Document:

EXHIBIT 4.3 

EXECUTION COPY

	
  

 
	

 

 
	
  

 
	
 GREEKTOWN
 SUPERHOLDINGS, INC.

 
	
  

 
	
 AND
 EACH OF THE GUARANTORS PARTY HERETO

 
	
  

 
	
 SERIES
 A 13% SENIOR SECURED NOTES DUE 2015

 
	
  

 
	
 SERIES
 B 13% SENIOR SECURED NOTES DUE 2015

 
	
  

 
	

 

 
	
  

 
	
 INDENTURE

 
	
  

 
	
 Dated
 as of June 30, 2010

 
	
  

 
	

 

 
	
  

 
	
 Wilmington
 Trust FSB

 
	
  

 
	
 as
 Trustee and Collateral Agent

 
	
  

 
	

 

 
	
  

 
	

 

 

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)(1)

 	
  

 	
  

 	
 N.A.

 
	
  

 	
 (b)(2)

 	
  

 	
  

 	
 7.06;
 7.07

 
	
  

 	
 (c)

 	
  

 	
  

 	
 7.06;
 13.02

 
	
  

 	
 (d)

 	
  

 	
  

 	
 7.06

 
	
 314

 	
 (a)

 	
  

 	
  

 	
 4.03;
 13.05

 
	
  

 	
 (b)

 	
  

 	
  

 	
 N.A.

 
	
  

 	
 (c)(1)

 	
  

 	
  

 	
 N.A.

 
	
  

 	
 (c)(2)

 	
  

 	
  

 	
 N.A.

 
	
  

 	
 (c)(3)

 	
  

 	
  

 	
 N.A.

 
	
  

 	
 (d)

 	
  

 	
  

 	
 10.06;
 10.07

 
	
  

 	
 (e)

 	
  

 	
  

 	
 13.05

 
	
  

 	
 (f)

 	
  

 	
  

 	
 N.A.

 
	
 315

 	
 (a)

 	
  

 	
  

 	
 7.01

 
	
  

 	
 (b)

 	
  

 	
  

 	
 7.05

 
	
  

 	
 (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.

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 
	
 ARTICLE 1

 DEFINITIONS AND INCORPORATION

 BY REFERENCE

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 1.01

 	
 Definitions

 	
  

 	
 1

 
	
 Section 1.02

 	
 Other
 Definitions

 	
  

 	
 28

 
	
 Section 1.03

 	
 Incorporation
 by Reference of Trust Indenture Act

 	
  

 	
 29

 
	
 Section 1.04

 	
 Rules of
 Construction

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE 2

 THE NOTES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.01

 	
 Form and
 Dating

 	
  

 	
 30

 
	
 Section 2.02

 	
 Execution
 and Authentication

 	
  

 	
 31

 
	
 Section 2.03

 	
 Registrar
 and Paying Agent

 	
  

 	
 31

 
	
 Section 2.04

 	
 Paying Agent
 to Hold Money in Trust

 	
  

 	
 31

 
	
 Section 2.05

 	
 Holder Lists

 	
  

 	
 32

 
	
 Section 2.06

 	
 Transfer and
 Exchange

 	
  

 	
 32

 
	
 Section 2.07

 	
 Replacement
 Notes

 	
  

 	
 44

 
	
 Section 2.08

 	
 Outstanding
 Notes

 	
  

 	
 44

 
	
 Section 2.09

 	
 Treasury
 Notes

 	
  

 	
 45

 
	
 Section 2.10

 	
 Temporary
 Notes

 	
  

 	
 45

 
	
 Section 2.11

 	
 Cancellation

 	
  

 	
 45

 
	
 Section 2.12

 	
 Defaulted
 Interest

 	
  

 	
 45

 
	
 ARTICLE 3

 REDEMPTION AND PREPAYMENT

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 3.01

 	
 Notices to
 Trustee

 	
  

 	
 46

 
	
 Section 3.02

 	
 Selection of
 Notes to Be Redeemed or Purchased

 	
  

 	
 46

 
	
 Section 3.03

 	
 Notice of
 Redemption

 	
  

 	
 46

 
	
 Section 3.04

 	
 Effect of
 Notice of Redemption

 	
  

 	
 47

 
	
 Section 3.05

 	
 Deposit of
 Redemption or Purchase Price

 	
  

 	
 47

 
	
 Section 3.06

 	
 Notes
 Redeemed or Purchased in Part

 	
  

 	
 48

 
	
 Section 3.07

 	
 Optional
 Redemption

 	
  

 	
 48

 
	
 Section 3.08

 	
 Mandatory
 Disposition Pursuant to Gaming Laws

 	
  

 	
 48

 
	
 Section 3.09

 	
 Consolidated
 Excess Cash Flow Redemption

 	
  

 	
 49

 
	
 Section 3.10

 	
 Mandatory
 Redemption

 	
  

 	
 50

 
	
 Section 3.11

 	
 Offer to
 Purchase by Application of Excess Proceeds or Excess Loss Proceeds

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE 4

 COVENANTS

 
	
  

 
	
 Section 4.01

 	
 Payment of
 Notes

 	
  

 	
 52

 
	
 Section 4.02

 	
 Maintenance
 of Office or Agency

 	
  

 	
 52

 
	
 Section 4.03

 	
 Reports

 	
  

 	
 53

 
	
 Section 4.04

 	
 Compliance
 Certificate

 	
  

 	
 54

 
	
 Section 4.05

 	
 Taxes

 	
  

 	
 54

 
	
 Section 4.06

 	
 Stay,
 Extension and Usury Laws

 	
  

 	
 54

 
	
 Section 4.07

 	
 Restricted
 Payments

 	
  

 	
 55

 
	
 Section 4.08

 	
 Dividend and
 Other Payment Restrictions Affecting Restricted Subsidiaries

 	
  

 	
 58

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 4.09

 	
 Incurrence
 of Indebtedness and Issuance of Preferred Stock

 	
  

 	
 59

 
	
 Section 4.10

 	
 Asset Sales

 	
  

 	
 62

 
	
 Section 4.11

 	
 Events of
 Loss

 	
  

 	
 64

 
	
 Section 4.12

 	
 Transactions
 with Affiliates

 	
  

 	
 65

 
	
 Section 4.13

 	
 Liens

 	
  

 	
 67

 
	
 Section 4.14

 	
 Business
 Activities

 	
  

 	
 67

 
	
 Section 4.15

 	
 Corporate
 Existence

 	
  

 	
 67

 
	
 Section 4.16

 	
 Offer to
 Repurchase Upon Change of Control

 	
  

 	
 68

 
	
 Section 4.17

 	
 Limitation
 on Sale and Leaseback Transactions

 	
  

 	
 69

 
	
 Section 4.18

 	
 Payments for
 Consent

 	
  

 	
 70

 
	
 Section 4.19

 	
 Additional
 Note Guarantees and Liens

 	
  

 	
 70

 
	
 Section 4.20

 	
 Designation
 of Restricted and Unrestricted Subsidiaries

 	
  

 	
 70

 
	
 Section 4.21

 	
 Gaming
 Licenses

 	
  

 	
 71

 
	
 Section 4.22

 	
 Special
 Interest Notice

 	
  

 	
 71

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE 5

 SUCCESSORS

 
	
  

 
	
 Section 5.01

 	
 Merger,
 Consolidation or Sale of Assets

 	
  

 	
 71

 
	
 Section 5.02

 	
 Successor
 Corporation Substituted

 	
  

 	
 72

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE 6

 DEFAULTS AND REMEDIES

 
	
  

 
	
 Section 6.01

 	
 Events of
 Default

 	
  

 	
 73

 
	
 Section 6.02

 	
 Acceleration

 	
  

 	
 75

 
	
 Section 6.03

 	
 Other
 Remedies

 	
  

 	
 76

 
	
 Section 6.04

 	
 Waiver of
 Past Defaults

 	
  

 	
 76

 
	
 Section 6.05

 	
 Control

 	
  

 	
 76

 
	
 Section 6.06

 	
 Limitation
 on Suits

 	
  

 	
 76

 
	
 Section 6.07

 	
 Rights of
 Holders of Notes to Receive Payment

 	
  

 	
 77

 
	
 Section 6.08

 	
 Collection
 Suit by Trustee

 	
  

 	
 77

 
	
 Section 6.09

 	
 Trustee May
 File Proofs of Claim

 	
  

 	
 77

 
	
 Section 6.10

 	
 Priorities

 	
  

 	
 78

 
	
 Section 6.11

 	
 Undertaking
 for Costs

 	
  

 	
 78

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE 7

 TRUSTEE

 
	
  

 
	
 Section 7.01

 	
 Duties of
 Trustee

 	
  

 	
 78

 
	
 Section 7.02

 	
 Rights of
 Trustee

 	
  

 	
 79

 
	
 Section 7.03

 	
 Individual
 Rights of Trustee

 	
  

 	
 80

 
	
 Section 7.04

 	
 Trustee’s
 Disclaimer

 	
  

 	
 81

 
	
 Section 7.05

 	
 Notice of
 Defaults

 	
  

 	
 81

 
	
 Section 7.06

 	
 Reports by
 Trustee to Holders of the Notes

 	
  

 	
 81

 
	
 Section 7.07

 	
 Compensation
 and Indemnity

 	
  

 	
 81

 
	
 Section 7.08

 	
 Replacement
 of Trustee

 	
  

 	
 82

 
	
 Section 7.09

 	
 Successor
 Trustee by Merger, etc

 	
  

 	
 83

 
	
 Section 7.10

 	
 Eligibility;
 Disqualification

 	
  

 	
 83

 
	
 Section 7.11

 	
 Preferential
 Collection of Claims Against Company

 	
  

 	
 83

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE 8

 LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 
	
  

 
	
 Section 8.01

 	
 Option to
 Effect Legal Defeasance or Covenant Defeasance

 	
  

 	
 84

 

ii

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.02

 	
 Legal
 Defeasance and Discharge

 	
  

 	
 84

 
	
 Section 8.03

 	
 Covenant
 Defeasance

 	
  

 	
 84

 
	
 Section 8.04

 	
 Conditions
 to Legal or Covenant Defeasance

 	
  

 	
 85

 
	
 Section 8.05

 	
 Deposited
 Money and Government Securities to be Held in Trust; Other Miscellaneous
 Provisions

 	
  

 	
 86

 
	
 Section 8.06

 	
 Repayment to
 Company

 	
  

 	
 86

 
	
 Section 8.07

 	
 Reinstatement

 	
  

 	
 87

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE 9

 AMENDMENT, SUPPLEMENT AND WAIVER

 
	
  

 
	
 Section 9.01

 	
 Without
 Consent of Holders of Notes

 	
  

 	
 87

 
	
 Section 9.02

 	
 With Consent
 of Holders of Notes

 	
  

 	
 88

 
	
 Section 9.03

 	
 Compliance
 with Trust Indenture Act

 	
  

 	
 89

 
	
 Section 9.04

 	
 Revocation
 and Effect of Consents

 	
  

 	
 90

 
	
 Section 9.05

 	
 Notation on
 or Exchange of Notes

 	
  

 	
 90

 
	
 Section 9.06

 	
 Trustee to
 Sign Amendments, etc

 	
  

 	
 90

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE 10

 COLLATERAL AND SECURITY

 
	
  

 
	
 Section
 10.01

 	
 Security
 Interest

 	
  

 	
 90

 
	
 Section
 10.02

 	
 Recording
 and Opinions

 	
  

 	
 91

 
	
 Section
 10.03

 	
 Intercreditor
 Agreement

 	
  

 	
 91

 
	
 Section
 10.04

 	
 Collateral
 Agent

 	
  

 	
 92

 
	
 Section
 10.05

 	
 Release of
 Liens in Respect of Notes

 	
  

 	
 92

 
	
 Section 10.06

 	
 Certificates
 of the Company

 	
  

 	
 93

 
	
 Section
 10.07

 	
 Certificates
 of the Trustee

 	
  

 	
 93

 
	
 Section
 10.08

 	
 Equal and
 Ratable Sharing of Collateral by Holders of Second Lien Obligations

 	
  

 	
 93

 
	
 Section
 10.09

 	
 Ranking of
 Liens in Favor of the Collateral Agent, for the Benefit of the Second Lien
 Claimholders

 	
  

 	
 94

 
	
 Section
 10.10

 	
 Relative
 Rights

 	
  

 	
 95

 
	
 Section
 10.11

 	
 Further
 Assurances; Insurance

 	
  

 	
 95

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE 11

 NOTE GUARANTEES

 
	
  

 
	
 Section
 11.01

 	
 Guarantee

 	
  

 	
 96

 
	
 Section
 11.02

 	
 Limitation
 on Guarantor Liability

 	
  

 	
 97

 
	
