incurred by another provision of this definition; provided, however, that if
the Indebtedness being guaranteed is subordinated in right of payment to the Obligations, then the guarantee of such Indebtedness
shall be subordinated to the guaranty of the Obligations to the same extent as the Indebtedness being guaranteed,

 

(k)            Indebtedness
under Hedge Agreements that are incurred for the bona fide purpose of hedging the interest rate, commodity or foreign currency
risks associated with Borrower’s and its Restricted Subsidiaries’ operations and not for speculative purposes,

 

(l)            Indebtedness
incurred in respect of credit cards, credit card processing services, debit cards, stored value cards, purchase cards (including
so-called “procurement cards” or “P-cards”), or Cash Management Services, in each case, incurred
in the ordinary course of business,

 

(m)            Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn
against insufficient funds, so long as such Indebtedness is covered within 5 Business Days,

 

(n)            indemnification,
adjustment of purchase price or similar obligations, including title insurance, of Borrower or any of its Restricted Subsidiaries,
in each case incurred in connection with the acquisition or disposition of any assets of Borrower or any of its Restricted Subsidiaries
(other than guaranties of Indebtedness incurred by any Person acquiring all or any such portion of such assets for the purpose
of financing such acquisition),

 

(o)            [reserved,]

 

(p)            Indebtedness
to the extent constituting Permitted Investments,

 

(q)            additional
Indebtedness incurred by Borrower or any of its Restricted Subsidiaries in an aggregate outstanding principal amount not to exceed,
at any one time, $1,000,000,

 

     

     

    

 

(r)            unsecured
Indebtedness owing to Golden Nugget or any of its “Restricted Subsidiaries” (as defined in the Existing Credit Agreement),
which Indebtedness shall be evidenced in writing,

 

(s)            Permitted
First Priority Refinancing Debt, Permitted Second Priority Refinancing Debt and Permitted Unsecured Refinancing Debt and, in each
case, any Permitted Refinancing Indebtedness thereof constituting Indebtedness of Borrower.

 

“Permitted Intercompany
Advances” means loans and expense reimbursements made by (a) a Loan Party to another Loan Party (other than Parent),
(b) a Loan Party to a Restricted Subsidiary of Borrower that is not a Guarantor so long as, as of the date of any such loan
or expense reimbursement, the aggregate amount of all such loans and expense reimbursements made pursuant to this clause (b) during
the preceding 12 month period does not exceed the lesser of (x) $1,000,000 and (y) the aggregate amount of all cash payments
received by Borrower or a Restricted Subsidiary of Borrower that is a Guarantor from Restricted Subsidiaries of Borrower that are
not Guarantors either pursuant to dividends or intercompany loan repayments in such 12 month period, (c) a Restricted Subsidiary
of Borrower that is not a Guarantor to another Restricted Subsidiary of Borrower that is not a Guarantor, and (d) a Restricted
Subsidiary of Borrower that is not a Guarantor to a Loan Party, so long as the parties thereto are party to the Intercompany Subordination
Agreement.

 

“Permitted Investments”
means:

 

(a)            Investments
in cash and Cash Equivalents,

 

(b)            any
Investment in a Person that is a Loan Party (other than Parent) at the time of such Investment,

 

(c)            any
Investment made as a result of the receipt of non-cash consideration from a Permitted Disposition,

 

(d)            the
Transactions,

 

(e)            any
Investments received in compromise or resolution of (i) obligations of trade creditors or customers that were incurred in
the ordinary course of business of Borrower or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization
or similar arrangement upon the bankruptcy or Insolvency Proceeding of any trade creditor or customer or upon the foreclosure or
enforcement of any Lien in favor of Borrower or any of its Restricted Subsidiaries, or (ii) litigation, arbitration or other
disputes,

 

(f)            Investments
represented by Hedge Agreements so long as the incurrence of Indebtedness under the Hedge Agreement constituted Permitted Indebtedness,

 

(g)            loans
or advances to employees made in the ordinary course of business of Borrower or any Restricted Subsidiary of Borrower in an aggregate
principal amount not to exceed $100,000 at any one time outstanding,

 

(h)            advances
to customers or suppliers in the ordinary course of business that are recorded as accounts receivable, prepaid expenses or deposits
on the balance sheet of Borrower or its Restricted Subsidiaries and endorsements for collection or deposit arising in the ordinary
course of business,

 

     

     

    

 

(i)             Investments
in negotiable instruments deposited or to be deposited for collection in the ordinary course of business,

 

(j)             advances
made in connection with purchases of goods or services in the ordinary course of business,

 

(k)            Investments
owned by any Loan Party or any of its Restricted Subsidiaries on the Closing Date and set forth on Schedule P-1,

 

(l)             guarantees
permitted under the definition of Permitted Indebtedness,

 

(m)           Permitted
Intercompany Advances,

 

(n)            Capital
Stock or other securities acquired in connection with the satisfaction or enforcement of Indebtedness or claims due or owing to
a Loan Party or any of its Restricted Subsidiaries (in bankruptcy of customers or suppliers or otherwise outside the ordinary course
of business) or as security for any such Indebtedness or claims,

 

(o)            deposits
of cash made in the ordinary course of business to secure performance of operating leases,

 

(p)            the
Parent Intercompany Loan,

 

(q)            any
Permitted Acquisition or other Investment so long as the aggregate amount for all Investments made pursuant to this clause (s) does
not exceed the Available Amount as in effect immediately before the respective Investment, and

 

(r)             so
long as no Event of Default has occurred and is continuing or would result therefrom, the making of Investments in an aggregate
amount not to exceed at any time outstanding $2,000,000.

 

“Permitted Liens”
means

 

(a)            Liens
granted to, or for the benefit of, Agent to secure the Obligations,

 

(b)            [reserved],

 

(c)            [reserved],

 

(d)            Liens
for taxes, assessments, or other governmental charges or levies that either (i) are not yet delinquent, or (ii) are the
subject of Permitted Protests; provided that any reserve or other appropriate provision as is required in conformity with
GAAP has been made therefor,

 

(e)            judgment
Liens arising solely as a result of the existence of judgments, orders, or awards that do not constitute an Event of Default under
Section 8.3 of the Agreement and in respect of which Parent or any of its Restricted Subsidiaries shall in good faith
be prosecuting an appeal or proceedings for review and in respect of which there shall have been secured a subsisting stay of execution
pending such appeal or proceedings,

 

     

     

    

 

(f)             Liens
set forth on Schedule P-2; provided, however, that to qualify as a Permitted Lien, any such Lien described
on Schedule P-2 shall only secure the Indebtedness that it secures on the Closing Date and any Permitted Refinancing Indebtedness
in respect thereof,

 

(g)            the
interests of lessors under operating leases and licensors of sub-licensors under license agreements,

 

(h)            [reserved],

 

(i)             Liens
arising by operation of law in favor of warehousemen, landlords, carriers, mechanics, materialmen, laborers, or suppliers, incurred
in the ordinary course of business and not in connection with the borrowing of money, and which Liens either (i) are for sums
not yet delinquent, or (ii) are the subject of Permitted Protests; provided that any reserve or other appropriate provision
as is required in conformity with GAAP has been made therefor,

 

(j)             survey
exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that did not arise in
connection with the incurrence of Indebtedness and that do not in the aggregate materially adversely affect the value of the subject
properties or materially adversely impair their use in the operation of the business conducted thereon,

 

(k)            [reserved],

 

(l)             Liens
on amounts deposited to secure Borrower’s and its Restricted Subsidiaries’ obligations in connection with worker’s
compensation or other unemployment insurance,

 

(m)            terminable
or short-term leases or permits for occupancy, in each case entered into in the ordinary course of business, which leases or permits
expressly grant to Borrower or its Restricted Subsidiary the right to terminate them at any time on not more than six months’
notice and do not individually or in the aggregate interfere with the operation of the business of Borrower or its Restricted Subsidiary
or individually or in the aggregate impair the use (for its intended purpose) or the value of the property subject thereto,

 

(n)            bankers’
Liens, rights of setoff and similar Liens existing solely with respect to amounts on deposit in one or more Deposit Accounts or
Securities Accounts maintained by Parent or any of its Restricted Subsidiaries,

 

(o)            Liens
on inventory as security for any drafts or bills of exchange or documents drawn in connection with the importation or storage of
such inventory,

 

(p)            Liens
in favor of banks that arise under Article 4 of the UCC on items in collection and documents relating thereto and proceeds
thereof and Liens arising under Section 2-711 of the UCC,

 

(q)            Liens
on amounts deposited to secure Borrower’s and its Restricted Subsidiaries’ obligations in connection with the making
or entering into of bids, tenders, or leases in the ordinary course of business and not in connection with the borrowing of money,

 

     

     

    

 

(r)             Liens
on amounts deposited to secure Borrower’s and its Restricted Subsidiaries’ obligations with respect to statutory obligations,
surety or appeal bonds, performance bonds, or other obligations of a like nature obtained in the ordinary course of business,

 

(s)            the
interest of licensees with respect to licenses of patents, trademarks, copyrights, and other intellectual property rights in the
ordinary course of business,

 

(t)             Liens
that are replacements of Permitted Liens to the extent that the original Indebtedness is the subject of Permitted Refinancing Indebtedness
and so long as (i) the replacement Liens only encumber those assets that secured the original Indebtedness, and (ii) if
the Lien that is being replaced was the subject of a subordination or intercreditor agreement, the replacement Lien is subject
to a subordination or intercreditor agreement that is at least as favorable to Agent and the Lenders,

 

(u)            Liens
granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance premiums
to the extent the financing is permitted under the definition of Permitted Indebtedness,

 

(v)            pledges
or deposits by Borrower or one of its Restricted Subsidiaries under workers’ compensation laws, unemployment insurance laws
or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness)
or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits as
security for contested taxes or import duties, in each case incurred in the ordinary course of business,

 

(w)            Liens
occurring solely by the filing of a UCC financing statement, which filing has not been authorized by Parent or any Restricted Subsidiary
of Parent,

 

(x)            any
obligations or duties affecting any property of Borrower or any of its Restricted Subsidiaries to any municipality or public authority
with respect to any franchise, grant, license or permit that do not materially impair the use of such property for the purposes
for which it is held,

 

(y)            Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods,

 

(z)            [reserved],

 

(aa)          other
Liens as to which the aggregate amount of the obligations secured thereby does not exceed $1,000,000,

 

(bb)          Liens
securing (A) Permitted First Priority Refinancing Debt and (B) Permitted Second Priority Refinancing Debt; provided (x) if
any such Indebtedness is secured by the Collateral on a pari passu or junior basis with the Liens securing the Obligations, such
Indebtedness shall be subject to an intercreditor agreement in form and substance reasonably satisfactory to Agent and (y) the
Liens securing Permitted Second Priority Refinancing Debt shall be on a junior basis with the Liens securing the Obligations and
subject to an intercreditor agreement in form and substance reasonably satisfactory to Agent, and

 

     

     

    

 

(cc)          restrictions
imposed solely as a matter of applicable Gaming Law (and not resulting from the breach or violation of any Gaming Law) on the transfer,
ownership and operation of Gaming Collateral or any other assets that are subject to Gaming Law.

 

“Permitted Protest”
means the right of Parent or any of its Restricted Subsidiaries to protest any Lien (other than any Lien that secures the Obligations),
taxes (other than payroll taxes or taxes that are the subject of a United States federal tax lien), or rental payment; provided
that (a) a reserve with respect to such obligation is established on Parent’s or its Restricted Subsidiaries’
books and records in such amount as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently
by Parent or its Restricted Subsidiary, as applicable, in good faith, and (c) Agent is satisfied that, while any such protest
is pending, there will be no material impairment of the enforceability, validity, or priority of any of Agent’s Liens.

 

“Permitted Refinancing
Indebtedness” means any Indebtedness of Borrower or any of its Restricted Subsidiaries issued in exchange for, or the
net proceeds of which are used to extend, renew, refund, refinance, replace, defease or discharge other Indebtedness of Borrower
or any of its Restricted Subsidiaries, as applicable (other than intercompany Indebtedness); provided that:

 

(1)            the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount
(or accreted value, if applicable) of the Indebtedness extended, renewed, refunded, refinanced, replaced, defeased or discharged
(plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection
therewith);

 

(2)            such
Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, renewed, refunded,
refinanced, replaced, defeased or discharged;

 

(3)            if
the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment
to the Obligations, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and
is subordinated in right of payment to, the Obligations on terms at least as favorable to the holders of the Obligations as those
contained in the documentation governing the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or
discharged; and

 

(4)            such
Indebtedness is incurred either by Borrower or by the Restricted Subsidiary who is the obligor on the Indebtedness being extended,
renewed, refunded, refinanced, replaced, defeased or discharged.

 

“Permitted Second
Priority Refinancing Debt” means any secured Indebtedness incurred by Borrower in the form of junior lien revolving loans,
junior lien term loans or one or more series of junior lien secured notes; provided that (i) such Indebtedness is secured
by the Collateral on a junior basis with the Obligations and is not secured by any other asset or property (unless such other asset
or property become Collateral upon the incurrence or issuance of such Indebtedness), (ii) such Indebtedness constitutes Credit
Agreement Refinancing Indebtedness and (iii) a Senior Representative acting on behalf of the holders of such Indebtedness
shall have become party to an intercreditor agreement in form and substance reasonably satisfactory to Agent. Permitted Second
Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

 

     

     

    

 

“Permitted Tax Distributions” means: with
respect to each tax year, if Parent, Intermediate Holdings and Borrower
are notis
properly treated as a Flow Through EntitiesEntity,
the distribution by Borrower to Intermediate Holdings and by,
if Intermediate Holdings to Parent or by Parent to any direct or indirect member
of an affiliated group of corporations that files a consolidated U.S. federal tax return with Borrower,is
a Flow Through Entity, the holders of Equity Interests in Intermediate Holdings or
Parent, in an amount necessary to pay the tax liabilities of Parent or
such filing membersuch holder (or any of its
direct or indirect members) that is directly attributable to (or arising as a result of) the operations of Intermediate
Holdings and Borrower and its Restricted Subsidiaries (without
taking into account any depreciation or amortization deductions allocable to such holder (or any of its direct or indirect members)
with respect to its Equity Interests in Borrower or Intermediate Holdings, as applicable), provided that such payments
shall not exceed the amount that Intermediate Holdings and Borrower and
its Restricted Subsidiaries would have been required to pay in respect of federal, state or local taxes, as the case may be, in
respect of such year if Intermediate Holdings and Borrower and its Restricted
Subsidiaries had paid such taxes directly as a stand-alone taxpayer or as an affiliated group of corporations that filed a consolidated
or combined tax return of which Borrower and Intermediate Holdings was
the common parent; provided further that, the Parent shall be able to make distributions with respect to Taxes of its Subsidiaries
(other than Intermediate Holdings and Borrower and its Restricted Subsidiaries)
to the extent such Subsidiaries make payments to Parent in cash.

 

For purposes of such
computation, it will be assumed that any net operating loss carryforwards or other carryforwards or tax attributes, such as alternative
minimum tax carryforwards, that arise in any period will be available to offset taxable income payable in later years (regardless
of any change in status as a Flow Through Entity). Notwithstanding anything to the contrary, the applicable taxable income or taxes
shall not include taxable income or taxes resulting from any change in the status from a Flow Through Entity to an entity taxable
as a corporation. For the avoidance of doubt, Intermediate Holdings and Borrower and its Restricted Subsidiaries shall not
have liability for, or make any payments with respect to, taxes attributable to income or operations of Parent (or income or operations
of any Subsidiary of Parent) other than income or operations of Borrower and its Restricted Subsidiaries.

 

“Permitted Unsecured
Refinancing Debt” means unsecured Indebtedness incurred by Borrower in the form of one or more series of senior unsecured
notes or loans; provided that (i) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness and (ii) such
Indebtedness is not secured by any Lien on any property or assets of Parent, Borrower or any of their Restricted Subsidiaries.
Permitted Unsecured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

 

“Person”
means natural persons, corporations, limited liability companies, limited partnerships, general partnerships, limited liability
partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal
entities, and governments and agencies and political subdivisions thereof.

