EX-4.1




 Exhibit 4.1 
  

 
 STATION CASINOS LLC 

THE GUARANTORS 
 named
herein 
 and 
 COMPUTERSHARE
TRUST COMPANY, N.A. 
 as Trustee 

4.625% SENIOR NOTES DUE 2031 

INDENTURE 
 Dated as of
November 26, 2021 
  
  

 











 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture Act Section
	  	 Indenture Section

	310(a)(1)	  	7.10
	(a)(2)	  	7.10
	(a)(3)	  	N.A.
	(a)(4)	  	N.A.
	(a)(5)	  	7.10
	(b)	  	7.10
	(c)	  	N.A.
	311(a)	  	7.11
	(b)	  	7.11
	(c)	  	N.A.
	312(a)	  	2.05
	(b)	  	13.03
	(c)	  	13.03
	313(a)	  	7.06
	(b)(2)	  	7.06; 7.07
	(c)	  	7.06; 13.02
	(d)	  	7.06
	314(a)	  	4.03; 13.02; 13.05
	(c)(1)	  	13.04
	(c)(2)	  	13.04
	(c)(3)	  	N.A.
	(e)	  	13.05
	(f)	  	N.A.
	315(a)	  	7.01
	(b)	  	7.05; 12.02
	(c)	  	7.01
	(d)	  	7.01
	(e)	  	6.11
	316(a)(last sentence)	  	2.09
	(a)(1)(A)	  	6.05
	(a)(1)(B)	  	6.04
	(a)(2)	  	N.A.
	(b)	  	6.07
	(c)	  	2.12
	317(a)(1)	  	6.08
	(a)(2)	  	6.09
	(b)	  	2.04
	318(a)	  	13.01
	(b)	  	N.A.
	(c)	  	13.01
	N.A. means not applicable.	  	

  

	* 	 This Cross-Reference Table is not part of the Indenture. 



  
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 TABLE OF CONTENTS 

Page 
  

							
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitions	  	 	40	 
	 Section 1.03
	 	Incorporation by Reference of Trust Indenture Act	  	 	40	 
	 Section 1.04
	 	Rules of Construction	  	 	41	 
		
	 ARTICLE 2 THE NOTES 
	  	 	41	 
			
	 Section 2.01
	 	Form and Dating	  	 	41	 
	 Section 2.02
	 	Execution and Authentication	  	 	42	 
	 Section 2.03
	 	Registrar and Paying Agent	  	 	42	 
	 Section 2.04
	 	Paying Agent to Hold Money in Trust	  	 	43	 
	 Section 2.05
	 	Holder Lists	  	 	43	 
	 Section 2.06
	 	Transfer and Exchange	  	 	43	 
	 Section 2.07
	 	Replacement Notes	  	 	56	 
	 Section 2.08
	 	Outstanding Notes	  	 	56	 
	 Section 2.09
	 	Treasury Notes	  	 	57	 
	 Section 2.10
	 	Temporary Notes	  	 	57	 
	 Section 2.11
	 	Cancellation	  	 	57	 
	 Section 2.12
	 	Defaulted Interest	  	 	57	 
	 Section 2.13
	 	CUSIP Numbers	  	 	58	 
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT 
	  	 	58	 
			
	 Section 3.01
	 	Notices to Trustee	  	 	58	 
	 Section 3.02
	 	Selection of Notes to Be Redeemed or Purchased	  	 	58	 
	 Section 3.03
	 	Notice of Redemption	  	 	59	 
	 Section 3.04
	 	Effect of Notice of Redemption	  	 	60	 
	 Section 3.05
	 	Deposit of Redemption or Purchase Price	  	 	60	 
	 Section 3.06
	 	Notes Redeemed or Purchased in Part	  	 	60	 
	 Section 3.07
	 	Optional Redemption	  	 	61	 
	 Section 3.08
	 	Mandatory Redemption	  	 	61	 
	 Section 3.09
	 	Offer to Purchase by Application of Excess Proceeds	  	 	61	 
		
	 ARTICLE 4 COVENANTS 
	  	 	63	 
			
	 Section 4.01
	 	Payment of Notes	  	 	63	 
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	63	 
	 Section 4.03
	 	Provision of Financial Information	  	 	64	 
	 Section 4.04
	 	Compliance Certificatche	  	 	66	 
	 Section 4.05
	 	Taxes	  	 	66	 
	 Section 4.06
	 	Stay, Extension and Usury Laws	  	 	67	 
	 Section 4.07
	 	Restricted Payments	  	 	67	 


  
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	 Section 4.08
	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	72	 
	 Section 4.09
	 	Incurrence of Indebtedness and Issuance of Preferred Stock	  	 	74	 
	 Section 4.10
	 	Asset Sales	  	 	78	 
	 Section 4.11
	 	Transactions with Affiliates	  	 	81	 
	 Section 4.12
	 	Liens	  	 	83	 
	 Section 4.13
	 	Lines of Business	  	 	83	 
	 Section 4.14
	 	Legal Existence	  	 	84	 
	 Section 4.15
	 	Offer to Repurchase Upon Change of Control	  	 	84	 
	 Section 4.16
	 	Covenant Termination	  	 	85	 
	 Section 4.17
	 	Additional Subsidiary Guarantees	  	 	86	 
	 Section 4.18
	 	Designation of Restricted and Unrestricted Subsidiaries	  	 	86	 
	 Section 4.19
	 	No Layering	  	 	87	 
	 Section 4.20
	 	Mandatory Disposition Pursuant to Gaming Laws	  	 	87	 
	 Section 4.21
	 	Financial Calculations for Limited Condition Acquisitions	  	 	87	 
		
	 ARTICLE 5 SUCCESSORS 
	  	 	88	 
			
	 Section 5.01
	 	Merger, Consolidation or Sale of Assets	  	 	88	 
	 Section 5.02
	 	Successor Person Substituted	  	 	89	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES 
	  	 	90	 
			
	 Section 6.01
	 	Events of Default	  	 	90	 
	 Section 6.02
	 	Acceleration	  	 	91	 
	 Section 6.03
	 	Other Remedies	  	 	92	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	92	 
	 Section 6.05
	 	Control by Majority	  	 	93	 
	 Section 6.06
	 	Limitation on Suits	  	 	93	 
	 Section 6.07
	 	Rights of Holders of Notes to Receive Payment	  	 	93	 
	 Section 6.08
	 	Collection Suit by Trustee	  	 	94	 
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	94	 
	 Section 6.10
	 	Priorities	  	 	94	 
	 Section 6.11
	 	Undertaking for Costs	  	 	95	 
	 Section 6.12
	 	Remedies Subject to Applicable Law	  	 	95	 
		
	 ARTICLE 7 TRUSTEE 
	  	 	95	 
			
	 Section 7.01
	 	Duties of Trustee	  	 	95	 
	 Section 7.02
	 	Rights of Trustee	  	 	96	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	98	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	98	 
	 Section 7.05
	 	Notice of Defaults	  	 	98	 
	 Section 7.06
	 	Reports by Trustee to Holders of the Notes	  	 	99	 
	 Section 7.07
	 	Compensation and Indemnity	  	 	99	 
	 Section 7.08
	 	Replacement of Trustee	  	 	100	 
	 Section 7.09
	 	Successor Trustee by Merger, etc	  	 	101	 


  
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	 Section 7.10
	 	Eligibility; Disqualification	  	 	101	 
	 Section 7.11
	 	Preferential Collection of Claims Against Company	  	 	101	 
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	102	 
			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	102	 
	 Section 8.02
	 	Legal Defeasance and Discharge	  	 	102	 
	 Section 8.03
	 	Covenant Defeasance	  	 	103	 
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	103	 
	 Section 8.05
	 	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	  	 	104	 
	 Section 8.06
	 	Repayment to Company	  	 	105	 
	 Section 8.07
	 	Reinstatement	  	 	105	 
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER 
	  	 	106	 
			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	 	106	 
	 Section 9.02
	 	With Consent of Holders of Notes	  	 	107	 
	 Section 9.03
	 	Compliance with Trust Indenture Act	  	 	108	 
	 Section 9.04
	 	Revocation and Effect of Consents	  	 	108	 
	 Section 9.05
	 	Notation on or Exchange of Notes	  	 	108	 
	 Section 9.06
	 	Trustee to Sign Amendments, etc	  	 	109	 
		
	 ARTICLE 10 [RESERVED] 
	  	 	109	 
		
	 ARTICLE 11 NOTE GUARANTIES 
	  	 	109	 
			
	 Section 11.01
	 	Guaranty	  	 	109	 
	 Section 11.02
	 	Limitation on Guarantor Liability	  	 	110	 
	 Section 11.03
	 	Execution and Delivery of Guaranty	  	 	110	 
	 Section 11.04
	 	Merger, Consolidation or Sale of Assets of Guarantors	  	 	111	 
	 Section 11.05
	 	Successor Corporation Substituted	  	 	112	 
	 Section 11.06
	 	Releases	  	 	112	 
		
	 ARTICLE 12 SATISFACTION AND DISCHARGE 
	  	 	113	 
			
	 Section 12.01
	 	Satisfaction and Discharge	  	 	113	 
	 Section 12.02
	 	Application of Trust Money	  	 	114	 
		
	 ARTICLE 13 MISCELLANEOUS 
	  	 	114	 
			
	 Section 13.01
	 	Trust Indenture Act Controls	  	 	114	 
	 Section 13.02
	 	Notices	  	 	114	 
	 Section 13.03
	 	Communication by Holders of Notes with Other Holders of Notes	  	 	116	 
	 Section 13.04
	 	Certificate and Opinion as to Conditions Precedent	  	 	116	 
	 Section 13.05
	 	Statements Required in Certificate or Opinion	  	 	116	 
	 Section 13.06
	 	Rules by Trustee and Agents	  	 	117	 


  
 iv 













							
	 Section 13.07
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	117	 
	 Section 13.08
	 	Governing Law	  	 	117	 
	 Section 13.09
	 	No Adverse Interpretation of Other Agreements	  	 	117	 
	 Section 13.10
	 	Successors	  	 	117	 
	 Section 13.11
	 	Severability	  	 	118	 
	 Section 13.12
	 	Counterpart Originals	  	 	118	 
	 Section 13.13
	 	Table of Contents, Headings, etc	  	 	118	 
	 Section 13.14
	 	Force Majeure	  	 	118	 
	 Section 13.15
	 	Patriot Act	  	 	119	 
	 Section 13.16
	 	Waiver of Jury Trial	  	 	119	 

 EXHIBITS 
  

					
	Exhibit A	  	—  	  	Form of Note
	Exhibit B	  	—  	  	Form of Certificate of Transfer
	Exhibit C	  	—  	  	Form of Certificate of Exchange
	Exhibit D	  	—  	  	Form of Certificate of Acquiring Institutional Accredited Investor
	Exhibit E	  	—  	  	Form of Notation of Guaranty
	Exhibit F	  	—  	  	Form of Supplemental Indenture

  

  
 v 












 INDENTURE dated as of November 26, 2021 among Station Casinos LLC, a Nevada limited
liability company (the “Company”), the Guarantors (as defined) and Computershare Trust Company, N.A., a national banking association, as trustee. 

The Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the
Holders (as defined) of the 4.625% Senior Notes due 2031 (the “Notes”): 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION 

BY REFERENCE 

Section 1.01 Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule
144A. 
 “Acquired Debt” means, with respect to any specified Person, Indebtedness of another Person and any of such
other Person’s Subsidiaries existing at the time such other Person becomes a Subsidiary of such Person or at the time it merges or consolidates with such Person or any of such Person’s Subsidiaries or is assumed by such Person or any
Subsidiary of such Person in connection with the acquisition of assets from such other Person and in each case not Incurred by such Person or any Subsidiary of such Person or such other Person in connection with, or in anticipation or contemplation
of, such other Person becoming a Subsidiary of such Person or such acquisition, merger or consolidation. 
 “Additional
Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.02 and 4.09 hereof, as part of the same series as the Initial Notes. 

“Affiliate” means, when used with reference to any Person, any other Person directly or indirectly controlling,
controlled by, or under direct or indirect common control with, the referent Person. For the purposes of this definition, the term “control” when used with respect to any specified Person means the power to direct or cause the direction of
management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “affiliated,” “controlling” and “controlled” have meanings
correlative of the foregoing. 
 “Agent” means any Registrar, co-registrar, Paying
Agent or additional paying agent. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
  











 “Applicable Premium” means with respect to any Note on any
Redemption Date, as determined by the Company, the greater of: 
 (1) 1.0% of the principal amount of the Note; and 

(2) the excess of: 

(A) the present value at such Redemption Date of (i) the Redemption Price of the Note at June 1, 2023 (as set forth
in Paragraph 5 of the Note) plus (ii) all required interest payments due on the Note through June 1, 2023 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such
redemption date plus 50 basis points; over 
 (B) the principal amount of the Note. 

“Asset Acquisition” means: 

(1) an Investment by any Obligor in any other Person pursuant to which such Person shall become an Obligor or a Restricted Subsidiary of an
Obligor or shall be merged into, or with any Obligor or Restricted Subsidiary of an Obligor; or 
 (2) the acquisition by any Obligor of
assets of any Person comprising a division or line of business of such Person or all or substantially all of the assets of such Person. 

“Asset Sale” means any direct or indirect sale, issuance, conveyance, transfer, lease (other than operating leases entered
into in the ordinary course of business), assignment or other disposition (for purposes of this definition, each a “disposition”) by any Obligor (including, without limitation, pursuant to any sale and leaseback transaction or any
merger or consolidation of any Restricted Subsidiary of the Company with or into another Person (other than another Obligor) whereby such Restricted Subsidiary shall cease to be a Restricted Subsidiary of the Company) to any Person of: 

(1) any property or assets of any Obligor (other than Capital Stock of any Unrestricted Subsidiary) to the extent that any such disposition is
not in the ordinary course of business of such Obligor; or 
 (2) any Capital Stock of any Restricted Subsidiary (other than directors’
qualifying shares or shares required by law to be held by a Person other than the Company or a Restricted Subsidiary), 
 other than, in both cases: 

(A) any disposition to the Company; 

(B) any disposition to any Obligor or Restricted Subsidiary; 

(C) any disposition that constitutes a Restricted Payment or a Permitted Investment that is made in accordance with
Section 4.07 hereof; 

  
 2 












 (D) any transaction or series of related transactions resulting in Net Cash
Proceeds to such Obligor of less than $75 million; 
 (E) any transaction that is consummated in accordance with Article
V hereof; 
 (F) the sale or discount, in each case without recourse (direct or indirect), of accounts receivable arising in
the ordinary course of business of the Company or such Restricted Subsidiary, as the case may be, but only in connection with the compromise or collection thereof; 

(G) any Permitted Lien or any other pledge, assignment by way of collateral security, grant of security interest, hypothecation
or mortgage, permitted by this Indenture or any foreclosure, judicial or other sale, public or private, by the pledgee, assignee, mortgagee or other secured party of the subject assets; 

(H) transfers of damaged, worn-out or obsolete equipment or assets that, in the
Company’s reasonable judgment, are no longer used or useful in the business of the Company or its Restricted Subsidiaries (including the abandonment or other disposition of intellectual property that is, in the reasonable judgment of the
Company, no longer economically practicable to maintain or useful in the conduct of the business of the Company and its Restricted Subsidiaries); 

(I) sales or grants of licenses or sublicenses to use the patents, trade secrets,
know-how and other intellectual property, and licenses, leases or subleases of other assets of the Company or any Restricted Subsidiary to the extent not materially interfering with the business of the Company
and the Restricted Subsidiaries; 
 (J) any exchange of like property pursuant to Section 1031 of the Internal Revenue
Code of 1986, as amended, for use in a Related Business; 
 (K) sale or other disposition of cash or Cash Equivalents; 

(L) any surrender or waiver of contractual rights or the settlement, release, recovery on or surrender of contract, tort or
other claims of any kind that occur in the ordinary course of the Company’s or any Restricted Subsidiary’s business; 

(M) an issuance of Capital Stock by a Restricted Subsidiary to the Company or to another Restricted Subsidiary; 

(N) foreclosures, condemnation or any similar action on assets or the granting of Liens not prohibited by this Indenture; 

(O) any leases of retail, restaurant or entertainment venues and other similar spaces within a Casino; or 

(P) any transfer of Equity Interests of any Restricted Subsidiary or any Gaming Facility in connection with the occurrence of a
Trigger Event. 

  
 3 












 “Bank Credit Agreement” means the credit facility provided to the Company
pursuant to the Credit Agreement, dated as of June 8, 2016, by and among the Company, the financial institutions from time to time named therein, and Deutsche Bank AG Cayman Islands Branch, as Administrative Agent, including any related notes,
guarantees, collateral documents, instruments and agreements executed in connection therewith, in each case as amended, restated, modified, renewed, refunded, replaced (whether upon or after termination or otherwise), refinanced (including by means
of sales of debt securities to institutional investors or other purchasers), modified, substituted or otherwise restructured (including, but not limited to, the inclusion of additional borrowers thereunder), in whole or in part from time to time
whether or not with the same agent, trustee, representative lenders or holders and irrespective of any changes in the terms and conditions thereof. Without limiting the generality of the foregoing, the term “Bank Credit Agreement” shall
include agreements in respect of Interest Swap Obligations and other Hedging Obligations with lenders party to the Bank Credit Agreement or their Affiliates. 

“Bankruptcy Law” means the United States Bankruptcy Code and any other bankruptcy, insolvency, receivership, reorganization,
moratorium or similar law providing relief to debtors, in each case, as from time to time amended and applicable to the relevant case. 

“Board” means (1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly
authorized to act on behalf of such board; (2) with respect to a partnership, the board of directors (or any committee thereof duly authorized to act on behalf of such board) or other similar governing body of the controlling general partner of
the partnership; (3) with respect to a limited liability company, the Person or Persons who are the managing member, members or managers or any controlling committee or managing member, members or managers thereof; and (4) with respect to
any other Person, the board or committee or other body of such Person serving a similar function. 
 “Business Day” means
any day other than a Legal Holiday. 
 “Capital Stock” means: 

(1) with respect to any Person that is a corporation, any and all shares, rights, interests, participations or other equivalents (however
designated and whether or not voting) of corporate stock, including each class of common stock and preferred stock of such Person; and 
 (2)
with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person. 

“Capitalized Lease Obligation” means, as to any Person, the discounted rental stream payable by such Person that is required
to be classified and accounted for as a capital lease obligation under GAAP and, for purposes of this definition, the amount of such obligation at any date shall be the capitalized amount of such obligation at such date, determined in accordance
with GAAP; provided that any Permitted Leases will be accounted for as an operating lease and not as a Capitalized Lease Obligation. The final maturity of any such obligation shall be the date of the last payment of rent or any other amount
due under such lease prior to the first date upon which such lease may be terminated by the lessee without penalty. 

  
 4 












 “Cash Equivalents” means: 

(1) Government Securities; 
 (2)
marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within 12 months from the date of acquisition thereof by the Company or
any Restricted Subsidiary and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s; 

(3) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) is organized
under the Laws of the United States, any state thereof or the District of Columbia or is the principal banking Subsidiary of a bank holding company organized under the Laws of the United States, any state thereof or the District of Columbia, and is
a member of the Federal Reserve System, and (ii) has combined capital and surplus of at least $500,000,000, in each case with average maturities of not more than 12 months from the date of acquisition thereof; 

(4) investments in commercial paper maturing within 12 months from the date of acquisition thereof and having, at such date of acquisition, the
highest credit rating obtainable from S&P or from Moody’s; 
 (5) fully collateralized repurchase agreements with a term of not more
than 30 days for securities described in clause (2) and (3) above and entered into with a commercial bank described in clause (3) above; and 

(6) Investments in money market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P or Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 

“Casino” means any gaming establishment and other property or assets directly ancillary thereto or used in connection
therewith, including any building, restaurant, hotel, theater, parking facilities, retail shops, land, golf courses and other recreation and entertainment facilities, marina, vessel, barge, ship and equipment. 

“Change of Control” means the occurrence of any of the following: 

(1) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one transaction or a series
of related transactions, of all or substantially all of the assets of the Company, or the Company and its Restricted Subsidiaries taken as a whole, to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) other
than to a Permitted Holder; 
 (2) the adoption, or, if applicable, the approval of any requisite percentage of the Company’s
stockholders of a plan relating to the liquidation or dissolution of the Company; or 

  
 5 












 (3) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as defined above) other than any combination of Permitted Holders becomes the “beneficial owner” (as such term is defined in Rule
13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of the Company (measured by voting power rather than number of
shares), other than in connection with any transaction or transactions in which the Company shall become the wholly owned Subsidiary of a parent company and, thereafter, the foregoing shall instead apply to such parent company. 

“Change of Control Triggering Event” means both a Change of Control and a Rating Decline; provided, however,
that a Change of Control Triggering Event shall not be deemed to have occurred if the Company effects a Legal Defeasance or Covenant Defeasance of the Notes prior to a Rating Decline. 

“Company Tax Payments” means payments by the Company to Holdco to enable Holdco to make Tax Distributions (as defined in the
Holdco LLC Agreement as in effect on the Issue Date or as may be amended, modified or replaced from time so long as such amendment, modification or replacement is not materially adverse to Holders of the Notes) to its members pursuant to
Section 5.4 of the Holdco LLC Agreement (as in effect on the Issue Date or as may be amended, modified or replaced from time so long as such amendment, modification or replacement is not materially adverse to holders of the Notes); provided
that Company Tax Payments in respect of Holdco’s members’ actual state and United States federal income tax liabilities in respect of income earned by Unrestricted Subsidiaries during any period shall be permitted solely to the extent of
payments received from (or credits used by) Unrestricted Subsidiaries pursuant to the Subsidiary Tax Sharing Agreement with respect to such period. 

“Clearstream” means Clearstream Banking, S.A. 

“Company” means Station Casinos LLC, a Nevada limited liability company, and any and all successors thereto that become party
to this Indenture in accordance with its terms. 
 “Consolidated Coverage Ratio” means, with respect to any Person on any
Determination Date, the ratio of: 
 (1) Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended prior to
such date for which internal financial reports are available, ended not more than 135 days prior to such date; to 
 (2) Consolidated
Interest Expense during such period (other than non-cash Consolidated Interest Expense attributable to the Notes and loans under the Bank Credit Agreement); 

provided that the Consolidated Coverage Ratio shall be calculated giving pro forma effect, as of the beginning of the applicable period, to any Asset
Acquisition, Incurrence, repayment or redemption of Indebtedness (including the Notes), issuance or redemption of Disqualified Capital Stock, Asset Sale, designation of an Unrestricted Subsidiary as a Restricted Subsidiary or designation of a
Restricted Subsidiary as an Unrestricted Subsidiary, at any time during or subsequent to such period, but on or prior to the applicable Determination Date. 

  
 6 












 In making such computation, Consolidated Interest Expense: 

(1) attributable to any Indebtedness bearing a floating interest rate shall be computed on a pro forma basis as if the rate in effect on the
date of computation had been the applicable rate for the entire period (except that such interest on Indebtedness, to the extent covered by agreements relating to Interest Swap Obligations, shall be deemed to accrue at the rate per annum resulting
after giving effect to the operation of such agreements); or 
 (2) attributable to interest on any Indebtedness under a revolving Credit
Facility shall be computed on a pro forma basis based upon the average daily balance of such Indebtedness outstanding during the applicable period. 

It is understood that the Company may rely on internal or publicly reported financial reports even though there may be subsequent adjustments
(including review and audit adjustments) to such financial statements. For avoidance of doubt, any action taken or not taken in compliance with a covenant in this Indenture which is based upon or made in reliance on a computation of the Consolidated
Coverage Ratio by the Company based on such internal or publicly reported financial statements shall be deemed to continue to comply with the applicable covenant, notwithstanding any subsequent adjustments that may result in changes to such internal
or publicly reported financial statements. 
 For purposes of calculating Consolidated EBITDA and Consolidated Interest Expense of the
Company for the most recently completed period of four full fiscal quarters ending on the last day of the last quarter for which internal financial statements are available (such period of four fiscal quarters, the “Measurement
Period”), not more than 135 days prior to the transaction or event giving rise to the need to calculate the Consolidated EBITDA and Consolidated Interest Expense; 

(1) any Person that is a Restricted Subsidiary on such Determination Date (or would become a Restricted Subsidiary on such Determination Date
in connection with the transaction that requires the determination of the Consolidated Coverage Ratio) shall be deemed to have been a Restricted Subsidiary at all times during such Measurement Period; 

(2) any Person that is not a Restricted Subsidiary on such Determination Date (or would cease to be a Restricted Subsidiary on such
Determination Date in connection with the transaction that requires the determination of the Consolidated Coverage Ratio) will be deemed not to have been a Restricted Subsidiary at any time during such Measurement Period; 

(3) if the Company or any Restricted Subsidiary shall have in any manner: 

(A) acquired (including through an Asset Acquisition or the commencement of activities constituting such operating business)
any operating business or commenced operation of any Project during such Measurement Period or after the end of such Measurement Period and on or prior to the Determination Date; or 

(B) disposed of (including by way of an Asset Sale or the termination or discontinuance of activities constituting such
operating business) any operating business during such Measurement Period or after the end of such Measurement Period and on or prior to the Determination Date, 

  
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 such calculation shall be made on a pro forma basis in accordance with GAAP as if, in the case of an Asset
Acquisition or the commencement of activities constituting such operating business or operation of such Project, all such transactions had been consummated or effected on the first day of such Measurement Period and, in the case of an Asset Sale or
termination or discontinuance of activities constituting such operating business, all such transactions had been consummated prior to the first day of such Measurement Period; provided, however, that (i) such pro forma adjustment
shall not give effect to the Consolidated EBITDA of any acquired Person to the extent that such Person’s net income would be excluded pursuant to clause (8) of the definition of Consolidated Net Income and (ii) such pro forma
adjustment shall give effect to any pro forma cost savings, operating expense reductions and synergies that have occurred or are reasonably expected to be initiated within the 12-month period following the
consummation of the transaction, in the reasonable judgment of the chief financial officer or chief accounting officer of the Company (regardless of whether such expense or cost savings could then be reflected in pro forma financial statements in
accordance with Regulation S-X promulgated under the Securities Act or any other regulation or policy of the SEC related thereto); and 

(4) any Indebtedness Incurred and proceeds thereof received and applied as a result of the transaction giving rise to the need to calculate the
Consolidated Coverage Ratio will be deemed to have been so Incurred, received and applied on the first day of such Measurement Period. 