 Section
 11.03

 	
 Execution
 and Delivery of Note Guarantee

 	
  

 	
 98

 
	
 Section
 11.04

 	
 Guarantors
 May Consolidate, etc., on Certain Terms

 	
  

 	
 98

 
	
 Section
 11.05

 	
 Releases

 	
  

 	
 99

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE 12
SATISFACTION
 AND DISCHARGE

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.01

 	
 Satisfaction
 and Discharge

 	
  

 	
 100

 
	
 Section
 12.02

 	
 Application
 of Trust Money

 	
  

 	
 101

 
	
 Section
 12.03

 	
 Indemnity
 for Government Obligations

 	
  

 	
 101

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE 13

 MISCELLANEOUS

 
	
  

 
	
 Section
 13.01

 	
 Trust
 Indenture Act Controls

 	
  

 	
 101

 
	
 Section
 13.02

 	
 Notices

 	
  

 	
 102

 

iii

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 13.03

 	
 Communication
 by Holders of Notes with Other Holders of Notes

 	
  

 	
 103

 
	
 Section
 13.04

 	
 Certificate
 and Opinion as to Conditions Precedent

 	
  

 	
 103

 
	
 Section
 13.05

 	
 Statements
 Required in Certificate or Opinion

 	
  

 	
 103

 
	
 Section
 13.06

 	
 Rules by
 Trustee and Agents

 	
  

 	
 104

 
	
 Section
 13.07

 	
 No Personal
 Liability of Directors, Officers, Employees and Stockholders

 	
  

 	
 104

 
	
 Section
 13.08

 	
 Governing
 Law

 	
  

 	
 104

 
	
 Section
 13.09

 	
 No Adverse
 Interpretation of Other Agreements

 	
  

 	
 104

 
	
 Section
 13.10

 	
 Successors

 	
  

 	
 104

 
	
 Section
 13.11

 	
 Severability

 	
  

 	
 104

 
	
 Section
 13.12

 	
 Counterpart
 Originals

 	
  

 	
 104

 
	
 Section
 13.13

 	
 Table of
 Contents, Headings, etc

 	
  

 	
 105

 

	
  

 	
  

 
	
 EXHIBITS

 
	
  

 
	
 Exhibit A1

 	
 FORM OF SERIES A 13%
 SENIOR SECURED NOTE DUE 2015

 
	
 Exhibit A2

 	
 FORM OF SERIES B 13%
 SENIOR SECURED NOTE DUE 2015

 
	
 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
 GUARANTEE

 
	
 Exhibit F

 	
 FORM OF SUPPLEMENTAL
 INDENTURE

 

iv

           INDENTURE
dated as of June 30, 2010 among Greektown Superholdings, Inc., a Delaware
corporation, the Guarantors (as defined) and Wilmington Trust FSB, as trustee
and collateral agent.

           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 Series A 13% Senior Secured Notes due 2015 (the
“Series A
Notes”) and the Series B 13%
Senior Secured Notes due 2015 (the “Series B Notes”, and together with the
Series A Notes, 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 A1 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:

	
  

 	
  

 
	
  

 	
           (1)
 Indebtedness of any other Person existing at the time such other Person is
 merged with or into or became a Subsidiary of such specified Person, whether
 or not such Indebtedness is incurred in connection with, or in contemplation
 of, such other Person merging with or into, or becoming a Restricted
 Subsidiary of, such specified Person; and

 
	
  

 	
  

 
	
  

 	
           (2)
 Indebtedness secured by a Lien encumbering any asset acquired by such
 specified Person.

 

          “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. 

          “Additional Parity Lien Facility” has the
meaning assigned to that term in the Intercreditor Agreement.

          “Additional Parity Lien Facility Debt” has
the meaning assigned to that term in the Intercreditor Agreement.

          “Affiliate”
of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified
Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of such Person, whether
through the ownership of voting securities, by agreement or otherwise; provided
that beneficial ownership of 10% or more of the Voting Stock of a Person will
be deemed to be control. For purposes of this definition, the terms “controlling,”
“controlled
by” and “under common control with” have
correlative meanings.

          “Agent”
means any Registrar, co-registrar, Paying Agent or additional paying agent.

          “Applicable Premium” means, with respect to
any Note on any redemption date, the greater of:

	
  

 	
  

 
	
  

 	
           (1) 1.0%
 of the principal amount of the Note; or 

 

1

	
  

 	
  

 
	
  

 	
           (2) the
 excess of: (a) the present value at such redemption date of (i) the
 redemption price of the Note at January 1, 2013, (such redemption price being
 set forth in the table appearing in Section 3.07 hereof) plus (ii) all
 required interest payments due on the Note through January 1, 2013,
 (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.

 
	
  

 	
  

 
	
           “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.

 
	
  

 	
  

 
	
  

 	
 “ASC”
 means Accounting Standards Codification.

 
	
  

 	
  

 
	
  

 	
 “Asset
 Sale” means: 

 
	
  

 	
  

 
	
  

 	
           (1) the
 sale, lease (other than operating leases in the ordinary course of business),
 conveyance or other disposition of any assets or rights by the Company or any
 of the Company’s Restricted Subsidiaries; provided, that the sale, lease,
 conveyance or other disposition of all or substantially all of the assets of
 the Company and its Restricted Subsidiaries taken as a whole will be governed
 by Section 4.16 and/or 5.01 hereof and not by 4.10 hereof; and

 
	
  

 	
  

 
	
  

 	
           (2) the
 issuance of Equity Interests by any of the Company’s Restricted Subsidiaries
 or the sale by the Company or any of the Company’s Restricted Subsidiaries of
 Equity Interests in any of the Company’s Subsidiaries.

 
	
  

 	
  

 
	
  

 	
           Notwithstanding
 the preceding, none of the following items will be deemed to be an Asset Sale:
 

 
	
  

 	
  

 
	
  

 	
           (1) any
 single transaction or series of related transactions that involves assets
 having a Fair Market Value of less than $5.0 million;

 
	
  

 	
  

 
	
  

 	
           (2) a
 transfer of assets between or among the Company and its Restricted
 Subsidiaries that are Guarantors, including the sale or issuance by the
 Company or any Restricted Subsidiary of Equity Interests of any Restricted
 Subsidiary to the Company or any Restricted Subsidiary that is a Guarantor; provided,
 in the case of Collateral, that such Collateral shall continue to comprise
 Collateral subject to the Security Documents on terms substantially no less
 favorable to the Holders of the Notes than those in existence immediately
 prior to such transfer; provided, further, that the
 Company’s direct or indirect percentage interest in the Equity Interests of a
 Restricted Subsidiary to which any asset is transferred under this clause (2)
 shall be at least equal to the Company’s direct or indirect percentage
 interest in the Equity Interests of the Restricted Subsidiary from which such
 asset is transferred; 

 
	
  

 	
  

 
	
  

 	
           (3) the
 sale, lease or other transfer of products, services or accounts receivable in
 the ordinary course of business and any sale or other disposition of damaged,
 worn-out or obsolete assets in the ordinary course of business (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 taken as whole);

 
	
  

 	
  

 
	
  

 	
           (4)
 licenses and sublicenses by the Company or any of its Restricted Subsidiaries
 of software or intellectual property in the ordinary course of business;

 

2

	
  

 	
  

 
	
  

 	
           (5) any
 surrender or waiver of contract rights or settlement, release, recovery on or
 surrender of contract, tort or other claims in the ordinary course of
 business; 

 
	
  

 	
  

 
	
  

 	
           (6) the
 granting of Liens not prohibited by Section 4.13 hereof;

 
	
  

 	
  

 
	
  

 	
           (7) the
 sale or other disposition of cash or Cash Equivalents;

 
	
  

 	
  

 
	
  

 	
           (8)
 solely with respect to clauses (1) and (2) of Section 4.10 foreclosures on
 assets, transfers by reason of eminent domain or other similar involuntary
 transfers of assets;

 
	
  

 	
  

 
	
  

 	
           (9) any
 issuance or sale of Equity Interests in, or Indebtedness or other securities
 of, an Unrestricted Subsidiary;

 
	
  

 	
  

 
	
  

 	
           (10) the
 lease, assignment or sublease of any real or personal property in the
 ordinary course of business;

 
	
  

 	
  

 
	
  

 	
           (11) in
 the ordinary course of business, any swap of assets, or lease, assignment or
 sublease of any real or personal property, in exchange for services
 (including in connection with any outsourcing arrangements) with equivalent
 or greater Fair Market Value to the Company and its Restricted Subsidiaries
 than such assets; and

 
	
  

 	
  

 
	
  

 	
           (12) a
 Restricted Payment that does not violate Section 4.07.

 

          “Attributable
Debt”
in respect of a sale and leaseback transaction means, at the time of
determination, the present value of the obligation of the lessee for net rental
payments during the remaining term of the lease included in such sale and
leaseback transaction including any period for which such lease has been
extended or may, at the option of the lessor, be extended. Such present value
shall be calculated using a discount rate equal to the rate of interest
implicit in such transaction, determined in accordance with GAAP; provided, however, that if such sale and
leaseback transaction results in a Capital Lease Obligation, the amount of
Indebtedness represented thereby will be determined in accordance with the
definition of “Capital Lease Obligation.”

          “Bankruptcy Law” means Title 11 of the United States
Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor
statute and any similar federal, state or foreign law for the relief of
debtors.

          “Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule
13d-5 under the Exchange Act, except that in calculating the beneficial
ownership of any particular “person” (as that term is used in Section 13(d)(3)
of the Exchange Act), such “person” will be deemed to have beneficial ownership
of all securities that such “person” has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is
exercisable only after the passage of time. The terms “Beneficially Owns” and
“Beneficially Owned” have a corresponding meaning.

          “Board of Directors”
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 of the general partner of
 the partnership; 

 

3

	
  

 	
  

 
	
  

 	
           (3) with
 respect to a limited liability company, the managing member or members or any
 controlling committee of managing members thereof; and

 
	
  

 	
  

 
	
  

 	
           (4) with
 respect to any other Person, the board or committee of such Person serving a
 similar function.

 
	
  

 	
  

 
	
  

 	
  “Broker-Dealer”
 has the meaning assigned to that term in the Registration Rights Agreement.

 
	
  

 	
  

 
	
  

 	
  “Business Day”
 means any day other than a Legal Holiday.

 
	
  

 	
  

 
	
  

 	
 “Cap Amount” means
 $45,000,000.

 
	
  

 	
  

 
	
  

 	
 “Capital
 Expenditures” means, for any period, the sum of:

 
	
  

 	
  

 
	
  

 	
            (1) the
 aggregate amount of all expenditures of the Company and its Restricted
 Subsidiaries for fixed or capital assets made during such period which, in
 accordance with GAAP, would be classified as capital expenditures; and

 
	
  

 	
  

 
	
  

 	
            (2) the
 aggregate amount of all Capital Lease Obligations of the Company and its
 Restricted Subsidiaries incurred during such period.

 
	
  

 	
  

 
	
           “Capital
 Lease Obligation” means, at the time any
 determination is to be made, the amount of the liability in respect of a
 capital lease that would at that time be required to be capitalized on a
 balance sheet prepared in accordance with GAAP, and the Stated Maturity
 thereof 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 prepaid
 by the lessee without payment of a penalty.

 
	
  

 	
  

 
	
  

 	
  “Capital Stock”
 means:

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
  “Cash Equivalents”
 means:

 
	
  

 	
  

 
	
  

 	
            (1)
 United States dollars;

 
	
  

 	
  

 
	
  

 	
            (2)
 securities issued or directly and fully guaranteed or insured by the United
 States government or any agency or instrumentality of the United States
 government (provided that the full faith and credit of the United
 States is pledged in support of those securities) having maturities of not
 more than six months from the date of acquisition;

 

4

	
  

 	
  

 
	
  

 	
            (3)
 certificates of deposit and eurodollar time deposits with maturities of six
 months or less from the date of acquisition, bankers’ acceptances with
 maturities not exceeding six months and overnight bank deposits, in each
 case, with any lender party to the Credit Agreement or with any domestic
 commercial bank having capital and surplus in excess of $500.0 million and a
 Thomson Bank Watch Rating of “B” or better;

 
	
  

 	
  

 
	
  

 	
            (4)
 repurchase obligations with a term of not more than seven days for underlying
 securities of the types described in clauses (2) and (3) above entered into
 with any financial institution meeting the qualifications specified in clause
 (3) above;

 
	
  

 	
  

 
	
  

 	
            (5)
 commercial paper having one of the two highest ratings obtainable from
 Moody’s or S&P and, in each case, maturing within six months after the
 date of acquisition; and

 
	
  

 	
  

 
	
  

 	
            (6)
 money market funds at least 95% of the assets of which constitute Cash
 Equivalents of the kinds described in clauses (1) through (5) of this
 definition.