 

“Pledged Gaming
Interests” has the meaning specified therefore in Section 17.14(a) of the Agreement.

 

“Post-Closing
Agreement” means the Post-Closing Agreement, dated as of even date with the Agreement, by and among the Loan Parties
and Agent, in the form of Exhibit G.

 

     

     

    

 

“Preferred Stock”
means, as applied to the Capital Stock of any Person, the Capital Stock of any class or classes (however designated) that is preferred
with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or
dissolution of such Person, over shares of Capital Stock of any other class of such Person.

 

“Primary Gaming
Licenses” means each property authorization, license, approval, or statement described on Schedule P-3.

 

“Prime Lending
Rate” means, for any day, the prime rate published in The Wall Street Journal for such day; provided that if The
Wall Street Journal ceases to publish for any reason such rate of interest, “Prime Lending Rate” shall mean
the prime lending rate as set forth on the Bloomberg page PRIMBB Index (or successor page) for such day (or such other service
as determined by Agent from time to time for purposes of providing quotations of prime lending interest rates). The Prime Lending
Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer by Agent,
which may make commercial loans or other loans at rates of interest at, above or below the Prime Lending Rate.

 

“Pro Rata Share”
means, as of any date of determination:

 

(a)            with
respect to a Lender’s obligation to make Term Loans under any Tranche and right to receive payments of interest, fees, premium
and principal with respect thereto, (i) prior to the making of such Term Loans, the percentage obtained by dividing (x) such
Lender’s Term Loan Commitment under such Tranche, by (y) the aggregate amount of all Lenders’ Term Loan Commitments
under such Tranche, and (ii) from and after the making of the Term Loans, the percentage obtained by dividing (x) the
outstanding principal amount of such Lender’s Term Loans under such Tranche, by (y) the outstanding principal amount
of the Term Loans of all the Lenders under such Tranche, and

 

(b)            with
respect to all other matters as to a particular Lender (including the indemnification obligations arising under Section 15.7
of the Agreement), the percentage obtained by dividing (x) the outstanding principal amount of such Lender’s Term Loans,
by (y) the outstanding principal amount of the Term Loans of all Lenders.

 

“Prohibited
Preferred Stock” means any Preferred Stock that by its terms is mandatorily redeemable or subject to any other payment
obligation (including any obligation to pay dividends, other than dividends of shares of Preferred Stock of the same class and
series payable in kind or dividends of shares of common Capital Stock) on or before a date that is less than 2 years after the
Latest Maturity Date, or, on or before the date that is less than 2 years after the Latest Maturity Date, is redeemable at the
option of the holder thereof for cash or assets or securities (other than distributions in kind of shares of Preferred Stock of
the same class and series or of shares of common Capital Stock).

 

“Projections”
means Borrower’s forecasted (a) balance sheets, (b) profit and loss statements, and (c) cash flow statements,
all prepared on a basis consistent with Borrower’s historical financial statements, together with appropriate supporting
details and a statement of underlying assumptions.

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

 

     

     

    

 

“Purchase Money
Indebtedness” means Indebtedness (other than the Obligations, but including Capitalized Lease Obligations), incurred
at the time of, or within 90 days after, the acquisition of any fixed assets for the purpose of financing all or any part of the
acquisition cost thereof.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

“QFC Credit
Support” has the meaning specified in Section 17.16.

 

“Qualified IPO”
means the issuance by Parent or any direct or indirect parent of Parent of its common Equity Interests in an underwritten primary
public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration
statement filed with the SEC in accordance with the Securities Act resulting in gross cash proceeds of at least $100,000,000.

 

“Real Property”
means any estates or interests (including any leasehold, fee, mineral or other estate) in real property now or hereafter owned,
leased, operated or acquired by Borrower or its Restricted Subsidiaries, whether by lease, license or other means, together with,
in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment,
all general intangibles and contract rights and other property rights incidental to the ownership, lease or operation thereof (including,
without limitation, each Gaming Property).

 

“Real Property
Collateral” means the Real Property identified on Schedule R-1 and any Real Property hereafter acquired or leased
by Parent or its Restricted Subsidiaries which is (or is required to be) encumbered by a Mortgage pursuant to the terms of the
Agreement.

 

“Record”
means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable
in perceivable form.

 

“Refinanced
Debt” has the meaning assigned to such term in the definition of “Credit Agreement Refinancing Indebtedness.”

 

“Refinancing
Amendment” means an amendment to the Agreement executed by each of (a) Parent, Borrower and the other Loan Parties,
(b) Agent and (c) each New Lender and Lender that agrees to provide any portion of the Credit Agreement Refinancing Indebtedness
being incurred pursuant thereto in accordance with Section 2.17 of the Agreement.

 

“Register”
has the meaning set forth in Section 13.1(h) of the Agreement.

 

“Registered
Equivalent Notes” means, with respect to any notes originally issued in a Rule 144A or other private placement transaction
under the Securities Act of 1933, substantially identical notes (having substantially the same Guarantees) issued in a dollar-for-dollar
exchange therefor pursuant to an exchange offer registered with the SEC.

 

“Registered
Loan” has the meaning set forth in Section 13.1(h) of the Agreement.

 

“Related Fund”
means, with respect to any Lender that is an investment fund, any other investment fund that invests in commercial loans and that
is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

 

     

     

    

 

“Related Person”
means: (a) any immediate family member or descendent of Tilman J. Fertitta, and the heirs, executors and administrators and
beneficiaries of the estate of Tilman J. Fertitta or any such family member; or (b) any trust, corporation, partnership, limited
liability company or other entity, the beneficiaries, stockholders, partners, members, owners or Persons beneficially holding an
80% or more controlling interest of which consist of Tilman J. Fertitta or any Related Person identified in clause (a) above.

 

“Remedial Action”
means all actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate, or in any way address
Hazardous Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened release of Hazardous
Materials so they do not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment,
(c) perform any pre-remedial studies, investigations, or post-remedial operation and maintenance activities, or (d) conduct
any other actions with respect to Hazardous Materials required by Environmental Laws.

 

“Replacement
Lender” has the meaning specified therefor in Section 2.13(b) of the Agreement.

 

“Repricing Event”
means (i) any prepayment or repayment of the B Term Loans with the proceeds of, or any conversion of B Term Loans into, any
new or replacement tranche of term loans bearing interest with an “effective yield” (taking into account, for example,
upfront fees, interest rate spreads, interest rate benchmark floors and original issue discount) less than the “effective
yield” applicable to the B Term Loans (as such comparative yields are determined by Agent in its commercially reasonable
judgment) and (ii) any amendment or other modification or waiver to this Agreement which effectively reduces the “effective
yield” (as determined by Agent in its commercially reasonable judgment) applicable to the B Term Loans, in each case, in
connection with any such prepayment, repayment, amendment or other modification or waiver the primary purpose of which was to cause
such reduction in “effective yield”. Any such determination by Agent as contemplated by preceding clauses (i) and
(ii) shall be conclusive and binding on Borrower and all Lenders holding B Term Loans, absent manifest error; but excluding,
in any such case, any prepayment, repayment or repricing of B Term Loans in connection with (x) a Qualified IPO, (y) any
Change of Control transaction or (z) any Transformative Acquisition. Agent shall not have any liability to any Person with
respect to such determination.

 

“Required Gaming
Approvals” means the following regulatory consents or approvals from Gaming Authorities that are not obtainable until
after the Closing Date, as more specifically described on Schedule 4.15: (i) all approvals from Gaming Authorities of the
State of New Jersey that are necessary under the Gaming Laws of the State of New Jersey to permit Borrower to continue to own and
operate, directly or indirectly, the IGaming Business; and (ii) all approvals from Gaming Authorities of the State of Nevada
that are necessary under the Gaming Laws of the State of Nevada to permit the valid execution, delivery and performance of any
pledge of, or grant of a security interest in, any Pledged Gaming Interests securing any Indebtedness evidenced by this Agreement
or the Golden Nugget Note.

 

“Required Lenders”
means, at any time, Non-Defaulting Lenders whose aggregate Pro Rata Shares (calculated under clause (b) of the definition
of Pro Rata Shares) exceed 50%.

 

“Reserve Percentage”
means, on any day, for any Lender, the maximum percentage prescribed by the Board of Governors of the Federal Reserve System (or
any successor Governmental Authority) for determining the reserve requirements (including any basic, supplemental, marginal, or
emergency reserves) that are in effect on such date with respect to eurocurrency funding (currently referred to as “eurocurrency
liabilities”) of that Lender, but so long as such Lender is not required or directed under applicable regulations to maintain
such reserves, the Reserve Percentage shall be zero.

 

     

     

    

 

“Restricted
Junior Payment” means, as to any Person, to (a) declare or pay any dividend or make any other payment or distribution
on account of such Person’s Equity Interests (including any payment in connection with any merger or consolidation involving
such Person) or to the direct or indirect holders of such Person’s Equity Interests in their capacity as such (other than
dividends or distributions payable in Equity Interests (other than Prohibited Preferred Stock)) or (b) purchase, redeem or
otherwise acquire or retire for value (including in connection with any merger or consolidation involving such Person) any Equity
Interests of such Person or any direct or indirect parent of such Person.

 

“Restricted
Subsidiary” means Intermediate Holdings, Borrower and each Subsidiary of Borrower.

 

“Sanctioned
Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at
the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned
Person” means, at any time, (a) any Person that is the subject of any Sanctions, (b) any Person operating,
organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described
in the foregoing clauses (a) or (b).

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the
U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or
the U.S. Department of State, (b) the United Nations Security Council, (c) the European Union or (d) Her Majesty’s
Treasury of the United Kingdom.

 

“Scheduled Unavailability
Date” has the meaning specified in Section 2.12(g).

 

“SEC”
means the United States Securities and Exchange Commission and any successor thereto.

 

“Securities
Account” means a securities account (as that term is defined in the Code).

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and any successor statute.

 

“Security Agreement”
means a security agreement, dated as of even date with the Agreement, executed and delivered by Borrower and Guarantors to Agent,
in the form of Exhibit H.

 

“Senior Representative”
means, with respect to any series of Permitted First Priority Refinancing Debt, Permitted Second Priority Refinancing Debt, Permitted
Unsecured Refinancing Debt or other Indebtedness, the trustee, administrative agent, collateral agent, security agent or similar
agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case
may be, and each of their successors in such capacities.

 

“Solvent”
means, with respect to any Person on a particular date, (i) the sum of the fair value of the assets, at a fair valuation,
of such Person will exceed its debts, (ii) the sum of the present fair salable value of the assets of such Person will exceed
its debts, (iii) such Person has not incurred and does not intend to incur, and does not believe that it will incur, debts
beyond its ability to pay such debts as such debts mature, and (iv) such Person will have sufficient capital with which to
conduct its businesses. For purposes of this definition, “debt” means any liability on a claim, and “claim”
means (a) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent,
matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured or (b) right to an equitable remedy for
breach of performance if such breach gives rise to a payment, whether or not such right to an equitable remedy is reduced to judgment,
fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured. The amount of contingent liabilities at any
time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability.

 

     

     

    

 

“SPC”
has the meaning specified therefor in Section 13.1(l) of the Agreement.

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of
interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Closing Date, and will
not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally
scheduled for the payment thereof.

 

“Subsidiary”
of a Person means a corporation, partnership, limited liability company, or other entity in which that Person directly or indirectly
owns or controls the shares of Capital Stock having ordinary voting power to elect a majority of the Board of Directors (or appoint
other comparable managers) of such corporation, partnership, limited liability company, or other entity.

 

“Successor
Borrower” has the meaning specified in Section 6.3(a)(iv).

 

“Successor
Holdings” has the meaning specified in Section 6.3(a)(v).

 

“Supported QFC”
has the meaning specified in Section 17.16.

 

“Survey”
means a survey of any Real Property Collateral (and all improvements thereon) which is (a) (i) prepared by a surveyor
or engineer licensed to perform surveys in the state where such Real Property Collateral is located, (ii) dated (or redated)
not earlier than 6 months prior to the date of delivery thereof unless there shall have occurred within 6 months prior to such
date of delivery any exterior construction on the site of such Real Property Collateral or any easement, right of way or other
interest in the Real Property Collateral that has been granted or become effective through operation of applicable legal requirements
or otherwise with respect to such Real Property Collateral which, in either case, can be depicted on a survey, in which events,
as applicable, such survey shall be dated (or redated) after the completion of such construction or if such construction shall
not have been completed as of such date of delivery, not earlier than 20 days prior to such date of delivery, or after the grant
or effectiveness of any such easement, right of way or other interest in the Real Property Collateral or, in each case, dated such
other date as may be reasonably acceptable to Agent, (iii) certified by the surveyor (in a manner reasonably acceptable to
Agent) to Agent and a title company retained by Borrower and reasonably acceptable to Agent, (iv) complying in all respects
with the minimum detail requirements of the American Land Title Association or such other requirements as are in effect on the
date of preparation of such survey and (v) sufficient for the title company to remove all standard survey exceptions from
the Mortgage Policy relating to such Real Property Collateral and issue the endorsements of the type required by the definition
of Mortgage Policy or (b) otherwise reasonably acceptable to Agent.

 

“Swap Obligation”
means, with respect to any Guarantor, any Hedge Obligation to pay or perform under any agreement, contract or transaction that
constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“S&P”
has the meaning specified therefor in the definition of Cash Equivalents.

 

“Tax Lender”
has the meaning specified therefor in Section 14.2(a) of the Agreement.

 

     

     

    

 

“Taxes”
means, any taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any
jurisdiction or by any political subdivision or taxing authority thereof or therein with respect to payments hereunder or under
any Loan Documents and all interest, penalties or similar liabilities with respect thereto; provided, however, that
Taxes shall exclude (i) any tax imposed on the net income or net profits of Agent, any Lender, or any Participant (including
any branch profits taxes) and franchise taxes imposed on it, in each case imposed by the jurisdiction (or by any political subdivision
or taxing authority thereof) in which Agent, such Lender, or such Participant is organized or the jurisdiction (or by any political
subdivision or taxing authority thereof) in which Agent’s, such Lender’s, or such Participant’s principal office
is located, or, in the case of any Lender, in which its applicable lending office is located, in each case as a result of a present
or former connection between Agent, such Lender, or such Participant and the jurisdiction or taxing authority imposing the tax
(other than any such connection arising solely from Agent, such Lender, or such Participant having executed, delivered or performed
its obligations or received payment under, or enforced its rights or remedies under the Agreement or any other Loan Document);
(ii) taxes resulting from Agent’s, a Lender’s, or a Participant’s failure to comply with the requirements
of Section 16(c)(i) of the Agreement, (iii) any United States federal withholding taxes that would be imposed
on amounts payable to a Foreign Lender based upon the applicable withholding rate in effect at the time such Foreign Lender becomes
a party to the Agreement (or designates a new lending office), (except that Taxes shall include (A) any amount that such Foreign
Lender (or its assignor, if any) was previously entitled to receive pursuant to Section 16(a) of the Agreement,
if any, with respect to such withholding tax at the time such Foreign Lender becomes a party to the Agreement (or designates a
new lending office), and (B) additional United States federal withholding taxes that may be imposed after the time such Foreign
Lender becomes a party to the Agreement (or designates a new lending office), as a result of a change in law, rule, regulation,
order or other decision with respect to any of the foregoing by any Governmental Authority) and (iv) any United States withholding
taxes imposed under Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or
official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal
or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among
Governmental Authorities and implementing such Sections of the IRC (“FATCA”).

 

“Term Loan Commitment”
means, with respect to each Lender, its B Term Loan Commitment and each of its Other Term Commitment, and, with respect to all
Lenders, their B Term Loan Commitments and Other Term Commitments.

 

“Term Loan Maturity
Date” means the 2020 Initial Term Loan Maturity Date, the 2020 Buyback Term Loan Maturity Date or maturity date for such
Tranche of Other Term Loans provided in the Refinancing Amendment or Loan Modification Offer, as applicable.