“Consolidated EBITDA” means, with respect to any Person for any period, the sum (without duplication) of: 

(1) the Consolidated Net Income of such Person for such period; plus 

(2) to the extent that any of the following shall have been taken into account in determining such Consolidated Net Income, and without
duplication: 
 (A) all income taxes of such Person and its Restricted Subsidiaries paid or accrued in accordance with GAAP
for such period (other than income taxes attributable to extraordinary or nonrecurring gains or losses or taxes attributable to sales or dispositions of assets outside the ordinary course of business); 

(B) the consolidated interest expense of such Person for such period, whether paid or accrued, including, without limitation,
amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations and the interest component of all payments associated with Capitalized Lease
Obligations; 
 (C) depreciation and amortization expense (including the amortization of deferred financing charges) and any
amortization or write-off of goodwill or other intangible assets and depreciation expense for such Person and its Restricted Subsidiaries for such period; 

  
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 (D) all other non-cash items (other
than non-cash interest) of such Person or any of its Restricted Subsidiaries reducing such Consolidated Net Income for such period, other than any non-cash item for such
period that requires the accrual of or a reserve for cash charges for any future period; 
 (E) any net after-tax losses from all sales or dispositions of assets outside of the ordinary course of business; 

(F) any net after-tax extraordinary or
non-recurring losses and losses on early extinguishment of debt; 
 (G) any non-recurring costs or expenses of an acquired company or business incurred in connection with the purchase or acquisition of such acquired company or business by such Person (including any restructuring expenses or
charges) and any non-recurring adjustments necessary to conform the accounting policies of the acquired company or business to those of such Person; 

(H) the amount of interest expense attributable to minority equity interests of third parties in any non-wholly owned Subsidiary to the extent paid by third parties; 
 (I) any losses
attributable to Interest Swap Obligations and Hedging Obligations permitted to be Incurred by clause (7) of Permitted Indebtedness; 

(J) non-cash charges relating to compensation expense in connection with benefits
provided under employee stock option plans, restricted stock plans and other equity compensation arrangements; 
 (K) all non-cash losses from investments recorded using the equity method; 
 (L) any cost, charge,
fee or expense (including discounts and commissions and including fees and charges incurred in respect of letters of credit or bankers acceptance financings) (or any amortization of any of the foregoing) associated with any issuance (or proposed
issuance) of debt, or equity or any refinancing transaction (or proposed refinancing transaction) or any amendment or other modification of any debt instrument; and 

(M) any charges, fees and expenses (or any amortization thereof) related to any acquisition, Investment or disposition (or any
such proposed acquisition, Investment or disposition) (including amortization or write offs of debt issuance or deferred financing costs, premiums and prepayment penalties), in each case, whether or not successful, less 

(3) (A) all non-cash items of such Person or any of its Restricted Subsidiaries increasing such
Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business, (B) all cash payments during such period relating to non-cash items that were added back in
determining Consolidated EBITDA in any prior period and (C) solely for the purpose of calculating the Consolidated Coverage Ratio, Consolidated Leverage Ratio or the Consolidated Secured Leverage Ratio distributions made by the Company to the
Holding Companies during such period pursuant to clause (12) under Section 4.07(b); plus 

  
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 (4) pre-opening expenses; plus 

(5) without duplication, the sum of (A) the New Property EBITDA, (B) Expansion Capital Expenditures EBITDA and (C) Development
Project EBITDA to the extent that such New Property, property subject to the Expansion Capital Expenditures or Development Project has not been subsequently sold, transferred or otherwise disposed of by the Company or the Restricted Subsidiary that
owns such New Property, property subject to the Expansion Capital Expenditures or Development Project, as applicable; plus 
 (6) solely for
the purpose of calculating the Consolidated Coverage Ratio, Consolidated Leverage Ratio or the Consolidated Secured Leverage Ratio, the amount of any restructuring charges or reserve (including those relating to severance, relocation costs and one-time compensation charges), costs incurred in connection with any non-recurring strategic initiatives, other business optimization expenses (including incentive costs and
expenses relating to business optimization programs and signing, retention and completion bonuses) and any unusual or non-recurring charges or items of loss or expense (including, without limitation, losses on
asset sales (other than asset sales in the ordinary course of business); plus 
 (7) Company Tax Payments paid or accrued for such period.

 Consolidated EBITDA shall be further adjusted (to the extent not reflected under clauses (1) through (7) above, without
duplication): 
 (A) to include, if otherwise excluded from Consolidated EBITDA due to the operation of paragraph
(3) above, the amount of insurance proceeds received during such period or after such period and on or prior to the date the calculation is made with respect to such period, attributable to any property which has been closed or had operations
curtailed for such period; provided that such amount of insurance proceeds shall only be included pursuant to this clause (A) to the extent of the amount of insurance proceeds plus Consolidated EBITDA attributable to such property for
such period (without giving effect to this clause (A)) does not exceed Consolidated EBITDA attributable to such property during the most recently completed four fiscal quarters for which financial results are available that such property was fully
operational (or if such property has not been fully operational for four consecutive fiscal quarters for which financial results are available prior to such closure or curtailment, the Consolidated EBITDA attributable to such property during the
period prior to such closure or curtailment (for which financial results are available) annualized over four fiscal quarters); and 

(B) in any fiscal quarter during which a purchase of property that prior to such purchase was subject to any operating lease
that will be terminated in connection with such purchase shall occur and during the three (3) following fiscal quarters, by increasing Consolidated EBITDA by an amount equal to the quarterly payment in respect of such lease (as if such purchase
did not occur) times (a) four (4) (in the case of the quarter in which such purchase occurs), (b) three (3) (in the case of the quarter following such purchase), (c) two (2) (in the case of the second quarter following such purchase) and
(d) one (1) (in the case of the third quarter following such purchase), all as determined on a consolidated basis for the Company and its Restricted Subsidiaries. 

  
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 “Consolidated Indebtedness” means, as at any date of determination,
(a) an amount equal to the aggregate amount of all Indebtedness of the Company and its Restricted Subsidiaries (other than any such Indebtedness that has been discharged or defeased) on such date, in an amount that would be reflected on a
balance sheet on such date prepared on a consolidated basis in accordance with GAAP, consisting of Indebtedness for borrowed money, obligations in respect of capital leases, purchase money Indebtedness, Indebtedness of the kind described in clause
(4) of the definition of “Indebtedness”, Indebtedness evidenced by promissory notes and similar instruments and guarantees in respect of any of the foregoing (to be included only to the extent set forth in clause (iii) below);
provided that (i) Consolidated Indebtedness shall not include (A) Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder or (B) Indebtedness of the type described in clause (5) of
the definition thereof, (ii) the amount of Consolidated Indebtedness, in the case of Indebtedness of a Restricted Subsidiary that is not a wholly owned Subsidiary, shall be reduced by an amount directly proportional to the amount (if any) by
which Consolidated EBITDA was reduced (including through the calculation of Consolidated Net Income) in respect of such non-controlling interest in such Restricted Subsidiary owned by a Person other than the
Company or any of its Restricted Subsidiaries, (iii) the amount of Consolidated Indebtedness, in the case of Indebtedness of a Subsidiary of the Company that is not a Guarantor and which Indebtedness is not guaranteed by any Obligor or Holding
Company shall be reduced by an amount directly proportional to the amount by which Consolidated EBITDA was reduced due to the undistributed earnings of such Subsidiary being excluded from Consolidated Net Income pursuant to clause (7) or (8)
thereof and (iv) Consolidated Indebtedness shall exclude Indebtedness not in excess of $500 million at any one time outstanding, which constitutes Development Expenses, or the proceeds of which were applied to fund Development Expenses
(but only for so long as such Indebtedness constitutes Development Expenses); less (b) Excess Cash. 
 “Consolidated
Interest Expense” means, with respect to any Person for any period, the sum of: 
 (1) the consolidated interest expense of such
Person and its Restricted Subsidiaries paid or accrued during such period (including the interest component of any deferred payment obligations, the interest component of all payments associated with Capitalized Lease Obligations, commissions,
discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments (if any) pursuant to Hedging Obligations or Interest Swap Obligations); provided, however, that Consolidated
Interest Expense shall not include (w) amortization or write-offs of debt issuance costs and deferred financing costs (including, without limitation, related to the original issuance of the Notes or any financing consummated prior thereto), (x)
any expensing of commitment or other financing fees, (y) write-offs relating to termination of interest rate swap arrangements related to the original issuance of the Notes, or (z) any capitalized interest or any interest portion of
payments in connection with any Permitted Lease; and 
 (2) the consolidated interest of such Person and its Restricted Subsidiaries that was
capitalized during such period; and 
 (3) any interest accruing on Indebtedness of another Person that is guaranteed by such Person or one
of its Restricted Subsidiaries; and 

  
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 (4) the product of: 

(a) all dividend payments on any series of preferred stock of such Person or any of its Restricted Subsidiaries (other than
dividends paid in Qualified Capital Stock); provided that with respect to any series of preferred stock that did not pay cash dividends during such period but that is required to pay cash dividends during any period prior to the maturity date
of the Notes, cash dividends shall be deemed to have been paid with respect to such series of preferred stock during the period of accrual for purposes of this clause (4); times 

(b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal,
state and local statutory income tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP. 

Notwithstanding the foregoing, Consolidated Interest Expense shall exclude interest expense in respect of Indebtedness that is excluded from
Consolidated Indebtedness by reason of clause (ii), (iii) or (iv) of the proviso thereof, to the extent of such exclusion. 

“Consolidated Leverage Ratio” means, with respect to any Person on any Determination Date, the ratio of (a) the
aggregate amount of Consolidated Indebtedness (or, in the case of Indebtedness issued at less than its principal amount at maturity, the accreted value thereof) of such Person and its Restricted Subsidiaries as of such Determination Date to
(b) Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended prior to such date for which internal financial reports are available, ended not more than 135 days prior to such date (the “Measurement
Period”), provided that: 
 (1) any Person that is a Restricted Subsidiary on such Determination Date (or would become a
Restricted Subsidiary on such Determination Date in connection with the transaction that requires the determination of the Consolidated Coverage Ratio) shall be deemed to have been a Restricted Subsidiary at all times during such Measurement Period;

 (2) any Person that is not a Restricted Subsidiary on such Determination Date (or would cease to be a Restricted Subsidiary on such
Determination Date in connection with the transaction that requires the determination of the Consolidated Coverage Ratio) will be deemed not to have been a Restricted Subsidiary at any time during such Measurement Period; 

(3) if the Company or any Restricted Subsidiary shall have in any manner: 

(a) acquired (including through an Asset Acquisition or the commencement of activities constituting such operating business)
any operating business or commenced operation of any Project during such Measurement Period or after the end of such Measurement Period and on or prior to the Determination Date; or 

  
 12 












 (b) disposed of (including by way of an Asset Sale or the termination or
discontinuance of activities constituting such operating business) any operating business during such Measurement Period or after the end of such Measurement Period and on or prior to the Determination Date, such calculation shall be made on a pro
forma basis in accordance with GAAP as if, in the case of an Asset Acquisition or the commencement of activities constituting such operating business or operation of such Project, all such transactions had been consummated or effected on the first
day of such Measurement Period and, in the case of an Asset Sale or termination or discontinuance of activities constituting such operating business, all such transactions had been consummated prior to the first day of such Measurement Period;
provided, however, that (i) such pro forma adjustment shall not give effect to the Consolidated EBITDA of any acquired Person to the extent that such Person’s net income would be excluded pursuant to clause (8) of the
definition of Consolidated Net Income and (ii) such pro forma adjustment shall give effect to any pro forma cost savings, operating expense reductions and synergies that have occurred or are reasonably expected to be initiated within the 12-month period following the consummation of the transaction, in the reasonable judgment of the chief financial officer or chief accounting officer of the Company (whether or not such expense or cost savings could
then be reflected in pro forma financial statements in accordance with Regulation S-X promulgated under the Securities Act or any other regulation or policy of the SEC related thereto); and 

(4) any Indebtedness Incurred and proceeds thereof received and applied as a result of the transaction giving rise to the need to calculate the
Consolidated Coverage Ratio will be deemed to have been so Incurred, received and applied on the first day of such Measurement Period. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate net income (or loss) of such Person
and its Restricted Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided, however, that there shall be excluded therefrom: 

(1) net after-tax gains and losses from all sales or dispositions of assets; 

(2) net after-tax extraordinary or non-recurring gains or
losses and losses on early extinguishment of debt; 
 (3) any after-tax effect of income (loss) from
the early extinguishment, conversion or cancellation of debt, Interest Swap Obligations, Hedging Obligations or other derivative instruments; 

(4) any impairment charge or asset write-off, in each case pursuant to GAAP, and the amortization of
intangibles arising pursuant to GAAP; 
 (5) the effect of marking to market Interest Swap Obligations and Hedging Obligations permitted to
be Incurred by clause (7) of Permitted Indebtedness; 
 (6) the cumulative effect of a change in accounting principles; 

  
 13 












 (7) any net income or net loss of any other Person if such other Person is not a Subsidiary
and is accounted for by the equity method of accounting, except that such Person’s equity in the net income of any such other Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash and the
fair market value of property actually distributed by such other Person during such period to such Person or a Restricted Subsidiary as a dividend or other distribution (subject, in case of a dividend or other distribution to a Restricted
Subsidiary, to the limitation that such amount so paid to a Restricted Subsidiary shall be excluded to the extent that such amount could not at that time be paid to the Company due to the restrictions set forth in clause (8) below); 

(8) solely for the purpose of determining the amount available for Restricted Payments under clause (3)(A) of the second paragraph under
Section 4.07(a), any net income of any Restricted Subsidiary that is not a Guarantor if such Restricted Subsidiary is subject to restrictions, directly or indirectly, by contract, operation of law, pursuant to its charter or otherwise on the
payment of dividends or the making of distributions by such Restricted Subsidiary to such Person except that: 
 (A) such
Person’s equity in the net income of any such Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash that could have been paid or distributed during such period to such Person
as a dividend or other distribution (provided that such ability is not due to a waiver of such restriction); and 
 (B) such
Person’s equity in a net loss of any such Restricted Subsidiary for such period shall be included in determining such Consolidated Net Income regardless of any such restriction; 

(9) any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net
Income accrued at any time following the Issue Date; 
 (10) income or loss attributable to discontinued operations (including, without
limitation, operations disposed of during such period whether or not such operations were classified as discontinued); 
 (11) in the case of
a successor to such Person by consolidation or merger or as a transferee of such Person’s assets, any net income or loss of the successor corporation prior to such consolidation, merger or transfer of assets; 

(12) non-cash charges relating to compensation expense in connection with benefits provided under
employee stock option plans, restricted stock plans and other equity compensation arrangements; 
 (13) any net unrealized gains and losses
resulting from Hedging Obligations and the application of ASC Topic 815 will be excluded; 
 (14) any expenses, charges or losses that are
covered by indemnification or other reimbursement provisions in connection with any Permitted Investment or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture, to the extent actually reimbursed, or, so long
as the Company has made a determination that a reasonable basis exists for indemnification or reimbursement and only to the extent that such amount is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the
applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365 days); 

  
 14 












 (15) to the extent covered by insurance and actually reimbursed, or, so long as the Company
has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is in fact reimbursed within 365 days of the date of such determination (with a
deduction in the applicable future period for any amount so added back to the extent not so reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption; 

(16) the net income (but not loss) of any Unrestricted Subsidiary, except that the Company’s or any Restricted Subsidiary’s equity in
the net income of any Unrestricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Unrestricted Subsidiary during such period to the Company or a Restricted
Subsidiary as a dividend or other distribution; 
 (17) any fees, expenses, premiums and other charges in connection with the issuance of the
Notes, the incurrence of Indebtedness under the Bank Credit Agreement or any other issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction, amendment or other modification of any debt instrument, acquisition,
investment or asset disposition; 
 (18) payments made by the Company or a Restricted Subsidiary to an Unrestricted Subsidiary pursuant to
the Subsidiary Tax Sharing Agreement; 
 (19) gains and losses resulting solely from fluctuations in currency values and the related tax
effect; and 
 (20) any net income of a Restricted Subsidiary (or former Restricted Subsidiary) with respect to which a Trigger Event has
occurred following the occurrence and during the continuation of such Trigger Event; 
 provided further that Consolidated Net Income shall be
reduced by all Corporate Expense Payments and Company Tax Payments paid or accrued for such period. 
 “Consolidated Net Tangible
Assets” means, as of any Determination Date, the total amount of assets that would appear on the consolidated balance sheet of the Company and its Restricted Subsidiaries as at the end of the most recently completed fiscal quarter for which
financial statements are available, less the sum of (i) the goodwill, net, and other intangible assets and (ii) all current liabilities (other than any current portion of long-term Indebtedness), in each case as they would appear on the
consolidated balance sheet of the Company and its Restricted Subsidiaries as at the end of the most recently completed fiscal quarter for which financial statements are available, determined on a consolidated basis in accordance with GAAP. 

  
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 “Consolidated Secured Leverage Ratio” means, with respect to any
Person on any Determination Date, the ratio of (a) the aggregate amount of Consolidated Indebtedness (or, in the case of Indebtedness issued at less than its principal amount at maturity, the accreted value thereof) of such Person and its
Restricted Subsidiaries as of such Determination Date that is secured by a lien on the assets or property of such Person or any of its Restricted Subsidiaries (provided that for purposes of calculating such Consolidated Secured Leverage Ratio any
Indebtedness Incurred under clause (ii) of the proviso in Section 4.09(b)(3) shall be deemed to be secured by a lien on the assets or property of the Company and its Restricted Subsidiaries) to (b) Consolidated EBITDA for the period
of four consecutive fiscal quarters most recently ended prior to such date for which internal financial reports are available, ended not more than 135 days prior to such date (the “Measurement Period”), provided that: 

(1) any Person that is a Restricted Subsidiary on such Determination Date (or would become a Restricted Subsidiary on such Determination Date
in connection with the transaction that requires the determination of the Consolidated Coverage Ratio) shall be deemed to have been a Restricted Subsidiary at all times during such Measurement Period; 

(2) any Person that is not a Restricted Subsidiary on such Determination Date (or would cease to be a Restricted Subsidiary on such
Determination Date in connection with the transaction that requires the determination of the Consolidated Coverage Ratio) will be deemed not to have been a Restricted Subsidiary at any time during such Measurement Period; 

(3) if the Company or any Restricted Subsidiary shall have in any manner: 

(A) acquired (including through an Asset Acquisition or the commencement of activities constituting such operating business)
any operating business or commenced operation of any Project during such Measurement Period or after the end of such Measurement Period and on or prior to the Determination Date; or 

(B) disposed of (including by way of an Asset Sale or the termination or discontinuance of activities constituting such
operating business) any operating business during such Measurement Period or after the end of such Measurement Period and on or prior to the Determination Date, 

such calculation shall be made on a pro forma basis in accordance with GAAP as if, in the case of an Asset Acquisition or the commencement of
activities constituting such operating business or operation of such Project, all such transactions had been consummated or effected on the first day of such Measurement Period and, in the case of an Asset Sale or termination or discontinuance of
activities constituting such operating business, all such transactions had been consummated prior to the first day of such Measurement Period; provided, however, that (i) such pro forma adjustment shall not give effect to the
Consolidated EBITDA of any acquired Person to the extent that such Person’s net income would be excluded pursuant to clause (8) of the definition of “Consolidated Net Income” and (ii) such pro forma adjustment shall give
effect to any pro forma cost savings, operating expense reductions and synergies that have occurred or are reasonably expected to be initiated within the 12-month period following the consummation of the
transaction, in the reasonable judgment of the chief financial officer or chief accounting officer of the Company (regardless of whether such expense or cost savings could then be reflected in pro forma financial statements in accordance with
Regulation S-X promulgated under the Securities Act or any other regulation or policy of the SEC related thereto); and 

  
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 (4) any Indebtedness Incurred and proceeds thereof received and applied as a result of the
transaction giving rise to the need to calculate the Consolidated Coverage Ratio will be deemed to have been so Incurred, received and applied on the first day of such Measurement Period. 

For purposes of this definition, in calculating Consolidated EBITDA and the aggregate amount of secured Indebtedness of the Company and its
Restricted Subsidiaries, Consolidated EBITDA and secured Indebtedness attributable to discontinued operations will be excluded. 

“Core Businesses” means (a) the gaming, card club, racing, sports, entertainment, amusement, lodging, restaurant, retail
operations, service station operations, riverboat operations, real estate development and all other businesses and activities necessary for or reasonably related or incident thereto, including, without limitation, related acquisition, construction,
development or operation of related truck stop, transportation, retail and other facilities designed to enhance any of the foregoing and (b) any of the types of pre-existing businesses being operated on
land acquired (whether by purchase, lease or otherwise) by an Obligor, or similar types of businesses conducted by such Obligor after such acquisition of land, and all other businesses and activities necessary for or reasonably related or incident
thereto, provided that such land was acquired by such Obligor for the purpose, determined in good faith by the Company, of ultimately conducting a business or activity described in clause (a) above at some time in the future. 

“Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in Section 13.02 hereof or such
other address as to which the Trustee may give notice to the Company. 
 “Credit Facilities” means, with respect to any
Obligor, one or more debt facilities (including, without limitation, the Bank Credit Agreement), indentures or commercial paper facilities with any combination of banks, other institutional lenders or other institutional lenders or accredited or
institutional investors, providing for revolving credit loans, term loans, terms debt, debt securities, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such
lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after termination or otherwise), refinanced (including by means of sales of debt securities to
institutional investors), modified, substituted or otherwise restructured (including, but not limited to, the inclusion of additional borrowers thereunder), in whole or in part from time to time by the same or different institutional investors or
other purchasers. Without limiting the generality of the foregoing, the term “Credit Facilities” shall include agreements in respect of Interest Swap Obligations and other Hedging Obligations with lenders party to the Credit Facilities or
their affiliates. 
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor
entity thereto. 

  
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 “Default” means any event that is or with the passage of time or the giving
of notice or both would be an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of
the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of
Interests in the Global Note” attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in
whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable
provision of this Indenture. 
 “Designated Non-Cash Consideration” means the fair
market value of non-cash consideration received by the Company or any of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated
Non-Cash Consideration pursuant to an officer’s certificate setting forth the basis of such valuation, executed by a financial officer of the Company, less the amount of cash or Cash Equivalents received
in connection with a subsequent sale of or collection on such Designated Non-Cash Consideration. 

“Determination Date” means, with respect to any calculation, the date on or as of which such calculation is made in
accordance with the terms hereof. 
 “Development Expenses” means, without duplication, the aggregate principal amount, not
to exceed $500 million at any time, of outstanding Indebtedness incurred after the Issue Date, the proceeds of which, at the time of determination, have been applied or are required or intended to be used to fund, (i) Expansion Capital
Expenditures of the Company or any Restricted Subsidiary, (ii) a Development Project or (iii) interest, fees or related charges with respect to such Indebtedness; provided that (A) the Company or the Restricted Subsidiary or other
Person that owns assets subject to the Expansion Capital Expenditure or Development Project, as applicable, is diligently pursuing the completion thereof and has not at any time ceased construction of such Expansion Capital Expenditure or
Development Project, as applicable, for a period in excess of 90 consecutive days (other than as a result of a force majeure event or inability to obtain requisite Gaming Approvals or other governmental authorizations, so long as, in the case of any
such Gaming Approvals or other governmental authorizations, the Company or a Restricted Subsidiary or other applicable Person is diligently pursuing such Gaming Approvals or governmental authorizations) and (B) no such Indebtedness shall
constitute Development Expenses with respect to an Expansion Capital Expenditure project or a Development Project from and after the end of the first full fiscal quarter after the earlier of (x) opening for business, and (y) completion of
construction of the applicable Expansion Capital Expenditure project or Development Project. 
 “Development Project” means
Investments, directly or indirectly, (a) in any joint ventures in which the Company or any of its Restricted Subsidiaries, directly or indirectly, has control or with whom it has a management or similar contract and in which the Company or any
of its Restricted Subsidiaries owns (directly or indirectly) at least 25% of the Equity Interests of such joint venture, or (b) in, or expenditures with respect to, casinos, “racinos,” full-service


  
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casino resorts or non-gaming resorts or Persons that own casinos, “racinos,” full-service casino resorts or
non-gaming resorts (including casinos, “racinos,” full-service casino resorts or non-gaming resorts in development or under construction that are not presently
opening or operating) with respect to which the Company or any of its Restricted Subsidiaries will directly manage the development thereof or (directly or indirectly through Subsidiaries) the Company or any of its Restricted Subsidiaries has entered
into a management or similar contract (or an agreement to enter into such a management or similar contract) and such contract remains in full force and effect at the time of such Investment, though it may be subject to regulatory approvals, in each
case, used to finance, or made for the purpose of allowing such joint venture, casino, “racino,” full-service casino resort or non-gaming resort, as the case may be, to finance, the purchase or other
acquisition of any fixed or capital assets or the refurbishment of existing assets or properties that develops, adds to or significantly improves the property of such joint venture, casino, “racino,” full-service casino resort or non-gaming resort and assets ancillary or related thereto, or the construction and development of a casino, “racino,” full-service casino resort, non-gaming resort
or assets ancillary or related thereto and including pre-opening expenses with respect to such joint venture, casino, “racino,” full-service casino resort or
non-gaming resort and other fees and payments to be made to such joint venture or the owners of such casino, “racino,” full-service casino resort or non-gaming
resort. 
 “Development Project EBITDA” means, in the event of any opening of any business representing a Development
Project occurs during a period, the Consolidated EBITDA attributable to such Development Project (as determined by the Company); provided that, for any period, if the business representing a Development Project was not opened on the first day of
such period, then the Development Project EBITDA for such period shall be equal to (i) the actual Consolidated EBITDA for such business representing a Development Project during such period as determined above, divided by (ii) the number
of days during such period from and after the opening of the business representing a Development Project, times (iii) the total number of days in such period. 

“Disqualified Capital Stock” means any Capital Stock which by its terms (or by the terms of any security into which it is, by
its terms, convertible or for which it is, by its terms, exchangeable at the option of the holder thereof), or upon the happening of any specified event (other than a Change of Control), is required to be redeemed or is redeemable (at the option of
the holder thereof) at any time prior to the earlier of the repayment of all Notes or the stated maturity of the Notes or is exchangeable at the sole option of the holder (except upon a Change of Control) thereof for Indebtedness at any time prior
to the earlier of the repayment of all Notes or the stated maturity of the Notes. 
 “Domestic Restricted Subsidiary” means
any Restricted Subsidiary that is a Person organized under the laws of the United States or any state thereof or the District of Columbia. 

“Equity Interests” 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). 
 “Equity Offering” means any public
or private sale of Qualified Capital Stock. 

  
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 “Euroclear” means Euroclear Bank, S.A./N.V., or its successor, as operator
of the Euroclear system. 
 “Event of Default” means the occurrence of any of the events described in
Section 6.01 hereof after giving effect to any applicable grace periods or notice requirements. 
 “Excess Cash” means
the cash and Cash Equivalents of the Company and its Restricted Subsidiaries; provided, however, that in the event that Excess Cash is less than zero, Excess Cash shall be deemed to be zero. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Expansion Capital Expenditures” means any capital expenditure by the Company or any of its Restricted
Subsidiaries in respect of the purchase or other acquisition of any fixed or capital assets or the refurbishment of existing assets or properties that, in the Company’s reasonable determination, adds to or significantly improves (or is
reasonably expected to add to or significantly improve) the property of the Company and its Restricted Subsidiaries, excluding any such capital expenditures financed with Net Cash Proceeds of an Asset Sale and excluding capital expenditures made in
the ordinary course made to maintain, repair, restore or refurbish the property of the Company and its Restricted Subsidiaries in its then existing state or to support the continuation of such Person’s day to day operations as then conducted.

 “Expansion Capital Expenditures EBITDA” means, in the event of any opening of any business representing Expansion
Capital Expenditures occurs during a period, the Consolidated EBITDA attributable to such Expansion Capital Expenditures (as determined by the Company); provided that, for any period, if the business representing Expansion Capital Expenditures was
not opened on the first day of such period, then the Expansion Capital Expenditures EBITDA for such period shall be equal to (i) the actual Consolidated EBITDA for such business representing Expansion Capital Expenditures during such period as
determined above, divided by (ii) the number of days during such period from and after the opening of the business representing Expansion Capital Expenditures, times (iii) the total number of days in such period. 