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
            (1) the
 direct or indirect sale, lease, transfer, conveyance or other disposition
 (other than by way of merger or consolidation), in one or a series of related
 transactions, of all or substantially all of the properties or assets of the
 Company and its Subsidiaries taken as a whole to any Person (including any
 “person” or “group” (as those terms are used in Section 13(d) or 14(d) of the
 Exchange Act)) other than a Permitted Holder;

 
	
  

 	
  

 
	
  

 	
            (2) the
 adoption of a plan relating to the liquidation or dissolution of the Company;

 
	
  

 	
  

 
	
  

 	
            (3) the
 consummation of any transaction (including, without limitation, any merger or
 consolidation), the result of which is that any Person (including any
 “person” (as defined above)), other than a Permitted Holder, becomes the
 beneficial owner, directly or indirectly (including through a direct or
 indirect parent company), of more than 50% of the Voting Stock of the
 Company, measured by voting power rather than number of shares; or

 
	
  

 	
  

 
	
  

 	
            (4) the
 first day on which a majority of the members of the Board of Directors of the
 Company are not Continuing Directors.

 
	
  

 	
  

 
	
  

 	
  “Clearstream”
 means Clearstream Banking, S.A.

 
	
  

 	
  

 
	
  

 	
 “Collateral” shall have
 the meaning set forth in the Security Documents.

 
	
  

 	
  

 
	
  

 	
 “Collateral
 Agent” means Wilmington Trust FSB.

 
	
  

 	
  

 
	
  

 	
 “Company” means
 Greektown Superholdings, Inc., and any and all successors thereto.

 
	
  

 	
  

 
	
           “Consolidated
 EBITDA” means, with respect to any specified Person for any
 period, the Consolidated Net Income of such Person for such period plus, without duplication:

 
	
  

 	
  

 
	
  

 	
            (1)
 provision for taxes based on income or profits of such Person and its
 Restricted Subsidiaries for such period, to the extent that such provision
 for taxes was deducted in computing such Consolidated Net Income, which shall
 reflect the impact of any subsequent adjustment to tax rates applicable to
 such period; plus

 

5

	
  

 	
  

 
	
  

 	
            (2) the
 Fixed Charges of such Person and its Restricted Subsidiaries for such period,
 to the extent that such Fixed Charges were deducted in computing such
 Consolidated Net Income; plus

 
	
  

 	
  

 
	
  

 	
            (3) any
 foreign currency translation losses (including losses related to currency
 remeasurements of Indebtedness) of such Person and its Restricted Subsidiaries
 for such period, to the extent that such losses were taken into account in
 computing such Consolidated Net Income; plus

 
	
  

 	
  

 
	
  

 	
            (4) to
 the extent deducted in computing Consolidated Net Income, any extraordinary
 or non-recurring losses for such period; plus

 
	
  

 	
  

 
	
  

 	
            (5)
 reasonable legal, accounting, financing, consulting, advisory and other
 out-of-pocket fees and expenses incurred in connection with any Equity
 Offering, Permitted Investment, acquisition, disposition, restructuring, recapitalization
 or Indebtedness permitted to be incurred by this Indenture (whether or not
 successful), including such fees, expenses or charges related to the offering
 of the Notes, and, in each case, to the extent deducted in computing
 Consolidated Net Income; plus

 
	
  

 	
  

 
	
  

 	
            (6)
 management fees (including, without limitation, fees of any manager engaged
 by the Company to operate a Gaming Facility and the Company’s other
 properties) payable by the Company or any of its Subsidiaries, to the extent
 deducted in computing Consolidated Net Income; plus

 
	
  

 	
  

 
	
  

 	
            (7)
 depreciation, amortization (including amortization of intangibles but
 excluding amortization of prepaid cash expenses that were paid in a prior
 period) and other non-cash charges and expenses (excluding any such non-cash
 charge or expense to the extent that it represents an accrual of or reserve
 for cash charges or expenses in any future period or amortization of a
 prepaid cash charge or expense that was paid in a prior period) of such Person
 and its Restricted Subsidiaries for such period to the extent that such
 depreciation, amortization and other non-cash charges or expenses were
 deducted in computing such Consolidated Net Income; minus

 
	
  

 	
  

 
	
  

 	
            (8) non-cash items increasing such
 Consolidated Net Income for such period, other than the accrual of revenue in
 the ordinary course of business, in each case, on a consolidated basis and
 determined in accordance with GAAP.

 
	
  

 	
  

 
	
           “Consolidated
 Excess Cash Flow” means, for any period, the excess of (a)
 Consolidated EBITDA for such period over (b) the sum of:

 
	
  

 	
  

 
	
  

 	
            (1) the
 aggregate amount of Capital Expenditures by the Company and its Restricted
 Subsidiaries during such period (other than any such capital expenditures
 made with the Net Proceeds from an Asset Sale (without giving effect to the
 threshold set forth in the definition thereof) or insurance proceeds); plus

 
	
  

 	
  

 
	
  

 	
            (2) the
 cash portion of Fixed Charges paid by the Company and its Restricted
 Subsidiaries during such period; plus

 
	
  

 	
  

 
	
  

 	
            (3) the
 aggregate amount (without duplication) of all income and franchise taxes paid
 in cash by the Company and its Restricted Subsidiaries during such period.

 

6

	
  

 	
  

 
	
           “Consolidated
 Net Income” means, with respect to any specified Person for any
 period, the aggregate of the net income (loss) of such Person and its
 Restricted Subsidiaries for such period, on a consolidated basis (excluding
 the net income (loss) of any Unrestricted Subsidiary of such Person), determined
 in accordance with GAAP and without any reduction in respect of preferred
 stock dividends; provided, that:

 
	
  

 	
  

 
	
  

 	
            (1) all
 extraordinary, non-recurring or unusual gains and losses (including all gains
 and losses realized in connection with any Asset Sale or the disposition of
 securities or the early extinguishment of Indebtedness) (in each case, as
 determined in accordance with GAAP, if applicable) will be excluded (other
 than, with respect to the Company, a receivable from the State of Michigan of
 $12.3 million recorded by the Company at December 31, 2009, which will be
 deemed to have been recorded on January 1, 2010 for purposes of calculating
 Consolidated Net Income for periods ending after January 1, 2010);

 
	
  

 	
  

 
	
  

 	
            (2) the
 net income (but not loss) of any Person that is not a Restricted Subsidiary
 or that is accounted for by the equity method of accounting will be included
 only to the extent of the amount of dividends or similar distributions paid
 in cash to the specified Person or a Restricted Subsidiary of the Person;

 
	
  

 	
  

 
	
  

 	
            (3) the
 net income (but not loss) of any Restricted Subsidiary will be excluded to
 the extent that the declaration or payment of dividends or similar
 distributions by that Restricted Subsidiary of that net income is not at the
 date of determination permitted without any prior governmental approval (that
 has not been obtained) or, directly or indirectly, by operation of the terms
 of its charter or any agreement, instrument, judgment, decree, order, statute,
 rule or governmental regulation applicable to that Restricted Subsidiary or
 its stockholders;

 
	
  

 	
  

 
	
  

 	
            (4) net
 income or losses from discontinued operations will be excluded;

 
	
  

 	
  

 
	
  

 	
            (5) any
 non-cash compensation charge or expense recorded from grants of stock
 appreciation or similar rights, stock options, restricted stock or similar
 rights to officers, directors or employees will be excluded;

 
	
  

 	
  

 
	
  

 	
            (6) any
 impairment charge or asset write-off pursuant to ASC No. 350—”Intangible
 Assets” and No. 360—”Impairments” and the amortization of intangibles arising
 pursuant to ASC No. 805 (excluding any such impairment charge to the extent
 it represents an accrual of or reserve for cash expenditures in any future
 period) will be excluded;

 
	
  

 	
  

 
	
  

 	
            (7) any
 one-time non-cash compensation charge or expense related to severance of
 terminated employees will be excluded;

 
	
  

 	
  

 
	
  

 	
            (8) the
 cumulative effect of a change in accounting principles will be excluded; and

 
	
  

 	
  

 
	
  

 	
            (9)
 non-cash gains and losses attributable to movement in the mark-to-market
 valuation of Hedging Obligations pursuant to Financial Accounting Standards
 Board Statement No. 133 will be excluded.

 
	
  

 	
  

 
	
           “continuing”
 means, with respect to any Default or Event of Default, that such
 Default or Event of Default has not been cured or waived. 

 
	
  

 	
  

 
	
           “Continuing
 Directors” means, as of any date of determination, any member of
 the Board of Directors of the Company who:

 

7

	
  

 	
  

 
	
  

 	
            (1) was
 a member of such Board of Directors on the date of this Indenture; or

 
	
  

 	
  

 
	
  

 	
            (2) was
 nominated for election or elected to such Board of Directors with the
 approval of a majority of the Continuing Directors who were members of such
 Board of Directors at the time of such nomination or election.

 

          “Controlled
Foreign Corporation” shall mean “controlled foreign corporation” as
defined in the Internal Revenue Code.

          “Core Gaming
Assets” means (a) all or substantially all of the property and
assets associated with the Company’s operations at 555 East Lafayette Boulevard
in Detroit, Michigan and (b) the Equity Interests of any Subsidiary that,
directly or indirectly, owns or controls any of the property, assets or
operations referred to in clause (a) of this definition.

          “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
Agreement” means that certain Credit Agreement, dated as of June 30,
2010, as in effect on the date hereof, by and among the Company and Comerica
Bank, initially providing for up to $30.0 million of revolving credit
borrowings (but which may be increased up to, when taken together with the
Hedging Obligations permitted by Section 4.09(b)(8) and secured by Liens in
favor of First Lien Claimholders, the Cap Amount), including any related Notes,
Guarantees, collateral documents, instruments and agreements executed in connection
therewith, and, in each case, as amended, restated, modified, renewed,
refunded, replaced in any manner (whether upon or after termination or
otherwise) or refinanced (including by means of sales of debt securities to
institutional investors) in whole from time to time.

          “Credit Agreement Agent” means, at any
time, the Person serving at such time as the “Bank,” the “Agent” or
“Administrative Agent” under the Credit Agreement or any other representative
then most recently designated in accordance with the applicable provisions of
the Credit Agreement, together with its successors in such capacity.

          “Credit
Facilities” means, one or more debt facilities
(including, without limitation, the Credit Agreement) or commercial paper
facilities, in each case, with banks or other institutional lenders providing
for revolving credit loans, term loans, 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 in any manner (whether upon or after termination or otherwise) or refinanced
(including by means of sales of debt securities to institutional investors) in
whole or in part from time to time.

          “Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or
any successor entity thereto.

          “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 A1 or Exhibit A2 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.

8

          “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.

          “Development
Agreement” means the Revised Development Agreement, dated August 2,
2002, by and among Greektown Casino, L.L.C., the City of Detroit and the
Economic Development Corporation of the City of Detroit.

          “Disqualified
Stock” means any Capital Stock that, by its terms (or
by the terms of any security into which it is convertible, or for which it is
exchangeable, in each case, at the option of the holder of the Capital Stock),
or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or redeemable at the option
of the holder of the Capital Stock, in whole or in part, on or prior to the
date that is 91 days after the date on which the Notes mature; provided,
however,
that any class of Capital Stock of a Person that by its terms authorizes such
Person to satisfy its obligations thereunder by delivery of Capital Stock that
is not Disqualified Stock shall not be deemed to be Disqualified Stock. Notwithstanding
the preceding sentence, any Capital Stock will not constitute Disqualified
Stock solely because the holders of the Capital Stock have the right to require
the Company to repurchase such Capital Stock:

	
  

 	
  

 
	
 (1)

 	
 upon the occurrence of a Change of Control or an Asset Sale, if
 the terms of such Capital Stock provide that the Company may not repurchase
 or redeem any such Capital Stock pursuant to such provisions unless such
 repurchase or redemption complies with Section 4.07 hereof; or

 
	
  

 	
  

 
	
 (2)

 	
 in order to satisfy applicable statutory or regulatory obligations or
 as a result of an employee’s termination, death or disability, if such
 Capital Stock is issued to any employee or to any plan for the benefit of
 employees of the Company or its Subsidiaries or by any such plan to such
 employees.

 

          The amount
of Disqualified Stock deemed to be outstanding at any time for purposes of this
Indenture will be the maximum amount that the Company and its Restricted
Subsidiaries may become obligated to pay upon the maturity of, or pursuant to
any mandatory redemption provisions of, such Disqualified Stock, exclusive of
accrued dividends.

          “Domestic
Subsidiary” means any Restricted Subsidiary of the
Company that was formed under the laws of the United States or any state of the
United States or the District of Columbia or that guarantees or otherwise
provides direct credit support for any Indebtedness of the Company.