 

“Term Loan Percentage”
of a Tranche of Term Loans means, at any time, a fraction (expressed as a percentage), the numerator of which is equal to the aggregate
outstanding principal amount of all Term Loans of such Tranche at such time and the denominator of which is equal to the aggregate
outstanding principal amount of all Term Loans of all Tranches at such time.

 

“Term Loans”
means each B Term Loan and each Other Term Loan.

 

“Test Period”
means each period of 4 consecutive fiscal quarters of Borrower then last ended, in each case taken as one accounting period.

 

“Texas Finance
Code” has the meaning specified therefor in Section 2.6(f) of the Agreement.

 

     

     

    

 

“Total Commitment”
means, with respect to each Lender, the sum of each of its Commitments, and, with respect to all Lenders, the sum of their total
Commitments.

 

“Trademark Security
Agreement” has the meaning specified therefor in the Security Agreement.

 

“Tranche”
means the respective facility and commitments utilized in making Loans hereunder. Other Term Commitments and Other Term Loans that
have different terms and conditions shall be construed to be in different Tranches. For the avoidance of doubt, the 2020 Buyback
Term Loans and the 2020 Initial Term Loans are different Tranches hereunder.

 

“Transactions”
means, collectively, (a) the entering into of this Agreement, the other Loan Documents, the making of the B Term Loans, (b) the
purchasing of the Golden Nugget Note by the Parent pursuant to the Golden Nugget Note Purchase Agreement (c) the making of
loans and incurrence of indebtedness pursuant to the Parent Intercompany Loan, (d) the consummation of the Online Gaming Operations
Agreement and (e) the payment of all fees and expenses in connection with the foregoing.

 

“Transformative
Acquisition” means any acquisition by Borrower or any of its Restricted Subsidiaries that (i) is not permitted by
the terms of the Loan Documents immediately prior to the consummation of the such acquisition or (ii) if permitted by the
terms of the Loan Documents immediately prior to the consummation of such acquisition, would not provide Borrower and its Restricted
Subsidiaries with adequate flexibility under the Loan Documents for the continuation and/or expansion of their combined operations
following such consummation, as determined by Borrower acting in good faith.

 

“Type”
means the type of Loan determined with regard to the interest option applicable thereto (i.e., whether a Base Rate Loan or a LIBOR
Rate Loan).

 

“Unfunded Pension
Liability” of any Benefit Plan means the excess of a Benefit Plan’s benefit liabilities under Section 4001(a)(16)
of ERISA over the current value of such Benefit Plan’s assets, determined in accordance with the assumptions used for funding
the Benefit Plan pursuant to Section 412 of the Code for the applicable plan year.

 

“United States”
means the United States of America.

 

“U.S. Special
Resolution Regimes” has the meaning specified in Section 17.16.

 

“U.S. Tax Compliance
Certificate” has the meaning specified therefor in Section 16(c)(A) of the Agreement.

 

“Voidable Transfer”
has the meaning specified therefor in Section 17.8 of the Agreement.

 

“Voting Stock”
means any specified Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the election
of the Board of Directors of such Person.

 

“Weighted Average
Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(1) the sum of the
products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

 

     

     

    

 

(2) the then outstanding
principal amount of such Indebtedness.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.Exhibit 10.17

 

 

 

Certain identified information has
been excluded from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the registrant
if publicly disclosed. [***] indicates that information has been redacted. 

 

 

 

ONLINE GAMING OPERATIONS AGREEMENT

 

between

 

GOLDEN NUGGET ONLINE GAMING, INC.

 

and

 

DANVILLE DEVELOPMENT, LLC

 

November 18, 2020

 

 

 

     

     

    

 

ONLINE GAMING OPERATIONS AGREEMENT

 

This ONLINE GAMING
OPERATIONS AGREEMENT (this “Agreement”), dated as of November 18, 2020 (the “Effective
Date”), is entered into by and between GOLDEN NUGGET ONLINE GAMING, INC., a New Jersey corporation (“GNOG”),
and DANVILLE DEVELOPMENT, LLC, a New York limited liability company (“DD”). GNOG and DD are collectively
referred to herein as the “Parties” and individually as a “Party”.

 

RECITALS

 

A.           GNOG
and its affiliates operate, own, control, manage, and administer various online gaming and betting services.

 

B.           DD
has or will submit an application to the Illinois Gaming Board for a license to own and operate a land-based casino, that will
be located and constructed in Danville, Illinois and shall be commonly referred to as the Golden Nugget Danville (the “Casino”),
and, in connection therewith, DD shall be eligible to become the holder of Operating Licenses (as defined below).

 

C.           As
permitted by IL Gaming Law, DD desires to engage GNOG to host, manage, administer, operate and support, GNOG Gaming Service in
the State of Illinois in accordance with IL Gaming Law (collectively, the “Online Gaming Business”) on
the terms and conditions more particularly set forth below.

 

D.           GNOG
is experienced in the operation of online and mobile casino and sports wagering and wishes to conduct the Online Gaming Business
on the terms and conditions more particularly set forth below.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Article 1

DEFINITIONS AND RULES OF INTERPRETATION.

 

1.1          Defined
Terms. Except as otherwise expressly provided herein, capitalized terms used in this Agreement shall have the following meanings:

 

“Action”
shall mean any action, arbitration, audit, claim, demand, proceeding, hearing, investigation, litigation, or suit (whether civil,
criminal, administrative, judicial, or investigative, whether formal or informal, whether public or private) commenced, brought,
conducted, or heard by or before, or otherwise involving, any Governmental Entity or court or similar body or arbitrator.

 

“Additional
Revenue Share Payments” has the meaning set forth in Section 7.1.3.

 

    1 

     

    

 

“Affiliate”
means, with respect to any Person, any Person directly or indirectly controlling, controlled by, or under common control with such
Person. For purposes of this definition, the term "control" shall mean the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities,
by reason of management authority, by contract, or otherwise. For purposes of this Agreement, no Party shall be deemed an Affiliate
of the other Party.

 

“Agreement”
has the meaning set forth in the preamble of this Agreement.

 

“Audit
Deficiency” has the meaning set forth in Section 7.6.

 

“Bankrupt”
or “Bankruptcy” means with respect to any Person, that

 

such Person (A) makes
a general assignment for the benefit of creditors; (B) files a voluntary bankruptcy petition; (C) becomes the subject
of an order for relief or is declared insolvent in any Governmental Entity bankruptcy or insolvency proceedings; (D) files
a petition or answer seeking a reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief
under any Law; (E) files an answer or other pleading admitting or failing to contest the material allegations of a petition
filed against such Person in a proceeding of the type described in subclauses (A) through (D) of this clause (i); or
(F) seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of such Person or of all or
any substantial part of such Person’s properties, or

 

a proceeding seeking
reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any Law has been commenced
against such Person and 120 days have expired without dismissal thereof or with respect to which, without such Person’s consent
or acquiescence, a trustee, receiver, or liquidator of such Person or of all or any substantial part of such Person’s properties
has been appointed and 90 days have expired without the appointment having been vacated or stayed, or 90 days have expired after
the date of expiration of a stay, if the appointment has not previously been vacated.

 

“Bankruptcy
Laws” means any applicable bankruptcy, insolvency, reorganization, moratorium, or similar Laws affecting creditors'
rights generally.

 

“Business
Day” means any day in which banks are generally open for business in Illinois.

 

“Casino”
has the meaning set forth in the Recitals.

 

“Claim
Notice” has the meaning set forth in Section 12.1.3.

 

“Claims”
has the meaning set forth in Section 12.1.1.

 

“Code”
has the meaning set forth in Section 4.2.3.

 

“Confidential
Information” has the meaning set forth in Section 9.1.

 

“CTRs”
has the meaning set forth in Section 4.2.1.

 

    2 

     

    

 

“DD”
has the meaning set forth in the preamble of this Agreement.

 

“DD Marks”
has the meaning set forth in Section 13.21.

 

“DD Obligations”
means those items in this Agreement, including as set forth in Section 4.1, that are the responsibility of DD.

 

“DD Operating
Agreement” means that certain Amended and Restated Operating Agreement of Danville Development, LLC, dated effective
as of November 18, 2020, by and between Wilmot Gaming Illinois, LLC, a New York limited liability company, and Golden Nugget
Danville, LLC, a Delaware limited liability company.

 

“DD Reimbursed
Expenses” means those costs and fees set forth in detail on Exhibit B attached hereto.

 

“DD Liability
Claim” has the meaning set forth in Section 12.1.1.

 

“Effective
Date” has the meaning set forth in the preamble of this Agreement.

 

“Eligible
Bank” means a full-service, commercial bank chartered under the Laws of the USA and having offices in the state of
Illinois.

 

“Equipment
Room” has the meaning set forth in Section 6.1.

 

“Equipment
Room License” has the meaning set forth in Section 6.1.

 

“Federal
Online Gaming Law” means a USA federal Law that establishes the statutory framework, including authorizing the creation
of necessary rules and regulations, which permits and governs the offering of any real money Internet gaming at a national
and/or an interstate level.

 

“Federal
Sports Wagering Excise Tax” means the federal excise tax imposed upon sports wagering (or the tax rate currently
in effect) and/or any replacement tax.

 

“Force
Majeure” means any event which cannot be controlled, foreseen, or prevented by using reasonable efforts of a Party,
and which materially and adversely affects and delays the performance of such Party of all or any material portion of its obligations
under this Agreement. Such an event includes attacks to the network or any components of the GNOG Gaming Service or Online Gaming
Platform that are out of GNOG’s control notwithstanding adequate security precautions and controls on the part of GNOG, war,
insurrection or civil disorder, military operations or terrorism, quarantine, epidemic, declarations of a health emergency by a
Governmental Entity, national or local emergency, acts or omissions of Governmental Entity, acts of God and natural disasters,
fire, explosion, flood, theft or malicious damages, strike, lockout, and other industrial disputes. Force Majeure shall include
any breach or default by any Third Party under any agreement whereby such Third Party performs or assists with the GNOG Obligations,
provided that GNOG will diligently pursue all commercially reasonable remedies under such agreement with respect to such
third-party breach or default. For purposes of this definition, anything within the control of an Affiliate of a Party shall be
deemed to be within the control of such Party.

 

    3 

     

    

 

“Gaming
Approvals” means any and all required approvals, authorizations, licenses, permits, consents, findings of suitability,
registrations, clearances, exemptions, and waivers of or from any Gaming Authority, including those relating to the offering or
conduct of gaming and gambling activities, or the use of gaming devices, equipment, supplies, and associated equipment in the operation
of a casino or other gaming enterprise (including Online Gaming Services) or the receipt or participation in revenues or revenues
directly or indirectly derived therefrom.

 

“Gaming
Authority” means, collectively, those international, federal, state, local, foreign and other governmental, regulatory,
and administrative authorities, agencies, commissions, boards, bodies, and officials responsible for, having jurisdiction over,
or involved with the regulation of gaming or gaming activities, ancillary functions relating thereto, or the ownership of an interest
in any Person that conducts gaming in any applicable jurisdiction, including within the State of Illinois and the IGB.

 

“Gaming
Tax” means, for any given period, any taxes, fees, assessments or levies assessed based on Internet gaming gross
revenues or wagering as specified in the IL Gaming Law or pursuant to federal Laws imposed by any Governmental Entity which are
based on wagering or gross gaming revenues from time to time, which includes, without limitation, as applicable, (i) taxes,
federal or otherwise, attributable to Online Casino Games and Online Poker Games as part of the GNOG Gaming Service; (ii) taxes,
federal or otherwise, attributable to Online Sports Wagering as part of the GNOG Gaming Service; (iii) the Federal Sports
Wagering Excise Tax, if applicable; and (iv) any replacement or additional tax or other charge in lieu thereof or in lieu
of an increase thereof.

 

“GNOG Brands”
means (I) any trademark, service marks, names, corporate names, trade names, domain names, logos, slogans, trade dress, and
other similar designations of source or origin, together with the goodwill symbolized by any of the forgoing that, in each case,
are used by GNOG in holding itself out to the public for business in connection with Online Casino Games, Online Poker Games and/or
Online Sports Wagering, and (II) the “Golden Nugget” brand.

 

“GNOG”
has the meaning set forth in the Recitals of this Agreement.

 

“GNOG Customer
Data” has the meaning set forth in Section 8.2.1.

 

“GNOG Domain
Names” means, initially, the following domains and such other domains as may be utilized by GNOG from time to time:
goldennuggetsports.com and goldennuggetcasino.com.

 

“GNOG Equipment”
has the meaning set forth in Section 6.1.

 

“GNOG Gaming
Service” means an IL Online Gaming Service, branded under one or more GNOG Brands marketed and offered by GNOG to
IL Participants, which GNOG operates and administers under DD’s Operating Licenses pursuant to this Agreement and utilizing
the Online Gaming Platform.

 

“GNOG Marks”
has the meaning set forth in Section 13.20.

 

    4 

     

    

 

“GNOG Obligations”
has the meaning set forth in Section 3.2.

 

“GNOG Player”
means an IL Participant who has entered into standard terms of use determined by GN to play or engage in the GNOG Gaming Service.

 

“GNOG Liability Claim”
has the meaning set forth in Section 12.1.2.

 

“Go-Live
Date” means the date on which the later of the following occurs: (a) the Parties have received all Governmental
Approvals to conduct real money wagering in the state of Illinois under DD’s Operating Licenses; and (b) the GNOG Gaming
Service is open, available, and approved to conduct business with the general public.

 

“Governmental
Approvals” means, as applicable, all required approvals, authorizations, licenses, permits, consents, findings of
suitability, registrations, exemptions, and waivers of or from any Governmental Entity, including any Gaming Approvals.

 

“Governmental
Entity” means any federal, state, local, or foreign government or any provincial, departmental, or other political
subdivision thereof, or any entity, body, or authority having or asserting executive, legislative, judicial, regulatory, administrative,
or other governmental functions or any court, department, commission, board, bureau, agency, instrumentality, or administrative
body of any of the foregoing, including any Gaming Authority.

 

“Gross
Gaming Revenue” means for any given period (a) with respect to Online Casino Games and Online Sports Wagering,
all amounts wagered by GNOG Players through the GNOG Gaming Service, less all GNOG Player winnings on such Online Casino Games
and Online Sports Wagering and (b) for Online Poker Games (if any), all revenue generated by the GNOG Gaming Service through
utilization of Online Poker Games, including rake and tournament fees, after Player payoffs.

 

“IGB”
means the Illinois Gaming Board.

 

“IL Gaming
Law” means the Illinois Gambling Act of 2019 and the IL State Gaming Regulations, as modified, amended, or supplemented
from time to time.

 

“IL Online
Gaming Services” means any Online Gaming Service approved by the director of the IGB, operated under DD’s Operating
Licenses, and made available to IL Participants pursuant to the IL Gaming Law.

 

“IL Participants”
means those Persons who are permitted, in accordance with the IL Gaming Law and other applicable Gaming Laws, to participate in
IL Online Gaming Services.

 

“IL State
Gaming Regulations” means any applicable regulations (whether interim or final) promulgated by a Governmental Entity
in Illinois pursuant to, or under authority granted by, the IL Gaming Law.

 

“Indemnified
Party” has the meaning set forth in Section 12.1.3.

 

    5 

     

    

 

“Indemnifying
Party” has the meaning set forth in Section 12.1.3.

 

“Infrastructure”
means any physical assets that GNOG, its Affiliates, or Subcontractors directly or indirectly acquires, installs, or maintains
from time to time in order to offer the GN Gaming Service.

 

“Initial
Term” means the period starting on the Go-Live Date and ending on the date that is twenty (20) years following the
Go-Live Date.

 

“Internet”
means the international computer network of interoperable packet switched data networks, including the world-wide web, without
regard to the means (or nature of the device) by which a user accesses the same.