“Fertitta Family Entity” means any trust or entity one hundred percent (100%) owned and controlled by or established
for the sole benefit of, or the estate of, any of Frank J. Fertitta III or Lorenzo J. Fertitta or their spouses or lineal descendants (including, without limitation, adopted children and their lineal descendants). 

“Fertitta Holder” means (a) Frank J. Fertitta III or Lorenzo J. Fertitta or any of their spouses or lineal
descendants (including, without limitation, adopted children and their lineal descendants) or (b) a Fertitta Family Entity. 

“GAAP” means 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 may be approved by a significant segment of
the accounting profession of the United States, as in effect from time to time; provided that, except as otherwise specifically provided, all calculations made for purposes of determining 

  
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compliance with the terms of this Indenture shall utilize GAAP as in effect as of the Issue Date. Notwithstanding anything to the contrary herein, (a) any Permitted Lease and any guarantees
thereof shall not constitute Indebtedness or a capital lease, a financing lease or a Capitalized Lease Obligation (or terms of similar effect) regardless of how such Permitted Lease may be treated under GAAP, (b) any payments in connection with
such Permitted Lease shall not constitute consolidated interest expense of the Company and (c) Consolidated Net Income shall be calculated by deducting, without duplication of amounts otherwise deducted, rent, insurance, property taxes and
other amounts and expenses actually paid in cash under Permitted Lease in the applicable period, and no other deductions in calculating Consolidated Net Income shall occur as a result of imputed interest, amounts under any Permitted Lease not paid
in cash during the relevant period or other non-cash amounts incurred in respect of any Permitted Lease; provided that any “true-up” of rent paid in
cash pursuant to any Permitted Lease shall be accounted for in the fiscal quarter to which such payment relates as if such payment were originally made in such fiscal quarter. 

“Gaming Approval” means any governmental approval, license, permit, registration, qualification or finding of
suitability relating to any gaming business, operation or enterprise. 
 “Gaming Authority” means any applicable
governmental, regulatory or administrative state or local agency, authority, board, bureau, commission, department or instrumentality of any nature whatsoever involved in the supervision or regulation of casinos, gaming and gaming activities,
including, without limitation, in the State of Nevada, the Nevada Gaming Commission, the Nevada Gaming Control Board, and any of their respective successors or replacements. 

“Gaming Facility” shall mean any gaming establishment and other property or assets ancillary thereto or used in connection
therewith, including, without limitation, any casinos, hotels, resorts, race tracks, off-track wagering sites, theaters, parking facilities, recreational vehicle parks, timeshare operations, retail shops,
restaurants, other buildings, land, golf courses and other recreation and entertainment facilities, marinas, vessels, barges, ships and related equipment. 

“Gaming Law” means all Laws pursuant to which a Gaming Authority possesses licensing, permit or regulatory authority over
casinos, gaming and gaming activities conducted within its jurisdiction, or the ownership of an entity engaged therein. 
 “Global
Note” means a permanent global note in registered form deposited with the Trustee, as a custodian for The Depository Trust Company or any other designated depositary, substantially in the form of Exhibit A hereto and that bears the Global
Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(1), 2.06(d)(2) or 2.06(d)(3) hereof. 

“Global Note Legend” means the legend set forth in Section 2.06(g)(2) hereof, which is required to be placed on all
Global Notes issued under this Indenture. 

  
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 “Government Securities” means marketable direct obligations issued by, or
unconditionally guaranteed by, the United States government or issued by any agency or instrumentality thereof and backed by the full faith and credit of the United States, in each case maturing within 12 months from the date of acquisition thereof
by any Obligor or any Restricted Subsidiary. 
 “Governmental Authority” means any nation or government, any state
or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government, including, without limitation, all Gaming Authorities. 
 “Guarantee” means a
guarantee by a Guarantor of the Obligations of the Company arising under or in connection with the Notes. 
 “Guarantor”
means each Material Restricted Subsidiary of the Company in existence on the Issue Date, any future Material Restricted Subsidiary of the Company and any future Subsidiary that is a guarantor under the Bank Credit Agreement, in each case which has
guaranteed the obligations of the Company arising under or in connection with the Notes as required by this Indenture; provided that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its respective
Guarantee is released in accordance with the terms of this Indenture. 
 “Hedging Obligations” means all obligations of the
Obligors or any Domestic Restricted Subsidiary that is not an Obligor arising under or in connection with any rate or basis swap, forward contract, commodity swap or option, equity or equity index swap or option, bond, note or bill option, interest
rate option, foreign currency exchange transaction, cross currency rate swap, currency option, cap, collar or floor transaction, swap option, synthetic trust product, synthetic lease or any similar transaction or agreement. 

“Holdco” means Station Holdco LLC, a Delaware limited liability company, and any successor thereto. 

“Holdco LLC Agreement” means that certain Third Amended and Restated Limited Liability Company Agreement of Holdco, dated as
of April 28, 2016. 
 “Holder” means a Person in whose name a Note is registered on the books of the Registrar. 

“Holding Company” means Holdco and each other Person that owns a direct or indirect interest in any such Holding
Company. 
 “IAI Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global
Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that shall be issued in a denomination equal to the outstanding principal amount of the Notes sold to
Institutional Accredited Investors. 

  
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 “Incur” means, with respect to any Indebtedness of any Person or any Lien,
to create, issue, incur (by conversion, exchange or otherwise), assume, guarantee or otherwise become liable in respect of such Indebtedness or Lien or the recording, as required pursuant to GAAP or otherwise, of any such Indebtedness on the balance
sheet of such Person (and “Incurrence,” “Incurred,” “Incurrable” and “Incurring” shall have meanings correlative to the foregoing). 

“Indebtedness” means with respect to any Person, without duplication, whether contingent or otherwise, 

(1) any obligations for money borrowed; 

(2) any obligation evidenced by bonds, debentures, notes, or other similar instruments; 

(3) Letter of Credit Obligations and obligations in respect of other similar instruments; 

(4) any obligations to pay the deferred purchase price of property or services, including Capitalized Lease Obligations (it being understood
that the obligations of such Person under any Permitted Lease shall not constitute Indebtedness); 
 (5) the maximum fixed redemption or
repurchase price of Disqualified Capital Stock; 
 (6) Indebtedness of other Persons of the types described in clauses (1) through (5)
above, secured by a Lien on the assets of such Person or its Restricted Subsidiaries, valued, in such cases where the recourse thereof is limited to such assets, at the lesser of the principal amount of such Indebtedness or the fair market value of
the subject assets; 
 (7) Indebtedness of other Persons of the types described in clauses (1) through (5) above, guaranteed by such
Person or any of its Restricted Subsidiaries; and 
 (8) the net obligations of such Person under Hedging Obligations and Interest Swap
Obligations, 
 provided that the amount of any Indebtedness at any date shall be calculated as the outstanding balance of all unconditional
obligations and the maximum liability supported by any contingent obligations at such date. 
 Notwithstanding the foregoing,
“Indebtedness” shall not be construed to include trade payables, deferred payments in respect of services by employees, credit on open account, accrued liabilities, provisional credit, daylight overdrafts or similar items. For purposes of
this definition, the “maximum fixed redemption or repurchase price” of any Disqualified Capital Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if
such Disqualified Capital Stock were repurchased on the date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Capital
Stock, such fair market value shall be determined in good faith by the Board of the issuing Person. Unless otherwise specified in this Indenture, the amount outstanding at any time of any Indebtedness issued with original issue discount is the full
amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in conformity with GAAP. 

  
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 “Indenture” means this Indenture, as amended or supplemented from time to
time. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” means the first $750,000,000 aggregate principal amount of Notes issued under this Indenture on the date
hereof. 
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined
in Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is not also a QIB. 
 “Interest Payment Date” means
the Stated Maturity of an installment of interest on the Notes. 
 “Interest Swap Obligations” means the net obligations of
any Person under any interest rate protection agreement, interest rate future, interest rate option, interest rate swap, interest rate cap, collar or floor transaction or other interest rate Hedging Obligation. 

“Investment” by any Person means, without duplication, any direct or indirect: 

(1) loan, advance or other extension of credit or capital contribution (valued at the fair market value thereof as of the date of contribution
or transfer) (by means of transfers of cash or other property or services for the account or use of other Persons, or otherwise, other than a Permitted Lien under clause (15) of the definition of Permitted Liens); 

(2) purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness issued by any other
Person (whether by merger, consolidation, amalgamation or otherwise and whether or not purchased directly from the issuer of such securities or evidences of Indebtedness); and 

(3) guarantee or assumption of any Indebtedness or any other obligation of any other Person (except for any assumption of Indebtedness for
which the assuming Person receives consideration at the time of such assumption in the form of property or assets with a fair market value at least equal to the principal amount of the Indebtedness assumed); and 

(4) all other items that would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP. 

Notwithstanding the foregoing, the purchase or acquisition of any securities, Indebtedness or Productive Assets of any other Person solely
with Qualified Capital Stock shall not be deemed to be an Investment. The term “Investments” shall also exclude extensions of trade credit and advances to customers and suppliers to the extent made in the ordinary course of business on
ordinary business terms. The amount of any non-cash Investment shall be the fair market value of such Investment, as determined in good faith by management of the Company or the affected Restricted Subsidiary,
as applicable, unless the fair market value of such Investment 

  
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exceeds $20 million, in which case the fair market value shall be determined in good faith by the Board of such Person as of the time such Investment is made or such other time as specified
in this Indenture. Unless otherwise required by this Indenture, the amount of any Investment shall not be adjusted for increases or decreases in value, or write-ups, write-downs or write-offs subsequent to the
date such Investment is made with respect to such Investment. 
 “Investment Grade Rating” means a rating equal to or
higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by S&P or an equivalent rating by any other Rating Agency. 

“Investment Grade Status” means any time at which the ratings of the Notes by each of Moody’s (or any successor to the
rating agency business thereof) and S&P (or any successor to the rating agency business thereof) are Investment Grade Ratings. 

“Issue Date” means November 26, 2021. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law (including, without limitation, any Gaming
Law). 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a
place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue on such payment for the intervening period. 
 “Letter of Credit Obligations” means Obligations of an
Obligor arising under or in connection with letters of credit. 
 “Lien” means, with respect to any assets, any mortgage,
lien, pledge, charge, security interest or other similar encumbrance (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof). In no event shall an operating lease or any Permitted Lease
be deemed to constitute a Lien. 
 “Limited Condition Acquisition” means any acquisition or other Investment,
including by way of merger, amalgamation or consolidation or similar transaction, by the Company or one or more of its Restricted Subsidiaries, with respect to which the Company or any such Restricted Subsidiaries have entered into an agreement or
is otherwise contractually committed to consummate and the consummation of which is not expressly conditioned upon the availability of, or on obtaining, third party financing. 

  
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 “LTM EBITDA” means Consolidated EBITDA of the Company measured for the
period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which consolidated financial statements are available (which may be internal financial statements), in each case with such pro forma
adjustments giving effect to such Investments, acquisitions, dispositions, mergers, consolidations and discontinued operations, as applicable, since the start of such four quarter period and as are consistent with the pro forma adjustments set forth
in the definition of “Consolidated Net Leverage Ratio.” 
 “Material Restricted Subsidiary” means any Subsidiary
which is both a Material Subsidiary and a Restricted Subsidiary. 
 “Material Subsidiary” means any Subsidiary of the
Company organized under the laws of the United States or any state thereof or the District of Columbia, other than a Non-Material Subsidiary. 

“Moody’s” means Moody’s Investors Services, Inc., and any successor to its rating agency business. 

“Native American Investments” means any Investment made pursuant to any management, construction, development, support
or similar agreement by and between the Company or any of its Subsidiaries or Affiliates and a Native American Tribe or instrumentality thereof. 

“Native American Subsidiary” means each Subsidiary of the Company that is engaged exclusively in the business of
managing, constructing, developing, servicing, and otherwise supporting gaming, lodging and other related businesses under the auspices of a Native American tribe, band or other forms of government and does not own any interest in any principal
property of the Company or any Equity Interests in any Person that is not itself a Native American Subsidiary. 
 “Net Cash
Proceeds” means with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents including payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents received by any Obligor
from such Asset Sale, net of: 
 (1) reasonable out-of-pocket
expenses, fees and other direct costs relating to such Asset Sale (including, without limitation, brokerage, legal, accounting and investment banking fees and sales commissions); 

(2) taxes, or tax distributions, paid or payable after taking into account any reduction in tax liability due to available tax credits or
deductions and any tax sharing arrangements; 
 (3) repayment of Indebtedness (other than any intercompany Indebtedness) that is required by
the terms thereof to be repaid or pledged as cash collateral, or the holders of which otherwise have a contractual claim that is legally superior to any claim of the holders (including a restriction on transfer) to the proceeds of the subject
assets, in connection with such Asset Sale; and 
 (4) appropriate amounts to be provided by any applicable Obligor, as a reserve, in
accordance with GAAP, against any liabilities associated with such Asset Sale and retained by any applicable Obligor including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters
and liabilities under any indemnification obligations associated with such Asset Sale and any reserve for adjustment to the sale price received in such Asset Sale for so long as such reserve is held. 

  
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 “New Property” means, with respect to any period, any new hotel and/or
casino and related amenities (as opposed to any expansion to existing properties) owned or managed by the Company or its Restricted Subsidiaries and opened for business to the public during such period. 

“New Property EBITDA” means, with respect to any New Property for any period, the amount for such period of Consolidated
EBITDA of such New Property (determined as if references to the Company and the Restricted Subsidiaries in the definition of “Consolidated EBITDA” (and in the component financial definitions used therein) were references to the Person that
owns such New Property and its applicable Subsidiaries), all as determined on a consolidated basis for such New Property; provided that, for any period, if the New Property was not opened on the first day of such period, then the New Property
EBITDA for such period shall be equal to (i) the actual Consolidated EBITDA for such New Property during such period as determined above, divided by (ii) the number of days during such period from and after the opening of such New
Property, times (iii) the total number of days in such period. 
 “Non-Material
Subsidiaries” means all Restricted Subsidiaries designated by the Company to the Trustee as Non-Material Subsidiaries; provided, that (i) no such Restricted Subsidiary may have assets
(attributable to the Company’s and its Restricted Subsidiaries’ equity interest in such entity) having a fair market value in excess of $25 million and (ii) all such Restricted Subsidiaries may not in the aggregate at any time
have assets (attributable to the Company’s and its Restricted Subsidiaries’ equity interest in such entity) constituting more than 3.0% of the Company’s Consolidated Net Tangible Assets based on the Company’s most recent internal
financial statements. 
 “Non-U.S. Person” means a Person who is not a U.S. Person.

 “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and any Additional Notes
shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to Notes shall include the Initial Notes and any Additional Notes. 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities, whether absolute or contingent, payable under the documentation governing any Indebtedness. 
 “Obligor” means
the Company or any Guarantor, and any successor obligor upon the Notes and the Guarantees, respectively. 
 “Officer”
means, (i) with respect to any Person that is a corporation, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the
Controller, the Secretary, the Assistant Secretary or any Vice-President of such Person and (ii) with respect to any other Person, the individuals selected by the Board or corresponding governing or managing body of such Person to perform
functions similar to those of the officers listed in clause (i). 

  
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 “Officers’ Certificate” means a certificate signed on behalf of the
Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section 13.05 hereof.

 “Opinion of Counsel” means a written opinion from legal counsel that meets the requirements of Sections 13.04 and 13.05
hereof. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company or such other counsel reasonably satisfactory to the Trustee. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Holder” means (i) one or more Fertitta Holders and (ii) any group (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; provided that, in the case of such group and without giving effect to the existence of such group or any
other group, the Fertitta Holders, collectively, have beneficial ownership of at least 49.9% of the Voting Stock of the Company or any of its direct or indirect parent companies. Any Person or group whose acquisition of beneficial ownership
constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 

“Permitted Investments” means, without duplication, each of the following: 

(1) Investments in cash (including deposit accounts with major commercial banks) and Cash Equivalents; 

(2) Investments by the Company or a Restricted Subsidiary in the Company or any Restricted Subsidiary or any Person that is or will immediately
become upon giving effect to such Investment, or as a result of which, such Person is merged, consolidated or liquidated into, or conveys substantially all of its assets to, an Obligor or a Restricted Subsidiary; 

(3) Investments existing on the Issue Date; 

(4) accounts receivable created or acquired in the ordinary course of business of the Company or any Restricted Subsidiary on ordinary business
terms; 
 (5) Investments arising from transactions by the Company or a Restricted Subsidiary with trade creditors, contract parties, lessees
or customers in the ordinary course of business (including any such Investment received pursuant to any plan of reorganization or similar arrangement pursuant to the bankruptcy or insolvency of such trade creditors, contract parties, lessees or
customers or otherwise in settlement of a claim); 
 (6) Investments made as the result of non-cash
consideration received from an Asset Sale that was made pursuant to and in compliance with Section 4.10 hereof; 

  
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 (7) Investments consisting of advances to (or guarantees of third party loans to) officers,
directors and employees of the Company or a Restricted Subsidiary for travel, entertainment, relocation, purchases of Capital Stock of the Company or a Restricted Subsidiary permitted by this Indenture and analogous ordinary business purposes, not
to exceed $10 million; 
 (8) Hedging Obligations and Interest Swap Obligations otherwise in compliance with this Indenture; 

(9) any guarantee of Indebtedness permitted by Section 4.09 hereof; 

(10) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other
Persons in the ordinary course of business; 
 (11) [Reserved]; 

(12) Investments the payment of which consists of Equity Interests of the Company or any direct or indirect parent of the Company (exclusive of
Disqualified Capital Stock) or proceeds from the sale of such Equity Interests; provided that such Equity Interests will not increase the amount available for Investments under clause (3) of the second paragraph under
Section 4.07(a); 
 (13) other Investments in any Person having an aggregate fair market value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (13) that are at the time outstanding (after giving effect to any such Investments that
are returned to the Company or any Subsidiary that made such prior Investment, without restriction, in cash on or prior to the date of any such calculation, but only up to the amount of the Investment made under this clause (13) in such
Person), not to exceed the greater of (x) $975 million and (y) 135% of LTM EBITDA; 
 (14) any Investment if after giving effect to such
Restricted Payment, the Consolidated Leverage Ratio of the Company on a pro forma basis is less than 5.5 to 1.00; 
 (15) advances of payroll
payments to employees of the Company and the Restricted Subsidiaries in the ordinary course of business; 
 (16) guarantees consisting of
Support Agreements of the Company and its Restricted Subsidiaries; 
 (17) Native American Investments in an amount up to $75 million in
any fiscal year; provided, however, that, if the aggregate amount of such Native American Investments made in any fiscal year is less than $75 million, such amount may be carried over once to be available for such Native American
Investments in the next succeeding fiscal year; and provided, further, that, in addition to the foregoing, payments according to existing contractual arrangements with any Native American Tribe may be made pursuant to existing contractual
arrangements, such payments not to exceed $87.5 million in the aggregate; 

  
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 (18) Investments of a Restricted Subsidiary acquired after the Issue Date or of a Person
merged into the Company or merged or consolidated with a Restricted Subsidiary in accordance with Article V after the Issue Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or
consolidation and were in existence on the date of such acquisition, merger or consolidation; 
 (19) Investments consisting of payments by
the Company or Restricted Subsidiary to an Unrestricted Subsidiary pursuant to any Related Party Agreements; and 
 (20) the occurrence of a
Reverse Trigger Event under any applicable Transfer Agreement. 
 “Permitted Lease” means any lease granting the Company or
any of its Restricted Subsidiaries the right (whether in connection with an acquisition or sale and leaseback transaction) to occupy and use real property, vessels or similar assets for, or in connection with a Core Business or a Related Business.

 “Permitted Liens” means: 

(1) Liens in favor of the Company or Liens on the assets of any Guarantor so long as such Liens are held by another Obligor; 

(2) Liens on property of a Person existing at the time such Person is acquired and becomes a Restricted Subsidiary or is merged into or
consolidated with the Company or a Restricted Subsidiary; provided that such Liens were not Incurred in anticipation of such acquisition, merger or consolidation (other than as permitted pursuant to Section 4.09(b)(20)) and do not extend
to any assets other than those of the acquired Person or the Person merged into or consolidated with the Company or such Restricted Subsidiary, as applicable; 

(3) Liens on property existing at the time of acquisition thereof by any Obligor or Restricted Subsidiary; provided that such Liens were
not Incurred in anticipation of such acquisition; 
 (4) Liens Incurred to secure Indebtedness (and customary obligations related thereto)
permitted by clause (6) of Section 4.09(b), attaching to or encumbering only the subject assets and directly related property such as proceeds (including insurance proceeds) and products thereof and accessions, replacements and
substitutions thereof; 
 (5) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other
obligations of a like nature incurred in the ordinary course of business, including Liens securing letters of credit issued in the ordinary course of business consistent with industry practice in connection therewith; 

(6) Liens created by “notice” or “precautionary” filings in connection with operating leases or other transactions pursuant
to which no Indebtedness is Incurred by the Company or any Restricted Subsidiary; 

  
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 (7) Liens to secure Indebtedness (and customary obligations related thereto) permitted by
clause (3) of the definition of Permitted Indebtedness; 
 (8) Liens existing on the Issue Date (other than Liens described in clause
(7) above); 
 (9) Liens for taxes, assessments or governmental charges or claims (including, without limitation, Liens securing the
performance of workers compensation, social security, or unemployment insurance obligations) that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided
that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 
 (10) Liens
on shares of any equity security or any warrant or option to purchase an equity security or any security which is convertible into an equity security issued by any Obligor that holds, directly or indirectly through a holding company or otherwise, a
license under any applicable Gaming Laws; provided that this clause (10) shall apply only so long as such Gaming Laws provide that the creation of any restriction on the disposition of any of such securities shall not be effective and,
if such Gaming Laws at any time cease to so provide, then this clause (10) shall be of no further effect; 
 (11) Liens on securities
constituting “margin stock” within the meaning of Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System, to the extent that (i) prohibiting such Liens would result in the classification of the
obligations of the Company under the Notes as a “purpose credit” and (ii) the Investment by any Obligor in such margin stock is permitted by this Indenture; 

(12) Liens securing Permitted Refinancing Indebtedness (and customary obligations related thereto); provided that any such Lien attaches
only to the assets encumbered by the predecessor Indebtedness (and customary obligations related thereto), unless the Incurrence of such Liens is otherwise permitted under this Indenture; 

(13) Liens securing stay and appeal bonds or judgment Liens in connection with any judgment not giving rise to an Event of Default under clause
(5) of Section 6.01; 
 (14) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen,
repairmen and other Liens imposed by law incurred in the ordinary course of business, in respect of obligations that are not yet delinquent, are bonded or that are being contested in good faith by appropriate proceedings promptly instituted and
diligently concluded; provided that adequate reserves shall have been established therefor in accordance with GAAP; 
 (15) easements,
rights-of-way, zoning restrictions, reservations, covenants, encroachments and other similar charges or encumbrances in respect of real property which do not,
individually or in the aggregate, materially interfere with the conduct of business by any Obligor; 
 (16) any interest or title of a lessor
under any Capitalized Lease Obligation permitted to be incurred hereunder; 

  
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 (17) Liens upon specific items of inventory or equipment and proceeds thereof, Incurred to
secure obligations in respect of bankers’ acceptances issued or created for the account of any Obligor or Restricted Subsidiary in the ordinary course of business to facilitate the purchase, shipment, or storage of such inventory or equipment;

 (18) Liens securing Letter of Credit Obligations permitted to be Incurred hereunder Incurred in connection with the purchase of inventory
or equipment by an Obligor or Restricted Subsidiary in the ordinary course of business and secured only by such inventory or equipment, the documents issued in connection therewith and the proceeds thereof; 

(19) Liens of a collection bank under Section 4-210 of the Uniform Commercial Code on items in the
course of collection and normal and customary rights of setoff upon deposits of cash in favor of banks and other depository institutions; 

(20) Liens in favor of the Trustee arising under this Indenture; 

(21) Liens securing Interest Swap Obligations or Hedging Obligations that are permitted under this Indenture; 

(22) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other
social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for
the benefit of) insurance carriers providing property, casualty or liability insurance to the Company or any Restricted Subsidiary; 
 (23)
deposits to secure the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness for borrowed money and capitalized leases), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and
other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of business; 

(24) leases, licenses, subleases or sublicenses granted to others in the ordinary course of business which do not (x) interfere in any
material respect with the business of the Company or any Restricted Subsidiary or (y) secure any Indebtedness; 
 (25) 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 in the ordinary course of business; 

(26) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial
Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business; and (iii) in favor of a banking institution arising as a matter of
law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

  
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 (27) Liens (i) on cash advances in favor of the seller of any property to be acquired
in an Investment permitted pursuant to the covenant described under Section 4.07 and to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to sell, transfer or otherwise dispose of any property
in a transaction permitted under Section 4.10; 
 (28) any interest or title of a lessor under leases entered into by the Company or any
of the Restricted Subsidiaries (in their capacities as lessee) in the ordinary course of business; 
 (29) Liens arising out of conditional
sale, title retention, consignment or similar arrangements for sale of goods entered into by the Company or any of the Restricted Subsidiaries in the ordinary course of business permitted by this Agreement; 

(30) Liens deemed to exist in connection with Investments in repurchase agreements; provided that such Liens do not extend to any assets
other than those that are the subject of such repurchase agreement; 
 (31) Liens encumbering reasonable customary initial deposits and
margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(32) Liens that are contractual rights of set-off (i) relating to the establishment of depository
relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Company or any Restricted Subsidiary to permit satisfaction of overdraft or similar obligations incurred in
the ordinary course of business of the Company and the Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Company or any Restricted Subsidiary in the ordinary course of business;

 (33) Liens solely on any cash earnest money deposits made by the Company or any of the Restricted Subsidiaries in connection with any
letter of intent or purchase agreement permitted hereunder; 
 (34) Liens arising from precautionary UCC financing statement filings
regarding operating leases entered into in the ordinary course of business; 
 (35) Liens securing customary cash management obligations not
otherwise prohibited by this Indenture; 
 (36) Liens incurred by the Company or any Restricted Subsidiary with respect to obligations that
do not exceed the greater of (x) $500 million at any one time outstanding and (y) 15.0% of Consolidated Net Tangible Assets; 
 (37)
Liens with respect to obligations that are incurred at a time that the Company’s Consolidated Secured Leverage Ratio is no greater than 5.0 to 1.00 on a pro forma basis after giving pro forma effect to the incurrence of such obligations; 

(38) Liens created by the applicable Transfer Agreement; 

  
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 (39) Permitted Vessel Liens; and 

(40) encumbrances or restrictions with respect to or in connection with any Permitted Lease. 

“Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any Restricted Subsidiary issued in exchange
for, or the net proceeds of which are used to repay, redeem, extend, refinance, renew, replace, defease or refund other Permitted Indebtedness of such Person arising under clause (1), (2), (3), (5), (6), (13), (16) or (22) of
Section 4.09(b) or Indebtedness Incurred under the Consolidated Coverage Ratio test in Section 4.09(a) (any such Indebtedness, “Existing Indebtedness”); provided that: 

(1) the principal amount of such Permitted Refinancing Indebtedness does not exceed the principal amount and accrued interest of such Existing
Indebtedness (plus the amount of prepayment penalties, fees, premiums and expenses incurred or paid in connection with the refinancing of such Indebtedness), except to the extent that the Incurrence of such excess is otherwise permitted by this
Indenture; 
 (2) such Permitted Refinancing Indebtedness has a final maturity date on or 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, such Existing Indebtedness; 
 (3) if
such Existing Indebtedness is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness has a final maturity date on or later than the final maturity date of, and is subordinated in right of payment to, the Notes on
terms at least as favorable to the Holders of the Notes as those contained in the documentation governing the Indebtedness being repaid, redeemed, extended, refinanced, renewed, replaced, defeased or refunded; and 

(4) such Permitted Refinancing Indebtedness shall be Indebtedness solely of an Obligor or a Restricted Subsidiary obligated under such Existing
Indebtedness, unless otherwise permitted by this Indenture. 
 “Permitted Vessel Liens” shall mean maritime Liens on ships,
barges or other vessels for damages arising out of a maritime tort, wages of a stevedore, when employed directly by a Person listed in 46 U.S.C. § 31341, crew’s wages, salvage and general average, whether now existing or hereafter arising
and other maritime Liens which arise by operation of law during normal operations of such ships, barges or other vessels. 

“Person” means any individual, corporation, company, association, partnership, limited liability company, joint venture,
trust, unincorporated organization or Governmental Authority or any other entity. 
 “Private Placement Legend” means the
legend set forth in Section 2.06(g)(1) hereof to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 

  
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 “Productive Assets” means assets (including assets owned directly or
indirectly through Capital Stock of a Restricted Subsidiary) of a kind used or usable in the businesses of the Obligors as they are conducted on the date of the Asset Sale or on any other Determination Date and any Related Business. 

“Project” means any new facility developed or being developed by the Company or one of its Restricted Subsidiaries and any
expansion, renovation or refurbishment of a facility owned by the Company or one of its Restricted Subsidiaries which expansion, renovation or refurbishment is reasonably expected to cost $40 million or more. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital Stock. 

“Rating Agency” means (a) Moody’s or S&P or (b) if Moody’s or S&P or both shall not make a rating
on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by a resolution of the Company’s Board) which shall be substituted for Moody’s or
S&P or both, as the case may be. 
 “Rating Decline” shall have occurred if at any date within 90 calendar days after
the date of public disclosure of the occurrence of a Change of Control (which period will be extended for so long as the Company’s debt ratings are under publicly announced review for possible downgrading (or without an indication of the
direction of a possible ratings change) by either Moody’s or S&P or their respective successors), the ratings of the Notes by each of the Rating Agencies decreases by one or more gradation (including gradations within rating categories as
well as between rating categories); provided, however, that notwithstanding the foregoing, a Rating Decline shall not be deemed to have occurred so long as the Notes have Investment Grade Status. 

“Redemption Date” means, when used with respect to any Note to be redeemed, the date fixed for such redemption pursuant to
this Indenture and the Notes. 
 “Redemption Price” means, when used with respect to any Note to be redeemed, the price
fixed for such redemption, payable in immediately available funds, pursuant to this Indenture and the Notes. 
 “Regulation
S” means Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means a Global Note
substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to
the outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation S. 
 “Related Business” means the
gaming (including pari-mutuel betting) business and/or any and all businesses that in the good faith judgment of the Company are reasonably related to, necessary for, in support or anticipation of ancillary or complementary to or in preparation for
(or required by a Gaming Authority to be developed, constructed, improved or acquired in connection with the licensing approval of such Casino or Casinos), the gaming business including, without limitation, the development, expansion or operation of
any Casino (including any land-based, dockside, riverboat or other type of Casino), owned, or to be owned, by the Company or one of its Subsidiaries. 

  
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 “Related Party Agreements” means the Holdco LLC Agreement, as the same may
be amended, modified or replaced from time so long as such amendment, modification or replacement is not more disadvantageous to the Company or any of its Restricted Subsidiaries in any material respect than the agreement in place at the time of
such amendment, modification or replacement. 
 “Responsible Officer” when used with respect to the Trustee, means any
officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers who shall have
direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular
subject. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

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

“Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an
Unrestricted Subsidiary. If no referent Person is specified, “Restricted Subsidiary” means a Restricted Subsidiary of the Company. 

“Reverse Trigger Event” shall mean the transfer of Equity Interests of any Restricted Subsidiary or any Gaming Facility from
trust or other similar arrangement to Borrower or any of its Restricted Subsidiaries from time to time. 
 “Rule 144” means
Rule 144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Rating Services LLC, a division of S&P Global Inc., and its successors.


  
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 “SEC” means the Securities and Exchange Commission of the United States or
any successor thereto. 
 “Securities Act” means the Securities Act of 1933, as amended, and any successor statute or
statutes thereto, and the rules and regulations of the SEC promulgated thereunder. 
 “Significant Subsidiary” means any
Obligor, other than the Company, that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the
Securities Act, as such Regulation S-X is in effect on the date of this Indenture. 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall 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” with respect to any Person, means: 

(1) any corporation or comparably organized entity, a majority of whose voting stock (defined as any class of capital stock having voting power
under ordinary circumstances to elect a majority of the Board of such Person) is owned, directly or indirectly, by any one or more of the Obligors; and 

(2) any other Person (other than a corporation) in which any one or more of the Obligors, directly or indirectly, has at least a majority
ownership interest entitled to vote in the election of directors, managers or trustees thereof or of which such Obligor is the managing general partner. 

If no referent Person is specified, “Subsidiary” means a subsidiary of the Company. 

“Subsidiary Tax Sharing Agreement” means each of the (i) Amended and Restated Limited Liability Company Agreement of NP
Landco Holdco LLC, dated June 16, 2011, (ii) tax sharing agreement, dated November 16, 2012, by and between NP Opco LLC and Fertitta Interactive LLC and (iii) each other tax sharing agreement between the Company and an Unrestricted
Subsidiary entered into after the Issue Date in substantially the same form as the foregoing agreements. 
 “Support
Agreement” means (a) the guaranty by the Company or a Restricted Subsidiary of the completion of the development, construction and opening of a new gaming facility by any Affiliate or Subsidiary of the Company (including a
Native American Subsidiary) or of any gaming facility owned by others which is to be managed exclusively by any such Affiliate or Subsidiary and/or (b) the agreement by the Company or a Restricted Subsidiary to advance funds, property or
services to or on behalf of an Affiliate or Subsidiary (including a Native American Subsidiary) in order to maintain the financial condition or level of any balance sheet item of such Subsidiary or Affiliate (including “keep well” or
“make well” agreements) in connection with the development, construction and operations of a new gaming facility by such Subsidiary or Affiliate (or of any gaming facility owned by others which is to be managed exclusively by such
Subsidiary or Affiliate). 

  
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 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C.
§§ 77aaa-77bbbb). 
 “Transfer Agreement” shall mean any trust or similar arrangement required by any Gaming
Authority from time to time with respect to the Equity Interests of any Restricted Subsidiary (or any Person that was a Restricted Subsidiary) or any Gaming Facility. 

“Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such Redemption 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 Redemption 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 Redemption Date to June 1, 2031; provided, however, that if the period from the Redemption
Date to June 1, 2031 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Tribal Receivable” means advances by the Company or any of its Restricted Subsidiaries to the Federated Indians of
Graton Rancheria, the North Fork Rancheria of Mono Indians or any other Native American tribe with which the Company or any of its Subsidiaries has a management, development, construction or other support agreement. 

“Trigger Event” shall mean the transfer of shares of Equity Interests of any Restricted Subsidiary or any Gaming Facility
into trust or other similar arrangement required by any Gaming Authority from time to time. 
 “Trustee” means
Computershare Trust Company, N.A. until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement
Legend. 
 “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private
Placement Legend. 
 “Unrestricted Subsidiary” of any Person means, with respect to any Person: 

(1) any Subsidiary of such Person that at the time of determination shall be or continue to be designated an Unrestricted Subsidiary by the
Board of such Person in the manner provided below; and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 

The Board may designate any Subsidiary (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such
Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated; provided that: 

  
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 (1) the Company certifies to the Trustee that such designation complies with
Section 4.07; and 
 (2) each Subsidiary to be so designated and each of its Subsidiaries has not at the time of designation, and does
not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of its Restricted
Subsidiaries. 
 For purposes of making the determination of whether any such designation of a Subsidiary as an Unrestricted Subsidiary
complies with Section 4.07, the portion of the fair market value of the net assets of such Subsidiary of the Company at the time that such Subsidiary is designated as an Unrestricted Subsidiary that is represented by the interest of the Company
and its Restricted Subsidiaries in such Subsidiary, in each case as determined in good faith by the Board of the Company, shall be deemed to be an Investment. Such designation will be permitted only if such Investment would be permitted at such time
under Section 4.07. 
 No Unrestricted Subsidiary may create, incur, issue, assume, guarantee or otherwise become directly or
indirectly liable with respect to any Indebtedness pursuant to which the lender (or the Unrestricted Subsidiary) has recourse to any of the assets of the Company or any of its Restricted Subsidiaries. 

The Board may designate any Unrestricted Subsidiary to be a Restricted Subsidiary only if: 

(1) (i) the Company could Incur at least $1.00 of Indebtedness (other than Permitted Indebtedness) pursuant to the Consolidated Coverage Ratio
test described above under Section 4.09 or (ii) the Consolidated Coverage Ratio of the Company is no less than the Company’s Consolidated Coverage Ratio immediately prior to such transaction or series of transactions; and 

(2) immediately before and immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be
continuing. Any such designation by the Board shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution giving effect to such designation and an Officers’ Certificate certifying that such designation
complied with the foregoing provisions. 
 “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under
the Securities Act. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the
time entitled to vote in the election of the Board of such Person. 
 “Weighted Average Life to Maturity” means, when
applied to any Indebtedness at any date, the Company’s calculations of the number of years obtained by dividing: 
 (1) the then
outstanding aggregate principal amount of such Indebtedness into; 
 (2) the total of the products obtained by multiplying: 

  
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 (A) the amount of each then remaining installment, sinking fund, serial
maturity or other required payment of principal, including payment at final maturity, in respect thereof, by; 
 (B) the
number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment. 

Section 1.02 Other Definitions. 
  

			
	 Term
	  	 Defined in

Section

	“Affiliate Transaction”	  	4.11
	“Authentication Order”	  	2.02
	“Change of Control Offer”	  	4.15
	“Change of Control Payment”	  	4.15
	“Change of Control Payment Date”	  	4.15
	“Covenant Defeasance”	  	8.03
	“DTC”	  	2.03
	“Event of Default”	  	6.01
	“Legal Defeasance”	  	8.02
	“Net Proceeds Offer”	  	4.10
	“Net Proceeds Offer Payment Date”	  	4.10
	“Net Proceeds Offer Trigger Date”	  	4.10
	“Offer Period”	  	3.09
	“Paying Agent” 	  	2.03
	“Payment Default”	  	6.01
	“Payment Restriction”	  	4.08
	“Permitted Indebtedness”	  	4.09
	“Registrar”	  	2.03
	“Restricted Payments”	  	4.07
	“Signature Law”	  	13.12

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 

“indenture security Holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

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

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

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

(3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) “will” shall be interpreted to express a command; 

(6) provisions apply to successive events and transactions; 

(7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time; and 
 (8) references to any contract, instrument or agreement shall
be deemed to include any amendments, modifications or supplements thereto or restatements thereof not prohibited hereby, through the date of reference thereto. 

ARTICLE 2 
 THE NOTES

 Section 2.01 Form and Dating. 

(a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A
hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and integral multiples $1,000
in excess thereof. Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company, the
Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 

  
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 (b) Global Notes. Notes issued in global form will be substantially in the form of
Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A
hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and
each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the
Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

Section 2.02 Execution and Authentication. 

At least one Officer must sign the Notes for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a written order of the Company signed by an
Officer (an “Authentication Order”), authenticate Notes for original issue up to the aggregate principal amount that may be validly issued under this Indenture, including any Additional Notes. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Company. 
 Section 2.03 Registrar and Paying Agent. 

The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

  
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 The Company initially appoints The Depository Trust Company (“DTC”) to act
as Depositary with respect to the Global Notes. 
 The Company initially appoints the Trustee to act as the Registrar and Paying Agent and
to act as Custodian to hold the Global Notes on behalf of the DTC. 
 Section 2.04 Paying Agent to Hold Money in Trust. 

The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit
of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or interest on the Notes, and will notify the Trustee in writing of any default by the Company in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than the Company or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying
Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 

The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company shall otherwise comply with TIA § 312(a). 

Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

(1) All Global Notes will be exchanged by the Company for Definitive Notes if: 

(A) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as
Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary; or 

  
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 (B) the Company in its sole discretion determines that the Global Notes (in
whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; and 

(2) a Person holding a beneficial interest in a Global Note may exchange such beneficial interest for a Definitive Note if
there has occurred and is continuing a Default or Event of Default with respect to the Notes and the Registrar has received a written request from such Person to issue a Definitive Note; 

provided that in no event shall the Regulation S Global Note be exchanged by the Company for Definitive Notes prior to (y) the expiration of the
Restricted Period and (z) the receipt by the Registrar of any certificates required pursuant to Rule 903(c)(3)(ii)(B) under the Securities Act. Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or
in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another
Note other than as provided in this Section 2.06(a), provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof. 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set
forth herein to the extent required by the Securities Act or by the provisions of this Indenture. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as
well as one or more of the other following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the
Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set
forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or
benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written
orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

  
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 (A) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 
 (B) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged (and given at a time when the Definitive Notes are issuable under Section 2.01(a) hereof);
and 
 (ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name
such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 
 (3) Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if
the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 
 (A)
if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications and certificates and Opinion of Counsel required by item (3) thereof, as applicable. 

  
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 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global
Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case, if the Company or the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Company and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to
subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate
one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery
thereof in the form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Definitive
Notes. 
 (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a
beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive
Note, then, upon receipt by the Registrar of the following documentation at a time when the Definitive Notes are issuable under Section 2.01(a) hereof: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

  
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 (B) if such beneficial interest is being transferred to a QIB in accordance
with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable; 
 (F) if such beneficial interest is being transferred to the
Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the
instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in
such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive
Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall
be subject to all restrictions on transfer contained therein. 

  
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 (2) Beneficial Interests in Restricted Global Notes to Unrestricted
Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form
of an Unrestricted Definitive Note only if Definitive Notes are then issuable under Section 2.01(a) hereof and the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof, 

and, in each such case, if the Company or the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Company and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global Notes
to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Definitive Note, in each case at a time when Definitive Notes are issuable under Section 2.01(a) hereof, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose
names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation: 

  
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 (A) if the Holder of such Restricted Definitive Note proposes to exchange
such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted
Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to
the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal
amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, and, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the
IAI Global Note. 
 (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of
a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note only if the Registrar receives the following: 
 (A) if the Holder of such Definitive Notes proposes to exchange
such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

  
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 (B) if the Holder of such Definitive Notes proposes to transfer such Notes
to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof, 

and, in each such case, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D) or
(3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e)
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or
exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to
the following provisions of this Section 2.06(e). 

  
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 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any
Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant
to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the
Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; 

(B) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof, 

and, in each such case, if the Company or the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Company and the
Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted
Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes
pursuant to the instructions from the Holder thereof. 

  
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 (f) [Reserved]. 

(g) Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless
specifically stated otherwise in the applicable provisions of this Indenture. 
 (1) Private Placement Legend.
(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED
INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT) (AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY
THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS
FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH
LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY
RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), OR (G) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS
SECURITY, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH 

  
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TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE
PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE
MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note
issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

(2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) UNDER ANY CIRCUMSTANCES EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.” 

  
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 (3) Gaming Law Legend. Each Global Note and Definitive Note (and all
Notes issued in exchange therefor or in substitution thereof) shall bear the legend in substantially the following form: 
 “THE NOTES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON OWNERSHIP AND TRANSFER IMPOSED BY APPLICABLE GAMING LAWS AND SECTION 4.20 OF THE INDENTURE (WHICH IS SUMMARIZED ON THIS CERTIFICATE).” 

(4) Original Issue Discount Legend. Each Note issued hereunder that has more than a de minimis amount of original issue
discount for U.S. Federal Income Tax purposes shall bear a legend in substantially the following form: 
 “THIS NOTE WAS ISSUED WITH
“ORIGINAL ISSUE DISCOUNT” WITHIN THE MEANING OF SECTIONS 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“OID”). THE ISSUE DATE OF THE NOTE IS
            . FOR INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF OID AND THE YIELD TO MATURITY, PLEASE CONTACT THE COMPANY AT THE FOLLOWING ADDRESS: STATION CASINOS LLC, 1505
SOUTH PAVILION CENTER DRIVE, LAS VEGAS, NEVADA 89135, ATTENTION: GENERAL COUNSEL.” 
 (h) Cancellation and/or Adjustment of Global
Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be
retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(i) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05 hereof). 

  
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 (3) The Registrar will not be required to register the transfer or exchange
of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

(5) Neither the Registrar nor the Company will be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the mailing of a notice of redemption of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of such mailing; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered on the books of the Registrar as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on
such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02
hereof. 
 (8) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions or transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or Beneficial Owners of interest in any Global Note) other
than to require delivery of such certificates and other documentations or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. 
 (9) All certifications, certificates and Opinions of Counsel required to
be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 

  
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 (j) Notwithstanding anything contained herein to the contrary, neither the Trustee nor the
Note Registrar shall be responsible for ascertaining whether any transfer complies with the registration provisions of or exemptions from the Securities Act, applicable state securities laws, or other applicable laws; provided that if a
certificate is specifically required by the express terms of this Section 2.06 to be delivered to a Trustee by a purchaser or transferee of a Note, the Trustee shall be under a duty to receive and examine the same to determine whether on its
face it conforms to the express terms of this Indenture and shall promptly notify the party delivering the same if such transfer does not comply with such terms. Neither the Trustee nor any Agent shall have any responsibility or liability for any
actions taken or not taken by the Depositary. 
 Section 2.07 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or the Company and the Company or the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Company’s or the Trustee’s requirements are met. If required by the
Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may
suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note (including Trustee’s fees and expenses). 

Every replacement Note is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a
Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
 If a Note is replaced pursuant
to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 

If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases
to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or
maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 

  
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 Section 2.09 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by
the Company or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Guarantor, will be considered as though not outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned will be so disregarded. 

Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee will authenticate temporary Notes.
Temporary Notes will be substantially in the form of certificated or temporary global Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable
delay, the Company will prepare and the Trustee will authenticate, upon receipt of an Authentication Order, definitive Notes or permanent global Notes in exchange for temporary Notes. 

Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11 Cancellation. 

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of such canceled Notes
(subject to the record retention requirement of the Exchange Act and the policies of the Trustee) in accordance with its customary manner. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the
Trustee for cancellation. 
 Section 2.12 Defaulted Interest. 

If the Company defaults in a payment of interest on the Notes, the Company shall pay the defaulted interest then borne by the Notes, (plus
interest on the defaulted interest to the extent lawful), in any lawful manner. The Company will pay the defaulted interest to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in
Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record
date and payment date; provided that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written
request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed (or in the case of Notes held in book entry form, by electronic transmission) to each affected Holder a notice that states the
special record date, the related payment date and the amount of such defaulted interest to be paid. 

  
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 Section 2.13 CUSIP Numbers. 

The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any
notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the
Trustee in writing of any change in the “CUSIP” numbers. 
 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notices to Trustee. 

If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the
Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: 

(1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 

(3) the principal amount of Notes to be redeemed; 

(4) the redemption price; and 

(5) the applicable CUSIP numbers. 

Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed or purchased pursuant to this Indenture (except as provided in Section 4.20) at any time,
the Trustee will select the Notes to be redeemed or purchased among the Holders as follows: 
 (1) if the Notes are listed,
in compliance with the requirements of the principal national securities exchange on which the Notes are listed; or 
 (2) if
the Notes are not so listed, by lot, on a pro rata basis (in the case of a partial redemption) or in accordance with the procedures of DTC. If a partial offer is made with the proceeds of an Equity Offering, the Trustee will select the Notes by lot
or in accordance with the Applicable Procedures of DTC. 
 In the event of partial redemption or purchase by lot, the particular Notes to be
redeemed or purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase.


  
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 The Trustee will promptly notify the Company in writing of the Notes selected for redemption
or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. No Notes of a principal amount of $2,000 or less may be redeemed in part and portions of Notes selected
will be in whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or a multiple of $1,000 in excess thereof, shall be
redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

Section 3.03 Notice of Redemption. 

Subject to the provisions of Section 3.09 hereof and except for a redemption effected pursuant to Section 4.20 or otherwise required
pursuant to applicable Gaming Laws or by Gaming Authorities, at least 30 days but not more than 60 days before a redemption date, the Company will mail or cause to be mailed, by first class mail (or in the case of Notes held in book entry form, by
electronic transmission), a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection
with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 12 hereof. 
 The notice will
identify the Notes (including the CUSIP numbers) to be redeemed and will state: 
 (1) the redemption date; 

(2) the redemption price; 

(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note representing the same indebtedness to the extent not redeemed will be issued in the name of the Holder of the
Notes upon cancellation of the original Note; 
 (4) the name and address of the Paying Agent; 

(5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(6) that, unless the Company defaults in making such redemption payment and interest, if any, on Notes called for redemption,
ceases to accrue on and after the redemption date, subject to the satisfaction of any condition to such redemption; 
 (7)
the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 

  
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 (8) that no representation is made as to the correctness or accuracy of the
CUSIP number, if any, listed in such notice or printed on the Notes; 
 At the Company’s request, the Trustee will give the notice of
redemption in the Company’s name and at its expense; provided, however, that the Company has delivered to the Trustee, at least 45 days prior to the redemption date (unless a shorter period is acceptable to the Trustee), an
Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable
on the redemption date at the redemption price, subject to the satisfaction of any conditions to such redemption. A notice of redemption may be conditional in that the Company may, notwithstanding the giving of the notice of redemption, condition
the redemption of the Notes specified in the notice of redemption upon the completion of other transactions, such as refinancings or acquisitions (whether of the Company or by the Company). The Company shall provide written notice to the Trustee
prior to the close of business two Business Days prior to the Redemption Date if any such redemption has been rescinded or delayed, and upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the
notice of redemption was given. 
 Section 3.05 Deposit of Redemption or Purchase Price. 

On or before 10:00 a.m. New York City time on the redemption or purchase date, the Company will deposit with the Trustee or with the Paying
Agent money sufficient to pay the principal of and accrued and unpaid interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any money deposited with the Trustee
or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest, if any, on, all Notes to be redeemed or purchased. 

If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, subject to the
satisfaction of any conditions to such redemption, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the
related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon
surrender for redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent
lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the
Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

  
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 Section 3.07 Optional Redemption. 

(a) The Company has the option to redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the
redemption prices set forth in Paragraph 5 of the form of Note set forth in Exhibit A hereto, which are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest, if any, to the applicable
Redemption Date. 
 (b) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01
through 3.06 hereof. 
 By accepting a Note, each Holder or beneficial owner of a Note will be agreeing to comply with all requirements of
the Gaming Laws and Gaming Authorities in each jurisdiction where the Company and its Affiliates are licensed or registered under applicable Gaming Laws or conduct gaming activities, and that the Notes held by such Holder or owner will be subject to
redemption pursuant to Section 4.20 hereof or as otherwise required pursuant to applicable Gaming Laws or by Gaming Authorities. 

Section 3.08 Mandatory Redemption. 

Except as described under Sections 4.10 and 4.15 hereof, the Company is not required to make mandatory redemption or sinking fund payments with
respect to the Notes. 
 Section 3.09 Offer to Purchase by Application of Excess Proceeds. 

In the event that, pursuant to Section 4.10 hereof, the Company is required to commence a Net Proceeds Offer, it will follow the
procedures specified below. 
 The Net Proceeds Offer will remain open for a period of at least 20 Business Days following its commencement
and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). The Net Proceeds Offer Payment Date shall be no later than five Business Days after the termination of
the Offer Period. On the Net Proceeds Offer Payment Date, the Company shall purchase the principal amount of Notes required to be purchased pursuant to Section 4.10 hereof. Payment for any Notes so purchased shall be made in the same manner as
interest payments are made. 
 If the Net Proceeds Offer Payment Date is on or after an interest record date and on or before the related
Interest Payment Date, any accrued and unpaid interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such record date. 

Upon the commencement of a Net Proceeds Offer, the Company will send, by first class mail (or in the case of Notes held in book entry form, by
electronic transmission), a notice to each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Net Proceeds Offer. The notice, which will
govern the terms of the Net Proceeds Offer, will state: 

  
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 (1) that the Net Proceeds Offer is being made pursuant to this
Section 3.09 and Section 4.10 hereof and the length of time the Net Proceeds Offer will remain open; 
 (2) the
amount of the Excess Proceeds in the Net Proceeds Offer, the purchase price and the Net Proceeds Offer Payment Date; 
 (3)
that any Note not tendered or accepted for payment will continue to accrue interest; 
 (4) that, unless the Company defaults
in making such payment, any Note accepted for payment pursuant to the Net Proceeds Offer will cease to accrue interest, if any, after the Net Proceeds Purchase Date; 

(5) that Holders electing to have a Note purchased pursuant to an Net Proceeds Offer may elect to have Notes purchased in the
minimum amount equal to $2,000 and integral multiples of $1,000 in excess thereof; 
 (6) that Holders electing to have Notes
purchased pursuant to any Net Proceeds Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer in accordance with the
procedures of DTC, to the Company, the Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three Business Days before the Net Proceeds Purchase Date; 

(7) that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case
may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that
such Holder is withdrawing his election to have such Note purchased or submit such withdrawal in accordance with the procedures of DTC; 

(8) that, if the aggregate principal amount of Notes and other pari passu Indebtedness surrendered by Holders thereof
exceeds the Excess Proceeds in the Net Proceeds Offer, the Company will select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis based on the principal amount of Notes and such other pari passu
Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in minimum denominations of $2,000, or integral multiples of $1,000 in excess thereof, will be purchased); and 

(9) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased. 

  
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 On or before the Net Proceeds Offer Payment Date, the Company will, to the extent lawful,
accept for payment, on a pro rata basis to the extent necessary, the Net Proceeds Offer Amount (less any pro rata portion thereof attributable to other pari passu Indebtedness) of Notes or portions thereof tendered pursuant to the Net
Proceeds Offer, or if less than the Net Proceeds Offer Amount attributable to the Notes has been tendered, all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’
Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be, will promptly mail or
deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the
Company, will authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed
or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Net Proceeds Offer on the Net Proceeds Offer Payment Date. 

Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the
provisions of Sections 3.01 through 3.06 hereof. 
 ARTICLE 4 

COVENANTS 

Section 4.01 Payment of Notes. 

The Company will pay or cause to be paid the principal of, premium, if any, and interest, if any, on, the Notes on the dates and in the manner
provided in the Notes. Principal, premium, if any, and interest, if any, will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money
deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. With respect to certificated notes, if any, presentment is due at maturity. 

The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate
equal to the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable
grace period) at the same rate to the extent lawful. 
 Section 4.02 Maintenance of Office or Agency. 

The Company will maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be sent. The Company will
give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or sent to the office of the Corporate Trust Office of the Trustee. 