          “equally and
ratably” has the meaning assigned to that term in the Intercreditor
Agreement.

          “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 a public or private sale either (1) of
Equity Interests of the Company by the Company (other than Disqualified Stock
and other than to a Subsidiary of the Company) or (2) of Equity Interests of a
direct or indirect parent entity of the Company (other than to the Company or a
Subsidiary of the Company) to the extent that the net proceeds therefrom are
contributed to the common equity capital of the Company.

          “Euroclear”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

9

          “Event
of Loss”
means, with respect to any property or asset (tangible or intangible, real or
personal) that constitutes Collateral, any of the following:

	
  

 	
  

 
	
  

 	
 (1) any loss, destruction or damage of such property or asset;

 
	
  

 	
  

 
	
  

 	
 (2) any actual condemnation, seizure or taking by exercise of the
 power of eminent domain or otherwise of such property or asset, or
 confiscation of such property or asset or the requisition of the use of such
 property or asset; or

 
	
  

 	
  

 
	
  

 	
 (3) any settlement in lieu of clause (2) above.

 

          “Exchange
Act” means the
Securities Exchange Act of 1934, as amended.

          “Exchange
Notes” means the
Notes issued in the Exchange Offer pursuant to Section 2.06(f) hereof. 

          “Exchange
Offer” has the
meaning assigned to that term in the Registration Rights Agreement.

          “Exchange
Registration Statement”
has the meaning assigned to that term in the Registration Rights Agreement. 

          “Excluded Assets” means each of the
following:

	
  

 	
  

 
	
 (1)

 	
 any property or asset, including any Gaming License and any Gaming
 Equipment, if and to the extent that a security interest in such property or
 asset in favor of the Collateral Agent (i) is prohibited by applicable law,
 rule or regulation or (ii) requires the consent of any governmental authority
 or Gaming Authority not obtained pursuant to applicable law, rule or
 regulation (in the case of the foregoing clauses (i) and (ii), unless such
 law, rule or regulation would be rendered ineffective with respect to the
 creation of the security interest hereunder pursuant to Sections 9-406,
 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any successor
 provision or provisions) of any relevant jurisdiction or any other applicable
 law (including the Bankruptcy Law) or principles of equity); provided,
 that, in the event that any such law, rule or regulation is amended, modified
 or interpreted by the relevant governmental authority or Gaming Authority to
 permit (or is replaced with another law, rule or regulation, or another law,
 rule or regulation is adopted, which would permit) a security interest in
 such property or asset to be granted in favor of the collateral agent or such
 consent of the applicable governmental authority or Gaming Authority is
 obtained, then the Collateral shall immediately include (and such security
 interest shall immediately attach) to any such property or asset; provided,
 further,
 that the exclusions referred to in this clause (1) shall not include any
 proceeds of any such property or asset;

 
	
  

 	
  

 
	
 (2)

 	
 any lease, license, contract or agreement to which the Company or any
 other Pledgor is a party, and any of its rights or interest thereunder, if
 and to the extent that a security interest in such lease, license, contract
 or agreement is prohibited by or in violation of (i) any law, rule or
 regulation applicable to such Pledgor, or (ii) a term, provision or condition
 of any such lease, license, contract or agreement (unless such law, rule,
 regulation, term, provision or condition would be rendered ineffective with
 respect to the creation of the security interest hereunder pursuant to
 Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any
 successor provision or provisions) of any relevant jurisdiction or any other
 applicable law (including the Bankruptcy Law) or principles of equity); provided,
 however
 that the Collateral shall include (and such security interest shall attach)
 immediately at such time as the contractual or legal prohibition shall no
 longer be applicable and to the extent severable, shall attach

 

10

	
  

 	
  

 
	
  

 	
 immediately to any portion of such lease, license, contract or
 agreement not subject to the prohibitions specified in (i) or (ii) above;
 provided further that the exclusions referred to in this clause (2) shall not
 include any proceeds of any such lease, license, contract or agreement;

 
	
  

 	
  

 
	
 (3)

 	
 in any of the outstanding capital stock of a Controlled Foreign
 Corporation in excess of 66% of the voting power of all classes of capital
 stock of such Controlled Foreign Corporation entitled to vote; provided that
 immediately upon the amendment of the Internal Revenue Code to allow the
 pledge of a greater percentage of the voting power of capital stock in a
 Controlled Foreign Corporation without adverse tax consequences, the
 Collateral shall include, and the security interest granted by each Pledgor
 shall attach to, such greater percentage of capital stock of each Controlled
 Foreign Corporation;

 
	
  

 	
  

 
	
 (4)

 	
 any “intent-to-use” application for registration of a trademark filed
 pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the
 filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or
 an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with
 respect thereto, solely to the extent, if any, that, and solely during the
 period, if any, in which, the grant of a security interest therein would
 impair the Pledgor’s ownership of, or the validity or enforceability of any
 registration that issues from such intent-to-use application under applicable
 federal law;

 
	
  

 	
  

 
	
 (5)

 	
 equity interests in any joint venture with a third party that is not
 an Affiliate, to the extent a pledge of such equity interests is prohibited
 by the governing documents of such joint venture; or

 
	
  

 	
  

 
	
 (6)

 	
 any Excluded Securities.

 

          “Excluded
Securities” shall mean any “securities” of any
Pledgor’s “affiliates” (as the terms “securities” and “affiliates” are used in
Rule 3-16 of Regulation S-X under the Securities Act) other than Greektown
Holdings, L.L.C. (or its successor in interest as holder of substantially all
the equity interests in Greektown Casino, L.L.C.), if such affiliate would be
required to file financial statements with the SEC pursuant to Rule 3-16 of
Regulation S-X under the Securities Act (or its successor) as if it were a
registrant under the Securities Act due to the fact that such affiliate’s
capital stock secures the notes under the indenture or any Additional Parity
Lien Facility; provided, however, that only such portion of such
affiliate’s securities shall be Excluded Securities as is necessary for such
affiliate not to be subject to such filing requirement.

          “Existing
Indebtedness” means
all Indebtedness of the Company and its Subsidiaries (other than Indebtedness
under the Credit Agreement) in existence on the date of this Indenture, until
such amounts are repaid.

          “Fair
Market Value” means
the value that would be paid by a willing buyer to an unaffiliated willing
seller in a transaction not involving distress or necessity of either party,
determined in good faith by the Board of Directors of the Company (unless
otherwise provided in this Indenture).

          “First Lien Claimholders” has the meaning
assigned to that term in the Intercreditor Agreement.

          “First
Lien Collateral Agent”
has the meaning assigned to that term in the Intercreditor Agreement.

          “First
Lien Collateral Documents” has the meaning assigned to that term in the Intercreditor Agreement.

11

          “First
Lien Documents” has
the meaning assigned to that term in the Intercreditor Agreement.

          “First
Lien Loans” has the
meaning assigned to that term in the Intercreditor Agreement.

          “First
Lien Obligations” has
the meaning assigned to that term in the Intercreditor Agreement.

          “Fixed
Charge Coverage Ratio”
means with respect to any specified Person for any period, the ratio of the
Consolidated EBITDA of such Person for such period to the Fixed Charges of such
Person for such period. In the event that the specified Person or any of its Restricted
Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems,
defeases or otherwise discharges any Indebtedness (other than ordinary working
capital borrowings) or issues, repurchases or redeems preferred stock
subsequent to the commencement of the period for which the Fixed Charge
Coverage Ratio is being calculated and on or prior to the date on which the
event for which the calculation of the Fixed Charge Coverage Ratio is made (the
“Calculation Date”), then the
Fixed Charge Coverage Ratio will be calculated giving pro forma effect (in
accordance with Regulation S-X under the Securities Act) to such incurrence,
assumption, Guarantee, repayment, repurchase, redemption, defeasance or other
discharge of Indebtedness, or such issuance, repurchase or redemption of
preferred stock, and the use of the proceeds therefrom, as if the same had
occurred at the beginning of the applicable four-quarter reference period. 

          In
addition, for purposes of calculating the Fixed Charge Coverage Ratio:

	
  

 	
  

 
	
  

 	
           (1)
 acquisitions that have been made by the specified Person or any of its
 Restricted Subsidiaries, including through mergers or consolidations, or any
 Person or any of its Restricted Subsidiaries acquired by the specified Person
 or any of its Restricted Subsidiaries, and including all related financing
 transactions and including increases in ownership of Restricted Subsidiaries,
 during the four-quarter reference period or subsequent to such reference
 period and on or prior to the Calculation Date, or that are to be made on the
 Calculation Date, will be given pro forma effect (in accordance with
 Regulation S-X under the Securities Act) as if they had occurred on the first
 day of the four-quarter reference period;

 
	
  

 	
  

 
	
  

 	
           (2)
 the Consolidated EBITDA attributable to discontinued operations, as
 determined in accordance with GAAP, and operations or businesses (and
 ownership interests therein) disposed of prior to the Calculation Date, will
 be excluded;

 
	
  

 	
  

 
	
  

 	
           (3)
 the Fixed Charges attributable to discontinued operations, as determined in
 accordance with GAAP, and operations or businesses (and ownership interests
 therein) disposed of prior to the Calculation Date, will be excluded, but
 only to the extent that the obligations giving rise to such Fixed Charges
 will not be obligations of the specified Person or any of its Restricted
 Subsidiaries following the Calculation Date;

 
	
  

 	
  

 
	
  

 	
           (4)
 any Person that is a Restricted Subsidiary on the Calculation Date will be
 deemed to have been a Restricted Subsidiary at all times during such
 four-quarter period;

 
	
  

 	
  

 
	
  

 	
           (5)
 any Person that is not a Restricted Subsidiary on the Calculation Date will
 be deemed not to have been a Restricted Subsidiary at any time during such
 four-quarter period;

 
	
  

 	
  

 
	
  

 	
           (6)
 if any Indebtedness bears a floating rate of interest, the interest expense
 on such Indebtedness will be calculated as if the rate in effect on the
 Calculation Date had been the applicable rate for the entire period (taking
 into account any Hedging Obligation applicable to such Indebtedness if such
 Hedging Obligation has a remaining term as at the Calculation Date in excess
 of 12 months); and

 

12

	
  

 	
  

 
	
  

 	
           (7) for
 purposes of calculating the Company’s Fixed Charge Coverage Ratio for any
 four-quarter reference period that includes any fiscal quarter ending on or
 prior to March 31, 2009, the effective reduction in the wagering tax rate
 from 24% to 19% of the Company’s adjusted gross receipts under the provisions
 of the Michigan Gaming Control and Revenue Act obtained on March 9, 2010 will
 be given pro forma effect as if such reduction had occurred on January 1,
 2009.

 

          “Fixed
Charges” means, with
respect to any specified Person for any period, the sum, without duplication,
of:

	
  

 	
  

 
	
  

 	
           (1)
 the consolidated interest expense of such Person and its Restricted
 Subsidiaries for such period, whether paid or accrued, to the extent any such
 expense was deducted in computing Consolidated Net Income, including, without
 limitation, amortization of debt issuance costs and original issue discount,
 non-cash interest payments, the interest component of any deferred payment
 obligations, the interest component of all payments associated with Capital
 Lease Obligations, imputed interest with respect to Attributable Debt, commissions,
 discounts and other fees and charges incurred in respect of letter of credit
 or bankers’ acceptance financings, and net of the effect of all payments made
 or received pursuant to Hedging Obligations in respect of interest rates; plus

 
	
  

 	
  

 
	
  

 	
           (2)
 the consolidated interest expense of such Person and its Restricted
 Subsidiaries that was capitalized during such period; plus

 
	
  

 	
  

 
	
  

 	
           (3)
 any interest on Indebtedness of another Person that is guaranteed by such
 Person or one of its Restricted Subsidiaries or secured by a Lien on assets
 of such Person or one of its Restricted Subsidiaries, whether or not such
 Guarantee or Lien is called upon; plus

 
	
  

 	
  

 
	
  

 	
           (4)
 the product of (a) all dividends actually paid or declared on any series of
 preferred stock of such Person or any of its Restricted Subsidiaries, other
 than dividends on Equity Interests payable solely in Equity Interests of the
 Company (other than Disqualified Stock) or to the Company or a Restricted
 Subsidiary of the Company, 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 tax
 rate of such Person, expressed as a decimal, in each case, determined on a
 consolidated basis in accordance with GAAP. 

 

          “Future
Gaming Facility” means (a) any Gaming Facility owned or operated, or
to be owned or operated, by the Company or its Subsidiaries after the date of
this Indenture but which is not owned or operated by the Company or its
Subsidiaries on the date of this Indenture and (b) gaming operations initially
conducted following the date of this Indenture at a Gaming Facility owned or
operated by the Company as a result of the approval of additional permitted
gaming activities by the applicable Gaming Authorities.