 

“Law”
means any applicable statute, law, regulation, ordinance, rule, judgment, rule of law, order, decree, permit, approval, concession,
grant, franchise, license, agreement, requirement, or other governmental restriction or any similar form of decision of, or any
provision or condition of, any permit, license, or other operating authorization (including any Governmental Approval) issued under
any of the foregoing by, any Governmental Entity having jurisdiction over the matter or matters in question, whether now or hereafter
in effect and in each case as amended (including all of the terms and provisions of the common law of such Governmental Entity),
as interpreted and enforced at the time in question.

 

“Liability
Claim” means a DD Liability Claim or a GNOG Liability Claim, as the context may require.

 

“Material
Change” has the meaning set forth in Section 4.3.2(b).

 

“Minimum
Guarantee” has the meaning set forth in Section 7.1.2.

 

“Minimum
Revenue Share Advance” has the meaning set forth in Section 7.1.3.

 

“Online
Casino Game” means casino-style games of chance (excluding Sports Wagering) offered through the GNOG Gaming Service
under DD’s Operating Licenses whereby participants in such game stake money or goods of monetary value and can win money
or goods of monetary value, including without limitation, any game that: (i) is of a type of game that is played in casinos
(for example: roulette, baccarat, blackjack, bingo, craps, virtual sports, big six wheel, keno, slot machines, mini-baccarat, red
dog, pai gow, and sic bo, or variations thereof); or (ii) any other games which are permitted to be provided under DD’s
Operating Licenses pursuant to IL Gaming Law, as determined by IGB.

 

“Online
Casino Game & Online Poker Game Gross Gaming Revenue” means Gross Gaming Revenue generated by Online Casino
Games and Online Poker Games as part of the GNOG Gaming Service.

 

“Online
Casino Game & Online Poker Game Net Gaming Revenue” means Online Casino Game & Online Poker Game
Gross Gaming Revenue minus the following: [***].

 

    6 

     

    

 

“Online
Gaming Platform” means one or more online, interactive-software products to conduct, support, and maintain the GNOG
Gaming Service from time to time (whether licensed or owned by GNOG), including, (i) software games and applications; (ii) anti-money
laundering, "know-your-customer" and problem-gaming functionality; (iii) player account, back-end registration and
payment/cashier-system functions and components; (iv) responsible gaming controls, (v) back-office tools, (vi) affiliate,
loyalty, and bonus systems; and (vii) remote game servers, each as updated, modified or enhanced from time to time.

 

“Online
Gaming Service” means, as permitted by applicable Gaming Laws, an interactive, online gaming service offered or conducted
via the Internet, mobile, or other remote or electronic device or data network, whereby participants play any games as permitted
by the applicable Gaming Laws, including Online Poker Games, Online Casino Games, and Online Sports Wagering.

 

“Online
Poker Game” means an interactive, online, peer-to-peer poker game offered on a mobile or other remote or electronic
device via the GNOG Gaming Service under DD’s Operating Licenses, whereby participants in such game stake money or goods
of monetary value and can win money or goods of monetary value, but specifically does not include any social gaming.

 

“Online
Sports Wagering” means any online sports wagering offered on a mobile or other remote or electronic device via the
GNOG Gaming Service under DD’s Operating Licenses, whereby participants in such game stake money or goods of monetary value
and can win money or goods of monetary value.

 

“Online
Sports Wagering Gross Gaming Revenue” means Gross Gaming Revenue generated by Online Sports Wagering.

 

“Online
Sports Wagering Net Gaming Revenue” means Online Sports Wagering Gross Gaming Revenue minus the following: [***].

 

“Operating
Licenses” means any and all necessary Gaming Approvals which permit the holder to operate, manage, administer and
make available an IL Online Gaming Service as anticipated by this Agreement.

 

    7 

     

    

 

“Operating
Year” means each twelve (12) calendar month period following the Go-Live Date; provided, however, the first Operating
Year shall commence on the Go-Live Date and end on the end of the twelfth (12th) full calendar month following the Go-Live
Date.

 

“Owed Life
Time Revenue Share” has the meaning set forth in Section 7.1.3.

 

“Paid Life
Time Revenue Share” has the meaning set forth in Section 7.1.3.

 

“Party”
and “Parties” have the meanings set forth in the preamble of this Agreement.

 

“Person”
means any individual, partnership, corporation, limited liability company, association, joint stock company, trust, joint venture,
unincorporated organization, Party, Affiliate, or Governmental Entity.

 

“Player
Incentives” means GNOG-issued promotional incentives actually provided to GNOG Players through the GNOG Gaming Service,
including, without limitation, sign-up bonuses, retention bonuses, tournament prizes (cash and bonuses), redeemed vouchers, cash
credits, free-play (including free spins), poker tournament entry tickets awarded to GNOG Players at no cost (which otherwise would
have been purchased), tournaments dollars, guaranteed tournament prizes in excess of the actual tournament pool, and other bonuses
provided to GNOG Players for future plays on or withdrawal from the GNOG Gaming Service.

 

“Property”
means that certain casino facility to be constructed and referred to as the Golden Nugget Danville.

 

“Renewal Period”
has the meaning set forth in Section 11.2.

 

“Required
GNOG Tax Filings” has the meaning set forth in Section 4.2.3.

 

“Revenue
Share” means the percentage of Online Casino Game & Online Poker Game Net Gaming Revenue, and the percentage
of Online Sports Wagering Net Gaming Revenue, paid to DD pursuant to Section 7.1.1.

 

“Supplier
License” means any and all necessary Gaming Approvals that will permit the holder to provide online business-to-business
services, directly or indirectly, to a holder of an Operating License, for the offering of a branded Online Gaming Service.

 

“Subcontractor”
has the meaning set forth in Section 3.2.

 

“Subordinate
Mezzanine Loan” has the meaning set forth in the DD Operating Agreement.

 

“Tax”
means all taxes (including, without limitation, income, profit, franchise, sales, use, real property, personal property, ad valorem,
excise, employment, social security, and wage withholding taxes) and installments and estimated taxes, assessments, deficiencies,
levies, imposts, duties, withholdings, or other similar charges of every kind, character, and description and any interest, penalties,
or additions to tax imposed thereon or in connection therewith.

 

    8 

     

    

 

“Term”
means the Initial Term, subject to the earlier termination or extension of this Agreement in accordance with the provisions set
forth herein.

 

“Third
Party” means any Person, including a Subcontractor, who is not a Party or such Party's Affiliate, officer, manager,
employee, general partner, or director.

 

“Unsuitable
Person” means a Person, or such Person’s officers, directors, employees, agents, designees or representatives
who is or might be engaged in (or about to be engaged in) any activity or activities, or was in or is involved in any relationship,
which could or does (as determined in the sole, but reasonable, discretion of the relevant Party) jeopardize the other Party’s
or its Affiliate’s Gaming Approvals, including, the Operating Licenses, in the case of DD, or the Supplier License, in the
case of GNOG, or if any such Gaming Approval is threatened to be denied, curtailed, suspended or revoked as a result of such Person.

 

“USA”
means the United States of America, including any state, territory, or possession thereof.

 

“Verification
Checks” means the checks carried out by GN in order to attempt to verify (i) the age, identity, and physical
location at the time of transaction of a potential GN Player and (ii) whether a GN Player is a self-excluded patron prohibited
from conducting any wagering through the GN Gaming Service, all in accordance with IL Gaming Laws. DD hereby recognizes that GNOG
may use Third Party supplier(s) to carry out such Verification Checks.

 

Rules of Interpretation.
In this Agreement, except to the extent otherwise provided or the context otherwise requires: (a) when a reference is made
in this Agreement to an Article or Section, such reference is to an Article or Section of this Agreement unless
otherwise indicated; (b) the table of contents and headings for this Agreement are for reference purposes only and do not
affect in any way the meaning or interpretation of this Agreement; (c) whenever the words "include," "includes,"
or "including" are used in this Agreement, they are deemed to be followed by the words "without being limited to";
(d) the words "hereof," "herein," and "hereunder" and words of similar import, when used in
this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; (e) all terms defined
in this Agreement have the defined meanings when used in any certificate or other document made or delivered pursuant hereto, unless
otherwise defined therein; (f) the definitions contained in this Agreement are applicable to the singular as well as the plural
forms of such terms; (g) any reference to "days" means "calendar days" unless otherwise specified; (h) if
a notice is to be given on a specified day, unless otherwise specifically provided herein, it must be given prior to 11:59 p.m.,
Eastern time; (i) references to a Person are also to its successors and permitted assigns; (j) the use of "or"
is not intended to be exclusive unless expressly indicated otherwise; (k) any reference "$" and "dollars"
is to the lawful money of the USA; (l) except as required by applicable Laws or any Governmental Entity, if any payment or
other delivery requirement becomes due on a date that is not a Business Day, then such due date shall be extended to the next succeeding
Business Day; and (m) unless otherwise expressly provided herein, any agreement, instrument, statute, rule, or regulation
defined or referred to herein or in any agreement or instrument defined or referred to herein means such agreement, instrument,
statute, rule, or regulation as from time to time amended, modified, or supplemented, including (in the case of agreements or instruments)
by waiver or consent and (in the case of statutes, rules and regulations) by succession of comparable successor statutes,
rules, and regulations.

 

    9 

     

    

 

Article 2

LICENSURE

 

2.1          Cooperation.
At all times during the Term, each Party agrees to use commercially reasonable efforts to obtain and maintain all Governmental
Approvals necessary on the part of such Party to consummate the transactions contemplated herein, including cooperating with all
Governmental Entities and timely complying with all filing deadlines and any requests of a Governmental Entity. “Commercially
reasonable efforts” means the efforts that a rational, objective person desirous of achieving a result would use in similar
circumstances to achieve that result as expeditiously as possible.

 

2.2          Supplier
License Application; Operating Licenses Amendment.

 

2.2.1            No
later than ninety (90) days following the date on which DD receives all required Gaming Approvals for the operation of the Casino
(or such later date so long as GNOG is diligently pursuing the actions set forth in this Section 2.2.1), GNOG shall
file with IGB all required applications, documents, and other required information necessary to apply for and obtain a Supplier
License allowing GNOG to provide the GNOG Gaming Service in the State of Illinois. GNOG shall also, at its sole cost and expense,
diligently pursue obtaining all Governmental Approvals with respect to the GNOG Gaming Service, including all testing and certification
of the Online Gaming Platform and related content.

 

2.2.2            No
later than thirty (30) days following execution of this Agreement (or such later date so long as DD is diligently pursuing the
actions set forth in this Section 2.2.2), subject to GNOG’s obligations in Section 2.2.1 above and
to the extent required, DD shall file with IGB all required applications, documents, and other required information necessary to
apply for and obtain Operating Licenses and other regulatory documentation or requests allowing GNOG to operate online gaming sites
necessary to fulfill its obligations hereunder and to grant GNOG the right to host, manage, control, operate, support, and administer,
under DD’s Operating Licenses, the gaming sites pursuant to the GNOG Gaming Service during the Term.

 

2.3          Obligation
to Maintain. During the Term, each of DD and GNOG shall maintain and preserve all of its Gaming Approvals and other Governmental
Approvals required in order to undertake or facilitate its activities under this Agreement, including, as applicable, its Operating
Licenses and Supplier License, and at all times ensure compliance with all applicable Gaming Laws, including the IL Gaming Laws.

 

2.4          Obligation
to Inform. Each Party shall inform the other Party within five (5) Business Days of receipt of any notice, correspondence,
or other information received in connection with any Gaming Authority or Governmental Entity, which reasonably could have a material
adverse impact on the Go-Live Date or obtaining or maintaining, as applicable, its Operating Licenses or Supplier License.

 

2.5          Assistance.
DD shall cooperate and provide reasonable assistance to GNOG and its Subcontractors to the extent reasonably required, practicable,
or necessary to obtain or maintain their Gaming Approvals relating to their activities under this Agreement.

 

    10 

     

    

 

2.6          Casino
Branding. During the Term of this Agreement, DD shall not operate, or permit to be operated, the Casino under any brand other
than “Golden Nugget” so long as IL Gaming Law requires the Online Gaming Business to be operated under the same brand
as a licensee who operates a land-based (i.e., “Brick and Mortar”) casino located in the State of Illinois.

 

Article 3

GNOG Gaming Service

 

3.1          GNOG
Gaming Service. Subject to and in accordance with the terms of this Agreement, DD hereby grants GNOG the exclusive right to
host, manage, control, operate, support, and administer, under DD’s Operating Licenses, the Online Gaming Service during
the Term. The GNOG Gaming Service shall comply with all applicable Laws, including all applicable Gaming Laws and all applicable
privacy, data security, and financial Laws. The offerings in the Online Gaming Service shall be determined by GNOG in its sole
and absolute discretion.

 

3.1.1            [***].

 

3.2          Administration
of the Online Gaming Business. Subject to any limitations imposed by applicable Gaming Laws, and except for the DD Obligations,
GNOG shall manage, administer and control all management decisions concerning, all aspects of the Online Gaming Business, which
may include (a) the development, operation, enhancements, upgrades, updates, fixes, additions, substitutions and replacements
of all or any component thereof; (b) updating, replacing and maintaining the Infrastructure; (c) providing and maintaining
any websites and domain names; (d) determining the features and functionality associated with the GNOG Gaming Service; (e) branding,
marketing and promotion of the GNOG Gaming Service; (f) day-to-day management of the player network, including Verification
Checks, fraud and collusion monitoring and control; (g) management of Player Incentives, loyalty programs and player-related
costs; (h) customer service functions, including prompt resolution of any player disputes; (i) providing the payment
processing system and services appurtenant thereto, including payment of all GNOG Player withdrawals and prompt advance notification
to DD with respect to any cage withdrawals by GNOG customers; (j) promptly providing to DD all information, reports and data
necessary for DD to timely comply with all Gaming Laws and other Laws applicable to DD or respond to any inquiries or investigations
by Gaming Authorities; (k) procuring Third Party vendors and suppliers, (1) operation, management and maintenance of
any studio in connection with GNOG’s implementation of live streamed online games in accordance with Section 4.1.6,
if applicable, and (m) any other required function or service reasonably required or necessary to provide, deliver or operate
the Online Gaming Business in a manner consistent with generally accepted industry practices (collectively, the “GNOG
Obligations”).

 

    11 

     

    

 

3.2.1            Notwithstanding
anything to the contrary in this Agreement, and subject to any Gaming Laws, GNOG shall be entitled to use qualified contractors
or subcontractors to perform or assist with the GNOG Obligations with respect to the GNOG Gaming Service hereunder (each, a “Subcontractor”),
including subcontracting the provision for Online Gaming Platform and the services provided in accordance therewith; provided,
GNOG shall always remain responsible for the performance of its obligations under this Agreement regardless of the fact it has
employed Subcontractors to provide or assist with such service.

 

Article 4.

GAMING AND REGULATORY COMPLIANCE

 

4.1          DD
Obligations. As a result of the GNOG Gaming Service being offered under DD’s Operating License, in addition to the other
obligations of DD under this Agreement, DD shall be responsible for the following at no additional costs or fees to GNOG, other
than as specified as a DD Reimbursed Expense or otherwise specified herein (collectively, the “DD Obligations”):

 

4.1.1            To
obtain and maintain all Gaming Approvals and other Governmental Approvals required to perform its obligations under this Agreement
with respect to the GNOG Gaming Service, including, without limitation, and subject to any reimbursement obligations of GNOG hereunder,
DD’s Operating License;

 

4.1.2            Filing
all reports with the Gaming Authorities required of a holder of an Operating License with respect to the GNOG Gaming Service, including,
without limitation, gross gaming revenue, accounting and financial reports, customer activity and disputes reports, and reports
regarding fraud and collusion. GNOG shall facilitate DD’s satisfaction of its duty herein by timely and reasonably providing
DD with all requisite information, reports, and data in accordance with Section 3.2(j), including preparing the filing
(where feasible);

 

4.1.3            Subject
to reimbursement by DD in accordance with Section 7.4.1 of this Agreement, remitting all Gaming Taxes associated with
the GNOG Gaming Service;

 

4.1.4            Providing
all reasonable access to and reasonable use of DD “key employees” (as defined under IL Gaming Law) to support GNOG’s
applications for, and maintenance of, Governmental Approvals required under IL Gaming Law; provided, however, the
foregoing shall not relieve GNOG of any obligations it may have to provide its own “key employees” as required by IL
Gaming Law in connection with GNOG’s operations under this Agreement; and

 

4.1.5            Any
other obligations required to maintain DD’s Operating Licenses. DD’s Obligations shall at all times be performed in
compliance with applicable Laws, including all applicable Gaming Laws and all applicable privacy, data security, and financial
Laws.