  
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 The Company may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Company of its
obligation to maintain an office or agency required under Section 2.03 hereof. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or
agency. 
 The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance
with Section 2.03 hereof. 
 Section 4.03 Provision of Financial Information. 

So long as any Notes are outstanding, the Company will furnish to the Trustee and the Holders of the Notes: 

(1) (a) all annual and quarterly reports containing substantially all the information that would be required to be filed
with the SEC on Forms 10-K (including Items 1 through 3, Items 6 through 9 and Item 13 thereof) and 10-Q (including Part I and Items 1, 1A, 3, 5 and 6 of Part II
thereof), solely with respect to the first three fiscal quarters of each fiscal year), if the Company were required to file such forms and (b) with respect to the annual reports only, a report on the annual financial statements by the
Company’s independent registered public accounting firm; and 
 (2) within the time period specified for filing current
reports on Form 8-K by the SEC, current reports that would be required to be filed with the SEC pursuant to Items 1, 2, 4, 5.01, 5.02 (other than compensation information) and 5.03, 7 and 9 of Form 8-K if the Company had been required to file Current Reports on Form 8-K. 
 All
such annual reports will be furnished within 105 days after the end of the fiscal year to which they relate, and all such quarterly reports will be furnished within 60 days after the end of the fiscal quarter to which they relate. The Trustee shall
have no responsibility whatsoever to determine if such filing or posting has occurred. Delivery of the reports and documents described above to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants contained in the Indenture (as to which the Trustee is entitled
to conclusively rely on an Officers’ Certificate). 
 All such reports will be prepared in all material respects in accordance with the
information requirements applicable to such report; provided, however, 
 (a) in no event will such reports be required to
comply with Section 302, Section 404 or Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307, 308 and 308T of Regulation S-K; 

  
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 (b) in no event will such reports be required to comply with Rule 3-10 of Regulation S-X promulgated by the SEC or contain separate financial statements for the Company, the Guarantors or other Subsidiaries the shares of which may be pledged
to secure the Notes or any Guarantee that would be required under (i) Section 3-09 of Regulation S-X or
(ii) Section 3-16 of Regulation S-X, respectively, promulgated by the SEC; 

(c) in no event with such reports be required to comply with Items 402 (except that such reports will be required to present executive
compensation and beneficial ownership information only to the extent that and in the same general style of presentation as such information is included in and presented in a customary Rule 144A offering memorandum for a company not subject to
Section 13 or 15(d) of the Exchange Act) of Regulation S-K promulgated by the SEC; 
 (d) in no
event shall such reports be required to include any exhibits that would have been required to be filed pursuant to Item 601 of Regulation S-K (other than agreements evidencing material Indebtedness, agreements
evidencing material acquisitions or dispositions, or historical and pro forma financial statements); and 
 (e) in no event will such reports
be required to comply with Regulation G under the Exchange Act or Item 10(e) of Regulation S-K promulgated by the SEC with respect to any non-GAAP financial measures
contained therein. 
 The Company will deliver to the Trustee such information and such reports as required under this Indenture, and make
available to any Holder of Notes and, upon request, to any beneficial owner of the Notes, in each case by posting such information on its website, on Intralinks or any comparable password-protected online data system that will require a
confidentiality acknowledgment, and will make such information readily available to any Holder of Notes, any bona fide prospective investor in the Notes (which prospective investors will be limited to “qualified institutional buyers”
within the meaning of Rule 144A of the Securities Act that certify their status as such to the reasonable satisfaction of the Company), any bona fide securities analyst (to the extent providing analysis of investment in the Notes to investors and
prospective investors therein) or any bona fide market maker in the Notes who agrees to treat such information as confidential or accesses such information on Intralinks or any comparable password-protected online data system that will require a
confidentiality acknowledgment; provided, the Company will post such information thereon and make readily available any password or other login information to any such holder of Notes, prospective investor, securities analyst or market maker. 

Notwithstanding the foregoing, the Company will be deemed to have furnished such reports referred to above to the Trustee and the holders of
the Notes if it has filed (or, in the case of a Form 8-K, furnished) such reports with the SEC via the EDGAR filing system and such reports are publicly available. 

The Company shall participate in quarterly conference calls (which may be a single conference call together with investors holding other
securities or loans of the Company and/or its Restricted Subsidiaries) to discuss operating results and related matters. The Company shall issue a press release which will provide the date and time of any such call and will direct Holders of the
Notes, prospective investors and securities analysts to contact the investor relations office of the Company to obtain access to the conference call. 

  
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 The Company shall be permitted to satisfy its obligations under this Section 4.03 with
respect to financial information relating to the Company by furnishing financial information relating to any Holding Company instead of the Company and causing such Holding Company to file such information with the SEC, to the extent that the SEC is
accepting such filing, or to furnish such information pursuant to the third paragraph of this Section 4.03 and to conduct such quarterly conference calls; provided that to the extent financial information related to such Holding Company
is provided, such information shall include additional disclosure explaining in reasonable detail the differences between the information of such Holding Company, on the one hand, and the information relating to the Company and its Subsidiaries on a
stand-alone basis, on the other hand. 
 Section 4.04 Compliance Certificate. 

(a) The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 105
days after the end of each fiscal year, beginning with the fiscal year ending December 31, 2021, an Officers’ Certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer,
the principal financial officer or the principal accounting officer of the Company, stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge
the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or
Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto). 

(b) Except with respect to a default in payment of principal of, premium, if any, and interest, if any, on the Notes as described in
Section 4.01 hereof, the Trustee shall have no duty to inquire as to the performance of the Company’s covenants in this Article 4 and the Trustee shall not be deemed to have knowledge of, or be required to act (including the sending of any
notice), based on any event, any Default or Event of Default unless such Trustee receives written notification or obtains actual knowledge in writing; provided, however, that nothing herein shall relieve the Trustee of its obligations
under Article 7 of this Indenture. 
 Section 4.05 Taxes. 

The Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental
levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

  
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 Section 4.06 Stay, Extension and Usury Laws. 

The Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and
each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.07 Restricted Payments. 

(a) Neither the Company nor any Restricted Subsidiary will, directly or indirectly: 

(i) declare or pay any dividend or make any other payment or distribution (other than dividends or distributions payable solely
in Qualified Capital Stock of the Company or dividends or distributions payable to the Company or a Restricted Subsidiary) in respect of the Company’s or any Restricted Subsidiary’s Equity Interests (including, without limitation, any
payment in connection with any merger or consolidation involving the Company or such Restricted Subsidiary, as applicable) or to the direct or indirect holders of the Company’s or such Restricted Subsidiary’s Equity Interests in their
capacity as such (other than any payment made relating to any Transfer Agreement); 
 (ii) purchase, redeem or otherwise
acquire or retire for value (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any Restricted Subsidiary) Equity Interests of the Company or any Restricted Subsidiary or of any direct
or indirect parent of the Company (other than any such Equity Interests owned by the Company or any Restricted Subsidiary); 

(iii) make any payment on or with respect to, or purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for
value any Indebtedness that is subordinate in right of payment to the Notes, except (i) a payment of principal, interest or other amounts required to be paid at Stated Maturity or (ii) a payment made to the Company or any Restricted
Subsidiary; or 
 (iv) make any Investment (other than Permitted Investments), 

(each of the foregoing prohibited actions set forth in clauses (i), (ii), (iii) and (iv) being referred to as a “Restricted Payment”).


  
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 Notwithstanding the foregoing, the Company or any Restricted Subsidiary may
make any Restricted Payment so long as, at the time of such proposed Restricted Payment or immediately after giving effect thereto: 

(1) no Default or Event of Default has occurred and is continuing or would result therefrom; 

(2) the Company’s Consolidated Coverage Ratio would be greater than 2.00 to 1.00; and 

(3) the aggregate amount of Restricted Payments (the amount expended for such purposes, if other than in cash, being the fair
market value of such property as determined in the good faith reasonable judgment of the Company) do not exceed or would not exceed the sum, without duplication, of: 

(A) 50% of the cumulative Consolidated Net Income (or if cumulative Consolidated Net Income shall be a loss, minus 100% of such
loss) of the Company and the Restricted Subsidiaries during the period (treating such period as a single accounting period) beginning July 1, 2017 and ending on the last day of the most recent fiscal quarter of the Company ending immediately
prior to the date of the making of such Restricted Payment for which internal financial statements are available ending not more than 135 days prior to the Determination Date; plus 

(B) 100% of the fair market value of the aggregate net proceeds received by the Company from any Person (other than from a
Subsidiary of the Company) from the issuance and sale of Qualified Capital Stock of the Company or the amount by which Indebtedness of the Company or any Restricted Subsidiary is reduced by the conversion or exchange of debt securities or
Disqualified Capital Stock into or for Qualified Capital Stock (to the extent that proceeds of the issuance of such Qualified Capital Stock would have been includable in this clause if such Qualified Capital Stock had been initially issued for cash)
subsequent to the Issue Date and on or prior to the date of the making of such Restricted Payment (excluding any Qualified Capital Stock of the Company the purchase price of which has been financed directly or indirectly using funds
(i) borrowed from the Company or any Restricted Subsidiary, unless and until and to the extent such borrowing is repaid, or (ii) contributed, extended, guaranteed or advanced by the Company or any Restricted Subsidiary (including, without
limitation, in respect of any employee stock ownership or benefit plan)); provided that such aggregate net proceeds are limited to cash, Cash Equivalents and other assets used or useful in a Related Business or the Capital Stock of a Person engaged
in a Related Business; plus 
 (C) 100% of the aggregate cash received by the Company subsequent to the Issue Date and
on or prior to the date of the making of such Restricted Payment upon the exercise of options or warrants to purchase Qualified Capital Stock of the Company; plus 

  
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 (D) to the extent that any Restricted Investment that was made after the
Issue Date is sold for cash or Cash Equivalents, or otherwise liquidated or repaid for value, or any dividends, distributions, interest payments, principal repayments or returns of capital are received by the Company or any Restricted Subsidiary in
respect of any Restricted Investment, the fair market value (as determined in good faith by the Board) of proceeds of such sale, liquidation, repayment, dividend, distribution, principal repayment or return of capital, in each such case valued at
the cash or marked-to-market value of Cash Equivalents received with respect to such Restricted Investment (less the cost of disposition, if any), and to the extent that
any Restricted Investment consisting of a guarantee or other contingent obligation that was made after the Issue Date is terminated or cancelled, the excess, if any, of (x) the amount by which such Restricted Investment reduced the sum
otherwise available for making Restricted Payments under this second paragraph under Section 4.07(a), over (y) the aggregate amount of payments made (including costs incurred) in respect of such guarantee or other contingent obligation,
provided that such proceeds are limited to cash, Cash Equivalents and other assets used or useful in a Related Business of the Capital Stock of a Person engaged in a Related Business; plus 

(E) to the extent that any Person becomes a Restricted Subsidiary or an Unrestricted Subsidiary is redesignated as a Restricted
Subsidiary after the date the Issue Date, the lesser of (i) the fair market value of the Restricted Investment of the Company and its Restricted Subsidiaries in such Person as of the date it becomes a Restricted Subsidiary or in such
Unrestricted Subsidiary on the date of redesignation as a Restricted Subsidiary or (ii) the fair market value of such Restricted Investment as of the date such Restricted Investment was originally made in such Person or, in the case of the
redesignation of an Unrestricted Subsidiary into a Restricted Subsidiary which Subsidiary was designated as an Unrestricted Subsidiary after the Issue Date, the amount of the Company and its Restricted Subsidiaries’ Restricted Investment
therein as determined under this Section 4.07, plus the aggregate fair market value of any additional Restricted Investments (each valued as of the date made) by the Company and its Restricted Subsidiaries in such Unrestricted Subsidiary after
the Issue Date; 
 (b) Notwithstanding the foregoing, the provisions set forth in Section 4.07(a) will not prohibit the following
Restricted Payments: 
 (1) the payment of any dividend or the making of any distribution within 60 days after the date of
declaration of such dividend or distribution if the making thereof would have been permitted on the date of declaration; provided such dividend will be deemed to have been made as of its date of declaration for purposes of this clause (1);

 (2) the redemption, repurchase, retirement or other acquisition of Capital Stock of the Company or warrants, rights or
options to acquire Capital Stock of the Company either (a) solely in exchange for shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified Capital Stock of the Company, or (b) through the
application of net proceeds of a substantially concurrent sale (other than to a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified Capital Stock of the Company;
provided that such aggregate net proceeds are limited to cash, Cash Equivalents and other assets used or useful in a Related Business or the Capital Stock of a Person engaged in a Related Business; 

  
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 (3) the payment, redemption, repurchase, retirement, defeasance or other
acquisition of Indebtedness of any Obligor that is subordinate in right of payment to the Notes or the Guarantees (a) solely in exchange for (i) shares of Qualified Capital Stock of the Company or (ii) Permitted Refinancing
Indebtedness, or (b) through the application of the net proceeds of a sale (other than to an Obligor) within 45 days of such sale of (i) shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified
Capital Stock of the Company or (ii) Permitted Refinancing Indebtedness or (c) within one year of the scheduled final maturity thereof; provided that such aggregate net proceeds are limited to cash, Cash Equivalents and other assets
used or useful in a Related Business or the Capital Stock of a Person engaged in a Related Business; 
 (4) any Restricted
Payment if after giving effect to such Restricted Payment, the Consolidated Leverage Ratio of the Company on a pro forma basis is less than 5.35 to 1.00; provided that after giving effect thereto no Default or Event of Default then exists or would
result therefrom; 
 (5) other Restricted Payments not to exceed the greater of (x) $975 million in the aggregate made
on or after the Issue Date and (y) 135% of LTM EBITDA (measured at the time any such payment is made); provided that after giving effect thereto no Default or Event of Default then exists or would result therefrom; 

(6) repurchases by the Company of, or distributions to Holdco to permit one or more of the Holding Companies to, repurchase its
common stock, membership interests, profit units, options, warrants or other securities exercisable or convertible into such common stock, membership interests or profit units in an aggregate amount not to exceed $40 million in any fiscal year;
provided, that any amounts not used in any fiscal year may be carried forward for up to two succeeding fiscal year periods until used; 

(7) the payment or distribution of any amounts in respect of Equity Interests by any Restricted Subsidiary organized as a
partnership or a limited liability company or other pass-through entity: 
 (A) to the extent of capital contributions made
to such Restricted Subsidiary (other than capital contributions made to such Restricted Subsidiary by the Company or any Restricted Subsidiary); or 

(B) to the extent required by applicable law; 

provided, that except in the case of clause (b), no Default or Event of Default has occurred and is continuing at the time of such
Restricted Payment or would result therefrom, and provided further that, except in the case of clause (b), such distributions are made pro rata in accordance with the respective Equity Interests contemporaneously with the distributions paid
to the Company or a Restricted Subsidiary or their Affiliates holding an interest in such Equity Interests; 

  
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 (8) the payment of any dividend or distributions by a Restricted Subsidiary
of the Company to the holders of its Equity Interests on a pro rata basis; 
 (9) distributions to Holdco to fund the
repurchase by the Holding Companies of Equity Interests deemed to occur upon the exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options, or upon the vesting of restricted stock,
restricted stock units or performance share units to the extent necessary to satisfy tax withholding obligations attributable to such vesting; 

(10) the declaration and payment of regularly scheduled or accrued dividends or distributions to holders of any class or series
of Disqualified Capital Stock of the Company or any Restricted Subsidiary of the Company issued on or after the Issue Date in accordance with the Consolidated Coverage Ratio test described in Section 4.09(a); 

(11) that portion of Restricted Payments the payment for which consists exclusively of the Company’s Qualified Capital
Stock or proceeds from the substantially concurrent sale of the Company’s Qualified Capital Stock; provided that the amount of any such payment shall be excluded from clause (3) of the preceding paragraph; 

(12) the declaration and payment of dividends by the Company to, or the making of loans to, Holdco in amounts not to exceed
$100.0 million during any fiscal year to permit the Holding Companies to pay (the “Corporate Expense Payments”); 

(A) franchise taxes and other fees, taxes and expenses required to maintain their corporate or limited liability company
existence; 
 (B) customary salary, bonus and other benefits payable to officers and employees of any direct or indirect
parent company of the Company to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Company and the Restricted Subsidiaries (and, to the extent of the amount actually received from its
Unrestricted Subsidiaries, in amounts required to pay such expenses to the extent attributable to the ownership or operation of such Unrestricted Subsidiaries); 

(C) general corporate overhead expenses of any direct or indirect parent company of the Company to the extent such expenses are
attributable to the ownership or operation of the Company and the Restricted Subsidiaries, plus any amount of indemnification claims made by any director or officer of any direct or indirect parent company of the Company; and 

(D) reasonable fees and expenses incurred in connection with any debt or equity offering by such direct or indirect parent
company of the Company; 
 (13) so long as the Company or any Restricted Subsidiary is taxed as a partnership or disregarded
entity for U.S. federal, state or local income tax purposes, Company Tax Payments; 

  
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 (14) so long as no Default or Event of Default has occurred and is
continuing, the repurchase of Indebtedness subordinated in right of payment to the Notes or any Guarantee with any Excess Net Proceeds as provided in Section 4.10 and Section 4.15 hereof; provided that all Notes tendered by holders
thereof in connection with a Change of Control Offer or Net Proceeds Offer have been repurchased, redeemed or acquired for value; and 

(15) Restricted Payments in an amount not to exceed the amount paid to the Company or any Restricted Subsidiary in cash in
respect of any Tribal Receivable, including any interest on the principal amount thereof. 
 (c) In determining the aggregate amount of
Restricted Payments made subsequent to the Issue Date, Restricted Payments made pursuant to clauses (3)(a)(ii), (3)(b)(ii), 3(c), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14) and (15) of Section 4.07(b) shall, in each case,
be excluded from such calculation. 
 For purposes of this Section 4.07, it is understood that the Company may rely on internal or
publicly reported financial statements even though there may be subsequent adjustments (including review and audit adjustments) to such financial statements. For avoidance of doubt, any Restricted Payment that complied with the conditions of this
Section 4.07, made in reliance on such calculation by the Company based on such internal or publicly reported financial statements, shall be deemed to continue to comply with the conditions of this Section 4.07, notwithstanding any
subsequent adjustments that may result in changes to such internal financial or publicly reported statements. 
 Section 4.08
Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 
 The Company shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, create or otherwise cause or permit or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 

(1) pay dividends or make any other distributions on its Capital Stock; 

(2) make loans or advances to or pay any Indebtedness or other obligations owed to the Company or to any other Restricted Subsidiary; or 

(3) transfer any of its property or assets to the Company or to any Restricted Subsidiary 

Each such encumbrance or restriction in clauses (1), (2) or (3) above, a “Payment Restriction.” 

  
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 However, the preceding restrictions will not apply to encumbrances or restrictions existing
under or by reason of: 
 (a) applicable law or required by any Gaming Authority; 

(b) this Indenture, the Notes and the Guarantees and other Indebtedness of the Company or any Restricted Subsidiary ranking pari passu
with the Notes; provided that such restrictions are no more restrictive taken as a whole than those imposed by this Indenture; 

(c) customary non-assignment provisions of any contract, license or lease of any Restricted Subsidiary
entered into in the ordinary course of business of such Restricted Subsidiary; 
 (d) any instrument governing Acquired Debt Incurred in
connection with an acquisition by the Company or any Restricted Subsidiary in accordance with this Indenture as the same was in effect on the date of such Incurrence; provided that such encumbrance or restriction is not, and will not be,
applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries or the property or assets, including directly related assets, such as accessions and proceeds so acquired or leased; 

(e) any restriction or encumbrance contained in contracts for the sale of Equity Interests of any Subsidiary or assets of the Company or any
Restricted Subsidiary to be consummated in accordance with this Indenture solely in respect of Equity Interests (or assets of such Restricted Subsidiary) or assets to be sold pursuant to such contract; 

(f) any restrictions of the nature described in clause (3) above with respect to the transfer of assets secured by a Lien that is
permitted by this Indenture to be Incurred; 
 (g) any encumbrance or restriction contained in Permitted Refinancing Indebtedness;
provided that the provisions relating to such encumbrance or restriction contained in any such Permitted Refinancing Indebtedness are no less favorable to the Holders of the Notes in any material respect in the good faith judgment of the
Company than the provisions relating to such encumbrance or restriction contained in the Indebtedness being refinanced; 
 (h) agreements
governing Indebtedness of the Company or its Restricted Subsidiaries existing on the Issue Date, and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements;
provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacement or refinancings are no more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than
those contained in those agreements on the date of this Indenture, taken as a whole; 

  
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 (i) any restriction imposed by Indebtedness incurred under the Credit Facilities;
provided that such restriction or requirement is no more restrictive taken as a whole than that imposed by the Bank Credit Agreement as of the Issue Date; 

(j) provisions with respect to the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, stock
sale agreements, sale-leaseback agreements and other similar agreements not prohibited by this Indenture; 
 (k) any restriction on cash or
other deposits or net worth imposed by customers or lessors or required by insurance, surety or bonding companies, in each case under contracts entered into in the ordinary course of business; 

(l) any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary
pending the sale or other disposition; 
 (m) agreements in existence with respect to a Restricted Subsidiary at the time it is so
designated, so long as such agreements are not entered into in anticipation or contemplation of such designation; or 
 (n) restrictions
contained in Indebtedness used to finance, or incurred for the purpose of financing, Expansion Capital Expenditures and/or Development Projects and Permitted Refinancing Indebtedness in respect thereof, provided, that such restrictions apply only to
the asset (or the Person owning such asset) being financed pursuant to such Indebtedness. 
 Section 4.09 Incurrence of Indebtedness
and Issuance of Preferred Stock. 
 (a) The Company will not, directly or indirectly: 

(1) Incur any Indebtedness or issue any Disqualified Capital Stock; or 

(2) cause or permit any of its Restricted Subsidiaries to Incur any Indebtedness or issue any Disqualified Capital Stock or
preferred stock, in each case, other than Permitted Indebtedness; provided, however, that the Company may issue Disqualified Capital Stock and may Incur Indebtedness (including, without limitation, Acquired Debt), and any Guarantor may
issue preferred stock or Incur Indebtedness (including, without limitation, Acquired Debt), if immediately after giving pro forma effect to such proposed Incurrence or issuance and the receipt and application of the net proceeds therefrom, the
Company’s Consolidated Coverage Ratio would be at least 2.00 to 1.00. 
 (b) This Section 4.09 will not prohibit the incurrence of
any of the following (collectively, “Permitted Indebtedness”): 
 (1) Indebtedness of the Company or any
Restricted Subsidiary outstanding on the Issue Date (other than Indebtedness under the Bank Credit Agreement) as reduced by the amount of any scheduled amortization payments or mandatory prepayments when actually paid or permanent reductions
thereof; 

  
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 (2) Indebtedness Incurred by the Company under the Initial Notes and by the
Guarantors under the Guarantees; 
 (3) Indebtedness Incurred by the Company or any Restricted Subsidiary pursuant to the
Bank Credit Agreement or other Credit Facilities; provided that the aggregate principal amount of all such Indebtedness outstanding under this clause (3) as of any date of Incurrence (after giving pro forma effect to the application of
the proceeds of such Incurrence), including all Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, refinance, renew, replace, defease or refund any Indebtedness Incurred pursuant to this clause (3), shall not exceed the greater of
(i) $3.85 billion and (ii) the maximum principal amount of Indebtedness that could be Incurred such that after giving effect to such Incurrence, the Company’s Consolidated Secured Leverage Ratio would be no greater than 5.00 to
1.00, to be reduced dollar-for-dollar by the aggregate amount of all Net Cash Proceeds of Asset Sales applied by an Obligor to repay Indebtedness under the Credit
Facilities pursuant to Section 4.10 hereof; 
 (4) Indebtedness of a Restricted Subsidiary to the Company or any
Guarantor, or of the Company to any Guarantor, for so long as such Indebtedness is held by an Obligor; provided that if as of any date any Person other than an Obligor acquires any such Indebtedness or holds a Lien in respect of such
Indebtedness (other than a Permitted Lien), such acquisition or holding shall be deemed to be an Incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (4) by the issuer of such Indebtedness; 

(5) Permitted Refinancing Indebtedness; 

(6) Indebtedness Incurred by the Company or any Restricted Subsidiary solely to finance the construction or acquisition or
improvement of, or consisting of Capitalized Lease Obligations Incurred to acquire rights of use in, property or assets or any kind whatsoever, whether real, personal or mixed and whether tangible or intangible and including all contract rights,
income or revenue rights, real property interests, trademarks, trade names, equipment or Equity Interests or ownership of any other Person useful in any Core Business, not to exceed the greater of (x) $200 million or (y) 25% of LTM EBITDA, in
each case in aggregate principal amount outstanding at any time (including all Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, refinance, renew, replace, defease or refund any Indebtedness Incurred pursuant to this clause (6))
for all of the Company and its Restricted Subsidiaries; 
 (7) Hedging Obligations and Interest Swap Obligations entered into
not as speculative Investments but as hedging transactions designed to protect the Company and its Restricted Subsidiaries against fluctuations in interest rates in connection with Indebtedness otherwise permitted hereunder or against exchange rate
risk or commodity pricing risk; 

  
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 (8) Indebtedness of the Company or any Restricted Subsidiary arising in
respect of (x) performance bonds, completion guarantees and similar arrangements (to the extent that the Incurrence thereof does not result in the Incurrence of any obligation for the payment of borrowed money of others), in the ordinary course
of business; provided, that such Indebtedness shall be Incurred solely in connection with the development, construction, improvement or enhancement of assets useful in the business of the Company and its Restricted Subsidiaries or the
development, improvement or enhancement of the operations of the Company and its Restricted Subsidiaries or (y) Support Agreements; 

(9) Indebtedness of the Company or any Restricted Subsidiary arising in respect of letters of credit, bankers’
acceptances, worker’s compensation claims, payment obligations in connection with self-insurance or similar obligations, surety bonds and appeal bonds (to the extent that the Incurrence thereof does not result in the Incurrence of any
obligation for the payment of borrowed money of others), in the ordinary course of business, in amounts and for the purposes customary in such Person’s industry; 

(10) the guarantee by a Guarantor of Indebtedness of the Company or of any other Guarantor, or the guarantee by a Restricted
Subsidiary of Indebtedness of the Company or another Restricted Subsidiary, provided such Indebtedness was outstanding on the Issue Date or was, at the time it was incurred, permitted to be incurred by the Company or such Guarantor or
Restricted Subsidiary under this Indenture; provided that if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the guarantee may only be incurred by a Guarantor and shall be subordinated to or pari passu
with, as applicable, the Notes to the same extent as the Indebtedness guaranteed; 
 (11) the issuance by any of the
Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares of preferred stock; provided, however, that: 

(A) any subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person
other than the Company or a Restricted Subsidiary; and 
 (B) any sale or other transfer of any such preferred stock to a
Person that is not either the Company or a Restricted Subsidiary of the Company 
 will be deemed, in each case, to constitute an issuance of
such preferred stock by such Restricted Subsidiary that was not permitted by this clause (11); 
 (12) Indebtedness arising
from agreements of the Company or any Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or
Subsidiary otherwise permitted by this Indenture; 
 (13) the payment of interest on any Indebtedness in the form of
additional Indebtedness with the same terms, and the payment of dividends on Disqualified Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock; 

  
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 (14) [Reserved]; 

(15) guarantees incurred in the ordinary course of business supporting obligations of suppliers, lessees and vendors; 

(16) Indebtedness in an aggregate principal amount outstanding under this clause (16) as of any date of Incurrence,
including all Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, refinance, renew, replace, defease or refund any Indebtedness Incurred pursuant to this clause (16), not to exceed the greater of (a) $975 million and (b) 135%
of LTM EBITDA; 
 (17) Indebtedness representing deferred compensation to employees of the Company and the Restricted
Subsidiaries incurred in the ordinary course of business; 
 (18) Indebtedness consisting of obligations of the Company or
the Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with any Investment expressly permitted under Section 4.07; 

(19) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(20) Acquired Debt and other Indebtedness of Persons outstanding on the date on which such Person became a Restricted
Subsidiary or was acquired by, or merged into, the Company or any of its Restricted Subsidiaries or incurred or issued to finance a merger, consolidation or other acquisition; provided, however, that (A) at the time such Person is
acquired, either (i) the Company would have been able to incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(a) on a pro forma basis after giving effect to the incurrence of such Acquired Debt or Indebtedness pursuant
to this clause (20) or (ii) on a pro forma basis, the Consolidated Coverage Ratio of the Company and its Restricted Subsidiaries would be higher than such ratio immediately prior to such merger, consolidation or acquisition or (B) such
Indebtedness is Indebtedness of a Restricted Subsidiary that existed at the time such Person became a Subsidiary and was not created in anticipation or contemplation thereof; 

(21) Indebtedness, Disqualified Capital Stock or preferred stock of the Company to the extent the net proceeds thereof are
promptly deposited to defease the Notes as described under Article 8 of this Indenture; and 
 (22) Indebtedness (including,
without limitation, Support Agreements) used to finance, or incurred or issued for the purpose of (or in the case of Support Agreements, incurred in connection with) financing, Expansion Capital Expenditures or Development Projects (including
Permitted Refinancing Indebtedness in respect thereof) in an aggregate principal amount, including all Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, refinance, renew, replace, defease or refund any Indebtedness Incurred
pursuant to this clause (22), not to exceed $700 million at any time outstanding provided that no Default or Event of Default then exists or would result therefrom. 