          “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 have been approved by a
significant segment of the accounting profession, which are in effect from time
to time.

          “Gaming
Authority”
means any agency, authority, board, bureau, commission, department, office or
instrumentality of any nature whatsoever of the United States federal
government, any foreign government, any state, province or city or other political
subdivision or otherwise, whether now or

13

hereafter
in existence, or any officer or official thereof, or any other agency,
including the Michigan Gaming Control Board and the City of Detroit, in each
case, with authority to regulate any gaming or racing operation (or proposed
gaming or racing operation) owned, managed or operated by the Company and its
Subsidiaries.

          “Gaming
Equipment” means slot machines, table games and other
gaming equipment permitted to be installed under applicable Gaming Laws
governing the Gaming Facility in which such Gaming Equipment will be installed,
and any related signage, accessories, surveillance and peripheral equipment.

          “Gaming
Facility” means any
gaming or parimutuel wagering 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, vessel, barge,
ship and equipment, owned or operated by the Company or its Subsidiaries.

          “Gaming
Law” means the
provisions of any gaming or racing laws or regulations of any jurisdiction or
jurisdictions to which any of the Company and its Subsidiaries is, or may at
any time after the date of this Indenture, be subject.

          “Gaming
License” means any
Permit required to own, lease, operate or otherwise conduct gaming or racing
activities of the Company and its Subsidiaries.

          “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.

          “Global
Notes” means,
individually and collectively, each of the Restricted Global Notes and the
Unrestricted Global Notes deposited with or on behalf of and registered in the
name of the Depository or its nominee, substantially in the form of Exhibit A1
or Exhibit A2 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)(2) or
2.06(f) hereof.

          “Government
Securities” means
direct obligations of, or obligations guaranteed by, the United States of
America, and the payment for which the United States pledges its full faith and
credit.

          “Guarantee” means a guarantee, contingent or otherwise,
other than by endorsement of negotiable instruments for collection in the
ordinary course of business, direct or indirect, in any manner including,
without limitation, by way of a pledge of assets or through letters of credit
or reimbursement agreements in respect thereof, of all or any part of any
Indebtedness (whether arising by virtue of partnership arrangements, or by
agreements to keep-well, to purchase assets, goods, securities or services, to
take or pay or to maintain financial statement conditions or otherwise).

          “Guarantors”
means any Subsidiary of the Company that executes a Note Guarantee in accordance
with the provisions of this Indenture, and their respective successors and
assigns, in each case, until the Note Guarantee of such Person has been
released in accordance with the provisions of this Indenture.

          “Hedging
Obligations” means the obligations of the Company under any interest
rate swap transaction (whether from fixed to floating or from floating to
fixed), basis swap transaction, commodity price transaction, forward rate
transaction, equity transaction, equity index transaction, currency or foreign
exchange transaction, cap transaction, floor transaction (including any option
with respect to any of these transactions and any combination of any of the
foregoing) entered into by it for risk management purposes and not for speculative
purposes.

14

          “Holder” means a Person in whose name a Note is
registered.

          “IAI
Global Note” means a
Global Note substantially in the form of Exhibit A1 or Exhibit A2 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 to Institutional Accredited Investors.

          “Immaterial
Subsidiary” means, as of any date, any Restricted Subsidiary whose
total assets, as of that date, are less than $2.0 million and whose total
revenues for the most recent 12-month period do not exceed $500,000; provided, that a Restricted Subsidiary will not be considered to be an
Immaterial Subsidiary if it, directly or indirectly, guarantees or otherwise
provides direct credit support for any Indebtedness of the Company or is a
licensee under, or otherwise holds, a Gaming License; provided, further, that if
more than one Restricted Subsidiary is deemed an Immaterial Subsidiary for
purposes of this definition, all Immaterial Subsidiaries shall be considered to
be a single consolidated subsidiary for purposes of determining whether the
conditions of this definition have been satisfied. 

          
“Indebtedness” means,
with respect to any specified Person, any indebtedness of such Person
(excluding accrued expenses and trade payables), whether or not contingent:

	
  

 	
  

 
	
  

 	
           (1)
 in respect of borrowed money;

 
	
  

 	
  

 
	
  

 	
           (2)
 evidenced by bonds, Notes, debentures or similar instruments or letters of
 credit (or reimbursement agreements in respect thereof);

 
	
  

 	
  

 
	
  

 	
           (3)
 in respect of banker’s acceptances;

 
	
  

 	
  

 
	
  

 	
           (4)
 representing Capital Lease Obligations or Attributable Debt in respect of
 sale and leaseback transactions;

 
	
  

 	
  

 
	
  

 	
           (5)
 representing the balance deferred and unpaid of the purchase price of any
 property or services due more than six months after such property is acquired
 or such services are completed; 

 
	
  

 	
  

 
	
  

 	
           (6) the
 principal component of all Indebtedness of other Persons secured by a Lien
 (other than a Permitted Lien) on any asset of such Person, whether or not
 such Indebtedness is assumed by such Person; provided, however,
 that the amount of such Indebtedness will be the lesser of (a) the Fair
 Market Value of such asset at such date of determination and (b) the amount
 of such Indebtedness of such other Persons; 

 
	
  

 	
  

 
	
  

 	
           (7) the
 principal component of Indebtedness of other Persons to the extent Guaranteed
 by such Person; or 

 
	
  

 	
  

 
	
  

 	
           (8)
 representing any Hedging Obligations, 

 

if
and to the extent any of the preceding items (other than letters of credit,
Attributable Debt, Hedging Obligations and items described in clauses (6) and
(7) above) would appear as a liability upon a balance sheet of the specified
Person prepared in accordance with GAAP. Indebtedness shall be calculated
without giving effect to the effects of Statement of Financial Accounting Standards
No. 133 and related interpretations to the extent such effects would otherwise
increase or decrease an amount of Indebtedness for any purpose under this
Indenture as a result of accounting for any embedded derivatives created by the
terms of such Indebtedness.

15

In addition, “Indebtedness” of any Person shall include Indebtedness
described in the preceding paragraph that would not appear as a liability on
the balance sheet of such Person if:

	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (1) such
 Indebtedness is the obligation of a partnership or joint venture that is not
 a Restricted Subsidiary (a “Joint Venture”);

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (2) such
 Person or a Restricted Subsidiary of such Person is a general partner of the
 Joint Venture (a “General Partner”); and

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (3) there
 is recourse, by contract or operation of law, with respect to the payment of
 such Indebtedness to property or assets of such Person or a Restricted
 Subsidiary of such Person; and then such Indebtedness shall be included in an
 amount not to exceed:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 the lesser of (i) the net assets of the General Partner and (ii) the
 amount of such obligations to the extent that there is recourse, by contract
 or operation of law, to the property or assets of such Person or a Restricted
 Subsidiary of such Person; or

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 if less than the amount determined pursuant to clause (a) above, the
 actual amount of such Indebtedness that is recourse to such Person or a
 Restricted Subsidiary of such Person, if the Indebtedness is evidenced by a
 writing and is for a determinable amount and the related interest expense
 shall be included in Fixed Charges to the extent actually paid by the Company
 or its Restricted Subsidiaries.

 

          “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 $385.0 million aggregate principal amount of Notes issued under this
Indenture on the date hereof. 

          “Initial
Purchaser” means
Goldman, Sachs & Co.

          “insolvency or liquidation proceeding”
means:

	
  

 	
  

 
	
  

 	
           (1)
 any case commenced by or against the Company or any other Pledgor under Title
 11, U.S. Code or any similar federal or state law for the relief of debtors,
 any other proceeding for the reorganization, recapitalization or adjustment
 or marshalling of the assets or liabilities of the Company or any other
 Pledgor, any receivership or assignment for the benefit of creditors relating
 to the Company or any other Pledgor or any similar case or proceeding
 relative to the Company or any other Pledgor or its creditors, as such, in
 each case whether or not voluntary;

 
	
  

 	
  

 
	
  

 	
           (2)
 any liquidation, dissolution, marshalling of assets or liabilities or other
 winding up of or relating to the Company or any other Pledgor, in each case
 whether or not voluntary and whether or not involving bankruptcy or
 insolvency; or

 
	
  

 	
  

 
	
  

 	
           (3)
 any other proceeding of any type or nature in which substantially all claims
 of creditors of the Company or any other Pledgor are determined and any
 payment or distribution is or may be made on account of such claims.

 

16

          “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, who are not also QIBs.

          “Intercreditor Agreement” means the Collateral
Agency and Intercreditor Agreement, dated as of the date of this Indenture,
among the Company, the First Lien Collateral Agent, the Collateral Agent, the Trustee and the other parties party thereto.

          “Investments” means, with respect to any Person, all
direct or indirect investments by such Person in other Persons (including
Affiliates) in the forms of loans (including Guarantees or other obligations),
advances or capital contributions (excluding commission, travel and similar
advances to officers and employees made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities, together with all items that are or would be
classified as investments on a balance sheet prepared in accordance with GAAP.
If the Company or any Restricted Subsidiary of the Company sells or otherwise
disposes of any Equity Interests of any direct or indirect Restricted
Subsidiary of the Company such that, after giving effect to any such sale or
disposition, such Person is no longer a Restricted Subsidiary of the Company,
the Company will be deemed to have made an Investment on the date of any such
sale or disposition equal to the Fair Market Value of the Company’s Investments
in such Subsidiary that were not sold or disposed of in an amount determined as
provided in Section 4.07(d). The acquisition by the Company or any Restricted
Subsidiary of the Company of a Person that holds an Investment in a third
Person will be deemed to be an Investment by the Company or such Restricted
Subsidiary in such third Person in an amount equal to the Fair Market Value of
the Investments held by the acquired Person in such third Person in an amount
determined as provided in Section 4.07(d). Except as otherwise provided in this
Indenture, the amount of an Investment will be determined at the time the Investment
is made and without giving effect to subsequent changes in value.

          “Legal
Holiday” means a
Saturday, a Sunday or a day on which banking institutions in the City of New
York, in Wilmington, Delaware 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 Transmittal” means
the letter of transmittal to be prepared by the Company and sent to all Holders
of the Notes for use by such Holders in connection with the Exchange Offer.

          “Lien” means, with respect to any asset, any
mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected
under applicable law, including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to
sell or give a security interest in and any filing of or agreement to give any
financing statement under the Uniform Commercial Code (or equivalent statutes)
of any jurisdiction.

          “Moody’s”
means Moody’s Investors Service, Inc.

          “Net Loss
Proceeds” means the aggregate cash proceeds and Cash Equivalents
received by the Company or any of the Restricted Subsidiaries in respect of any
Event of Loss, including, without limitation, any cash or Cash Equivalents,
insurance proceeds from condemnation awards or damages awarded by any judgment,
net of:

17

	
  

 	
  

 	
  

 
	
  

 	
 (1)

 	
 the direct costs relating to such Net Event of Loss Proceeds,
 including, without limitation, legal, accounting, appraisal and insurance
 adjuster fees and any relocation expenses incurred as a result of the Event
 of Loss; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (2)

 	
 amounts required to be and actually applied to the repayment of
 Indebtedness (other than Indebtedness that is subordinated in right of payment
 to the Notes or the Note Guarantees) permitted under this Indenture that is
 secured by a Permitted Lien on the asset or assets that were the subject of
 such Event of Loss that ranks prior to the security interest of the
 Collateral Agent in those assets, after giving effect to any provisions in
 the Security Documents as to the relative ranking of security interests; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (3)

 	
 any taxes paid or payable as a result of the receipt of such cash
 proceeds.

 

          “Net
Proceeds” means the
aggregate cash proceeds and Cash Equivalents received by the Company or any of
its Restricted Subsidiaries in respect of any Asset Sale (including, without
limitation, any cash or Cash Equivalents received upon the sale or other
disposition of any non-cash consideration received in any Asset Sale), net of
the direct costs relating to such Asset Sale, including, without limitation,
legal, accounting and investment banking fees, and sales commissions, and any
relocation expenses incurred as a result of the Asset Sale, taxes paid or
payable as a result of the Asset Sale, in each case, after taking into account
any available tax credits or deductions and any tax sharing arrangements. 

          “New Agent” has the meaning assigned to
that term in the Intercreditor Agreement.

          “Non-Recourse
Debt” means Indebtedness:

	
  

 	
  

 
	
  

 	
           (1)
 as to which neither the Company nor any of its Restricted Subsidiaries (a)
 provides credit support of any kind (including any undertaking, agreement or
 instrument that would constitute Indebtedness) or (b) is directly or
 indirectly liable as a guarantor or otherwise; 

 
	
  

 	
  

 
	
  

 	
           (2)
 as to which the lenders have been notified in writing that they will not have
 any recourse to the stock or assets of the Company or any of its Restricted
 Subsidiaries (other than the Equity Interests of an Unrestricted Subsidiary);
 and

 
	
  

 	
  

 
	
  

 	
           (3)
 no default with respect to which (including any rights that the Holders
 thereof may have to take enforcement action against an Unrestricted
 Subsidiary) would permit (upon notice, lapse of time or both) any holder of
 any other Indebtedness of the Company or any Restricted Subsidiary to declare
 a default under such Indebtedness or cause the payment thereof to be
 accelerated or payable prior to its stated maturity.