 

    12 

     

    

 

4.1.6            To
the extent permitted under IL Gaming Law, DD shall cooperate with GNOG in connection with implementing live streamed “over
the table” and “live dealer” online games from the Casino; provided that all costs and expenses with respect
to capital improvements and facilities related thereto shall be at GNOG’s sole cost and expenses.

 

4.2          Required
Filings.

 

4.2.1            Currency
Transaction Reports. GNOG shall be responsible for preparing and filing any and all Currency Transaction Reports (“CTRs”)
other than with respect to cash transactions conducted at the DD cage and unless otherwise directed by Governmental Authorities.
DD shall be responsible for preparing and filing any CTRs relating to transactions conducted by DD with GNOG Players at the DD
cage (e.g., cage withdrawals or cage deposits made by GNOG Players).

 

4.2.2            Suspicious
Activity Reports. GNOG shall be responsible for preparing any and all Suspicious Activity Reports-Casinos (“SARCs”)
relating to transactions conducted by GNOG with GNOG Players as required by Law, and promptly delivering such SARCs to DD to be
filed by DD on GNOG’s behalf under the DD taxpayer identification number. For purposes of clarity, with respect to any SARCs
prepared by GNOG and delivered to DD, the GNOG taxpayer identification number will be documented in the SARC narrative relating
to the reported transaction. DD shall be responsible for preparing and filing any SARCs relating to transactions conducted by DD
with GNOG Players at the DD cage (e.g., cage withdrawals or deposits made by GNOG Players).

 

4.2.3            Required
Tax Filings. GNOG shall be responsible for filing (under GNOG’s taxpayer identification number), and accounting to the
appropriate Governmental Entity for, all filings required under applicable provisions of the Internal Revenue Code of 1986, as
amended (the “Code”) and any other applicable federal or state tax Laws in respect of money wagered by
GNOG Players through the GNOG Gaming Service, including without limitation, all 1099 filings, W-2G filings, and filings related
to the Federal Sports Wagering Excise Tax and related payments (collectively, “Required GNOG Tax Filings”).

 

4.2.4            GNOG
Reporting. GNOG shall promptly provide to DD all information reasonably requested by DD from time to time in order for DD to
comply with applicable Laws relating to any of the filings required under this Section 4.2, including without limitation
verification of all Required GNOG Tax Filings, any CTRs or SARCs filed by GNOG. Any information provided by GNOG to DD pursuant
to this Section 4.2.4 (i) shall be expressly subject to the confidentiality provisions of Article 9
of this Agreement, and (ii) shall not be used by DD for the acquisition of customers or for purposes competitive to GNOG.
The restrictions set forth in the prior sentence shall survive any termination or expiration of this Agreement.

 

4.3          Compliance.

 

4.3.1            The
Parties shall reasonably comply with IL Gaming Law with respect to any investigation or licensure conducted by any Gaming Authority
into any activity or personnel associated with the conduct of real money wagering in the State of Illinois.

 

    13 

     

    

 

4.3.2            Changes
in Law.

 

(a)          Monitoring.
The Parties shall work together to monitor any changes to Law, including the IL Gaming Laws and Laws in respect of Tax, that affect
the operation and promotion of the GNOG Gaming Service.

 

(b)          Definition.
[***].

 

(c)          Negotiations.
[***].

 

(d)          Termination.
[***].

 

(e)          Termination
Fees/Reimbursements. [***].

 

(i)            [***].

 

(ii)            [***].

 

4.3.3            GNOG
shall implement Verification Checks that are compliant with the IL Gaming Law.

 

4.3.4            GNOG
shall also be responsible for ensuring that if a GNOG Player has set deposit or betting limits, or limits on play duration, or
time out from play, that any such limits are enforced. GNOG further agrees to implement any additional administrative measures
to monitor game play as required by the IL Gaming Law.

 

4.3.5            Each
Party shall cooperate with any Governmental Entity that has proper jurisdiction over the GNOG Gaming Service under the IL Gaming
Laws or otherwise, if there is any bona fide request for information or investigation in relation to the GNOG Gaming Service to
the extent required by applicable Laws. In such event, the Party that is subject to the request for information or investigation
shall (providing that they are not bound by a duty of confidentiality towards the Governmental Entity making such request or conducting
such investigation) promptly give written notice to the other Party of such request or investigation, providing reasonable details.

 

    14 

     

    

 

4.3.6            GNOG
shall develop (or license or otherwise procure), implement, and maintain data security policies, protocols, and systems, which
may include without limitation firewalls, security patches, anti-virus software, and data encryption processes, designed to reasonably
protect all GNOG Customer Data and other data on the GNOG Gaming Service servers and systems against any data security breaches.
DD shall have the opportunity to review and comment on all GNOG data security measures and any modifications thereto from time
to time; provided, however, DD shall have no obligation to do so, and DD shall have no liability for any such review
and comments provided to GNOG from time to time.

 

4.4          Sports
Event Restriction. DD acknowledges that, in addition to any other sports events for which GNOG is prohibited from accepting
wagers under IL Gaming Laws or pursuant to any restrictions imposed upon GNOG or its Affiliates by the governing body of any sports
league or association (e.g., the National Basketball Association, National Football League, Major League Baseball, or National
Collegiate Athletic Association), GNOG has informed DD that GNOG may not be permitted to accept any wagers on (a) any games
or events involving the NBA Houston Rockets (including other teams with respect to such team’s participation in any such
game or event involving the NBA Houston Rockets); (b) any futures or proposition wagers involving the NBA Houston Rockets;
(c) the individual performance of any member of the NBA Houston Rockets, whether in a single game, a series of games, or all
or part of a season (including futures such as Most Valuable Player Awards); (d) the individual performance of any player
in any game where such player’s opponent is the NBA Houston Rockets; and (e) any other wager which is determined by
GNOG in its sole discretion, based on advice of counsel, to be prohibited by IL Gaming Laws or applicable league rules.

 

GNOG reserves the right to amend its policy
on the type of sports wagers it accepts at any time and from time to time, to the extent that GNOG reasonably determines that such
amendment is required or permissible under applicable Laws or applicable league rules. DD agrees to at all times to comply with
any reasonable policy directives issued by GNOG for purposes of complying with the foregoing.

 

Article 5

ACCOUNTS

 

5.1          Operating
Account. Unless otherwise required by the IGB or in conformance with the IL State Gaming Regulations, GNOG will establish an
operating bank account with an Eligible Bank (designated by GNOG and reasonably approved by DD) for the GNOG Gaming Service in
compliance with IL Gaming Laws (the “GNOG Bank Account”). With respect to the GNOG Bank Account, GNOG
shall be responsible for funding the GNOG Bank Account with all amounts required by GNOG to conduct business through the GNOG Gaming
Service and the Player Funds Security Amount (as defined in Section 5.2 below).

 

    15 

     

    

 

5.2         Player
Funds Security Amount. In addition to any operating funds in the GNOG Bank Account, GNOG will fund such amounts required to
ensure the security of funds held in GNOG Player accounts as required by IL State Gaming Regulations (the “Player Funds
Security Amount”). During the Term and for ninety (90) days following the expiration or termination of this Agreement
(or such longer period as may be required by Gaming Authorities), GNOG will ensure that the balance maintained in the GNOG Bank
Account is at all times greater than the sum of the daily ending cashable balance of all GNOG Player accounts, funds on game, and
pending withdrawals.

 

Article 6

FACILITIES

 

6.1         Equipment
Room License. DD hereby grants to GNOG a limited, revocable, nonexclusive license (the “Equipment Room License”)
to use, upon construction, a portion of the equipment room space at the Property as may be reasonably required by GNOG (the “Equipment
Room”) solely to install, operate, maintain and repair servers, computer racks, computer equipment, software, hardware
and other equipment owned, licensed or leased by GNOG or its designees, associated with GNOG Gaming Service (the “GNOG
Equipment”).

 

6.1.1            DD
agrees that GNOG will have use of, and access to, electrical power, backup generator power, HVAC, fire suppression and redundancies
in the Equipment Room (“Support Facilities”). Any additions or enhancements to Support Facilities will
be at the cost and expense of GNOG pursuant to Section 6.1.2 below. Equipment Room shall adequately house the GNOG
Equipment and allow GNOG to reasonably install, operate, maintain and repair the GNOG Equipment. DD will have the right to require
GNOG to reasonably relocate the GNOG Equipment within the Equipment Room; provided, however, DD will not require GNOG to relocate
the GNOG Equipment on less than sixty (60) days written notice, except in the case of an Emergency. In the event of an Emergency,
DD will use reasonable efforts to provide GNOG immediate notice upon discovery of or identification of such impeding event that
does, or with the passage of time, may keep GNOG from properly utilizing the Equipment Room.  Subject to Section 6.1.2
below, GNOG shall not be responsible for any lease or rental costs for use of the Equipment Room.

 

6.1.2            GNOG
shall, at its sole cost and expense, be responsible for paying for any alterations, improvements or capital expenditures to the
Property, Equipment Room and/or related infrastructure which is either (i) required by IL Gaming Law for the GNOG Equipment,
or (ii) which GNOG may reasonably deem necessary, in either case for the installation and proper operation of the GNOG Equipment
and any other GNOG equipment located in the Equipment Room, including without limitation, additional power supply, additional air-conditioning,
dedicated data circuits, and internet service. All such alterations, improvements or capital expenditures under Section 6.1.2(ii) above
shall be performed at the direction of DD at GNOG’s sole cost and expense. GNOG shall be responsible, at its sole cost and
expense, for the maintenance and repair of any improvements or alterations which solely service GNOG Equipment. Subject to the
terms of this Article 6, DD shall be responsible to maintain and repair Support Facilities which service all equipment located
in the Equipment Room generally.

 

    16

     

    

 

6.1.3            Notwithstanding
anything in this Article 6 to the contrary, GNOG may retain the GNOG Equipment in the Property until the end of sixty
(60) Business Days after the end of the Term or the expiration or earlier termination of this Agreement and retain access to the
Property for the sole purpose of removing the GNOG Equipment. To the extent that GNOG Equipment continues to occupy the Equipment
Room beyond any period permitted under this Agreement, any GNOG Equipment remaining after such period shall be deemed abandoned,
automatically become the property of DD and DD may use or dispose of such GNOG Equipment as DD may determine in its sole and absolute
discretion and at DD’s sole cost.

 

6.2         Anything
in this Agreement to the contrary notwithstanding, and except in the case of gross negligence or willful misconduct of DD, GNOG
hereby waives any and all rights of recovery, claim, action or cause of action against DD, its officers, directors, employees or
agents for any damage to the Equipment Room or GNOG Equipment, by reason of fire, the elements or any other cause which is insurable
under a standard “all risk” property insurance policy on the GNOG Equipment, regardless of cause or origin. The provisions
of this Section 6.2 shall survive the expiration or termination of this Agreement.

 

Article 7

FEES

 

7.1         Revenue
Share.

 

7.1.1            Revenue
Share. For each Operating Year, GNOG shall be obligated to pay to DD an amount equal to [***] of the Online Casino
Game & Online Poker Game Net Gaming Revenue, and an amount equal to [***] of Online Sports Wagering Net Gaming
Revenue, in each case for such Operating Year (“Revenue Share”); provided, that for each Operating Year
until the Minimum Guarantee is satisfied, the Revenue Share shall only be payable as Additional Revenue Share Payments as provided
in Section 7.1.3(c) below. For each Operating Year after satisfaction of the Minimum Guarantee, the Revenue Share
for such Operating Year shall be paid within thirty (30) days following the end of each Operating Year.

 

7.1.2            Minimum
Guarantee. GNOG will guarantee a minimum payment of [***] in aggregate for the Revenue Share during the Term
(“Minimum Guarantee”), payable as provided in Section 7.1.3 below; provided, however, GNOG
shall have a one-time right to terminate for no cause on at least twelve (12) months notice to DD effective on the last day
of Operating Year 5 by paying [***] to DD (the
 “No Cause Termination Fee”) in addition to all other amounts that are due and payable hereunder.

 

7.1.3            Payment
Schedule. The payment schedule of the Minimum Guarantee will be payable in advance as follows (each such payment, a “Minimum
Revenue Share Advance”):

 

(a)            On
the Go-Live Date [***] shall be paid as a credit against amounts outstanding under the Subordinate
Mezzanine Loan or, if the Subordinate Mezzanine Loan has been fully paid by said date, then to DD. Such amount shall
represent the portion of the Minimum Guarantee owed by GNOG for Operating Years 1 and 2.

 

    17

     

    

 

(b)            For
Operating Year 3 and each Operating Year thereafter, GNOG shall pay to DD an amount equal to [***] within thirty (30) days
following the commencement of each such Operating Year until the Minimum Guarantee has been paid in full.

 

(c)            [***].

 

		(i)	[***]

 

		(ii)	[***]

 

[***].

 

    18

     

    

 

7.2         Additional
Fees. At all times during the Term, GNOG shall be obligated to reimburse DD for all DD Reimbursed Expenses (attached hereto
in Exhibit B) incurred by DD in connection with this Agreement, and any other amounts that are made the responsibility
of GNOG under this Agreement on the terms set forth below.

 

7.3         Reports.

 

7.3.1            By
no later than ten (10) days (or sooner if required by Gaming Laws) following the end of each calendar month during the Term
following the Go-Live Date, and in addition to any other reports required by GNOG under this Agreement, GNOG shall provide DD with
a full and accurate statement of revenues generated from the GNOG Gaming Service for the prior calendar month (the “GNOG
Revenue Report”), setting forth in reasonable detail the following: (a) Gross Gaming Revenue generated from
Online Casino Games, Online Poker Games, and Online Sports Wagering, respectively; (b) any permitted deductions from Gross
Gaming Revenue, including, without limitation, GNOG’s calculation of Gaming Taxes owed; (c) GNOG’s calculation
of Net Gaming Revenue generated from the GNOG Gaming Service; and (d) the monthly portion of Revenue Share GNOG owes to DD
for the preceding calendar month, any credits applicable thereto, and the amount due and payable in respect thereof in accordance
with Section 7.1.

 

7.3.2            No
later than fifteen (15) Business Days following DD’s receipt of the GNOG Revenue Report, DD shall deliver a statement to
GNOG that describes in detail reasonably acceptable to GNOG any DD Reimbursed Expenses GNOG owes to DD for the immediately preceding
calendar month.

 

7.4         Monthly
Payments. GNOG’s payment to DD of all undisputed amounts reflected in any invoice is due upon receipt, and, except as
otherwise expressly provided herein, GNOG shall pay to DD all amounts set forth in such corresponding invoice within thirty (30)
days following receipt. Any amount not received by the payment deadline will be subject to interest at the lesser of five percent
(5%) per annum or the maximum rate allowed by Law.

 

7.4.1            Notwithstanding
the payment terms set forth in Section 7.3 (i) invoices specific to IGB investigative fees or other IGB assessments
specifically attributable to GNOG or the GNOG Gaming Service shall be payable to DD within fifteen (15) Business Days following
receipt of invoice therefore, so long as such invoice is promptly delivered to GNOG and (ii) payments by GNOG for Gaming Taxes
owed with respect to the GNOG Gaming Service for the previous calendar month shall be due not later than one (1) Business
day prior to the due date for DD’s payment. The foregoing shall not be subject to dispute or withholding by GNOG for any
reason.

 

7.4.2            Each
payment obligation of GNOG hereunder in respect of periods prior to the expiration or termination of this Agreement shall survive
the same and shall be payable upon such time as is contemplated under this Agreement.