  
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 For purposes of this definition, it is understood that the Company may rely on internal or
publicly reported financial reports even though there may be subsequent adjustments (including review and audit adjustments) to such financial statements. For avoidance of doubt, any incurrence of Permitted Indebtedness which is based upon or made
in reliance on a computation based on such internal or publicly reported financial statements shall be deemed to continue to comply with the applicable covenant, notwithstanding any subsequent adjustments that may result in changes to such internal
or publicly reported financial statements. All Indebtedness under the Bank Credit Agreement outstanding on the Issue Date shall be deemed to have been incurred under clause (b)(3) of this Section 4.09 and the Company and its Restricted
Subsidiaries shall not be permitted to reclassify all or any portion of such Indebtedness. 
 Any Indebtedness of any Person existing at the
time it becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition of capital stock or otherwise) shall be deemed to be Incurred as of the date such Person becomes a Restricted Subsidiary. 

Notwithstanding any other provision of this Section 4.09, a guarantee of Indebtedness of the Company or of Indebtedness of a Restricted
Subsidiary will not constitute a separate incurrence, or amount outstanding, of Indebtedness so long as the Indebtedness so guaranteed was incurred in accordance with the terms of this Indenture. 

For purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness meets the criteria of more than
one of the categories of Permitted Indebtedness described in clauses (1) through (22) of such definition or is entitled to be Incurred pursuant to Section 4.09(a) hereof, the Company will, in its sole discretion, classify such item of
Indebtedness in any manner that complies with this Section 4.09 and such item of Indebtedness will be treated as having been Incurred pursuant to only one of such clauses or pursuant to Section 4.09(a) hereof. The Company may reclassify
such Indebtedness from time to time in its sole discretion and may classify any item of Indebtedness in part under one or more of the categories of Permitted Indebtedness and/or in part as Indebtedness entitled to be Incurred pursuant to
Section 4.09(a) hereof. 
 Accrual of interest or dividends, the accretion of principal amount or dividends, the payment of interest on
any Indebtedness in the form of additional Indebtedness with the same terms or the payment of dividends on any Disqualified Capital Stock in the form of additional Disqualified Capital Stock with the same terms will not be deemed to be an Incurrence
of Indebtedness or an issuance of Disqualified Capital Stock or preferred stock for purposes of this Section 4.09. Any increase in the amount of Indebtedness solely by reason of currency fluctuations will not be deemed to be an incurrence of
Indebtedness for purposes of determining compliance with this covenant. A change in GAAP that results in an obligation existing at the time of such change, not previously classified as Indebtedness, becoming Indebtedness will not be deemed to be an
incurrence of Indebtedness for purposes of this Section 4.09. 
 Section 4.10 Asset Sales. 

(a) Neither the Company nor any Restricted Subsidiary will, directly or indirectly: 

  
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 (1) consummate an Asset Sale unless such entity receives consideration at
the time of such Asset Sale at least equal to the fair market value of the assets sold or of which other disposition is made (as determined in good faith by the Board of such entity); and 

(2) consummate or enter into a binding obligation to consummate an Asset Sale unless at least 75% of the consideration received
by such entity from such Asset Sale will be cash or Cash Equivalents. For purposes of this provision, each of the following shall be deemed to be cash: 

(A) any liabilities as shown on such entity’s most recent balance sheet (or in the notes thereto) (other than Indebtedness
subordinate in right of payment to the Notes) that are assumed by the transferee of any such assets; and 
 (B) to the extent
of the cash received, any notes or other obligations or securities received by such Obligor from such transferee that are converted by such entity into cash within 180 days of receipt. 

(b) Notwithstanding the foregoing, the Company or a Restricted Subsidiary will be permitted to consummate an Asset Sale without complying with
the foregoing provisions if: 
 (1) such entity receives consideration at the time of such Asset Sale at least equal to the
fair market value of the assets or other property sold, issued or otherwise disposed of (as evidenced by a resolution of the Board of such entity); and 

(2) the consideration for such Asset Sale constitutes (x) Productive Assets; provided that any non-cash consideration not constituting Productive Assets received by such entity in connection with such Asset Sale that is converted into or sold or otherwise disposed of for cash or Cash Equivalents at any time
within 360 days after such Asset Sale shall constitute Net Cash Proceeds subject to the provisions set forth above or (y) Designated Non-Cash Consideration received by the Company or such Restricted
Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (y) that is at the time outstanding,
not to exceed $75 million at the time of the receipt of such Designated Non-Cash Consideration, with the fair market value of each item of Designated Non-Cash
Consideration being measured at the time received and without giving effect to subsequent changes in value. 
 (c) Upon the consummation of
an Asset Sale, the Company or the affected Restricted Subsidiary will be required to apply an amount equal to all Net Cash Proceeds (excluding amounts received and considered as “cash” pursuant to Section 4.10 (a)(2)(A)) that are
received from such Asset Sale within 360 days of the receipt thereof either: 
 (1) to reinvest (or enter into a binding
commitment to invest, if such investment is effected within 360 days after the date of such commitment) in Productive Assets or in Asset Acquisitions not otherwise prohibited by this Indenture; 

  
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 (2) to repay Indebtedness under the Bank Credit Agreement (or other
Indebtedness of the Company or such Restricted Subsidiary, as applicable, secured by a Lien), and, in the case of any such repayment under any revolving credit or other facility that permits future borrowings, effect a permanent reduction in the
availability or commitment under such facility; 
 (3) to (x) prepay, repay, redeem or purchase Notes including
(i) as provided under Section 3.07 hereof, (ii) making an offer (in accordance with the procedures set forth below for a Net Proceeds Offer) to all Holders to purchase their Notes at a purchase price of at least 100% of the principal
amount thereof, plus the amount of accrued but unpaid interest, if any, thereon up to the principal amount of Notes to be repurchased or (iii) purchasing Notes at a purchase price of at least 100% of the principal amount thereof, plus the
amount of accrued but unpaid interest, if any, thereon up to the principal amount of Notes to be repurchased, through privately negotiated transactions or open market purchases, in a manner that complies with this Indenture and applicable securities
law or (y) prepay, repay, redeem or purchase any other pari passu Indebtedness of the Company or any Guarantor; provided that if the Company or any Restricted Subsidiary shall so repay or prepay any such other pari passu Indebtedness, the
Company will reduce (or offer to reduce) Obligations under this Indenture, the Notes and the Note Guarantees on a pro rata basis (based on the amount so applied to such repayments or prepayments) as provided in the immediately preceding clause (x),
subject to the applicable procedures of DTC; 
 (4) to improve real property or make a capital expenditure; or 

(5) any combination of the foregoing; 

provided, however, that if the Company or any Restricted Subsidiary contractually commits within such
360-day period to apply such Net Cash Proceeds within 180 days following such contractual commitment in accordance with the foregoing clauses (1), (2), (3), (4) or (5) of this Section 4.10(c) and
such Net Cash Proceeds are subsequently applied as contemplated in such contractual commitment, then the requirement for application of Net Cash Proceeds as set forth in this paragraph shall be considered satisfied. 

Pending the final application of any such Net Cash Proceeds, the Company or such Restricted Subsidiary may temporarily reduce revolving
Indebtedness or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Indenture. 
 Any Net Cash Proceeds from an
Asset Sale that are not applied pursuant to the preceding paragraph shall constitute “Excess Net Proceeds.” No later than 20 Business Days following the date on which the aggregate amount of Excess Net Proceeds exceeds
$75 million (the “Net Proceeds Trigger Date”), the Company shall make an offer to purchase (the “Net Proceeds Offer”), on a date (the “Net Proceeds Offer Payment Date”) not less than 30 nor
more than 60 days following the applicable Net Proceeds Trigger Date, on a pro rata basis, an aggregate principal amount equal to the Excess Net Proceeds of (a) Notes, at a purchase price in cash equal to 100% of the aggregate principal
amount of Notes, in each case, plus accrued and unpaid interest thereon, if any, on the Net Proceeds Offer Payment Date, and (b) other pari passu  

  
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Indebtedness of the Company or any Guarantor, in each case to the extent required by the terms thereof. If at any time within 360 days after an Asset Sale any
non-cash consideration received by the Company or the affected Restricted Subsidiary in connection with such Asset Sale (other than non-cash consideration deemed to be
cash as provided in Section 4.10(a)(2)(B)) is converted into or sold or otherwise disposed of for cash, then such conversion or disposition will be deemed to constitute an Asset Sale hereunder and the Net Cash Proceeds thereof will be applied
in accordance with this Section 4.10. To the extent that the aggregate principal amount of Notes or other pari passu Indebtedness tendered pursuant to the Net Proceeds Offer is less than the Excess Net Proceeds, the Company or such
Restricted Subsidiary may use any remaining proceeds of such Asset Sales for general corporate purposes (but subject to the other terms of this Indenture). Upon completion of a Net Proceeds Offer, the Excess Net Proceeds relating to such Net
Proceeds Offer will be deemed to be zero for purposes of any subsequent Asset Sale. In the event that a Restricted Subsidiary consummates an Asset Sale, only that portion of the Net Cash Proceeds therefrom (including any Net Cash Proceeds received
upon the sale or other disposition of any non-cash proceeds received in connection with an Asset Sale) that are distributed to or received by the Company or a Restricted Subsidiary will be required to be
applied by the Company or the Restricted Subsidiary in accordance with the provisions of this Section 4.10. 
 The Company will comply
with all applicable laws, including, without limitation, Section 14(e) of the Exchange Act and the rules thereunder and all applicable federal and state securities laws, and will include all instructions and materials necessary to enable
holders to tender their Notes and, to the extent that the provisions of any such laws or rules conflict with the provisions of this Section 4.10, the Company’s compliance with such laws and rules shall not in and of itself cause a breach
of the Company’s obligations under Section 3.09 or this Section 4.10. 
 Section 4.11 Transactions with
Affiliates. 
 The Company will not, and will not permit any Restricted Subsidiary to, 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 involving aggregate payments or consideration in excess of $10 million (each, an “Affiliate Transaction”) unless: 

(1) such Affiliate Transaction is, considered in light of any series of related transactions of which it comprises a part, on
terms no less favorable to the Company or such Restricted Subsidiary than those that might reasonably have been obtained at such time in a comparable transaction or series of related transactions on an
arm’s-length basis from a Person that is not such an Affiliate; and 
 (2) with
respect to any Affiliate Transaction involving aggregate consideration of $35 million or more to the Company or such Restricted Subsidiary, a majority of the disinterested members of the Board of the Company (and of any other affected
Restricted Subsidiary, where applicable) shall, prior to the consummation of any portion of such Affiliate Transaction, have approved such Affiliate Transaction, as evidenced by a resolution of its Board. 

  
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 The foregoing restrictions will not apply to: 

(1) reasonable fees, compensation and benefit arrangements (including any such compensation in the form of Equity Interests not
derived from Disqualified Capital Stock, together with loans and advances, the proceeds of which are used to acquire such Equity Interests) paid to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Company or
its Subsidiaries as determined in good faith by the Board or senior management; 
 (2) any transaction solely between or
among the Company and any of its Restricted Subsidiaries or between two or more Restricted Subsidiaries to the extent any such transaction is otherwise in compliance with, or not prohibited by, this Indenture; 

(3) any Restricted Payment permitted by Section 4.07 hereof or any Permitted Investment; 

(4) sales of Equity Interests (other than Disqualified Capital Stock) to any of the Company’s Affiliates; 

(5) the pledge of the Equity Interests of Unrestricted Subsidiaries or joint ventures to support the Indebtedness thereof; 

(6) any transactions between the Company or any of its Restricted Subsidiaries and any Affiliate of the Company the Equity
Interests of which Affiliate are owned solely by the Company or one or more of its Restricted Subsidiaries, on the one hand, and by persons who are not Affiliates of the Company or its Restricted Subsidiaries, on the other hand; 

(7) payments and transactions contemplated by the Related Party Agreements; 

(8) transactions pursuant to agreements existing on the Issue Date and any modification thereto or any transaction contemplated
thereby in any replacement agreement therefor so long as such modification or replacement is not more disadvantageous to the Company or any of our Restricted Subsidiaries in any material respect than the respective agreement existing on the Issue
Date; 
 (9) transactions with joint ventures and Subsidiaries thereof and Unrestricted Subsidiaries relating to the
provision of management services, overhead, sharing of customer lists and customer loyalty programs or that are approved by a majority of the disinterested members of the Company’s Board (or by the audit committee or any committee of the Board
consisting of disinterested members of the Board) (a director shall be disinterested if he or she has no interest in such joint venture or Unrestricted Subsidiary other than through the Company and its Restricted Subsidiaries); provided that no
Affiliate of the Company (other than the Company’s Restricted Subsidiaries) has an interest (other than indirectly through the Company and other than Unrestricted Subsidiaries or such joint ventures) in any such joint venture or Unrestricted
Subsidiary; 

  
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 (10) any transaction with respect to which the Company or any of its
Restricted Subsidiaries obtains an opinion as to the fairness to the Company or such Restricted Subsidiary, as applicable, of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of
national standing; 
 (11) transactions between the Company or any Restricted Subsidiary and any Person, which is an
Affiliate solely due to a director or directors of such Person (or a parent company of such Person) also being a director of the Company; provided, however, that any such director abstains from voting as a director of the Company on any matter
involving such other Person; 
 (12) [Reserved]; 

(13) transactions with a Person who is not an Affiliate immediately before the consummation of such transaction that becomes an
Affiliate as a result of such transaction; and 
 (14) transactions contemplated by Transfer Agreements. 

Section 4.12 Liens. 

No Obligor will, directly or indirectly, create, Incur or assume any Lien, except a Permitted Lien, on or with respect to any of its property
or assets including any shares of stock or Indebtedness of any Restricted Subsidiary, whether owned on the Issue Date or thereafter acquired, or any income, profits or proceeds therefrom, unless: 

(1) in the case of any Lien securing Indebtedness that is subordinate in right of payment to the Notes or the Guarantees, the
Notes or the Guarantees are secured by a Lien on such property, assets or proceeds that is senior in priority to such Lien as long as such Indebtedness is secured by such Lien; and 

(2) in all other cases, the Notes or the Guarantees, as the case may be, are secured on an equal and ratable basis with the
obligations secured by such Lien for so long as such obligations are secured by such Lien. 
 With respect to any Lien securing Indebtedness
that was permitted to secure such Indebtedness at the time of the incurrence or issuance of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any
Indebtedness shall mean any increase in the amount of such Indebtedness that is not deemed to be an incurrence of Indebtedness for purposes of Section 4.09 hereof. 

Section 4.13 Lines of Business. 

The Obligors will not engage in any lines of business other than the Core Businesses and any Related Business. 

  
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 Section 4.14 Legal Existence. 

Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 

(1) its legal existence, and subject to Section 4.10 hereof, the corporate, partnership or other existence of each of its
Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 

(2) the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; 

provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or
other existence of any of its Restricted Subsidiaries, if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss
thereof is not adverse in any material respect to the Holders of the Notes. 
 Section 4.15 Offer to Repurchase Upon Change of
Control. 
 (a) Upon the occurrence of a Change of Control Triggering Event each Holder will have the right to require the Company to
repurchase all or any part (equal to $1,000 or an integral multiple thereof; provided that no Note of a principal amount of $2,000 or less shall be repurchased in part) of such Holder’s Notes pursuant to the offer described below (the
“Change of Control Offer”) at an offer price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount of Notes plus accrued and unpaid interest thereon, if any, to the date of
repurchase. Within 30 days following a Change of Control Triggering Event, the Company will send a notice to the Trustee and each Holder describing the transaction or transactions that constitute a Change of Control Triggering Event and offering to
repurchase Notes on the date specified in such notice, which date shall be no earlier than 30 days nor later than 60 days from the date such notice is sent (the “Change of Control Payment Date”), pursuant to the procedures required
by this Indenture and described in such notice. The Change of Control Offer may be made up to 60 days prior to the occurrence 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. The Company will comply with all applicable laws, including, without limitation, Section 14(e) of the Exchange Act and the rules thereunder and all applicable federal and state
securities laws, and will include all instructions and materials necessary to enable Holders to tender their Notes. To the extent that the provisions of any such laws or rules conflict with the provisions of this Section 4.15, the
Company’s compliance with such laws and rules shall not in and of itself cause a breach of the Company’s obligations under this Section 4.15. 

(b) On the Change of Control Payment Date, the Company will, to the extent lawful: 

(1) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 

  
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 (2) on or prior to 10:00 a.m. New York City time, deposit with the Paying
Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered; and 
 (3)
deliver or cause to be delivered to the Trustee the Notes so accepted, together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 

The Paying Agent will promptly send to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to the unpurchased portion of the Notes surrendered by such Holder, if any; provided that each such new Note will be
in a principal amount of $2,000 and integral multiples of $1,000 in excess thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

The Change of Control provisions described above will be applicable whether or not any other provisions of this Indenture are applicable. 

(c) The Company will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if 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 4.15 and purchases all Notes validly tendered and not withdrawn under the Change of Control Offer. 

(d) If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a
Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described above, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or such third party
will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain outstanding following
such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to, but not including, the date of redemption (subject to the right of Holders of record of Notes on the relevant record date to receive
interest due on the relevant Interest Payment Date). 
 Section 4.16 Covenant Termination. 

If on any date following the Issue Date: (i) the Notes have Investment Grade Ratings from both of the Rating Agencies and (ii) no
Default or Event of Default has occurred and is continuing under this Indenture, then beginning on that date and continuing at all times thereafter regardless of any subsequent changes in the ratings of the Notes or the occurrence of any Default or
Event of Default, the Company and its Subsidiaries will not be subject to Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.13 and 5.01(a)(2) of this Indenture (collectively, the “Terminated Covenants” and, such event, the “Covenant
Termination Event”). 

  
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 Upon and following a Covenant Termination Event, no Default or Event of Default or breach of
any kind will be deemed to have occurred or exist under the indenture or the Notes with respect to the Terminated Covenants based on, and none of the Company or any of its Subsidiaries shall bear any liability for, any actions taken or failed to be
taken, or any events occurring, upon and following a Covenant Termination Event, regardless of whether such actions, failure to act or event would have been permitted if the applicable Terminated Covenants remained in effect (it being understood
that any provisions in the definition of “Permitted Liens” which may refer to one or more Terminated Covenants shall be interpreted as though such applicable Terminated Covenant(s) were still in effect). The Company shall provide an
Officers’ Certificate to the Trustee indicating the occurrence of any Covenant Termination or reversion date. The Trustee shall have no obligation to independently determine or verify if a Covenant Termination Event has occurred or notify the
Holders of the continuance of such Covenant Termination Event. 
 Section 4.17 Additional Subsidiary Guarantees. 

The Company shall cause (i) any Material Restricted Subsidiary that is not a Guarantor and (ii) any Subsidiary that is not a
Guarantor that becomes a guarantor under the Bank Credit Agreement after the Issue Date, to: 
 (1) execute and deliver to
the Trustee a supplemental indenture in form reasonably satisfactory to the Trustee pursuant to which such Restricted Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and this Indenture on the terms
set forth in this Indenture; and 
 (2) deliver to the Trustee an Officers’ Certificate stating that all conditions
precedent to the execution of the supplemental indenture have been complied with and the supplemental indenture is permitted under the indenture and an Opinion of Counsel that such supplemental indenture has been duly authorized, executed and
delivered by such Restricted Subsidiary and constitutes a legal, valid, binding and enforceable obligation of such Restricted Subsidiary. 
 Thereafter,
such Restricted Subsidiary shall be a Guarantor for all purposes of this Indenture. 
 Section 4.18 Designation of Restricted and
Unrestricted Subsidiaries. 
 The Board of the Company may designate any of its Restricted Subsidiaries to be Unrestricted Subsidiaries if such
designation would not cause a Default. For purposes of making such determination, all outstanding Investments by the Obligors (except to the extent repaid in cash or in kind) in the Subsidiary so designated will be deemed to be Restricted Payments
at the time of such designation and will reduce the amount available for Restricted Payments under Section 4.07(a) to the extent that such deemed Restricted Payments would not be excluded from such calculation under Section 4.07(b). All
such outstanding Investments will be deemed to constitute Investments in an amount equal to the fair market value of such Investments at the time of such designation (as determined in the good faith reasonable judgment of the Company). 

  
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 Such designation will only be permitted if such Restricted Payment would be permitted at
such time and if such Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
 Section 4.19 No
Layering. 
 The Company will not, and will not permit any Guarantor to, incur or suffer to exist Indebtedness that is contractually
subordinated in right of payment to any other Indebtedness of the Company or such Guarantor, as the case may be, unless such Indebtedness is also contractually subordinated in right of payment to the Notes or such Guarantor’s Guarantee, as the
case may be. 
 Section 4.20 Mandatory Disposition Pursuant to Gaming Laws. 

If a record or a beneficial owner of a Note is required by any Gaming Authority to be found suitable, the owner shall apply for a finding of
suitability within 30 days after the request of such Gaming Authority or within such other time prescribed by such Gaming Authority. The applicant for a finding of suitability must pay all costs of the investigation for such finding of suitability.
If a holder or beneficial owner is required to be found suitable and is not found suitable by such Gaming Authority, (i) such owner shall, upon request of the Company, dispose of such owner’s Notes within 30 days or within that time
prescribed by such Gaming Authority, whichever is earlier, or (ii) the Company may, at its option, redeem such owner’s Notes at the lesser of (x) the principal amount thereof or (y) the price at which the Notes were acquired by
such owner, together with, in either case, accrued interest to the date of the finding of unsuitability by such Gaming Authority, or (z) such other amount required by such Gaming Authority. 

Section 4.21 Financial Calculations for Limited Condition Acquisitions. 

When calculating the availability under any basket or ratio under this Indenture, in each case in connection with a Limited Condition
Acquisition and other transactions in connection therewith (including any incurrence or issuance of Indebtedness, Disqualified Capital Stock or preferred stock and the use of proceeds thereof), the date of determination of such basket or ratio and
of any Default or Event of Default may, at the option of the Company, be the date the definitive agreement(s) for such Limited Condition Acquisition is entered into. Any such ratio or basket shall be calculated on a pro forma basis, including with
such adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Consolidated Coverage Ratio,” after giving effect to such Limited Condition Acquisition and other transactions in
connection therewith (including any incurrence or issuance of Indebtedness, Disqualified Capital Stock or preferred stock and the use of proceeds thereof) as if they had been consummated at the beginning of the applicable period for purposes of
determining the ability to consummate any such Limited Condition Acquisition; provided that if the Company elects to make such determination as of the date of such definitive agreement(s), then (x) the Company shall be deemed to be in
compliance with such ratios or baskets solely for purposes of determining whether the Limited Condition Acquisition and other transactions in connection therewith (including any incurrence or issuance of Indebtedness, Disqualified Capital Stock or
preferred stock and the use of proceeds thereof), is permitted under the indenture, and (y) such 

  
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ratios or baskets shall not be tested at the time of consummation of such Limited Condition Acquisition or related transactions; provided, further, that if the Company elects to have such
determinations occur at the time of entry into such definitive agreement(s), any such transactions (including any incurrence or issuance of Indebtedness, Disqualified Capital Stock or preferred stock and the use of proceeds thereof) shall be deemed
to have occurred on the date the definitive agreement(s) is entered into and shall be deemed outstanding thereafter for purposes of calculating any ratios or baskets under the indenture after the date of such definitive agreement(s) and before the
consummation of such Limited Condition Acquisition, unless such definitive agreement(s) is terminated or such Limited Condition Acquisition or incurrence or issuance of Indebtedness, Disqualified Capital Stock or preferred stock or such other
transaction to which pro forma effect is being given does not occur. 
 ARTICLE 5 

SUCCESSORS 

Section 5.01 Merger, Consolidation or Sale of Assets. 

(a) The Company may not, in a single transaction or a series of related transactions, consolidate or merge with or into any Person, or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, to any Person unless: 

(1) either 

(A) in the case of a consolidation or merger, the Company, or any successor thereto, is the surviving or continuing
corporation; or 
 (B) the Person (if other than the Company) formed by such consolidation or into which the Company is
merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition of the properties and assets of the Company and its Subsidiaries, taken as a whole, (i) shall be a corporation or limited liability
company organized and validly existing under the laws of the United States or any State thereof or the District of Columbia and (ii) shall expressly assume, by supplemental indenture (in form and substance reasonably satisfactory to the
Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, and interest and duration fees on all of the Notes and the performance of every covenant of the Notes and this Indenture on the
part of the Company to be performed or observed; 
 (2) in the event that such transaction involves (a) the incurrence
by the Company or any Restricted Subsidiary, directly or indirectly, of additional Indebtedness (and treating any Indebtedness not previously an obligation of the Company or any of its Restricted Subsidiaries incurred in connection with or as a
result of such transaction as having been incurred at the time of such transaction) and/or (b) the assumption contemplated by clause (1)(B)(ii) above (including giving effect to any Indebtedness and


  
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Acquired Debt Incurred or anticipated to be Incurred in connection with or in respect of such transaction), then immediately after giving effect to such incurrence and/or assumption under clauses
(a) and (b), (i) the Company, or any such other Person assuming the obligations of the Company through the operation of clause (1)(B) above, could Incur at least $1.00 of Indebtedness (other than Permitted Indebtedness) pursuant to the
Consolidated Coverage Ratio test described above under Section 4.09(a) or (ii) the Consolidated Coverage Ratio of the Company (or such other Person assuming the obligations of the Company through the operation of clause (1)(B) above) is no
less than the Company’s Consolidated Coverage Ratio immediately prior to such transaction or series of transactions; and 

(3) immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause
(1)(B)(ii) above (including, without limitation, giving effect to any Indebtedness and Acquired Debt Incurred or anticipated to be Incurred and any Lien granted in connection with or in respect of the transaction) no Default and no Event of Default
shall have occurred or be continuing. 
 (b) Notwithstanding clause (2) or (3) above: 

(A) any Guarantor may consolidate with, or merge with or into, or sell, assign, transfer, lease, convey or otherwise dispose of
all or substantially all of its assets to the Company or to another Guarantor; and 
 (B) the Company or any Subsidiary may
consolidate with or merge with or into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets to any Person that has conducted no business and Incurred no Indebtedness or other liabilities if such
transaction is solely for the purpose of effecting a change in the state of incorporation or form of organization of the Company or such Subsidiary. 