 

          “Non-U.S.
Person” means a
Person who is not a U.S. Person.

          “Note
Documents” means this Indenture, the Notes and the Security
Documents.

          “Note
Guarantee” means the
Guarantee by each Guarantor of the Company’s obligations under this Indenture
and the Notes, executed pursuant to the provisions of this Indenture.

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

18

          “Obligations”
means any principal (including reimbursement obligations with respect to
letters of credit whether or not drawn), interest (including, to the extent
legally permitted, all interest accrued thereon after the commencement of any
insolvency or liquidation proceeding at the rate, including any applicable
post-default rate, specified in the First Lien Documents, even if such interest
is not enforceable, allowable or allowed as a claim in such proceeding),
premium (if any), fees, indemnifications, reimbursements, expenses and other
liabilities payable under the documentation governing any Indebtedness.

          
“Officer” means, with
respect to any Person, 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 or any
Vice-President of such Person.

          “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 an
opinion from legal counsel who is reasonably acceptable to the Trustee, that
meets the requirements of Section 13.05 hereof. The counsel may be an employee
of or counsel to the Company, any Subsidiary of the Company or 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).

          “Permit”
means any license
(including, without limitation, Gaming Licenses), permit, franchise, finding of
suitability, registration, filing, order, declaration, qualification, approval,
consent, certificate or other authorization.

          “Permitted
Business” means any
business that is the same as, or reasonably related, ancillary or complementary
to, any of the businesses in which the Company and its Restricted Subsidiaries
are engaged on the date of this Indenture.

          “Permitted
Holder” means each of John Hancock Strategic Income Fund, John
Hancock Trust Strategic Income Trust, John Hancock Funds II Strategic Income
Fund, John Hancock High Yield Fund, John Hancock Trust High Income Trust, John
Hancock Funds II High Income Fund, John Hancock Bond Fund, John Hancock Income
Securities, John Hancock Investors Trust, John Hancock Funds III Leveraged
Companies Fund, John Hancock Funds II Active Bond Fund, John Hancock Funds
Trust Active Bond Trust, Manulife Global Fund U.S. Bond Fund, Manulife Global
Fund U.S. High Yield Fund, Manulife Global Fund Strategic Income, MIL Strategic
Income Fund, Brigade Capital Management, Sola Ltd, and Solus Core Opportunities
Master Fund Ltd or any of their Affiliates.

          “Permitted
Investments” means:

	
  

 	
  

 
	
  

 	
           (1)
 any Investment in the Company or in a Restricted Subsidiary of the Company
 that is a Guarantor;

 
	
  

 	
  

 
	
  

 	
           (2)
 any Investment in Cash Equivalents; 

 
	
  

 	
  

 
	
  

 	
           (3)
 any Investment by the Company or any Restricted Subsidiary of the Company in
 a Person, if as a result of such Investment:

 

19

	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (a)
 such Person becomes a Restricted Subsidiary of the Company and a Guarantor;
 or

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (b)
 such Person is merged, consolidated or amalgamated with or into, or transfers
 or conveys substantially all of its assets to, or is liquidated into, the
 Company or a Restricted Subsidiary
 of the Company that is a Guarantor;

 
	
  

 	
  

 	
  

 
	
  

 	
           (4)
 any Investment made as a result of the receipt of non-cash consideration from
 an Asset Sale that was made pursuant to Section 4.10;

 
	
  

 	
  

 	
  

 
	
  

 	
           (5)
 any acquisition of assets or Capital Stock solely in exchange for the
 issuance of Equity Interests (other than Disqualified Stock) of the Company;

 
	
  

 	
  

 	
  

 
	
  

 	
           (6)
 any Investments received in compromise or resolution of (A) obligations of
 trade creditors or customers that were incurred in the ordinary course of
 business of the Company or any of its Restricted Subsidiaries, including
 pursuant to any plan of reorganization or similar arrangement upon the
 bankruptcy or insolvency of any trade creditor or customer; or (B)
 litigation, arbitration or other disputes;

 
	
  

 	
  

 	
  

 
	
  

 	
           (7)
 Investments represented by Hedging Obligations; provided, that the value of all secured Hedging
 Obligations that are not First Lien Obligations do not exceed $7.5 million;

 
	
  

 	
  

 	
  

 
	
  

 	
           (8)
 loans or advances to employees made in the ordinary course of business of the
 Company or any Restricted Subsidiary of the Company in an aggregate principal
 amount not to exceed $2.0 million at any one time outstanding;

 
	
  

 	
  

 	
  

 
	
  

 	
           (9)
 repurchases of the Notes; 

 
	
  

 	
  

 	
  

 
	
  

 	
           (10)
 any guarantee of Indebtedness permitted to be incurred by Section 4.09 other
 than a guarantee of Indebtedness of an Affiliate of the Company that is not a
 Restricted Subsidiary of the Company; 

 
	
  

 	
  

 	
  

 
	
  

 	
           (11)
 any Investment existing on, or made pursuant to binding commitments existing
 on, the date of this Indenture and any Investment consisting of an extension,
 modification or renewal of any Investment existing on, or made pursuant to a
 binding commitment existing on, the date of this Indenture; provided, that
 the amount of any such Investment may be increased (a) as required by the
 terms of such Investment as in existence on the date of this Indenture or (b)
 as otherwise permitted under this Indenture;

 
	
  

 	
  

 	
  

 
	
  

 	
           (12)
 Investments acquired after the date of this Indenture as a result of the
 acquisition by the Company or any Restricted Subsidiary of the Company of
 another Person, including by way of a merger, amalgamation or consolidation
 with or into the Company or any of its Restricted Subsidiaries in a transaction
 that is not prohibited by Section 5.01 after the date of this Indenture to
 the extent that such Investments were not made in contemplation of such
 acquisition, merger, amalgamation or consolidation and were in existence on
 the date of such acquisition, merger, amalgamation or consolidation;

 
	
  

 	
  

 	
  

 
	
  

 	
           (13)
 any Investment acquired by the Company or any of its Restricted Subsidiaries
 (a) in exchange for any other Investment or accounts receivable held by the
 Company or any such Restricted Subsidiary in connection with or as a result
 of a bankruptcy, workout, reorganization or recapitalization of the issuer of
 such other Investment or accounts receivable or (b) as a result

 

20

	
  

 	
  

 
	
  

 	
 of
 a foreclosure by the Company or any of its Restricted Subsidiaries with
 respect to any secured Investment or other transfer of title with respect to
 any secured Investment in default;

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
           (14)
 Investments consisting of the licensing or contribution of intellectual
 property pursuant to joint marketing arrangements with other Persons in the
 ordinary course of business;

 
	
  

 	
  

 
	
  

 	
           (15)
 Investments consisting of or to finance purchases and acquisitions of
 inventory, supplies, materials, services or equipment or purchases of
 contract rights or licenses or leases of intellectual property; and

 
	
  

 	
  

 
	
  

 	
           (16)
 other Investments in any Person other than an Affiliate of the Company that
 is not a Subsidiary of the Company 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 (16) that are at the time
 outstanding not to exceed $20.0 million.

 
	
  

 	
  

 
	
  

 	
  “Permitted Liens” means:

 
	
  

 	
  

 
	
  

 	
           (1)
 Liens held by the First Lien Collateral Agent securing First Lien Obligations
 in an aggregate principal amount not exceeding the Cap Amount;

 
	
  

 	
  

 
	
  

 	
           (2)
 Liens held by the Collateral Agent equally and ratably securing the Notes to
 be issued on the date of this Indenture and all Additional Parity Lien
 Facility Debt and other Second Lien Obligations;

 
	
  

 	
  

 
	
  

 	
           (3)
 Liens in favor of the Company or the Guarantors; 

 
	
  

 	
  

 
	
  

 	
           (4)
 Liens to secure the performance of statutory obligations, insurance, surety
 or appeal bonds, workers compensation obligations, performance bonds or other
 obligations of a like nature incurred in the ordinary course of business
 (including Liens to secure letters of credit issued to assure payment of such
 obligations);

 
	
  

 	
  

 
	
  

 	
           (5)
 Liens to secure Indebtedness (including Capital Lease Obligations) permitted
 by Section 4.09(b)(4) covering only the assets acquired with or financed by
 such Indebtedness;

 
	
  

 	
  

 
	
  

 	
           (6)
 Liens for taxes, assessments or governmental charges or claims 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 is required in conformity with
 GAAP has been made therefor;

 
	
  

 	
  

 
	
  

 	
           (7)
 Liens imposed by law, such as carriers’, warehousemen’s, landlord’s and
 mechanics’ Liens, in each case, incurred in the ordinary course of business;

 
	
  

 	
  

 
	
  

 	
           (8)
 survey exceptions, easements or reservations of, or rights of others for,
 licenses, rights-of-way, sewers, electric lines, telegraph and telephone
 lines and other similar purposes, or zoning or other restrictions as to the
 use of real property that were not incurred in connection with Indebtedness
 and that do not in the aggregate materially adversely affect the value of
 said properties or materially impair their use in the operation of the
 business of such Person;

 
	
  

 	
  

 
	
  

 	
           (9)
 Liens created for the benefit of (or to secure) the Notes (or the Note
 Guarantees);

 

21

	
  

 	
  

 
	
  

 	
           (10)
 Liens to secure any Permitted Refinancing Indebtedness permitted to be
 incurred under this Indenture; provided,
 however, that:

 
	
  

 	
  

 
	
  

 	
                     (a)
 the new Lien is limited to all or part of the same property and assets that
 secured or, under the written agreements pursuant to which the original Lien
 arose, could secure the original Lien (plus improvements and accessions to,
 such property or proceeds or distributions thereof); and

 
	
  

 	
  

 
	
  

 	
                     (b)
 the Indebtedness secured by the new Lien is not increased to any amount
 greater than the sum of (x) the outstanding principal amount, or, if greater,
 committed amount, of the Indebtedness renewed, refunded, refinanced,
 replaced, defeased or discharged with such Permitted Refinancing Indebtedness
 and (y) an amount necessary to pay any fees and expenses, including premiums,
 related to such renewal, refunding, refinancing, replacement, defeasance or
 discharge; 

 
	
  

 	
  

 
	
  

 	
           (11)
 Liens on insurance policies and proceeds thereof, or other deposits, to
 secure insurance premium financings;

 
	
  

 	
  

 
	
  

 	
           (12)
 filing of Uniform Commercial Code financing statements as a precautionary
 measure in connection with operating leases;

 
	
  

 	
  

 
	
  

 	
           (13)
 bankers’ Liens, rights of setoff, Liens arising out of judgments or awards
 not constituting an Event of Default and
 notices of lis pendens and associated rights related to litigation
 being contested in good faith by appropriate proceedings and for which
 adequate reserves have been made;

 
	
  

 	
  

 
	
  

 	
           (14)
 Liens on specific items of inventory or
 other goods (and the proceeds thereof) of any Person securing such Person’s
 obligations in respect of bankers’ acceptances issued or created in the
 ordinary course of business for the account of such Person to facilitate the
 purchase, shipment or storage of such inventory or other goods;

 
	
  

 	
  

 
	
  

 	
           (15)
 grants of software and other technology licenses in the ordinary course of
 business;

 
	
  

 	
  

 
	
  

 	
           (16)
 Liens arising out of conditional sale, title retention, consignment or
 similar arrangements for the sale of goods entered into in the ordinary
 course of business;

 
	
  

 	
  

 
	
  

 	
           (17)
 grants of leases and subleases in the ordinary course of business that do not
 materially interfere with the ordinary course of business of the lessor or
 detract from the value of its relative assets;

 
	
  

 	
  

 
	
  

 	
           (18)
 Liens on the Capital Stock of Unrestricted Subsidiaries;

 
	
  

 	
  

 
	
  

 	
           (19)
 Liens (other than Liens in favor of First Lien Claimholders) securing
 Hedging Obligations so long as (a) the related Indebtedness is permitted to
 be incurred under this Indenture and (b) such Lien extends only to the same
 property securing the related Indebtedness; provided, that the value
 of such secured Hedging Obligations that are not First Lien Obligations do
 not exceed $7.5 million

 
	
  

 	
  

 
	
  

 	
           (20)
 any attachment, award or judgment Lien, provided, that the judgment it secures
 shall, within 60 days after the entry thereof, have been discharged or stayed
 pending appeal, or 

 

22

	
  

 	
  

 
	
  

 	
 shall have been
 discharged within 60 days after the expiration of any such stay, provided,
 that the holder of such Lien has not commenced foreclosure proceedings in
 respect of any such Lien; and

 
	
  

 	
  

 
	
  

 	
           (21)
 Liens incurred in the ordinary course of business of the Company or any
 Restricted Subsidiary of the Company with respect to obligations that do not
 exceed $5.0 million at any one time outstanding. 

