SEC Contract Filing

Filing Date: 2016-04-25

Document Content:
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<TYPE>EX-10.4
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<FILENAME>d178144dex104.htm
<DESCRIPTION>EX-10.4
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<TITLE>EX-10.4</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INTELLECTUAL PROPERTY LICENSE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This INTELLECTUAL PROPERTY LICENSE AGREEMENT (this &#147;<U>Agreement</U>&#148;), dated as of April&nbsp;25, 2016 (the &#147;<U>Effective Date</U>&#148;), is
between MGM Resorts International, a Delaware corporation (&#147;<U>Licensor</U>&#148;) and MGM Growth Properties LLC, a Delaware limited liability company (&#147;<U>Licensee</U>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Recitals </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
Licensor is the owner of the MGM trademark, in plain type and in various formats with and without designs, which are registered on the Principal Register of the United States Patent and Trademark Office for a variety of goods and services (the
&#147;<U>Licensed Mark</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Licensor wishes to license to Licensee, and Licensee wishes to obtain from Licensor, a
license to use the Licensed Mark in connection with the name of Licensee and its Subsidiaries (as defined below) and uses incidental to the management and operation of Licensee and its Subsidiaries (the &#147;<U>Licensed Services</U>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Agreement </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.
<B><U>License</U></B>. Subject to the other terms and conditions of this Agreement, Licensor grants to Licensee the non-exclusive, royalty-free right to: (a)&nbsp;use the Licensed Mark in association with the Licensed Services; and
(b)&nbsp;sublicense use of the Licensed Mark to Subsidiaries (as defined in the Contribution Agreement), whether now existing or formed during the Term (as defined below) for use in connection with the Licensed Services for as long as Licensee owns
at least a majority interest in the Subsidiary. In the event that Licensee grants any sublicense to any of its Subsidiaries as permitted herein, Licensee shall ensure that the Subsidiaries consent to the terms of this Agreement and Licensee shall be
responsible for its Subsidiaries&#146; compliance with the terms of this License. All rights not otherwise licensed to Licensee hereunder are specifically reserved and owned by Licensor, including, without limitation, use of the Licensed Mark in
connection with casino, hotel, and entertainment services, and other related goods and services offered by Licensor or its subsidiaries and affiliates that own or operate resort hotels and casinos. Nothing herein shall preclude Licensee or its
Subsidiaries from using trademarks owned by Licensor in a nominative manner to the extent necessary to identify or refer to Licensor, as permitted by law and provided that such use does not create a likelihood of confusion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <B><U>Term and Termination</U></B>. The term of this Agreement shall commence on the Effective Date and continue for fifty (50)&nbsp;years
(&#147;<U>Term</U>&#148;). Licensor may terminate this Agreement during the Term upon thirty (30)&nbsp;days&#146; written notice to Licensee if Licensee or any of its Subsidiaries materially breach this Agreement and fail to cure such breach within
thirty (30)&nbsp;days after receipt of written notice of such breach. Licensee may terminate this Agreement for any reason upon thirty (30)&nbsp;days&#146; written notice to Licensor. Upon termination of this Agreement, all rights and licenses
granted to Licensee pursuant to this Agreement shall immediately and automatically revert to Licensor, Licensee and its Subsidiaries shall no longer be entitled to use the Licensed Mark in any form in any media now known or hereafter invented, and
Licensee and its Subsidiaries shall cease holding themselves out as being licensed by Licensor; <U>provided</U>, <U>however</U>, that Licensee and its Subsidiaries shall have thirty (30)&nbsp;days after the effective date of termination to phase out
all uses of the Licensed Mark. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <B><U>Quality Control</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. <U>Acknowledgement</U>. Licensee for itself and its Subsidiaries acknowledges and is familiar with the high standard of quality of the goods
and services offered by Licensor. Licensee and its Subsidiaries shall, at all times, use the Licensed Mark in a manner consistent with this standard of quality and in compliance with any brand guidelines or style guide provided by Licensor from time
to time during the Term. Licensee and its Subsidiaries shall include any trademark designations, including, but not limited to, the <SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> symbol, r