For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of
all or substantially all of the properties and assets of one or more Subsidiaries of the Company, the Capital Stock of which constitutes all or substantially all of the properties and assets of the Company, shall be deemed to be the transfer of all
or substantially all of the properties and assets of the Company. 
 Section 5.02 Successor Person Substituted. 

Upon any consolidation or merger or any transfer of all or substantially all the assets of the Company and its Subsidiaries in accordance with
Section 5.01, the successor corporation formed by such consolidation or into which the Company is merged or to which such transfer is made shall succeed to and (except in the case of a lease) be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such successor corporation had been named herein as the Company and (except in the case of a lease) the Company shall be released from the obligations under the Notes and this
Indenture. 

  
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 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 

Each of the following constitutes an “Event of Default”: 

(1) default for 30 days in the payment when due of interest on the Notes or the Guarantees; 

(2) default in payment of the principal of or premium, if any, on the Notes or the Guarantees when due and payable, at
maturity, upon acceleration, redemption or otherwise; 
 (3) failure by any Obligor to comply with any of its other
agreements in this Indenture, the Notes or the Guarantees for 60 days after written notice to the Company by the Trustee or by Holders of not less than 25% in aggregate principal amount of the Notes then outstanding voting as a single class with a
copy to the Trustee; 
 (4) default under any mortgage, indenture or instrument under which there may be issued or by which
there may be secured or evidenced any Indebtedness for money borrowed by the Company or any Restricted Subsidiary of the Company (or the payment of which is guaranteed by the Company or any Restricted Subsidiary of the Company) whether such
Indebtedness or guarantee now exists, or is created after the Issue Date, which default: 
 (A) is caused by a failure to pay
principal of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 

(B) results in the acceleration of such Indebtedness prior to its express maturity (which acceleration has not been rescinded,
annulled or cured within 20 Business Days of receipt by the Company or any Restricted Subsidiary of the Company of such notice), 
 and, in
each case, the due and payable principal amount of any such Indebtedness, together with the due and payable principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so
accelerated, aggregates $100 million or more; 
 (5) failure by the Company or any Restricted Subsidiary of the Company
to pay final judgments aggregating in excess of $100 million, net of any applicable insurance, the carrier or underwriter with respect to which has acknowledged liability in writing, which judgments are not paid, discharged or stayed for a
period of 60 days after such judgment or judgments become final and non-appealable; 

  
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 (6) the Company or any of its Significant Subsidiaries: 

(A) commences a voluntary case; 

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

(C) consents to the appointment of a custodian of it or for all or substantially all of its property; or 

(D) makes a general assignment for the benefit of its creditors; and 

(7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against the Company or any of its Significant Subsidiaries; 

(B) appoints a custodian of the Company or any of its Significant Subsidiaries; or 

(C) orders the liquidation of the Company or any of its Significant Subsidiaries; 

and the order or decree remains unstayed and in effect for 60 consecutive days. 

Section 6.02 Acceleration. 

If an Event of Default (other than an Event of Default with respect to clauses (6) and (7) of Section 6.01 hereof with respect to
the Company or any of its Significant Subsidiaries), occurs and is continuing, then and in every such case, the Trustee or the Holders of not less than 25% in aggregate principal amount of the then outstanding Notes may declare the principal amount,
together with any accrued and unpaid interest, if any, and premium, if any, on all the Notes and Guarantees then outstanding to be due and payable, by a notice in writing to the Company (and to the Trustee, if given by Holders) specifying the Event
of Default and that it is a “notice of acceleration” and upon delivery of such notice the principal amount, together with any accrued and unpaid interest, if any, and premium, if any, on all Notes and Guarantees then outstanding will
become immediately due and payable. Upon the occurrence of specified Events of Default specified in clause (6) or (7) of Section 6.01 hereof with respect to the Company or any of its Significant Subsidiaries, the principal amount, together
with any accrued and unpaid interest and premium and liquidated damages, if any, will immediately and automatically become due and payable, without the necessity of notice or any other action by the Trustee or any Holder. Holders of the Notes may
not enforce this Indenture, the Notes or the Guarantees except as provided in this Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust
or power. The holders of a majority in principal amount of the then outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee. The Trustee shall be
under no obligation to exercise any of the rights or 

  
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powers at the request or direction of any of the Holders unless such Holders shall have offered to the trustee security or indemnity satisfactory to the Trustee against the costs, expenses,
losses and liabilities which might be incurred by it in compliance with such request or direction. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating
to the payment of principal or interest, if any) if it determines that withholding notice is in their interest. 
 Notwithstanding clause
(3) of Section 6.01 or any other provision of this Indenture, any failure to perform, or breach of, any covenant or agreement pursuant to Section 4.03, shall not be a Default or an Event of Default until the 121st day after the
Company has received the notice referred to in clause (3) of Section 6.01 (at which point, unless cured or waived, such failure to perform or breach shall constitute an Event of Default). Prior to such 121st day, remedies against the
Company for any such failure or breach will be limited to liquidated damages at a rate per year equal to 0.25% of the principal amount of the Notes from the 60th day following such notice to and including the 120th day following such notice.
References in this Indenture to interest due in respect of the Notes shall include any liquidated damages payable pursuant to the immediately preceding sentence. 

The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all
of the Holders of all the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of principal of, premium, if any, or interest
on the Notes or the Guarantees. 
 Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if
any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may maintain a
proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

Section 6.04 Waiver of Past Defaults. 

The Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf of the Holders of all of
the Notes waive any existing Default or Event of Default and its consequences under this Indenture except a continuing Default or Event of Default in the payment of principal of, premium, if any, or interest on the Notes or the Guarantees (including
in connection with an offer to purchase) (provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default
that resulted solely from such acceleration). Upon any waiver granted or deemed granted in accordance with the terms hereof, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured and waived
for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

  
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 Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be
unduly prejudicial to the rights of other Holders of Notes (it being understood that the Trustee shall not have an affirmative duty to ascertain whether or not any such direction is unduly prejudicial to the rights of any other Holder) or that may
involve the Trustee in personal liability. 
 Section 6.06 Limitation on Suits. 

A Holder may pursue a remedy with respect to this Indenture or the Notes only if: 

(1) such Holder gives to the Trustee written notice that an Event of Default is continuing; 

(2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee
to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee security or indemnity reasonably satisfactory to the
Trustee against any loss, cost, liability or expense; 
 (4) the Trustee does not comply with the request within 60 days
after receipt of the request and the offer of security or indemnity; and 
 (5) during such
60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such request. 

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over
another Holder of a Note (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and
interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of such Holder. 

  
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 Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and accrued and unpaid interest on the Notes and interest on overdue principal and, to the extent lawful, interest
and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any
other Obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10 Priorities. 

If the Trustee collects any money or property pursuant to this Article 6, it shall, pay out the money or property in the following order: 

First: to the Trustee, its agents and attorneys for amounts due to it hereunder, including under Section 7.07 hereof, including
payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal, premium and interest, respectively; and 

Third: to the Company or to such party as a court of competent jurisdiction shall direct. 

  
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 The Trustee may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.10. 
 Section 6.11 Undertaking for Costs. 

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

Section 6.12 Remedies Subject to Applicable Law. 

All rights, remedies and powers provided by this Article 6 may be exercised only to the extent that the exercise thereof does not violate
any applicable provision of law, and all the provisions of this Indenture are intended to be subject to all applicable laws, including applicable Gaming Laws, and to be limited to the extent necessary so that they will not render this Indenture
invalid, unenforceable or not entitled to be recorded, registered or filed under the provisions of any applicable law. 
 ARTICLE 7

 TRUSTEE 

Section 7.01 Duties of Trustee. 

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

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

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of certificates or opinions specifically required by any provision
hereof to be furnished to it, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or
other facts stated therein). 

  
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 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of
paragraph (b) of this Section 7.01; 
 (2) the Trustee will not be liable for any error of judgment made in good
faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(3) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 
 (e) No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless
such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee
will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) The Trustee shall reasonably cooperate with any Gaming Authority of any jurisdiction in which the Company or any of its Subsidiaries
conducts or proposes to conduct gaming and shall produce any document or information in the possession of the Trustee relating to the Company or the Notes as any of them may reasonably request at the expense of the Company. 

Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document (whether in original or facsimile form) believed by it to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the
Trustee acts or refrains from acting, it shall be entitled to receive an Officers’ Certificate and an Opinion of Counsel. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’
Certificate and Opinion of Counsel. The Trustee may consult with counsel of its own selection and the written or verbal advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

  
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 (c) The Trustee may act through its attorneys and agents and will not be responsible for the
misconduct or negligence of any attorney or agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or
omits to take in good faith that it reasonably and, after the occurrence and during the continuance of an Event of Default, prudently believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if
signed by an Officer of the Company. 
 (f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory to it against the losses, liabilities and expenses that might be incurred by it in
compliance with such request or direction. 
 (g) In no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded. 
 (k) The Trustee shall not be responsible or liable for the actions or
omissions of, or any inaccuracies in the records of, any non-Affiliated custodian, clearing agency, common depository, Euroclear or Clearstream (provided that, in the case of any such Person appointed by the
Trustee, such Person was appointed with due care) or for the acts or omissions of the Company or any Guarantor. 

  
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 (l) Nothing herein shall be construed to impose an obligation on the part of the Trustee to
recalculate, evaluate or (absent manifest error) verify any report, certificate or information received from the Company. 
 (m) No
obligation to pursue any action that is not in accordance with applicable law. 
 (n) The permissive rights or powers of the Trustee to do
things enumerated in this Indenture shall not be construed as a duty of the Trustee. 
 (o) Under no circumstances shall the Trustee be
liable in its individual capacity for the obligations evidenced by the Notes. 
 (p) The Trustee shall not be required to give any bond or
surety in respect of the performance of its powers and duties hereunder. 
 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue
as trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall
not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee
will mail to Holders of Notes a notice of the Default or Event of Default within 90 days after the Trustee obtained actual knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of,
premium, if any, or interest on, any Note, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 

  
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 Section 7.06 Reports by Trustee to Holders of the Notes. 

(a) Within 60 days after each July 15 beginning with the July 15, 2022 following the date of this Indenture, and for so long as Notes
remain outstanding, the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding
the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 

(b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Company and filed by the
Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company will promptly notify the Trustee in writing when the Notes are listed on any stock exchange or delisted therefrom. 

Section 7.07 Compensation and Indemnity. 

(a) The Company will pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as
agreed in writing. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses
incurred or made by it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(b) The Company and the Guarantors, jointly and severally, will indemnify the Trustee against any and all losses, costs, claims, damages,
liabilities, fees or expenses (including reasonable attorneys’ fees and expenses and court costs) incurred in connection with any action, claim or suit brought to enforce the Trustee’s right to indemnification incurred by it arising out of
or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company and the Guarantors (including this Section 7.07) and defending itself
against any claim (whether asserted by the Company, the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability,
fee or expense may be determined to have been caused by its negligence or willful misconduct as adjudicated by a court of competent jurisdiction. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor will, upon request of the Trustee, defend the claim and the Trustee will cooperate in the
defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor need pay for any settlement made without its consent, which consent will not be
unreasonably withheld. 

  
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 (c) The obligations of the Company and the Guarantors under this Section 7.07 will
survive the satisfaction and discharge of this Indenture and the resignation and removal of the Trustee. 
 (d) To secure the Company’s
and the Guarantors’ payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular
Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.01(6) or (7) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law. 
 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable.

 Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing with 30 days’ notice. The
Company may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company. 
 (d) If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense of the Company. 

  
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 (e) If the Trustee, after written request by any Holder who has been a Holder for at least
six months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders.
The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 

Section 7.09 Successor Trustee by Merger, etc. 

Any business entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto. 
 Section 7.10 Eligibility; Disqualification.

 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$50.0 million as set forth in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
 Section 7.11
Preferential Collection of Claims Against Company. 
 The Trustee is subject to TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 

  
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 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Obligations of the Company and the Guarantors under this Indenture, the Notes and the Guarantees will terminate (other than certain
Obligations that by their terms survive such termination) and will be released upon payment in full of all the Notes issued under this Indenture. The Company may at any time, at the option of its Board evidenced by a resolution set forth in an
Officers’ Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of
the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Guarantees) and cured all then
existing Events of Default with respect to the Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will be
deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other
Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, the Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall
execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(1) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if
any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
 (2) the
Company’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 
 (3) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith; and 

(4) this Section 8.02. 

Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02, notwithstanding the prior
exercise of its option under Section 8.03 hereof. 

  
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 Section 8.03 Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of
the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 3.09, 4.03, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12,
4.13, 4.15, 4.17, 4.18 and 4.19 hereof and Section 5.01(a)(2) and (3) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants,
but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to
the outstanding Notes and Guarantees, the Company and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Guarantees will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable
to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(5) hereof will not constitute Events of Default. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

(1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of,
premium, if any, and interest and duration fees on the outstanding Notes on the stated maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a
particular redemption date; 
 (2) in the case of an election under Section 8.02 hereof, the Company shall have
delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that: 
 (A) the Company has
received from, or there has been published by, the Internal Revenue Service a ruling; or 
 (B) since the Issue Date, there
has been a change in the applicable federal income tax law; 

  
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 (C) in either case to the effect that, and based thereon such Opinion of
Counsel shall confirm that, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the
case of an election under Section 8.03 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the beneficial owners of the outstanding Notes will not recognize income,
gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had
not occurred; 
 (4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other
than a Default or Event of Default resulting from transactions occurring contemporaneously with the borrowing of funds, or the borrowing of funds, to be applied to such deposit); 

(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under any
material agreement or instrument (other than this Indenture) to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound (other than that resulting with respect to any
Indebtedness being defeased from any borrowing of funds to be applied to make the deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating to such Indebtedness, and the granting of
Liens in connection therewith); 
 (6) the Company must deliver to the Trustee an Officers’ Certificate stating that the
deposit was not made by the Company with the intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 

(7) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 8.05 Deposited
Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money
and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the
“Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including any Obligor acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such
money need not be segregated from other funds except to the extent required by law. 

  
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 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or
other charge which by law is for the account of the Holders of the outstanding Notes. 
 Notwithstanding anything in this Article 8 to the
contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of
the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 8.06 Repayment to Company. 

Subject to any applicable abandonment laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then
held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be
published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 8.07 Reinstatement.

 If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government
Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s
and the Guarantors’ obligations under this Indenture and the Notes and the Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent
is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on, any Note following the
reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

  
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 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Obligors and the Trustee may amend or supplement this Indenture or the Notes or the
Guarantees without the consent of any Holder of Notes: 
 (1) to cure any ambiguity, defect or inconsistency as evidenced in
an Officers’ Certificate; 
 (2) to provide for uncertificated Notes or Guarantees in addition to or in place of
certificated Notes or Guarantees; 
 (3) to provide for the assumption of the Company’s or a Guarantor’s
obligations to the Holders of the Notes and Guarantees by a successor to the Company or such Guarantor pursuant to Article 5 or Article 11 hereof; 

(4) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not
materially adversely affect the legal rights hereunder of any Holder; 
 (5) to comply with requirements of the SEC in order
to effect or maintain the qualification of this Indenture under the TIA; 
 (6) to comply with requirements of applicable
Gaming Laws or to provide for requirements imposed by applicable Gaming Authorities; 
 (7) to provide for the issuance of
Additional Notes in accordance with the limitations set forth in this Indenture as of the date hereof; or 
 (8) to allow any
Guarantor to execute a supplemental indenture and/or a Notation of Guaranty with respect to the Notes; or 
 (9) provide for
the acceptance or appointment of a successor Trustee. 
 Upon the request of the Company accompanied by a resolution of its Board
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of any
amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended
or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 

  
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 Section 9.02 With Consent of Holders of Notes. 

Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture (including, without
limitation, Section 3.09, 4.10 and 4.15 hereof and the defined terms used therein) and the Notes and the Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including,
without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07
hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration that has been
rescinded) or compliance with any provision of this Indenture or the Notes or the Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation,
Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 hereof shall determine which Notes are
considered to be “outstanding” for purposes of this Section 9.02. 
 Upon the request of the Company accompanied by a
resolution of its Board authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon
receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture
directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 

It is not necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or
waiver under this Section 9.02 becomes effective, the Company will send to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect
therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then
outstanding voting as a single class may waive compliance in a particular instance by any Obligor with any provision of this Indenture or the Notes or the Guarantees. However, without the consent of each Holder affected, an amendment, supplement or
waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 

(1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

  
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 (2) reduce the principal of or change the fixed maturity of any Note or
change the optional redemption dates or optional redemption price of the Notes from those stated under Paragraph 5 of the Note; 

(3) reduce the rate of or change the time for payment of interest on any Note; 

(4) waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes (except a
rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment default that resulted from such acceleration); 

(5) make any Note payable in money other than that stated in the Notes; 

(6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes
to receive payments of principal of or premium, if any, or interest, on the Notes; 
 (7) waive a redemption payment with
respect to any Note (other than a payment required by one of the conditions described in Sections 3.09, 4.10 and 4.15 hereof); or 

(8) make any change in the foregoing amendment and waiver provisions. 

Section 9.03 Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the
TIA as then in effect. 
 Section 9.04 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date upon which the requisite consents for the applicable amendment, supplement or waiver have been obtained. An amendment, supplement or
waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 Section 9.05 Notation on or Exchange of
Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.
The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.


  
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 Section 9.06 Trustee to Sign Amendments, etc. 

The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of the Company approves it. In executing any amended or supplemental indenture, the Trustee
will be provided with and (subject to Section 7.01 hereof) will be fully protected in conclusively relying upon, in addition to the documents required by Section 13.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating
that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and is the legal, valid and binding obligation of the Company and Guarantors, enforceable against them in accordance with its terms. 

ARTICLE 10 
 [RESERVED]

 ARTICLE 11 

NOTE GUARANTIES 

Section 11.01 Guaranty. 

(a) Subject to this Article 11, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: 

(1) the principal of, premium, if any, and interest, if any, on the Notes will be promptly paid in full when due, whether at
maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be
promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will
be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

  
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 (b) The Guarantors hereby agree that their obligations hereunder are unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery
of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Guaranty will not be
discharged except by complete performance of the obligations contained in the Notes and this Indenture. 
 (c) If any Holder or the Trustee
is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or
such Holder, this Guaranty, to the extent theretofore discharged, will be reinstated in full force and effect. 
 (d) Each Guarantor agrees
that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the
Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Guaranty, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations
(whether or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Guaranty. The Guarantors will have the right to seek contribution from any non-paying Guarantor
so long as the exercise of such right does not impair the rights of the Holders under the Guaranty. 
 Section 11.02 Limitation on
Guarantor Liability. 
 Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all
such parties that the Guaranty of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the
extent applicable to any Guaranty. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving
effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf
of any other Guarantor in respect of the obligations of such other Guarantor under this Article 11, result in the obligations of such Guarantor under its Guaranty not constituting a fraudulent transfer or conveyance. 

Section 11.03 Execution and Delivery of Guaranty. 

To evidence its Guaranty set forth in Section 11.01 hereof, each Guarantor hereby agrees that a notation of such Guaranty substantially
in the form attached as Exhibit E hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its Officers.


  
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 Each Guarantor hereby agrees that its Guaranty set forth in Section 11.01 hereof will
remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Guaranty. 
 If an Officer whose
signature is on this Indenture or on the Guaranty no longer holds that office at the time the Trustee authenticates the Note on which a Guaranty is endorsed, the Guaranty will be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Guaranty set forth in
this Indenture on behalf of the Guarantors. 
 Section 11.04 Merger, Consolidation or Sale of Assets of Guarantors. 

No Guarantor may, in a single transaction or a series of related transactions, consolidate or merge with or into any Person, or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of the properties or assets of the Guarantor and its Subsidiaries, taken as a whole, to any Person (other than the Company or another Guarantor) unless: 

(1) either: 

(A) in the case of a consolidation or merger, the Guarantor, or any successor thereto, is the surviving or continuing
corporation; or 
 (B) the Person (if other than the Guarantor) formed by such consolidation or into which the Guarantor is
merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition of the properties and assets of the Guarantor and its Subsidiaries, taken as a whole, (i) shall be a corporation organized and validly
existing under the laws of the United States or any State thereof or the District of Columbia and (ii) shall expressly assume, by supplemental indenture (in form and substance reasonably satisfactory to the Trustee), executed and delivered to
the Trustee, all the obligations of such Guarantor under its Guarantee, on a senior unsecured basis, on the terms set forth in this Indenture; and 

(2) immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause
(1)(b)(ii) above (including, without limitation, giving effect to any Indebtedness and Acquired Debt Incurred or anticipated to be Incurred and any Lien granted in connection with or in respect of the transaction) no Default and no Event of Default
shall have occurred or be continuing. 
 This Section does not apply to transactions subject to Section 11.06(a) hereof. 

  
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 Section 11.05 Successor Corporation Substituted. 

Upon any consolidation, merger, sale or conveyance described in Section 11.04 hereof, and upon the assumption by the successor Person, by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of any Guarantee previously signed by the Guarantor and the due and punctual performance of all of the covenants and conditions hereof to be
performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the
Guarantees to be issuable hereunder by such Guarantor and delivered to the Trustee. All the Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Guarantees theretofore and thereafter issued in
accordance with the terms hereof as though all of such Guarantees had been issued at the date of the execution of such Guarantee by such Guarantor. When a successor Person assumes all the obligations of the Company under the Notes and this Indenture
pursuant to this Article 11, the applicable predecessor shall be released from the obligations so assumed. 
 Section 11.06
Releases. 
 (a) In the event of any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of
merger, consolidation or otherwise, or a sale or other disposition (including by way of liquidation permitted hereunder) of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such
transactions) the Company or a Restricted Subsidiary of the Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the Person
acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Guaranty; provided that the Net Cash Proceeds of such
sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 hereof. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion
of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.10 hereof, the Trustee will execute any documents reasonably
required in order to acknowledge evidence the release of any Guarantor from its obligations under its Guaranty. 
 (b) Upon designation of
any Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture, such Guarantor will be released and relieved of any obligations under its Guaranty. 

(c) Upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 12
hereof, each Guarantor will be released and relieved of any obligations under its Guaranty. 
 Any Guarantor not released from its
obligations under its Guaranty as provided in this Section 11.06 will remain liable for the full amount of principal of and interest and premium on the Notes and for the other obligations of any Guarantor under this Indenture as provided in
this Article 11. 

  
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 ARTICLE 12 

SATISFACTION AND DISCHARGE 

Section 12.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect (except as to surviving rights or registration of transfer or
exchange of the Notes) as to all Notes issued hereunder, when: 
 (1) either: 

(A) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust), have been delivered to the Trustee for cancellation; or 

(B) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing
of a notice of redemption (and all conditions to such redemption having been satisfied or waived) or otherwise or will become due and payable within one year (or are to be irrevocably called for redemption within one year), and the Company or any
Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a
combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, without
consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium and accrued interest to the date of maturity or redemption; 

(2) the Company or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and 

(3) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward
the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition, the Company must deliver an
Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

  
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 Upon compliance with the foregoing and upon request of the Company, the Trustee shall
execute proper instrument(s) acknowledging the satisfaction and discharge of all the Company’s and the Guarantors’ obligations under the Notes, the Guarantees and this Indenture. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(b) of clause (1) of this Section 12.01, the provisions of Sections 12.02 and 8.06 hereof will survive. In addition, nothing in this Section 12.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by
their terms, survive the satisfaction and discharge of this Indenture. 
 Section 12.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 12.01 hereof shall be
held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 12.01 hereof by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations under this Indenture and the
Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 hereof; provided that if the Company has made any payment of principal of, premium, if any, or interest on, any Notes because of the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE 13 

MISCELLANEOUS 

Section 13.01 Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties will
control. 
 Section 13.02 Notices. 

Any notice or communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or
by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

  
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 If to the Company and/or any Guarantor: 

STATION CASINOS LLC 
 1505 South
Pavilion Center Drive 
 Las Vegas, Nevada 89135 

Facsimile No.: 702-495-4245 

Attention: Chief Legal Officer 

If to the Trustee: 

COMPUTERSHARE TRUST COMPANY, N.A. 

CTSO Mail Operations 
 600 S. 4th
Street, 7th floor 
 MAC: N9300-070 

Minneapolis, MN 55415 Attention: Corporate Trust Services – Station Casinos 

Administrator 
 The Company, any
Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 

All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if
personally delivered; when receipt acknowledged, if mailed; when receipt acknowledged, if transmitted by facsimile; and when receipt acknowledged, if sent by overnight air courier guaranteeing next day delivery. 

The Trustee agrees to accept and act upon facsimile transmission of written instructions and/or directions pursuant to this Indenture given by
the Company, provided, however, that: (i) the Company, subsequent to such facsimile transmission of written instructions and/or directions, shall provide the originally executed instructions and/or directions to the Trustee in a
timely manner and (ii) such originally executed instructions and/or directions shall be signed by an authorized Officer of the Company. 

Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight
air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to
mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
 Where this
Indenture provides for notice of any event to a Holder of a Global Note, such notice shall be sufficiently given if given to the Depositary for such Note (or its designee), pursuant to the applicable procedures of such Depositary, if any, prescribed
for the giving of such notice. 

  
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 If a notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it. 
 If the Company mails a notice or communication to Holders, it
will mail a copy to the Trustee at the same time. 
 Notwithstanding any other provision of this Indenture or any Note, where this Indenture
or any Note provides for notice of any event (including any notice of redemption or repurchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee)
pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with Applicable Procedures. 

Section 13.03 Communication by Holders of Notes with Other Holders of Notes. 

Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The
Company, any Guarantor, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 13.04
Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Company to the Trustee to take any
action under this Indenture (except that no Opinion of Counsel shall be delivered upon the initial authentication and delivery of the Notes on the Issue Date) the Company shall furnish to the Trustee: 

(1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the
statements set forth in Section 13.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 13.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. Such counsel may rely on representations, warranties and certificates of other Persons as to matters
of fact, and may qualify the Opinion of Counsel with customary assumptions and exceptions. 
 Section 13.05 Statements Required in
Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 

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

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

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

Section 13.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions. 
 Section 13.07 No Personal Liability of Directors, Officers, Employees and
Stockholders. 
 No past, present or future director, officer, employee, agent, manager, partner, member, incorporator or stockholder of
the Company or any Guarantor (or of any stockholder of the Company), in such capacity, will have any liability for any obligations of any Obligor under the Notes, this Indenture or the Guarantees or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Guarantees. 