 

    19

     

    

 

7.5         Payment
Method. All payments required under this Article 7 shall be made by means of wire transfer in immediately available
funds to an account DD may indicate pursuant to Section 13.12.

 

7.6         Right
to Audit. . Both Parties will keep and maintain accurate books of account and records covering all transactions relating to
this Agreement. Each Party is entitled at its sole cost and expense, to: (a) audit such books and records up to two (2) times
each calendar year, upon at least thirty (30) days prior written notice to the other Party, or at any time during a calendar year
upon written demand by any Gaming Authority to the extent such demand relates to the other Party’s books and records, in
each case upon at least forty-eight (48) hour notice, by sending an authorized representative, agent, attorney and/or accountant,
during normal business hours, to the then current business address in the USA of the other Party where records are maintained;
and (b) make or cause such authorized representative, agent, attorney or accountant to make copies and summaries of such books
and records for use in auditing only (such books and records and copies and summaries, will be deemed Confidential Information).
Both Parties will retain all such books of account and records for a minimum of seven (7) years following the calendar year
to which they relate. If DD discovers that GNOG underpaid any Revenue Share payments to DD for any period under audit, subject
to any Minimum Revenue Share Advance payment made covering such period (an “Audit Deficiency”), then
(i) GNOG shall promptly pay to DD any such Audit Deficiency and (ii) if such Audit Deficiency is ten percent (10%) or
more and was not due to an error in the invoice provided by DD under Section 7.3.2, (x) GNOG will promptly reimburse
DD for all costs and expenses of such audit and any collection costs and two percent (2%) interest on the Audit Deficiency. DD
will promptly reimburse to GNOG any DD Reimbursed Expenses and/or Revenue Share overpayments DD or GNOG discovers in the audit.

 

Article 8

Ownership

 

8.1         GNOG
Gaming Service and Online Gaming Platform Ownership.

 

8.1.1            DD
acknowledges and agrees that GNOG owns or licenses all right, title, and interest in and to the Online Gaming Platform, GNOG Gaming
Service and Infrastructure, and that other than the rights expressly to DD granted under this Agreement, DD has no rights in and
to the foregoing. The Parties agree that there are and shall be no implied licenses under this Agreement and that GNOG expressly
reserves all rights not expressly granted to DD hereunder.

 

8.1.2            GNOG
hereby grants to DD during the Term a limited, revocable, nonexclusive, royalty-free, non-transferable license (subject to the
IL Gaming Law) to use and access the Online Gaming Platform solely as necessary to carry out DD’s obligations under this
Agreement or under the Gaming Laws.

 

8.1.3            GNOG
will own or license all right, title, and interest in and to any GNOG Domain Names. DD acknowledges and agrees that it shall not
acquire any rights in the foregoing except as expressly granted under this Agreement or other written agreements between the Parties
and GNOG expressly reserves all rights not so expressly granted.

 

    20

     

    

 

8.1.4            DD
acknowledges and agrees that GNOG is the owner or licensee of the GNOG Brands and either GNOG, such licensor or such ultimate owner
of the GN Brands owns all goodwill associated therewith. DD further acknowledges and agrees that its use of the GN Brands, if any,
as expressly provided for under this Agreement, inures to the benefit of GNOG and that DD shall not acquire any rights therein
outside of any separate Agreements that may be in place.

 

8.1.5            DD
may not reverse-engineer, decompile, or disassemble any aspect of the Online Gaming Platform or the GNOG Gaming Service. DD may
not reproduce, display, perform, distribute, sell, modify, or create derivative works based upon any aspect of the Online Gaming
Platform or the GNOG Gaming Service. DD shall not (a) permit any Persons to use any aspect of the Online Gaming Platform or
GNOG Gaming Service except as expressly stated hereunder or as otherwise agreed by the Parties or (b) use any aspect of the
Online Gaming Platform or GNOG Gaming Service in the operation of a service bureau.

 

8.2         Customers
and Data Ownership.

 

8.2.1            GNOG
shall own all information related to the GNOG Players, including personally identifiable information and historical play information
(“GNOG Customer Data”), and DD hereby assigns any and all current and future rights in the GNOG Customer
Data acquired through the GNOG Gaming Service to GNOG; provided, however, that GNOG shall provide to DD any and all GNOG
Customer Data that DD is required to maintain under applicable Gaming Laws under two conditions: (i) nothing contained in
this Section 8.2.1 shall limit GNOG from exploiting the GNOG Customer Data in any way; (ii) nothing contained
in this Section 8.2.1 shall permit DD to use GNOG Customer Data for any purpose other than compliance with applicable
Gaming Laws; (iii) DD shall be responsible for compliance with applicable Laws concerning privacy and personally identifiable
information in connection with its use of GNOG Customer Data; and (iv) GNOG shall only be required to disclose GNOG Customer
Data which includes personally identifiable information as required in order for DD to comply with applicable Gaming Laws. GNOG
and DD will each use commercially reasonable efforts to: (i) in the case of GNOG, encourage GNOG Players to patronize the
DD Casino in Danville, Illinois, and (ii) in the case of DD, encourage Casino customers to patronize the GNOG Gaming
Service; provided, however, all such efforts shall be subject in all respects to applicable privacy policies and privacy laws in
effect from time to time. DD acknowledges and agrees that GNOG Customer Data shall be Confidential Information and it shall not,
and shall not permit any Person to, transfer or disclose any GNOG Customer Data to any other Person: (a) without the prior
written consent of GNOG, which consent may be granted or withheld in GNOG’s sole discretion, or (b) unless required
by Law. Notwithstanding anything contained in this Agreement, DD shall use the GNOG Customer Data only in connection with its obligations
hereunder and shall (i) hold it in strict confidence, (ii) use standard industry practices to keep it secure and (iii) promptly
notify GNOG of any breach and assist GNOG in taking any remedial action reasonably requested by GNOG.

 

    21

     

    

  

8.2.2            Subject
to applicable Laws, GNOG shall be entitled to create, implement, and amend the terms of use and privacy policies for the GNOG Gaming
Service as it deems appropriate. Each Party shall be solely responsible for compliance with all applicable Laws concerning privacy
and personally identifiable information in connection with its use of GNOG Customer Data.

 

Article 9

Confidentiality

 

9.1         Confidentiality.
Each of GNOG and DD acknowledges that it may acquire Confidential Information (as defined below) with respect to the other Party
and the Online Gaming Business. In connection therewith, each Party covenants to refrain from using or disclosing at any time any
such Confidential Information with respect to the other Party except as expressly permitted under this Agreement or to the extent
necessary to fulfill such Party’s duties under this Agreement. Each Party may share the Confidential Information disclosed
by the other Party (the “Disclosing Party”) to such receiving Party (the “Receiving Party”)
with such Receiving Party’s Affiliates, shareholders, members, managers, directors, officers, employees, agents, advisors,
and accountants (collectively, “Representatives”) who need to know such Confidential Information in order
for the Receiving Party to perform its obligations and duties under this Agreement; provided, however, that (i) the
Receiving Party informs such Representatives of the confidential nature of the Confidential Information and (ii) such Representatives
agree to keep such information confidential in accordance with the terms of this Article 9. The Receiving Party will
protect and maintain the confidentiality of the Confidential Information it receives from the Disclosing Party with the same care
it uses to protect and maintain its own Confidential Information, but in no case less than a reasonable degree of care. Notwithstanding
anything in this Agreement to the contrary, the Receiving Party shall be responsible for any action or inaction by any of its Representatives
if such action or inaction could constitute a breach of the obligations of this Article 9 had such action or inaction
been made by the Receiving Party.

 

For purposes of this
Agreement, “Confidential Information” shall mean all information with respect to a Party and its Affiliates
and the Online Gaming Business, including, without limitation, confidential information and trade secrets concerning such business
and other plans, customer names, customer requirements and supplier names, profit formulas and financial plans, disclosed by the
Disclosing Party to the Receiving Party, whether orally or in writing, whether or not labeled as confidential. “Confidential
Information” shall not include information that:

 

(i)            was
available to the general public at the time it was disclosed or becomes available to the general public subsequent to the disclosure
(provided that this exception will not apply if the public disclosure is due to an act or omission of the Receiving Party or its
Representatives);

 

(ii)            was
independently developed by the Receiving Party or its Representatives without any use of or reference to the Disclosing Party’s
Confidential Information; or

 

(iii)            was
properly and legally received from a third party which is not an Affiliate of GNOG or DD and which is not under any duty to the
Disclosing Party not to disclose such information at the time of such disclosure.

 

    22

     

    

 

9.2         Disclosures
Required by Law. The Receiving Party and its Affiliates may disclose information received under this Agreement to the extent
required by applicable Law, an order or requirement of a court, a subpoena or other discovery process (e.g., interrogatories or
requests for the production of documents), or an order or requirement of any Governmental Entity having jurisdiction over the Receiving
Party or any relevant Affiliate); provided, however, that the Receiving Party shall, if legally permitted, provide
prompt notice thereof to the Disclosing Party prior to any such disclosure so that the Disclosing Party can determine whether the
Disclosing Party desires to obtain a protective order or otherwise prevent public disclosure of such information. If the Disclosing
Party seeks a protective order, then the Receiving Party and any relevant Affiliate will provide reasonable cooperation at the
Disclosing Party’s request and expense. In the event that a protective order or other remedy is not obtained, the Receiving
Party and any relevant Affiliate may furnish only that portion of the Confidential Information that is legally required to be disclosed
and shall exercise all commercially reasonable efforts, at the Disclosing Party’s expense, to obtain reliable assurance that
confidential treatment will be accorded such disclosed Confidential Information. Notwithstanding anything to the contrary contained
in this Agreement, this Section 9.2 shall not apply to any audit, examination or inquiry by the Securities and Exchange
Commission, and in no event shall the Receiving Party or its Affiliates be restricted or prohibited from disclosing any information
in connection with the same.

 

9.3         Remedies.
Each of GNOG and DD hereby acknowledges and agrees that the prohibitions against disclosure of Confidential Information recited
herein are in addition to, and not in lieu of, any rights or remedies each may have available to it pursuant to the Laws of any
jurisdiction or common law or judicial precedent to prevent the disclosure of proprietary or Confidential Information, and the
enforcement by any of them of its rights and remedies pursuant to this Agreement shall not be construed as a waiver of any other
rights or available remedies that it may possess in law or equity absent this Agreement. In furtherance of the foregoing and in
addition to any other remedies that may be available in law, in equity or otherwise, Disclosing Party shall be entitled to seek
injunctive relief to prevent any unauthorized use or disclosure of Confidential Information without having to prove damages or
post a bond or other security.

 

9.4         Return
or Destruction of Confidential Information. Upon termination of this Agreement, each Receiving Party agrees to destroy or return
to the Disclosing Party all documents or recorded material of any type (including all copies, extracts or other recordings thereof)
which may be in its possession or under its control and which constitutes (in whole or in part) Confidential Information of such
Disclosing Party; provided, that the Receiving Party and its Representatives may retain (i) Confidential Information
to the extent it is backed up on electronic information management and communications systems or servers in the ordinary course
and is not available to an end user and cannot be expunged without considerable effort and (ii) Confidential Information to
the extent such retention is required by bona fide document retention implemented to comply with applicable Law, regulation or
enforceable professional standards and consistently applied with appropriate access restrictions. Any Confidential Information
so retained shall remain subject to this Article 9 until returned or destroyed.

 

9.5         Non-Waiver.
Each Party acknowledges and agrees that some of the Confidential Information may be subject to certain legal privileges or may
be classified as, or considered to be, a trade secret. Disclosure of Confidential Information is not intended to, and does not
constitute, a waiver of any legal privileges, including, without limitation, attorney-client privilege or work product privilege,
or impair its classification or protection as a trade secret. All obligations arising hereunder with respect to Confidential Information
that constitutes a trade secret under applicable Law shall survive termination of this Agreement until such Confidential Information
no longer constitutes a trade secret.

 

    23

     

    

 

9.6         Survival.
The provisions of this Article 9 shall survive any termination of this Agreement.

 

Article 10

REPRESENTATIONS AND WARRANTIES

 

10.1       Representations
and Warranties of DD. In order to induce GNOG to enter into and perform its obligations under this Agreement and to consummate
the transactions contemplated hereby, DD hereby represents and warrants as of the date hereof to GNOG as follows:

 

10.1.1            Organization.
DD is a limited liability company, duly organized and validly existing under the Laws of the State of New York.

 

10.1.2            Authority
and Validity. DD has the requisite power and authority to execute, deliver and perform its obligations under this Agreement.
The execution and delivery by DD of, and the performance by DD of its obligations under this Agreement have been duly authorized
by the requisite action on its part, including, if necessary, approval of the board of directors of DD’s parent entity. This
Agreement is the valid and binding obligation of DD, enforceable against DD in accordance with its terms, except insofar as enforceability
may be affected by Bankruptcy Laws or by principles governing the availability of equitable remedies.

 

10.1.3            Non-Contravention.
The execution, delivery and performance by DD of this Agreement does not and will not (a) conflict with or violate any provision
of DD’s organizational documents, (b) result in any violation of or breach or default under or loss of rights under
any contract or agreement to which DD is a party or by which it is bound, (c) violate any Law to which DD is subject, or (d) violate,
conflict with or result in a default, right to accelerate or loss of rights under any order, judgment or decree to which DD is
a party or by which it is bound or affected.

 

10.1.4            No
Consents. Except with respect to any applicable Gaming Approval, no material approval of, notice to, or registration, declaration
or filing with, any Governmental Entity is required to be obtained or made by or with respect to DD in connection with the execution,
delivery and performance of this Agreement.

 

10.1.5            No
Litigation. Except as disclosed in writing to GNOG on or before the execution of this Agreement, there is no pending or, to
DD’s actual knowledge, threatened Claims, lawsuits, governmental actions or other proceedings against DD or its assets before
any court, agency or other judicial, administrative or other governmental body or arbitrator which could reasonably be expected
to have a material adverse effect on the GNOG Gaming Service.

 

    24

     

    

 

10.1.6            Permits.
DD has obtained all licenses, authorizations, approvals, consents or permits required by applicable Laws to conduct its business
generally and to perform its obligations under this Agreement.

 

10.2       Representations
and Warranties of GNOG. In order to induce DD to enter into and perform its obligations under this Agreement and to consummate
the transactions contemplated hereby, GNOG hereby represents and warrants as of the date hereof to DD as follows:

 

10.2.1            Organization
and Qualification. GNOG is a limited liability company, duly organized and validly existing under the Laws of the State of
New Jersey.

 

10.2.2            Authority
and Validity. GNOG has the requisite power and authority to execute, deliver and perform its respective obligations under this
Agreement. The execution and delivery by GNOG of, and the performance by GNOG of its obligations under this Agreement have been
duly authorized by the requisite company, corporate, or other such organizational action on its part, including if necessary approval
of the sole manager of GNOG. This Agreement is the valid and binding obligation of GNOG, enforceable against GNOG in accordance
with its terms, except insofar as enforceability may be affected by Bankruptcy Laws or by principles governing the availability
of equitable remedies.

 

10.2.3            Non-Contravention.
The execution, delivery and performance by GNOG of this Agreement does not and will not (a) conflict with or violate any provision
of GNOG’s organizational documents, (b) result in any violation of or breach or default under or loss of rights under
any contract or agreement to which GNOG is a party or by which it are bound, (c) violate any Law to which GNOG is subject,
or (d) violate, conflict with or result in a default, right to accelerate or loss of rights under any order, judgment or decree
to which GNOG is a party or by which it is bound or affected.

 

10.2.4            No
Consents. Except with respect to any applicable Gaming Approval, no material approval of, notice to, or registration, declaration
or filing with, any Governmental Entity is required to be obtained or made by or with respect to GNOG in connection with the execution,
delivery and performance of this Agreement.

 

10.2.5            Cooperation.
Each of the Parties shall reasonably execute and deliver such additional documents, instruments, conveyances, letters, authorizations,
permits, and assurances and take such further actions as may be reasonably required to carry out the provisions of this Agreement,
to give effect to the transactions contemplated by it, and to follow IL Gaming Law and IL State Gaming Regulations.