 
	
  

 	
  

 
	
  

 	
 “Permitted Prior Liens” means:

 
	
  

 	
  

 
	
  

 	
           (1)
 Liens described in clause (1) of the definition of “Permitted Liens;” 

 
	
  

 	
  

 
	
  

 	
           (2)
 Liens described in clause (4) (except with respect to liens on Capital Stock)
 of the definition of “Permitted Liens;” and 

 
	
  

 	
  

 
	
  

 	
           (3)
 Permitted Liens that arise by operation of law and are not voluntarily
 granted, to the extent entitled by law to priority over the Liens created by
 the First Lien Collateral Documents or the Security Documents.

 
	
  

 	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (2)
 such Permitted Refinancing Indebtedness has a final maturity date later than
 the final maturity date of, and has a Weighted Average Life to Maturity that
 is (a) equal to or greater than the Weighted Average Life to Maturity of, the
 Indebtedness being renewed, refunded, refinanced, replaced, defeased or
 discharged or (b) more than 90 days after the final maturity date of the
 Notes; 

 
	
  

 	
  

 
	
  

 	
           (3)
 if the Indebtedness being renewed, refunded, refinanced, replaced, defeased
 or discharged is subordinated in right of payment to the Notes, such
 Permitted Refinancing Indebtedness is subordinated in right of payment to the
 Notes on terms at least as favorable to the Holders of Notes as those
 contained in the documentation governing the Indebtedness being renewed,
 refunded, refinanced, replaced, defeased or discharged; and

 
	
  

 	
  

 
	
  

 	
           (4)
 such Indebtedness is incurred either by the Company or by the Restricted
 Subsidiary of the Company that was the obligor on the Indebtedness being
 renewed, refunded, refinanced, replaced, defeased or discharged and is guaranteed
 only by Persons who were obligors on the Indebtedness being renewed,
 refunded, refinanced, replaced, defeased or discharged. 

 
	
  

 	
  

 
	
           “Permitted
 Second Lien Debt” means (1) the Notes and the related Note
 Guarantees issued on the date of this Indenture (including any related
 Exchange Notes and Note Guarantees) and (2) any Additional Parity Lien
 Facility Debt; provided, that with respect to such Additional Parity Lien
 Facility Debt, (a) (i) the net proceeds are used to refund, refinance,
 replace, defease, discharge or otherwise 

 

23

acquire or retire First Lien Obligations or other Second Lien
Obligations, (ii) on the date of incurrence of such Additional Parity Lien
Facility Debt, after giving pro forma effect to the incurrence thereof and the
application of proceeds therefrom, the Secured Leverage Ratio would not be
greater than 3.75 to 1.0, or (iii) with respect to any Additional Parity Lien
Facility Debt not provided for in clauses (i) or (ii) above, such Additional
Parity Lien Facility Debt does not exceed $15.0 million; (b) the lien sharing
and priority confirmation documents required under the Intercreditor Agreement
shall have been delivered; and (c) all other requirements set forth in the
Intercreditor Agreement shall have been satisfied.

          “Person” means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other
entity.

          “Pledgors” means the Company, the Guarantors
and any other Person (if any) that provides collateral security for any Secured
Obligations.

          “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.

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

          “Qualifying
Equity Interests” means Equity Interests of the Company other than
(1) Disqualified Stock; (2) Equity Interests that were used to support an
incurrence of Contribution Indebtedness.

          
“Registration Rights Agreement” means the Registration Rights Agreement, dated as of June 30, 2010,
among the Company, the Guarantors and the other parties named on the signature
pages thereof, as such agreement may be amended, modified or supplemented from
time to time and, with respect to any Additional Notes, one or more
registration rights agreements among the Company, the Guarantors and the other
parties thereto, as such agreement(s) may be amended, modified or supplemented
from time to time, relating to rights given by the Company to the purchasers of
Additional Notes to register such Additional Notes under the Securities Act.

          “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.

          “Relevant
Fiscal Year” means any fiscal year, commencing with the period
beginning on the date of this Indenture and ending December 31, 2010.

          “Responsible
Officer,” when used
with respect to the Trustee, means any officer within the corporate trust
department of the Trustee (or any successor group of the Trustee) including any
vice president, assistant vice president, assistant secretary, assistant
treasurer, trust officer or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above designated
officers 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.

24

          “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.

          “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 Ratings Group.

          “Sale of Collateral” means any Asset Sale
involving a sale or other disposition of Collateral.

          “SEC” means the Securities and Exchange
Commission.

          “Second Lien Claimholders” has the meaning
assigned to that term in the Intercreditor Agreement.

          “Second Lien Debt Representative” has the meaning assigned to that term in the
Intercreditor Agreement.

          “Second Lien Documents” has the meaning
assigned to that term in the Intercreditor Agreement.

          “Second Lien Obligations” has the meaning
assigned to that term in the Intercreditor Agreement.

          “Secured Leverage Ratio” means, on any
date, the ratio of: 

	
  

 	
  

 
	
  

 	
           (1) the
 aggregate principal amount of Indebtedness of the Company and the Guarantors
 (other than Indebtedness described in Section 4.09(b)(4) hereof) that is not
 Subordinated Indebtedness and is secured by a Lien on the assets of such
 Person (other than a Lien solely on Excluded Assets) outstanding on such date
 plus all Indebtedness of Restricted Subsidiaries of the Company that are not
 Guarantors outstanding on such date (and, for this purpose, letters of credit
 will be deemed to have a principal amount equal to the face amount thereof, whether
 or not drawn), to: 

 
	
  

 	
  

 
	
  

 	
           (2) the
 aggregate amount of the Company’s Consolidated EBITDA for the most recent
 four-quarter period for which financial information is available.

 
	
  

 	
  

 
	
  

 	
 In addition, for purposes of calculating the Secured Leverage Ratio:

 
	
  

 	
  

 
	
  

 	
           (1)
 acquisitions that have been made by the specified Person or any of its
 Restricted Subsidiaries, including through mergers or consolidations or
 acquisitions of assets, or any Person or any of its Restricted Subsidiaries
 acquired by merger, consolidation or the acquisition of all or substantially
 all of its assets by the specified Person or any of its Restricted
 Subsidiaries, and including any related financing transactions and including
 increases in ownership of Restricted Subsidiaries, during the four-quarter
 reference period or subsequent to such reference period and

 

25

	
  

 	
  

 
	
  

 	
 on or prior to the date on which the event for which the calculation
 of the Secured Leverage Ratio is made (the “Leverage
 Calculation Date”) will be given pro forma effect in accordance
 with Regulation S-X under the Securities Act as if they had occurred on the
 first day of the four-quarter reference period;

 
	
  

 	
  

 
	
  

 	
           (2) the
 Consolidated EBITDA attributable to discontinued operations, as determined in
 accordance with GAAP, and operations or businesses (and ownership interests
 therein) disposed of prior to the Leverage Calculation Date will be excluded;

 
	
  

 	
  

 
	
  

 	
           (3) any
 Person that is a Restricted Subsidiary on the Leverage Calculation Date will
 be deemed to have been a Restricted Subsidiary at all times during such
 four-quarter period; 

 
	
  

 	
  

 
	
  

 	
           (4) any
 Person that is not a Restricted Subsidiary on the Leverage Calculation Date
 will be deemed not to have been a Restricted Subsidiary at any time during
 such four-quarter period; and

 
	
  

 	
  

 
	
  

 	
           (5) for
 purposes of calculating the Company’s Secured Leverage Ratio for any
 four-quarter reference period that includes any fiscal quarter ending on or
 prior to March 31, 2009, the effective reduction in the wagering tax rate
 from 24% to 19% of the Company’s adjusted gross receipts under the provisions
 of the Michigan Gaming Control and Revenue Act obtained on March 9, 2010 will
 be given pro forma effect as if such reduction had occurred on January 1, 2009.

 

          “Secured Obligations” means Second
Lien Obligations and First Lien Obligations. 

          “Securities
Act” means the
Securities Act of 1933, as amended.

          “Security
Documents” means the security agreements, mortgages, security documents,
agency agreements, Intercreditor Agreement and other instruments and documents
executed and delivered pursuant to this Indenture or any of the foregoing, as
the same may be amended, supplemented or otherwise modified from time to time
and pursuant to which Collateral is pledged, assigned or granted to or on
behalf of the Collateral Agent for the ratable benefit of the Holders of the
Notes and the trustee or notice of such pledge, assignment or grant is given.

          “Series
of Second Lien Debt” has the meaning assigned to that term in the
Intercreditor Agreement.

          “Shelf
Registration Statement”
means the Shelf Registration Statement as defined in the Registration Rights
Agreement.

          “Significant
Subsidiary” means any
Restricted Subsidiary 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 is in effect on the date of this Indenture.

          “Special
Interest” has the
meaning assigned to that term in the Registration Rights Agreement.

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

26

          “Subordinated
Indebtedness” means Indebtedness of the Company or a Guarantor that
is contractually subordinated in right of payment to the Notes or to any Note
Guarantee, as applicable.

          “Subsidiary” means, with respect to any specified Person:

	
  

 	
  

 
	
  

 	
           (1)
 any corporation, association or other business entity of which more than 50%
 of the total voting power of shares of Capital Stock entitled (without regard
 to the occurrence of any contingency and after giving effect to any voting
 agreement or stockholders’ agreement that effectively transfers voting power)
 to vote in the election of directors, managers or trustees of the
 corporation, association or other business entity is at the time owned or
 controlled, directly or indirectly, by that Person or one or more of the
 other Subsidiaries of that Person (or a combination thereof); and

 
	
  

 	
  

 
	
  

 	
           (2)
 any partnership or limited liability company of which (a) more than 50% of
 the capital accounts, distribution rights, total equity and voting interests
 or general and limited partnership interests, as applicable, are owned or
 controlled, directly or indirectly, by such Person or one or more of the
 other Subsidiaries of that Person or a combination thereof, whether in the
 form of membership, general, special or limited partnership interests or
 otherwise, and (b) such Person or any Subsidiary of such Person is a
 controlling general partner or otherwise controls such entity.

 

          “TIA” means the Trust Indenture Act of 1939, as amended
(15 U.S.C. §§ 77aaa-77bbbb).

          “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 January 1,
2013; provided, however, that if the period from the redemption
date to January 1, 2013, 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.

          “Trustee” means Wilmington Trust FSB, until a
successor replaces it in accordance with the applicable provisions of this
Indenture and thereafter Trustee means such successor Trustee 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” means any
Subsidiary of the Company (other than Greektown Casino, L.L.C. or any successor
to it) that is designated by the Board of Directors of the Company as an
Unrestricted Subsidiary (and any Subsidiary of an Unrestricted Subsidiary)
pursuant to a resolution of the Board of Directors, but only to the extent that
such Subsidiary or any of its Subsidiaries:

	
  

 	
  

 
	
  

 	
           (1)
 as of the date of designation, and at all times hereafter, has no
 Indebtedness other than Non-Recourse Debt;

 

27

	
  

 	
  

 
	
  

 	
           (2)
 except as permitted by Section 4.12 hereof, is not party to any agreement,
 contract, arrangement or understanding with the Company or any Restricted
 Subsidiary of the Company unless the terms of any such agreement, contract,
 arrangement or understanding are no less favorable to the Company or such
 Restricted Subsidiary than those that might be obtained at the time from
 Persons who are not Affiliates of the Company;

 
	
  

 	
  

 
	
  

 	
           (3)
 is a Person with respect to which neither the Company nor any of its
 Restricted Subsidiaries has any direct or indirect obligation (a) to
 subscribe for additional Equity Interests or (b) to maintain or preserve such
 Person’s financial condition or to cause such Person to achieve any specified
 levels of operating results; 

 
	
  

 	
  

 
	
  

 	
           (4)
 such designation and the Investment of the Company in such Subsidiary
 complies with Section 4.07;

 
	
  

 	
  

 
	
  

 	
           (5)
 does not own any Capital Stock or Indebtedness of or have any Investment in,
 or own or hold any Lien of any property of, any other Subsidiary of the
 Company which is not a Subsidiary of the Subsidiary to be so designated as an
 Unrestricted Subsidiary; and

 
	
  

 	
  

 
	
  

 	
           (6)
 has not guaranteed or otherwise directly or indirectly provided credit
 support for any Indebtedness of the Company or any of its Restricted
 Subsidiaries.