Section 13.08 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE GUARANTIES WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 13.09 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 13.10 Successors.

 All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture
will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 11.06 hereof. 

  
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 Section 13.11 Severability. 

In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions will not in any way be affected or impaired thereby. 
 Section 13.12 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. This Indenture (or to any document delivered in connection with this Indenture) shall be
valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National
Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the UCC (collectively, “Signature Law”); (ii) an original manual signature; or
(iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original
manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to
investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the
character or intended character of the writings. 
 Section 13.13 Table of Contents, Headings, etc. 

The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 13.14 Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, any act or provision of any present or future law or regulation or governmental authority, strikes, work stoppages, labor disputes, accidents, acts of
war or terrorism, civil or military disturbances, nuclear or natural catastrophes, disease, epidemic or pandemic, quarantine, national emergency or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services, communications system failure, malware or ransomware or unavailability of the Federal Reserve Bank wire or telex system or other wire or other funds transfer systems, or unavailability of any securities clearing
system; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
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 Section 13.15 Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this
agreement agree that they will provide the Trustee with such information as it may request in order to satisfy the requirements of the USA Patriot Act. 

Section 13.16 Waiver of Jury Trial. 

EACH OF THE COMPANY, EACH GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(Signatures on following page) 

  
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	STATION CASINOS LLC
		
	By:	 	 /s/ Stephen L. Cootey

	Name:	 	Stephen L. Cootey
	Title:	 	Executive Vice President, Chief Financial Officer & Treasurer


 [Signature Page to Indenture] 











 
	
	CV PROPCO, LLC
	FERTITTA ENTERTAINMENT LLC
	FIESTA PARENTCO, L.L.C.
	FP HOLDINGS, L.P.
	FP HOLDCO, L.L.C.
	NP BOULDER LLC
	NP CENTERLINE HOLDINGS LLC
	NP DURANGO LLC
	NP FIESTA LLC
	NP INSPIRADA LLC
	NP IP HOLDINGS LLC
	NP LAKE MEAD LLC
	NP LANDCO HOLDCO LLC
	NP MT. ROSE LLC
	NP OPCO HOLDINGS LLC
	NP OPCO LLC
	NP PALACE LLC
	NP RED ROCK LLC
	NP RENO CONVENTION CENTER LLC
	NP RANCHO LLC
	NP SANTA FE LLC
	NP SUNSET LLC
	NP TEXAS LLC
	NP TOWN CENTER LLC
	NP TROPICANA LLC
	PALMS LEASECO LLC
	PALMS PLACE, LLC
	PPII HOLDINGS, L.L.C.
	RRR PALMS LLC
	STATION GVR ACQUISITION, LLC


  

			
	By:	 	 /s/ Stephen L. Cootey

	Name:	 	Stephen L. Cootey
	Title:	 	Authorized Person


 [Signature Page to Indenture] 











 
			
	SC MADERA DEVELOPMENT, LLC
	SC MADERA MANAGEMENT, LLC
	SC SONOMA DEVELOPMENT, LLC
	SC SONOMA MANAGEMENT, LLC
		
	By:	 	 /s/ Frank J. Fertitta III

	Name:	 	Frank J. Fertitta III
	Title:	 	President & Treasurer


 [Signature Page to Indenture] 











 
					
	THE TRUSTEE
	
	COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
		
	By:	 	              

	Name:	 		 	
	Title:	 		 	


 [Signature Page to Indenture] 











 EXHIBIT A 

[Face of Note] 
 CUSIP No. 144A:
[     ]/REG S: [     ] 
 ISIN No. 144A: [     ] /REG S: [    
] 
 4.625% Senior Notes due 2031 
  

			
	No. _____	 	$________

 STATION CASINOS LLC promises to pay to _________ or registered assigns, the principal sum of
___________________ DOLLARS on December 1, 2031. 
 Interest Payment Dates:         June 1
and December 1 
 Record
Dates:                        May 15 and November 15 

Dated: ________________________, 20____ 
  

			
	STATION CASINOS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	


 This is one of the Notes referred to in the within-mentioned Indenture: 

COMPUTERSHARE TRUST COMPANY, N.A., as Trustee 
 Authorized
Signatory 
 Dated: ________________________ 

  
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 [Back of Note] 

4.625% Senior Notes due 2031 

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 

THE NOTES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON OWNERSHIP AND TRANSFER IMPOSED BY APPLICABLE GAMING LAWS AND SECTION
4.20 OF THE INDENTURE (WHICH IS SUMMARIZED ON THIS CERTIFICATE). 
 Capitalized terms used herein have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated. 
 (1) INTEREST. Station Casinos LLC, a Nevada limited liability company (the
“Company”), promises to pay interest on the principal amount of this Note at 4.625% per annum. The Company will pay interest semi-annually in arrears on June 1 and December 1 of each year commencing June 1, 2022, or
if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be June 1, 2022. The Company will pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is equal to the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest, if any (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 (2) METHOD OF
PAYMENT. The Company will pay interest on the Notes (except defaulted interest), if any, to the Persons who are registered Holders of Notes at the close of business on the May 15 and November 15 next preceding the Interest Payment
Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal,
premium, if any, and interest at the office or agency of the Company maintained for such purpose, or, at the option of the Company, payment of interest, if any, may be made by check mailed to the Holders at their addresses set forth in the register
of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium, if any, on all Global Notes and all other Notes the Holders of which will have provided
wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

  
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 (3) PAYING AGENT AND REGISTRAR. Initially, Computershare Trust Company, N.A., the
Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

(4) INDENTURE. The Company issued the Notes under an Indenture dated as of November 26, 2021 (the “Indenture”)
among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the
Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured
obligations of the Company. The Indenture does not limit the aggregate principal amount of the Notes that may be issued thereunder. 
 (5)
OPTIONAL REDEMPTION. 
 The Company may, at any time prior to December 1, 2024, redeem up to 35% of the outstanding aggregate principal
amount of Notes with the net cash proceeds of one or more Equity Offerings of the Company at a Redemption Price in cash of 104.625% of the principal amount thereof, plus accrued and unpaid interest, if any, on the Notes redeemed, to the Redemption
Date; provided that (1) at least 65% of the outstanding aggregate principal amount of Notes remains outstanding immediately after the occurrence of such redemption; (2) notice of any such redemption shall be given by the Company to
the holders and the Trustee within 30 days after the consummation of any such Equity Offering; and (3) such redemption shall occur within 60 days of the date of such notice. 

On or after June 1, 2031, the Company may also redeem all or any part of the Notes upon not less than 30 nor more than 60 days’
prior notice mailed by first-class mail (or in the case of Notes held in book entry form, by electronic transmission) to each holder’s registered address, at a Redemption Price equal to 100% of the principal amount of Notes redeemed, plus
accrued and unpaid interest, if any, to the date of redemption. 
 Prior to June 1, 2031, the Company may also redeem all or any part
of the Notes upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail (or in the case of Notes held in book entry form, by electronic transmission) to each holder’s registered address, at a Redemption Price
equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to the date of redemption. 

(a) By accepting a Note, each Holder or beneficial owner of a Note will be agreeing to comply with all requirements of the Gaming Law and
Gaming Authorities in each jurisdiction where the Company and its Affiliates are licensed or registered under applicable Gaming Law or conduct gaming activities and that the Notes held by such Holder or owner will be subject to redemption pursuant
to Section 4.20 hereof or as otherwise required pursuant to applicable Gaming Law or by Gaming Authorities. 
 (6) MANDATORY
REDEMPTION. The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

  
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 (7) REPURCHASE AT THE OPTION OF HOLDER. 

(a) Upon the occurrence of a Change of Control Triggering Event, each Holder of Notes will have the right to require the Company to repurchase
all or any part (equal to $1,000 or an integral multiple thereof; provided that no Note of a principal amount of $2,000 or less shall be repurchased in part) of such Holder’s Notes pursuant to the offer described in Section 4.15 of
the Indenture (the “Change of Control Offer”) at an offer price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount of Notes plus accrued and unpaid interest thereon to the date
of repurchase. Within 30 days following a Change of Control Triggering Event, the Company will send a notice to the Trustee and each Holder describing the transaction or transactions that constitute a Change of Control Triggering Event and offering
to repurchase Notes on the date specified in such notice, which date shall be no earlier than 30 days nor later than 60 days from the date such notice is sent (the “Change of Control Payment Date”), pursuant to the procedures
required by the Indenture and described in such notice. 
 (b) Upon the consummation of an Asset Sale, the Company or the affected Restricted
Subsidiary will be required to apply an amount equal to all Net Cash Proceeds (excluding amounts received and considered as “cash” pursuant to Section 4.10(a)(2)(A) of the Indenture) that are received from such Asset Sale within 360
days of the receipt thereof either (1) to reinvest (or enter into a binding commitment to invest, if such investment is effected within 360 days after the date of such commitment) in Productive Assets or in Asset Acquisitions not otherwise
prohibited by the Indenture, or (2) to repay Indebtedness under the Bank Credit Agreement (or other Indebtedness of the Company or such Restricted Subsidiary, as applicable, secured by a Lien, and, in the case of any such repayment under any
revolving credit or other facility that permits future borrowings, effect a permanent reduction in the availability or commitment under such facility, (3) to (x) prepay, repay, redeem or purchase Notes including (i) as provided under
Section 3.07 of the Indenture, (ii) making an offer (in accordance with the procedures set forth below for a Net Proceeds Offer) to all Holders to purchase their Notes at a purchase price of at least 100% of the principal amount thereof,
plus the amount of accrued but unpaid interest, if any, thereon up to the principal amount of Notes to be repurchased or (iii) purchasing Notes at a purchase price of at least 100% of the principal amount thereof, plus the amount of accrued but
unpaid interest, if any, thereon up to the principal amount of Notes to be repurchased, through privately negotiated transactions or open market purchases, in a manner that complies with this Indenture and applicable securities law or
(y) prepay, repay, redeem or purchase any other pari passu Indebtedness of the Company or any Guarantor; provided that if the Company or any Restricted Subsidiary shall so repay or prepay any such other pari passu Indebtedness, the
Company will reduce (or offer to reduce) Obligations under this Indenture, the Notes and the Note Guarantees on a pro rata basis (based on the amount so applied to such repayments or prepayments) as provided in the immediately preceding clause (x),
subject to the applicable procedures of DTC, (4) to improve real property or make a capital expenditure, or (5) any combination of the foregoing. 

  
 A-4 












 (c) Any Net Cash Proceeds from an Asset Sale that are not applied pursuant to the preceding
paragraph shall constitute “Excess Net Proceeds.” No later than 20 Business Days following the date on which the aggregate amount of Excess Net Proceeds exceeds $75 million (the “Net Proceeds Trigger Date”),
the Company shall make an offer to purchase (the “Net Proceeds Offer”), on a date (the “Net Proceeds Offer Payment Date”) not less than 30 nor more than 60 days following the applicable Net Proceeds Trigger Date, on
a pro rata basis, an aggregate principal amount equal to the Excess Net Proceeds of Notes, at a purchase price in cash equal to 100% of the aggregate principal amount of Notes, in each case, plus accrued and unpaid interest thereon, if any, on the
Net Proceeds Offer Payment Date, and (b) other pari passu Indebtedness of the Company or any Guarantor, in each case to the extent required by the terms thereof. If at any time within 360 days after an Asset Sale any non-cash consideration received by the Company or the affected Restricted Subsidiary in connection with such Asset Sale (other than non-cash consideration deemed to be cash as
provided in Section 4.10(a)(2)(B) of the Indenture) is converted into or sold or otherwise disposed of for cash, then such conversion or disposition will be deemed to constitute an Asset Sale hereunder and the Net Cash Proceeds thereof will be
applied in accordance with Section 4.10. To the extent that the aggregate principal amount of Notes or other pari passu Indebtedness tendered pursuant to the Net Proceeds Offer is less than the Excess Net Proceeds, the Company or such
Restricted Subsidiary may use any remaining proceeds of such Asset Sales for general corporate purposes (but subject to the other terms of the Indenture). Upon completion of a Net Proceeds Offer, the Excess Net Proceeds relating to such Net Proceeds
Offer will be deemed to be zero for purposes of any subsequent Asset Sale. In the event that a Restricted Subsidiary consummates an Asset Sale, only that portion of the Net Cash Proceeds therefrom (including any Net Cash Proceeds received upon the
sale or other disposition of any non-cash proceeds received in connection with an Asset Sale) that are distributed to or received by the Company or a Restricted Subsidiary will be required to be applied by the
Company or the Restricted Subsidiary in accordance with the provisions of section 4.10 of the Indenture. 
 (8) NOTICE OF REDEMPTION.
Notice of redemption will be mailed by first-class mail (or in the case of Notes held in book entry form, by electronic transmission) at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed
at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in
denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed. A notice of redemption may be conditional in that the Company may,
notwithstanding the giving of the notice of redemption, condition the redemption of the Notes specified in the notice of redemption upon the completion of other transactions, such as refinancings or acquisitions (whether of the Company or by the
Company). 
 (9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to
be redeemed or during the period between a record date and the corresponding Interest Payment Date. The registered holder of a note will be treated as the owner 

  
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of it for all purposes. The transferor shall also provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting
obligations, including without limitation, any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on any such information provided to it and shall have no responsibility to verify or ensure the
accuracy of such information. 
 (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all
purposes. 
 (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture or the Notes or the Guarantees may
be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class, and any existing Default or Event or Default
or compliance with any provision of the Indenture or the Notes or the Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a
single class. Without the consent of any Holder of a Note, the Indenture or the Notes or the Guarantees may be amended or supplemented to cure any ambiguity, defect or inconsistency as evidenced in an Officers’ Certificate, to provide for
uncertificated Notes or Guarantees in addition to or in place of certificated Notes or Guarantees, to provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes and Guarantees in case of a merger,
consolidation or disposition of all or substantially all assets, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not materially adversely affect the legal rights under the Indenture of
any such Holder, to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, to comply with the requirements of applicable Gaming Laws or to provide for requirements imposed by
applicable Gaming Authorities, to conform the Indenture or the Notes to the “Description of Notes” section relating to the issuance of the Notes issued on the Issue Date, to provide for the issuance of Additional Notes in accordance with
the limitations set forth in the Indenture as of November 26, 2021, to allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Notation of Guaranty with respect to the Notes, or to provide for the acceptance or
appointment of a successor Trustee. 
 (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default for 30 days in the
payment when due of interest on the Notes or the Guarantees; (ii) default in payment of the principal of or premium, if any, on the Notes or the Guarantees when due and payable, at maturity, upon acceleration, redemption or otherwise,
(iii) failure by any Obligor to comply with any of its other agreements in the Indenture, the Notes or the Guarantees for 60 days after written notice to the Company by the Trustee or the Holders of not less than 25% in aggregate principal
amount of the Notes then outstanding voting as a single class; (iv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the
Company or any Restricted Subsidiary (or the payment of which is guaranteed by the Company or any Restricted Subsidiary) whether such Indebtedness or guarantee now exists, or is created after the Issue Date, which default is caused by a failure to
pay principal on such Indebtedness at the stated final maturity thereof prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”), or results in the acceleration of
such Indebtedness prior to its express 

  
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maturity (which acceleration has not been rescinded, annulled or cured within 20 Business Days of receipt by the Company or such Restricted Subsidiary of such notice) and, in each case, the due
and payable principal amount of any such Indebtedness, together with the due and payable principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates
$100 million or more; (v) certain final judgments for the payment of money that remain undischarged for a period of 60 days after such judgment or judgments become final and non-appealable; and
(vi) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of
the then outstanding Notes may declare the principal amount, together with any accrued and unpaid interest, if any, and premium, if any, on all the Notes and Guarantees to be due and payable immediately; provided that if the Holders of at least 25%
in aggregate principal amount of the then outstanding Notes declare such acceleration, they shall provide a copy of the acceleration notice to the Trustee. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events
of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations,
Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee shall be under no obligation to exercise any of the rights or powers at the request or
direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or
direction. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest, if any) if it determines that withholding
notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or
Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or premium on, or the principal of, the Notes. References herein to interest due in respect of the Notes shall
include any liquidated damages payable pursuant to Section 6.02 of the Indenture. 
 (13) TRUSTEE DEALINGS WITH THE COMPANY AND
RESTRICTED SUBSIDIARIES. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company and any Restricted Subsidiary or their Affiliates, and may otherwise deal with the
Company and any Restricted Subsidiary or their Affiliates, as if it were not the Trustee. 
 (14) NO RECOURSE AGAINST OTHERS. No
past, present or future director, officer, employee, agent, manager, partner, member, incorporator or stockholder of the Company or any of the Guarantors (or of any stockholder of the Company), as such, will have any liability for any obligations of
the Company or the Guarantors under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for the issuance of the Notes. 

  
 A-7 












 (15) AUTHENTICATION. This Note will not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. 
 (16) ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 (17) [Reserved]. 
 (18)
CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of
redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers
placed thereon. 
 (19) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE,
THIS NOTE AND THE GUARANTIES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Station Casinos LLC 
 1505 South
Pavilion Center Drive 
 Las Vegas, Nevada 89135 

Attention: General Counsel 

  
 A-8 












 ASSIGNMENT FORM 

Station Casinos LLC 4.625% Senior Notes due 2031 

To assign this Note, fill in the form below: 
 (I) or (we) assign
and transfer this Note to: 
 (Insert assignee’s legal name) 
  

                          
                                   

 

                          
                                   

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

                          
                                   

 

                          
                                   

 

                          
                                   

 

                          
                                   

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

                          
                                   

to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

Date:
                                        
                     
  

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

	
	Tax Identification
No.:                                        
        


 Signature Guarantee: 
  

                          
                                   

Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-9 












 OPTION OF HOLDER TO ELECT PURCHASE 

Station Casinos LLC 4.625% Senior Notes due 2031 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate box below: 

 

			
	☐  Section 4.10	  	☐  Section 4.15

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.15
of the Indenture, state the amount you elect to have purchased: 
  

							
	Date:
                                         
                   	 		 		 	$
                                         
                           
				
		 		 		 	  
 (Sign exactly as your name appears
on the face of this Note)

				
		 		 		 	Tax Identification
No.:                                        
                    

 Signature Guarantee: 
  

                          
                                   

Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10 












 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE1 
 The following exchanges of a part of this Global Note for an interest in another Global
Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	Date of Exchange	 	Amount of decrease in
Principal Amount of this
Global Note	 	Amount of increase in
Principal Amount of this
Global Note	  	 Principal Amount of this
Global Note

following such
 decrease (or
increase)
	  	 Signature of

authorized signatory
 of
Trustee or
 Custodian


  

 

	1 	 This schedule should be included only if the Note is issued in global form.




  
 A-11 












 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Computershare
Trust Company, N.A. 
 MAC N9300-070 

600 South Fourth Street 
 Minneapolis, MN 55415 

Attention: Bondholder Communications 
 Re:
4.625% Senior Notes due 2031 
 Reference is hereby made to the Indenture, dated as of November 26, 2021 (the “Indenture”),
among Station Casinos LLC, as issuer (the “Company”), the Guarantors party thereto and Computershare Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture. 
 ____________________ (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s]
specified in Annex A hereto, in the principal amount of $_______ in such Note[s] or interests (the “Transfer”), to __________ (the “Transferee”), as further specified in Annex A hereto. In connection with the
Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1. ☐ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted
Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby
further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with
respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such
Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive
Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

2. ☐ Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted
Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is
not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the
Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction


  
 B-1 












 
was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under
the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the
transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

3. ☐  Check if Transferee will take delivery of a beneficial interest in the IAI Global Note or a
Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted
Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check
one): 
 (a) ☐  such Transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act; 
 or 

(b) ☐  such Transfer is being effected to the Company or a subsidiary thereof; or 

(c) ☐  such Transfer is being effected pursuant to an effective registration statement under the Securities Act
and in compliance with the prospectus delivery requirements of the Securities Act; 
 or 

(d) ☐  such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption
from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under
the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported
by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than $250,000, an Opinion of Counsel provided
by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note or the Restricted Definitive Notes and in the
Indenture and the Securities Act. 

  
 B-2 












 5. ☐  Check if Transferee will take delivery of a
beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a) ☐ Check if
Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (b) ☐ Check if
Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (c) ☐
Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act 
 This certificate and the statements contained
herein are made for your benefit and the benefit of the Company. 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:


 Signature Guarantee:
                                        
         
 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 

  
 B-3 












 ANNEX A TO CERTIFICATE OF TRANSFER 

1. The Transferor owns and proposes to transfer the following: 

[CHECK ONE OF (a) OR (b)] 
  

	(a)	 ☐ a beneficial interest in the: 



 

	 	(i)	 ☐ 144A Global Note (CUSIP __________), or 



 

	 	(ii)	 ☐ Regulation S Global Note (CUSIP __________), or 



 

	 	(iii)	 ☐ IAI Global Note (CUSIP __________), or 



 

	(b)	 ☐ a Restricted Definitive Note. 



2. After the Transfer the Transferee will hold: 

[CHECK ONE] 
  

	(a)	 ☐ a beneficial interest in the: 



 

	 	(i)	 ☐ 144A Global Note (CUSIP __________), or 



 

	 	(ii)	 ☐ Regulation S Global Note (CUSIP __________), or 



 

	 	(iii)	 ☐ IAI Global Note (CUSIP __________), or 



 

	 	(iv)	 ☐ Unrestricted Global Note (CUSIP __________), or 



 

	(b)	 ☐ a Restricted Definitive Note. 



 

	(c)	 ☐ an Unrestricted Definitive Note. 



in accordance with the terms of the Indenture. 
  

  
 B-4 












 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Computershare
Trust Company, N.A. 
 MAC N9300-070 

600 South Fourth Street 
 Minneapolis, MN 55415 

Attention: Bondholder Communications 
 Re:
4.625% Senior Notes due 2031 
 (CUSIP ________) 

Reference is hereby made to the Indenture, dated as of November 26, 2021 (the “Indenture”), among Station Casinos LLC,
as issuer (the “Company”), the Guarantors party thereto and Computershare Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

_____________________ (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein,
in the principal amount of $____________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 

1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or
Beneficial Interests in an Unrestricted Global Note 
 (a) ☐ Check if Exchange is from beneficial interest in a Restricted
Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal
amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global
Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the
United States. 
  

  
 C-1 












 (c) ☐ Check if Exchange is from Restricted Definitive Note to beneficial interest
in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States. 
 (d) ☐ Check if Exchange is from Restricted Definitive
Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 
 (a)
☐ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive
Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b) ☐ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with
the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] 144A Global Note, IAI Global Note, Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be
subject to the restrictions on transfer enumerated in the Private 

  
 C-2 












 
Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:


 Dated:
                                        
                                         

Signature Guarantee:
                                        
                 
 Participant in a recognized Signature Guarantee
Medallion Program (or other signature guarantor acceptable to the Trustee). 
  

  
 C-3 












 EXHIBIT D 

FORM OF CERTIFICATE OF 
 ACQUIRING
INSTITUTIONAL ACCREDITED INVESTOR 
 Station Casinos LLC 
 1505
South Pavilion Center Drive 
 Las Vegas, Nevada 89135 

Attention: General Counsel 
 Computershare Trust Company, N.A.

 MAC N9300-070 600 

South Fourth Street 
 Minneapolis, MN 55415 

Attention: Bondholder Communications 
 Re: 4.625%
Senior Notes due 2031 
 Reference is hereby made to the Indenture, dated as of November 26, 2021 (the “Indenture”),
among Station Casinos LLC, as issuer (the “Company”), the guarantors party thereto from time to time and Computershare Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture. 
 In connection with our proposed purchase of
$            aggregate principal amount of: 
 ☐ a beneficial
interest in a Global Note, or 
 ☐ a Definitive Note, we confirm that: 

1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth
in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the
“Securities Act”). 
 2. We understand that the offer and sale of the Notes have not been registered under the Securities
Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should
sell the Notes or any interest therein, we will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to
an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you a signed letter substantially in the form of this letter and, if such
transfer is in respect of a principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act,
(D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(d) under the Securities Act or (F) 

  
 D-1 












 
pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from
us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 

3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you such
certifications, legal opinions and other information as you may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing
effect. 
 4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D
under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to
bear the economic risk of our or its investment. 
 5. We are acquiring the Notes or beneficial interest therein purchased by us for our own
account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 

You are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	  
  

[Insert Name of Accredited Investor]

		
	By:	 	  

		 	Name:
		 	Title:


 Dated:
                                        
                                       

Signature Guarantee:
                                        
                
 Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee). 

  
 D-2 












 EXHIBIT E 

[FORM OF NOTATION OF GUARANTY] 
 For value
received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of
November 26, 2021 (the “Indenture”) among Station Casinos LLC (the “Company”), the Guarantors party thereto and Computershare Trust Company, N.A., as trustee (the “Trustee”), (a) the due and
punctual payment of the principal of, and premium and interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if
lawful, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or
any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to
the Holders of Notes and to the Trustee pursuant to the Guaranty and the Indenture are expressly set forth in Article 11 of the Indenture (which is hereby incorporated by reference) and reference is hereby made to the Indenture for the precise terms
of the Guaranty. Capitalized terms used but not defined herein have the meanings given to them in the Indenture. 
  

			
	[NAME OF GUARANTOR(S)]
		
	By:	 	  

		 	Name:
		 	Title:



  
 E-1 












 EXHIBIT F 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of _______, 20[__], among ______________ (the “Guarantying
Subsidiary”), a subsidiary of Station Casinos LLC (or its permitted successor), a Nevada limited liability company (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and
Computershare Trust Company, N.A., a national banking association, as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of November 26, 2021 providing for the issuance of 4.625% Senior Notes due 2031 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guarantying Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guarantying Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the
“Guaranty”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Guarantying Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. AGREEMENT TO GUARANTY. The Guarantying Subsidiary hereby agrees to provide, and does hereby provide, an unconditional Guaranty on the terms
and subject to the conditions set forth in the Guaranty and in the Indenture including but not limited to Article 11 thereof (which is hereby incorporated by reference). 

4. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, agent, manager, partner, member, incorporator or
stockholder of the Guarantying Subsidiary (or of any stockholder of the Company), as such, shall have any liability for any obligations of the Company or any Guarantying Subsidiary under the Notes, any Guarantees, the Indenture or this Supplemental
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes. 

  
 F-1 












 5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE
USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

6. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used
in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. This Supplemental Indenture (or to any document delivered in
connection with this Supplemental Indenture) shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by any
Signature Law; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal
effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other
electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings
when required under the UCC or other Signature Law due to the character or intended character of the writings. 
 7. EFFECT OF HEADINGS. The
Section headings herein are for convenience only and shall not affect the construction hereof. 
 8. THE TRUSTEE. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guarantying Subsidiary and the
Company. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
 Dated: ______________, 20__ 

 

			
	[GUARANTYING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	STATION CASINOS LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	[EXISTING GUARANTORS]
		
	By:	 	  

		 	Name:
		 	Title:
	
	 COMPUTERSHARE TRUST COMPANY, N.A.,

as Trustee

		
	By:	 	  

		 	Name:
		 	Title:



  
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