 

10.3       No
Litigation. Except as disclosed in writing to DD on or before the execution of this Agreement, there is no pending or, to GNOG’s
actual knowledge, threatened Claims, lawsuits, governmental actions or other proceedings against GNOG or its assets before any
court, agency or other judicial, administrative or other governmental body or arbitrator which could reasonably be expected to
have a material adverse effect on the GNOG Gaming Service.

 

    25

     

    

 

Article 11

TERM AND TERMINATION

 

11.1       Commencement
of Term. The Term shall commence on the Go-Live Date and continue for the duration of the Initial Term. Upon request by either
Party, the Parties shall execute a letter confirming the Go-Live Date in the form attached hereto as Exhibit A. Notwithstanding
the foregoing, this Agreement shall terminate (a) upon written notice of a Party exercising its termination rights as set
forth in Section 11.3 or (b) in accordance with Section 13.1.

 

11.2       Intentionally
Omitted.

 

11.3       Termination.

 

11.3.1            Either
GNOG or DD can terminate this Agreement upon written notice to the other Party on the following terms:

 

(a)            subject
to the notice and cure requirements of Section 11.5, upon a material breach of this Agreement by the other Party;

 

(b)            in
the event the other Party or any of its officers, directors or shareholders that are licensed pursuant to the IL Gaming Laws is
or becomes an Unsuitable Person and such event is not cured with thirty (30) days (or such shorter period as may be prescribed
by applicable Gaming Authorities) following written notice from the terminating Party;

 

(c)            in
the event the other Party (i) commences any case, proceeding or other action under any existing or future debtor relief law,
seeking (A) to have an order for relief entered with respect to it, or (B) to adjudicate it as bankrupt or insolvent,
or (C) reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect
to it or its debts, or (D) appointment of a receiver, trustee, custodian, conservator or other similar official for it or
for all or any substantial part of its assets, or (ii) makes a general assignment for the benefit of its creditors;

 

(d)            if
there is commenced against such other Party in a court of competent jurisdiction any case, proceeding or other action of a nature
referred to in clause (c) above which (i) results in the entry of an order for relief or any such adjudication or appointment
or (ii) remains undismissed, undischarged, unstayed or unbonded for thirty (30) days;

 

(e)            in
the event (i) any Governmental Entity institutes, maintains or brings an Action under any Law of the USA seeking to criminally
penalize the offering or conduct of all Online Gaming Services in general, or (ii) the offering or conduct of Online Gaming
Services is otherwise no longer permitted in the State of IL under applicable Laws (including, without limitation, Federal Online
Gaming Law or IL Gaming Law); provided, that such event shall not constitute cause for termination of this Agreement unless
it applies to all components of the GNOG Gaming Service (e.g. Online Sports Wagering, Online Casino Games and Online Poker Games,
as applicable); or

 

    26

     

    

 

(f)            any
Gaming Authority in the State of Illinois disapproves this Agreement or the commercial components thereof, and the Parties, acting
together in good faith, are not able, without materially frustrating the commercial intent of this Agreement, to amend the Agreement
so that the applicable Gaming Authority approves this Agreement in a timely manner.

 

11.4       Effect
of Termination.

 

11.4.1            In
the event this Agreement is terminated the Parties shall otherwise comply with their respective obligations under this Agreement
applicable to the termination or expiration of the then current term, including without limitation, with respect to compliance
with Laws, settlement of all GNOG Player accounts, and payment of all obligations owed to third parties in connection with GNOG’s
operations relating to this Agreement.

 

11.5       Cure
Rights.

 

11.5.1            Right
to Cure. No Party shall be entitled to recover damages or terminate this Agreement pursuant to Section 11.3.1 by
reason of any breach by another Party of its obligations hereunder, unless the breaching Party fails to remedy such breach within
(a) 10 days with respect to any failure of the breaching Party to pay any amounts owed under this Agreement, and (b) sixty
(60) days following receipt of the non-breaching Party’s notice thereof with respect to any other breaches (or, with respect
to clause (b), if such cure cannot reasonably be accomplished within such sixty (60) day period, the breaching Party shall not
in good faith have commenced such cure within such period and shall not thereafter have remedied such breach within an additional
ninety (90) day period).

 

11.5.2            No
Right of Offset. In the event of any failure by either Party (or its Affiliate) to meet an undisputed payment obligation under
this Agreement, neither Party (or its Affiliate) shall have any rights of set-off at law or in equity.

 

11.6       Wind-Down
Period. Upon the expiration of the term of this Agreement, provided that DD still holds valid Operating Licenses and GNOG is
still permitted to operate the GNOG Gaming Service under the IL State Gaming Regulations, GNOG shall have a wind-down period equal
to the greater of three (3) months after the termination date, or the period of time required by Gaming Authorities. During
such wind-down period, GNOG shall have the right to continue providing the GNOG Gaming Service in the same technical manner, and
under the same obligations, that it was provided immediately prior to termination of this Agreement under the terms of this Agreement.
During such wind-down period, the Parties shall cooperate in developing and implementing a reasonable plan to wind down the GNOG
Gaming Service in an orderly manner.

 

11.7       Survival.
Upon termination of this Agreement all rights and obligations of the Parties under this Agreement shall terminate, other than Section 4.2.4,
Article 8, Article 9, Section 11.6, Section 11.7, Article 12 and Article 13
or otherwise specifically set forth herein, provided that all amounts owed to a Party for the period prior to such termination
are paid to such Party as contemplated herein.

 

    27

     

    

 

Article 12

Indemnification

 

12.1       Indemnification.

 

12.1.1            DD
hereby agrees to indemnify and defend, to the fullest extent permitted by Law, GNOG and its Affiliates from, against and in respect
of any and all liabilities, judgments, injunctions, charges, orders, decrees, rulings, damages, dues, assessments, losses, fines,
penalties, injuries, deficiencies, demands, fees, costs, amounts paid in settlement or indemnification (including reasonable attorneys’
and expert witness fees, costs and disbursements in connection with investigating, defending or settling any Action or threatened
Action), and other expenses (collectively, “Claims”), related to or arising or resulting from (each,
a “DD Liability Claim”):

 

(a)            any
breach or default in performance by DD of any representation, warranty, covenant or obligation contained in this Agreement;

 

(b)            except
to the extent caused in whole or in part by any acts or omissions of GNOG or its Affiliates, any violation of any Law, including
the IL Gaming Law by DD;

 

(c)            except
to the extent caused in whole or in part by any acts or omissions of GNOG or its Affiliates, GNOG’s Gaming Approvals or DD’s
Operating License in the State of Illinois being suspended, revoked, cancelled, not renewed or terminated due to the act or omission
of DD;

 

(d)            except
to the extent caused in whole or in part by any acts or omissions of GNOG or its Affiliates, any claim related to any GNOG Customer
Data security breach;

 

(e)            any
claim by any employee of DD, including without limitation any claims under a “joint employer” theory or otherwise alleging
that GNOG is the employer of, or otherwise has liabilities or obligations towards, such employee of DD; or

 

(f)            the
gross negligence or willful misconduct of DD.

 

12.1.2            GNOG
hereby agrees to indemnify and defend, to the fullest extent permitted by Law, DD and its Affiliates from, against and in respect
of any and all Claims related to or arising or resulting from (each, a “GNOG Liability Claim”):

 

(a)            any
breach or default in performance by GNOG of any representation, warranty, covenant or obligation contained in this Agreement;

 

    28

     

    

 

(b)            except
to the extent caused in whole or in part by any acts or omissions of DD or its Affiliates, any violation of any Law, including
the IL Gaming Law or failure to pay any Gaming Taxes related to the GNOG Gaming Service, by GNOG;

 

(c)            except
to the extent caused in whole or in part by any acts or omissions of DD or its Affiliates, GNOG’s Gaming Approvals or DD’s
Operating License in the State of Illinois being suspended, revoked, cancelled, not renewed or terminated due to the act or omission
of GNOG;

 

(d)            any
claim that DD’s offering of the GNOG Gaming Service pursuant to the terms of this Agreement infringes the intellectual property
rights of a Third Party;

 

(e)            except
to the extent caused in whole or in part by any acts or omissions of DD or its Affiliates, any claim brought by a GNOG Player or
any vendors or other service providers of GNOG relating to, arising out of or in connection with the GNOG Gaming Service;

 

(f)            except
to the extent caused in whole or in part by any acts or omissions of DD or its Affiliates, any claim related to any GNOG Customer
Data security breach;

 

(g)            any
claim by Governmental Authorities regarding (i) incorrect, incomplete or improper filings required under Section 4.2
made by GNOG or by DD on GNOG’s behalf with respect to GNOG’s operations; provided, that filings made by DD
on GNOG’s behalf were submitted as required under applicable Law and as prepared by GNOG, or (ii) GNOG’s failure
to prepare and/or caused to be filed any filings required under Section 4.2;

 

(h)            any
claim by any employee of GNOG, including without limitation any claims under a “joint employer” theory or otherwise
alleging that DD is the employer of, or otherwise has liabilities or obligations towards, such employee of GNOG; or

 

(i)            the
gross negligence or willful misconduct of GNOG.

 

12.1.3            If
any Party possessing a right to indemnification under this Article 12 (the “Indemnified Party”)
shall receive notice with respect to any matter which may give rise to a Liability Claim, then the Indemnified Party shall promptly
notify the other Party (the “Indemnifying Party”) thereof in writing (the “Claim Notice”)
describing the Liability Claim in reasonable detail. The Indemnifying Party shall promptly assume the defense of any such Liability
Claim with counsel approved by the Indemnified Party (which approval shall not be unreasonably withheld, conditioned or delayed)
at the Indemnifying Party’s sole expense. The Indemnified Party must fully cooperate, as reasonably requested by the Indemnifying
Party and at the Indemnifying Party’s expense, in the defense of such Liability Claim. The Indemnifying Party may not enter
into any settlement or compromise of any Liability Claim, which settlement or compromise would result in any liability to the Indemnified
Party, without the Indemnified Party’s prior written consent, which will not be unreasonably withheld.

 

    29

     

    

 

12.2       Insurance.
GNOG shall at all times maintain the following insurance underwritten by an insurer approved by DD in its reasonable discretion:

 

12.2.1            Commercial
general liability insurance, (including coverage for contractual liability and advertising liability) with single-limit coverage,
on an occurrence basis, of at least $1,000,000 per occurrence and naming DD as an additional insured;

 

12.2.2            Data
breach insurance with coverage of at least $1,000,000 per occurrence;

 

12.2.3            Worker’s
compensation insurance in an amount required by Law. GNOG shall provide a waiver of subrogation on its workers’ compensation
policy in favor of DD; and

 

12.2.4            Cyber
insurance in of at least $5,000,000 per occurrence and annual aggregate.

 

GNOG will furnish to DD certificates of
insurance, together with endorsements, evidencing the foregoing coverage and a statement that coverage may not be cancelled, altered
or permitted to lapse or expire without 30 days’ advance written notice to DD. Revised certificates of insurance shall be
forwarded to DD each time a change in coverage or insurance carrier is made by GNOG, and/or upon renewal of expired coverages.
Insurance required hereby shall be primary to any insurance carried by DD. Any one or more types of insurance coverages required
in this Section 12.2 may be obtained, kept and maintained through a blanket or master policy or excess/umbrella policies
insuring other entities (such as Affiliates), provided that (i) such blanket or master policy or excess/umbrella policies
and the coverage effected thereby comply with all applicable requirements of this Agreement and (ii) the protection afforded
under such blanket or master policy or excess/umbrella policies shall be no less than that which would have been afforded under
a separate policy or policies relating only to the matters contemplated hereunder.

 

Article 13

MISCELLANEOUS

 

13.1       Effectiveness.
The Parties acknowledge and agree that the terms and conditions of this Agreement are subject to the provisions of the IL Gaming
Law, but shall otherwise become effective upon both Parties’ execution of this Agreement. Without limiting the forgoing,
the Parties acknowledge and agree that no business may be conducted between the Parties until the Parties obtain the approval of
the IGB.

 

13.2       No
Partnership. The Parties acknowledge and agree that nothing in this Agreement shall be deemed to create a partnership, joint
venture, agency or other association or a trust among the Parties.

 

13.3       No
Third Party Beneficiaries. Except as specifically set forth herein, this Agreement shall not confer any rights or remedies
upon any Person other than the Parties (and their Affiliates to the extent provided herein) and their respective successors and
permitted assigns.

 

    30

     

    

 

13.4         Succession
and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors
and permitted assigns. Except as provided in Section 13.4.1 below, no Party may assign this Agreement or any of its
rights, interests or obligations hereunder, whether by operation of law or otherwise, without the prior written approval of the
other Party, which may be withheld in its sole and absolute discretion; provided, however, each Party shall have
the right to assign this Agreement by reason of its merger, acquisition, or consolidation, or to an acquirer of all or substantially
all of its assets without the prior consent of the other Party, so long as the assigning Party provides written notice thereof
promptly following consummation and the assignee has obtained all regulatory approvals and permits in order to perform its obligations
under this Agreement. DD agrees that in connection with any sale or transfer (directly or indirectly) of the Property, the Person
acquiring the Property shall agree prior to the closing of the acquisition thereof, in writing, to assume and fully comply with
the obligations of DD with respect to this Agreement, in which case such acquiring Person shall thereafter be deemed to have a
separate and independent contractual relationship with GNOG under this Agreement and DD will be released from any further liabilities
with respect thereto relating to any period from and after the date of such sale or transfer. Any prohibited assignment is void.

 

13.4.1            Notwithstanding
the terms of Section 13.4 above, DD shall be required to assign this Agreement to the buyer, successor, acquirer, purchaser
or otherwise surviving entity by reason of DD’s (i) merger, acquisition or consolidation, (ii) sale of all or substantially
all of its assets, (iii) transfer of DD’s Operating License to an interactive gaming Affiliate as permitted under IL
Gaming Law or (iv) sale of the Property; provided, that such assignee has the requisite Gaming Approvals to assume
DD’s obligations hereunder and is otherwise able to perform the same.

 

13.4.2            Notwithstanding
anything to the contrary in this Agreement, and subject to any Gaming Laws, GNOG shall be entitled, on notice to but otherwise
without DD’s consent, to assign or subcontract this Agreement, in whole or in part, to a qualified Third Party, in the case
of an assignment, or Subcontractor, in the case of a subcontract, with respect to the Online Sports Wagering, Online Casino Games,
and Online Poker Games; provided, GNOG shall always remain responsible for the performance of its obligations under this Agreement
regardless of the fact it has assigned or subcontracted this Agreement in accordance with the terms set forth herein. DD will reasonably
cooperate with GNOG and any such assignee or Subcontractor, as applicable, in the assignment of this Agreement in order to give
effect to this Section 13.4.2.

 

13.5         No
Consequential Damages. Notwithstanding any other provision of this Agreement to the contrary, no Party shall be liable to any
other Party for losses with respect to mental or emotional distress, exemplary, consequential, incidental, special damages, lost
profits, diminution in value, damage to reputation or the like, including lost profits, even if such Party has been advised of
the possibility of such damages.

 

13.6         Governing
Law. THE LAWS OF THE STATE OF DELAWARE, USA, EXCLUSIVE OF ANY CONFLICTS OF LAW PRINCIPLES THAT COULD REQUIRE THE APPLICATION
OF ANY OTHER LAW, SHALL GOVERN THIS AGREEMENT FOR ALL PURPOSES.

 

    31 

     

    

 

13.7         Dispute
Resolution.

 

13.7.1            Claims.
The Parties agree that any claim will be governed by the dispute resolution procedures set forth in this Section 13.7.
For purposes of this Section 13.7, claim means any dispute or claim between DD and GNOG arising out of or relating
to this Agreement. Each party hereof irrevocably and unconditionally consents to resolve disputes in accordance with this Section 13.7,
agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave, waives any objection
to the laying of venue of any action, suit, or proceeding arising out of this Agreement, waives any right to require the posting
of any security as a condition for any preliminary or permanent injunctive relief or specific performance, and waives any right
to trial by jury with respect to Section 13.7.4.

 

13.7.2            Negotiations.
In the event of a claim between the parties, unless a party is seeking injunctive relief to ensure the status quo, the one raising
the claim will notify the other in a written notice describing in sufficient detail the nature of the dispute. Each party will
then appoint one or more representatives to resolve the dispute. These representatives will promptly meet and negotiate in good
faith to reach a fair and equitable settlement. If no settlement has been reached at the end of twenty (20) days from the date
included in the written notice, either party may end discussions and declare an impasse.

 

13.7.3            Arbitration.
In the event of an impasse, the dispute will be settled by arbitration in a location mutually agreed upon by the Parties (and if
they cannot agree, then in Harris County, Texas) in accordance with the rules of the Commercial Arbitration Rules of
the American Arbitration Association, unless otherwise agreed to herein. The Arbitrators shall apply the Governing law contained
in Section 13.6.

 

(a)          Within
14 days of the referral to arbitration, each party shall select one person to act as an arbitrator and the two selected shall select
a third arbitrator within 10 days of their appointment. If the arbitrators selected by the parties are unable or fail to agree
upon the third arbitrator, the third arbitrator shall be selected by the American Arbitration Association.

 

(b)          The
arbitral proceedings shall be conducted in the English language.

 

(c)          Each
party will submit a request for production of documents (and related electronic search terms) and identify custodians who may have
knowledge or information regarding the dispute within twenty (20) Business Days of the referral to arbitration. Documents will
be exchanged within sixty (60) days after identification of custodians. Third-party discovery will be permissible. All discovery
issues shall be resolved by the arbitrators. The parties agree that subpoenas and discovery-related orders issued by the arbitrator(s) will
be enforceable by court order. No other written discovery will be permitted.

 

(d)          Each
party will be allowed to depose up to six (6) witnesses, which may include agents or personnel of the other party. DD and
GNOG must submit a detailed disclosure of any proposed expert testimony (including findings and opinions) in a written report to
be served within one hundred twenty (120) days after the referral to arbitration. After the disclosures and reports are issued,
depositions of the fact and expert witnesses may occur, but each deposition may not exceed eight (8) hours.

 

    32 

     

    

 

(e)         The
hearing date will be scheduled within twelve (12) months after the referral to arbitration. The pre-hearing deadlines established
in Subsection (c) and (d) may be modified by agreement of the parties or direction of the arbitrators, provided that
such modifications do not render impracticable the fulfillment of the fifteen-month deadline set forth herein.

 

(f)          Thirty
(30) days prior to the hearing date, DD and GNOG will submit proposed arbitration awards to the arbitrators, which will simultaneously
be exchanged by DD and GNOG.

 

(g)         DD
and GNOG will be limited to up to six (6) witnesses that are identified pursuant to subsection (d) hereof, together
with two (2) rebuttal witnesses. DD and GNOG will exchange written direct testimony for each witness, exhibits, and pre-hearing
briefs two weeks before the hearing. The evidence at the hearing will be limited in scope to the exhibits and disclosures made
at that time. The pre-hearing brief will address all issues of law, or such issues will be waived.

 

(h)         The
hearing will be limited to no more than three (3) days per party, with hearings on consecutive days.

 

(i)          The
arbitrators will choose one award from the submitted awards.

 

(j)          The
arbitrators’ decision will be final and the parties agree to abide by the rulings thereof. The parties shall each be responsible
for one-half of all costs, expenses, and fees charged by or attributable to the arbitrators for any services conducted pursuant
to this Agreement. In no event will any party be awarded punitive or exemplary damages or any other damages not measured by the
prevailing party’s actual damages. All arbitration proceedings shall be confidential, except to the extent that disclosure
is necessary to enforce an arbitration award in a court of competent jurisdiction.

 

13.7.4            Litigation.
Each Party acknowledges and agrees that, solely to compel arbitration, enforce an arbitration award consistent with Section 13.7,
or for a claim for injunctive relief to preserve the status quo, such action may be brought in any state court of competent jurisdiction
located in the State of Illinois; provided, however, each Party may bring such action in any court having jurisdiction over this
Agreement and the Parties.

 

13.7.5            Injunctive
Relief. The parties hereto agree that irreparable damages may occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement as outlined in Section 13.7.4.

 

    33 

     

    

 

13.8         LIMITATION
OF LIABILITY. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, WITH THE EXCEPTION OF ANY LIABILITY ARISING FROM
(A) DD’S BREACH OF SECTION 8.2.1 OR ARTICLE 9 OF THIS AGREEMENT, (B) EACH PARTY’S
INDEMNIFICATION OBLIGATIONS AS SET FORTH IN ARTICLE 12 OR SECTION 13.18,
AND/OR (C) either party’s FRAUD, GROSS NEGLIGENCE, OR WILLFUL MISCONDUCT,
NEITHER PARTY’S LIABILITY, IN THE AGGREGATE (WHETHER SUCH CLAIMS ARE RELATED OR UNRELATED TO ONE ANOTHER) FOR ALL LOSSES,
CLAIMS, SUITS, CONTROVERSIES, BREACHES, OR DAMAGES FOR ANY CAUSE WHATSOEVER (INCLUDING, BUT NOT LIMITED TO, THOSE ARISING OUT
OF OR RELATED TO THIS AGREEMENT) AND REGARDLESS OF THE FORM OF ACTION OR LEGAL THEORY SHALL NOT EXCEED THE AMOUNT OF FEES
AND ALL OTHER SUMS RECEIVED BY DD OR OTHERWISE OWED BY GNOG PURSUANT TO THIS AGREEMENT.

 

13.9         Amendment
and Waiver. No modification, amendment, or waiver of any provision of this Agreement will be effective unless such modification,
amendment, or waiver is approved in writing by each Party. The failure of any Party to enforce any of the provisions of this Agreement
will in no way be construed as a waiver of such provisions and will not affect the right of such Party thereafter to enforce each
and every provision of this Agreement in accordance with its terms.

 

13.10       Entire
Agreement. This Agreement constitutes the entire agreement of the Parties with respect to the subject matter herein and supersedes
and preempts any prior understandings, agreements, or representations by or between the Parties, written or oral, that may have
related to the subject matter of this Agreement in any way.

 

13.11       Counterparts;
Electronic Signatures. This Agreement may be executed in one or more counterparts, including counterparts transmitted electronically
by facsimile or emailed .pdf signatures, each of which shall be deemed an original but all of which together will constitute one
and the same instrument. Each Party agrees to accept the electronically transmitted signature of the other Party and to be bound
by its own electronically transmitted signature.

 

13.12       Notices.
Unless otherwise specified in this Agreement, all notices, demands, elections, requests or other communications that any Party
may desire or be required to give hereunder must be in writing and must be given (a) by hand delivery, (b) by a recognized
overnight courier service providing confirmation of delivery overnight courier, or (c) by Portable Document Format (PDF),
to the addresses set forth below or at such other address as the Parties may specify by notice given to the other Parties in accordance
with this Section 13.12. A notice sent by overnight courier shall be deemed given on the next Business Day after the
day said notice is delivered to the overnight courier. A notice sent by hand delivery, or by PDF shall be deemed given on the day
sent (provided such PDF document is electronically confirmed received and is followed by delivery pursuant to (a) or (b) above).

 

    34 

     

    

 

	If to GNOG:
	 
	Golden Nugget Online Gaming, Inc.
	1510 West Loop South
	Houston, Texas 77027
	
        Attn: President

        Email: [***].

         

	with copy to:
	 
	Golden Nugget Online Gaming, Inc.
	1510 W. Loop South
	Houston, Texas 77027
	
        Attn: Legal Department

        Email: [***].

 

	If to DD:
	 
	Danville Development, LLC
	1265 Scottsville Road
	Rochester, New York  14624
	
        Attn: Vice President

        Email: [***].

 

	with copy to:
	 
	Harris Beach PLLC
	99 Garnsey Road
	Pittsford, New 14534
	Attn: Shawn M. Griffin
	
        

        

        

        

        Email: [***].

 

13.13       Expenses.
Except as otherwise expressly provided in this Agreement, each Party will bear its own costs and expenses incurred in connection
with the preparation, execution and performance of this Agreement, including all fees and expenses of agents, representatives,
financial advisors, legal counsel and accountants.

 

13.14       Joint
Preparation of Agreement. The Parties and their respective counsel have participated jointly in the negotiation and drafting
of this Agreement. Each of the Parties acknowledges that it is sophisticated in business matters of the type contemplated hereby
and has been advised by experienced counsel and, to the extent it has deemed necessary, other advisers in connection with the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be
construed as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring any Party
by virtue of the authorship of any of the provisions of this Agreement.

 

13.15       Recitals.
The Recitals set forth above are true and correct and are hereby incorporated into this Agreement as set forth at length herein.

 

13.16       Headings.
Sections and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret,
define or limit the scope or extent of this Agreement or any provision hereof.

 

    35 

     

    

 

13.17       Severability.
If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather than voided, if possible,
in order to achieve the intent of the Parties to the extent possible. In any event, all other provisions of this Agreement shall
be deemed valid and enforceable to the full extent possible.

 

13.18       Independent
Contractor Status. Each Party and its employees are independent contractors in relation to the other Party with respect to
all matters arising under this Agreement. Nothing herein shall be deemed to establish a partnership or employment relationship
between the Parties. Each Party shall remain responsible for and shall indemnify and hold harmless the other Party for the withholding
and payment of all Federal, state and local personal income, wage, earnings, occupation, social security, unemployment, sickness,
workers compensation and disability insurance taxes, payroll levies, employee benefit requirements or obligations (under ERISA,
state Law or otherwise) now existing or hereafter enacted and attributable to themselves and their respective employees.

 

13.19       Further
Assurances. In case any further action is necessary to carry out the purposes of this Agreement, each Party will take such
further action (including the execution and delivery of further instruments and documents) as the other Party reasonably may request,
all at the sole cost and expense of the requesting Party (unless the requesting Party is entitled to indemnification therefore
under this Agreement).

 

13.20       No
Right to GNOG Marks. For the avoidance of doubt, nothing contained in this Agreement shall be construed as conferring any right
to use or license in any trademark, trade dress, copyright, logo, or other proprietary marks of GNOG or its Affiliates, whether
registered or unregistered (“GNOG Marks”). Without the prior permission of GNOG in each instance, DD
shall have no right to use any GNOG Marks in connection with its operation of the GNOG Gaming Service or its operations hereunder
and, except as may be required by the IL Gaming Laws, DD shall not imply or hold itself out to be affiliated in any way with GNOG
or its Affiliates.

 

13.21       No
Right to DD Marks. For the avoidance of doubt, nothing contained in this Agreement shall be construed as conferring any right
to use or license in any trademark, trade dress, copyright, logo, or other proprietary marks of DD or its affiliates, whether registered
or unregistered (“DD Marks”). Without the prior permission of DD in each instance, GNOG shall have no
right to use any DD Marks in connection with GNOG’s operation of the GNOG Gaming Service or its operations hereunder and,
except as may be required by the IL Gaming Laws, GNOG shall not imply or hold itself out to be affiliated in any way with DD or
its Affiliates.

 

13.22       Non-Solicitation.
During the Term and for one (1) year following any termination or expiration of this Agreement, neither Party will, without
the prior written consent of the other Party, either directly or indirectly, solicit or attempt to solicit, divert, or hire away
any executives employed by the other Party, provided, however, that nothing in this Section shall prohibit the use of a general
solicitation in a publication or by other means not targeted at the other Party’s employees.

 

13.23       Non-Disparagement.
During the Term and five (5) years thereafter, each Party agrees to take no action which is intended, or would reasonably
be expected, to harm the reputation of the other Party or any of its officers, directors, or employees or which would reasonably
be expected to lead to unwanted or unfavorable publicity to the other Party or any of its officers, directors, or employees.

 

    36 

     

    

 

13.24       No
Public Statements. Neither Party will issue any press release or make any public statement about this Agreement without the
prior written consent of the other Party. Notwithstanding the foregoing, the Parties desire to mutually develop a joint press release
to be issued on or after the full execution of this Agreement.

 

13.25       Force
Majeure. Whenever a day is appointed herein on which, or a period of time is appointed in which, either Party is required to
do or complete an act, matter, or thing, the time for the performance or completion thereof shall be extended by a period of time
equal to the number of days on or during which such Party is prevented from, or is unreasonably interfered with, the performance
or completion of such act, matter or thing because of an event of Force Majeure.

 

[SIGNATURE PAGE FOLLOWS]

 

    37 

     

    

 

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

 

	DANVILLE DEVELOPMENT, LLC,  	 	GOLDEN NUGGET ONLINE GAMING, INC.,   
	 	 	 
	a New York limited liability company	 	a New Jersey corporation
	 	 	 
	By:	/s/ Thomas C. Wilmot	 	By:	/s/ Thomas Winter
	Name:	Thomas C. Wilmot	 	Name:	Thomas Winter
	Title:	Chief Executive Officer	 	Title:	President

 

    38 

     

    

 

EXHIBIT A

 

GO-LIVE DATE AGREEMENT

 

Golden
Nugget Online Gaming, Inc., a New Jersey corporation (“GNOG”), and DANVILLE DEVELOPMENT, LLC, a
New York limited liability company (“DD”), have entered into a certain Online Gaming Operations Agreement dated
as of _______________, 202_ (the “Agreement”).

 

WHEREAS, GNOG and DD
wish to confirm and memorialize the Go-Live Date as provided for in the Agreement;

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants contained herein and in the Agreement, GNOG and DD agree as follows:

 

1.            Unless
otherwise defined herein, all capitalized terms shall have the same meaning ascribed to them in the Agreement.

 

2.            The
Go-Live Date is ______________________, 202_.

 

3.            The
Initial Term will expire on _________________________, 204_ subject to any renewals as provided in the Agreement.

 

4.            Except
as expressly set forth herein, all terms and provisions of the Agreement are hereby ratified and confirmed and shall remain in
full force and effect and binding on the parties hereto.

 

5.            The
Agreement and this Go-Live Date Agreement contain all of the terms, covenants, conditions, and agreements between the GNOG and
DD relating to the subject matter herein. No prior agreements or understandings pertaining to such matters are valid or of any
force and effect.

 

	DANVILLE DEVELOPMENT, LLC,  	 	GOLDEN NUGGET ONLINE GAMING, INC.,   
	 	 	 
	a New York limited liability company	 	a New Jersey corporation
	 	 	 
	By:	               	 	By:	               
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 

  

    Exhibit A

     

    

 

EXHIBIT B

 

DD REIMBURSED EXPENSES

 

“DD Reimbursed Expenses” means, without
duplication,

 

		(a)	One hundred percent (100%) of all costs incurred by DD solely on behalf of, solely for the benefit
of, or solely relating to GNOG or the GNOG Gaming Service, including without limitation, (i) Gaming Taxes attributable to
the GNOG Gaming Service and (ii) costs, fees, assessments, fines, or penalties incurred by DD for any reporting, certification,
or other regulatory requirements under IL State Gaming Regulations or imposed by the IGB, that in each case can be attributed specifically
to the GNOG Gaming Service, including without limitation any responsible gaming fees or studies required under IL State Gaming
Regulations; provided, that (A) for any fine or penalty, (1) each such fine or penalty results from an act or omission
of GNOG; (2) DD has, whenever possible, provided GNOG with prior written notice of such fine or penalty; and (3) DD has,
whenever possible, given GNOG a reasonable opportunity to advise on negotiating or contesting such fine or penalty with the applicable
Governmental Entity, provided, that DD should have final control on resolution;

 

		(b)	One hundred percent (100%) of all out-of-pocket costs incurred by DD solely on behalf of, solely
for the benefit of, or solely relating to GNOG or the GNOG Gaming Service, including without limitation payments by DD in connection
with cage withdrawals by GNOG customers; and

 

		(c)	[***].

 

Notwithstanding the foregoing, GNOG shall
not be responsible for any rental, utility or other costs for use of space in the Equipment Room.

 

    Exhibit B

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]