 

          “U.S.
Person” means a U.S.
Person as defined in Rule 902(k) promulgated under the Securities Act.

          “Voting
Stock” of any specified
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 Directors of such Person.

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

	
  

 	
  

 
	
 Section 1.02

 	
 Other Definitions.

 

	
  

 	
  

 	
  

 	
  

 
	
 Term 

 	
  

 	
  

 	
 Defined

in

Section 

 
	

 

 	
  

 	
  

 	

 

 
	
  “Affiliate Transaction”

 	
  

 	
 4.12

 
	
  “Asset Sale Offer”

 	
  

 	
 3.11

 
	
  “Authentication Order”

 	
  

 	
 2.02

 
	
  “Change of Control Offer”

 	
  

 	
 4.16

 
	
  “Change of Control Payment”

 	
  

 	
 4.16

 
	
  “Change of Control Payment Date”

 	
  

 	
 4.16

 
	
  “Claim”

 	
  

 	
 7.07

 
	
  “Consolidated Excess Cash Flow Redemption”

 	
  

 	
 3.09

 

28

	
  

 	
  

 	
  

 	
  

 
	
 Term 

 	
  

 	
  

 	
 Defined

in

Section 

 
	

 

 	
  

 	
  

 	

 

 
	
  “Consolidated Excess Cash Flow Redemption Amount”

 	
  

 	
 3.09

 
	
  “Covenant Defeasance”

 	
  

 	
 8.03

 
	
  “DTC”

 	
  

 	
 2.03

 
	
  “Event of Default”

 	
  

 	
 6.01

 
	
  “Event of Loss”

 	
  

 	
 4.11

 
	
  “Event of Loss Offer”

 	
  

 	
 4.11

 
	
  “Excess Loss Proceeds”

 	
  

 	
 4.11

 
	
  “Excess Proceeds”

 	
  

 	
 4.10

 
	
  “incur”

 	
  

 	
 4.09

 
	
  “Legal Defeasance”

 	
  

 	
 8.02

 
	
  “Offer Amount”

 	
  

 	
 3.11

 
	
  “Offer Period”

 	
  

 	
 3.11

 
	
  “Paying Agent”

 	
  

 	
 2.03

 
	
  “Permitted Debt”

 	
  

 	
 4.09

 
	
  “Payment Default”

 	
  

 	
 6.01

 
	
  “Purchase Date”

 	
  

 	
 3.11

 
	
  “Registrar”

 	
  

 	
 2.03

 
	
  “Regulatory Redemption”

 	
  

 	
 3.08

 
	
  “Relevant Fiscal Year”

 	
  

 	
 3.09

 
	
  “Restricted Payments”

 	
  

 	
 4.07

 
	
  “Special Interest Notice”

 	
  

 	
 4.22

 
	
  “Subject Property”

 	
  

 	
 4.11

 

	
  

 	
  

 
	
 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

          “obligor” on the Notes and the Note Guarantees means
the Company and the Guarantors, respectively, and any successor obligor upon
the Notes and the Note Guarantees, respectively.

          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.

29

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; and 

 
	
  

 	
  

 
	
  

 	
           (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. 

 

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 Exhibits A1
and A2 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 denominations of $100,000 and integral
multiples of $1,000 in excess thereof. 

          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. 

          (b) Global Notes. Notes issued in global form
will be substantially in the form of Exhibits A1 or A2 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 A1 or Exhibit A2 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 if the Custodian and the Trustee are not the same Person, by the
Custodian, in accordance with instructions given by the Holder thereof as
required by Section 2.06 hereof. 

30

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 that may be validly issued under this Indenture, including
any Additional Notes up to the aggregate principal amount stated in paragraph 4
of the Notes and on the basis of such Authentication Order. The aggregate
principal amount of Notes outstanding at any time may not exceed the aggregate
principal amount of Notes authorized for issuance by the Company pursuant to
one or more Authentication Orders, except as provided in Section 2.07 hereof. 

          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 and only upon receipt of an Authentication Order. Each reference in this
Indenture to authentication by the Trustee includes authentication by such
authenticating agent of the Trustee. 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. 

          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 with respect to the Global Notes until such time as the
Trustee has resigned or a successor has been appointed. 

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 of, premium on,
if any, interest or Special Interest, if any, on, the Notes, and will notify
the Trustee 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 

31

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 reasonable form and as of such date as the Trustee may 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. All Global
Notes will be exchanged by the Company for Definitive Notes: 

	
  

 	
  

 
	
  

 	
           (1) if
 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; 

 
	
  

 	
  

 
	
  

 	
           (2) if
 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; or 

 
	
  

 	
  

 
	
  

 	
           (3) at
 the request of Holders, if there has occurred and is continuing a Default or
 Event of Default with respect to the Notes. 

 

          Upon the
occurrence of either of the preceding events in (1), (2) or (3) above,
Definitive Notes shall be issued by the Company in such names as the Depositary
shall instruct the Trustee. Following receipt by the Trustee of an
Authentication Order the Trustee shall authenticate such Definitive Notes.
Every Note authenticated and delivered in exchange for a Global Note or any
portion thereof pursuant to this Section 2.06 shall be authenticated and
delivered in the form of, and shall be, a Definitive Note. Global Notes also
may be exchanged or replaced, in whole or in part, as provided in Sections 2.07
and 2.10 hereof. Every Global Note authenticated and delivered in exchange for,
or in lieu of, a Global Note pursuant to Section 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), however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 2.06(b), (c) or (f) 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 

32

to the extent required by the Securities Act. 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: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (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 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (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. 

 

Upon consummation of an Exchange Offer by the Company in accordance
with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(2) shall
be deemed to have been satisfied upon receipt by the Registrar of the
instructions contained in the Letter of Transmittal delivered by the Holder of
such beneficial interests in the Restricted Global Notes. Upon satisfaction of
all of the requirements for transfer or exchange of beneficial interests in
Global Notes contained in this Indenture and the Notes or otherwise applicable
under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(h) hereof. 

33

	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (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, certificates and Opinion
 of Counsel required by item (3) thereof, if applicable. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (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: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A) such
 exchange or transfer is effected pursuant to the Exchange Offer in accordance
 with the Registration Rights Agreement and the holder of the beneficial
 interest to be transferred, in the case of an exchange, or the transferee, in
 the case of a transfer, certifies in the applicable Letter of Transmittal
 that it is not (i) a Broker-Dealer, (ii) a Person participating in the
 distribution of the Exchange Notes or (iii) a Person who is an affiliate (as
 defined in Rule 144) of the Company; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) such
 transfer is effected pursuant to the Shelf Registration Statement in
 accordance with the Registration Rights Agreement; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (C) such
 transfer is effected by a Broker-Dealer pursuant to the Exchange Registration
 Statement in accordance with the Registration Rights Agreement; or 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (D) the
 Registrar receives the following: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (i) 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 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (ii) 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; 

 

34

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 and, in each such case set forth in this subparagraph (D), if the
 Company so requests or if the Applicable Procedures so require, an Opinion of
 Counsel in form reasonably acceptable to the Company 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: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (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; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (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 

 

35

	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (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. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (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: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A) such
 exchange or transfer is effected pursuant to the Exchange Offer in accordance
 with the Registration Rights Agreement and the holder of such beneficial
 interest, in the case of an exchange, or the transferee, in the case of a
 transfer, certifies in the applicable Letter of Transmittal that it is not
 (i) a Broker-Dealer, (ii) a Person participating in the distribution of the
 Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144)
 of the Company; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) such
 transfer is effected pursuant to the Shelf Registration Statement in
 accordance with the Registration Rights Agreement; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (C) such
 transfer is effected by a Broker-Dealer pursuant to the Exchange Registration
 Statement in accordance with the Registration Rights Agreement; or 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (D) the
 Registrar receives the following: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (i) 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 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (ii) 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 set forth in this subparagraph (D), if the
 Company so requests or if the Applicable Procedures so require, an Opinion of
 Counsel in form reasonably acceptable to the Company 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 

 

36

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 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, 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: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (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; 

 

37

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (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, 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: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A) such
 exchange or transfer is effected pursuant to the Exchange Offer in accordance
 with the Registration Rights Agreement and the Holder, in the case of an
 exchange, or the transferee, in the case of a transfer, certifies in the
 applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a
 Person participating in the distribution of the Exchange Notes or (iii) a
 Person who is an affiliate (as defined in Rule 144) of the Company; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) such
 transfer is effected pursuant to the Shelf Registration Statement in
 accordance with the Registration Rights Agreement; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (C) such
 transfer is effected by a Broker-Dealer pursuant to the Exchange Registration
 Statement in accordance with the Registration Rights Agreement; or 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (D) the
 Registrar receives the following: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (i) 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 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (ii) 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 set forth in this subparagraph (D), if the
 Company so requests or if the Applicable Procedures so require, an Opinion of
 Counsel in form reasonably acceptable to the Company 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. 

 

38

	
  

 	
  

 	
  

 
	
  

 	
           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). 

 
	
  

 	
  

 	
  

 
	
  

 	
           (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: 

 

39

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A) such
 exchange or transfer is effected pursuant to the Exchange Offer in accordance
 with the Registration Rights Agreement and the Holder, in the case of an
 exchange, or the transferee, in the case of a transfer, certifies in the
 applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a
 Person participating in the distribution of the Exchange Notes or (iii) a
 Person who is an affiliate (as defined in Rule 144) of the Company; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) any
 such transfer is effected pursuant to the Shelf Registration Statement in
 accordance with the Registration Rights Agreement; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (C) any
 such transfer is effected by a Broker-Dealer pursuant to the Exchange
 Registration Statement in accordance with the Registration Rights Agreement;
 or 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (D) the
 Registrar receives the following: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (i) 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; or 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (ii) 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 set forth in this subparagraph (D), if the
 Company so requests, an Opinion of Counsel in form reasonably acceptable to
 the Company 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 written request to register
 such a transfer, the Registrar shall register the Unrestricted Definitive
 Notes pursuant to the instructions from the Holder thereof. 

 
	
  

 	
  

 	
  

 	
  

 
	
           (f) Exchange Offer. Upon the occurrence of
 the Exchange Offer in accordance with the Registration Rights Agreement, the
 Company will issue and, upon receipt of an Authentication Order in accordance
 with Section 2.02 hereof, the Trustee will authenticate: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (1) one
 or more Unrestricted Global Notes in an aggregate principal amount equal to
 the principal amount of the beneficial interests in the Restricted Global
 Notes accepted for exchange in the Exchange Offer by Persons that certify in
 the applicable Letters of Transmittal that (A) they are not Broker-Dealers,
 (B) they are not participating in a distribution of the Exchange Notes and
 (C) they are not affiliates (as defined in Rule 144) of the Company; and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (2)
 Unrestricted Definitive Notes in an aggregate principal amount equal to the
 principal amount of the Restricted Definitive Notes accepted for exchange in
 the Exchange Offer by Persons that certify in the applicable Letters of
 Transmittal that (A) they are not Broker-

 

40

	
  

 	
  

 	
  

 
	
  

 	
 Dealers, (B) they are not participating in a distribution of the
 Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of
 the Company. 

 
	
  

 	
  

 	
  

 
	
           Concurrently
 with the issuance of such Notes, the Trustee will cause the aggregate
 principal amount of the applicable Restricted Global Notes to be reduced
 accordingly, and the Company will execute and the Trustee will authenticate
 and deliver to the Persons designated by the Holders of Definitive Notes so
 accepted Unrestricted Definitive Notes in the appropriate principal amount. 

 
	
  

 	
  

 	
  

 
	
           (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 NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED,
 SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR
 THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING
 SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE
 HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
 DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS NOT A
 U.S. PERSON, IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OR BENEFIT OF A U.S.
 PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
 REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL
 “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF
 REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”), (2) AGREES THAT IT WILL
 NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144 (TAKING INTO ACCOUNT
 THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT, IF APPLICABLE) UNDER
 THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE TRANSFER OF THIS NOTE,
 RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY
 SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A
 QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN COMPLIANCE
 WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN
 OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT,
 (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER
 THE SECURITIES ACT (IF AVAILABLE), (E) TO AN IAI THAT, PRIOR TO SUCH
 TRANSFER, FURNISHES TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
 REPRESENTATIONS AND AGREEMENTS RELATING TO THE REGISTRATION OF TRANSFER OF
 THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND AN
 OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN
 COMPLIANCE WITH THE SECURITIES ACT OR (F) PURSUANT TO AN EFFECTIVE
 REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN
 ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND (3) AGREES THAT IT WILL
 DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED
 A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY
 TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED
 TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE 

 

41

BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH
TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS
GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE
INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY
TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING RESTRICTIONS.” 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (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),
 (e)(3) or (f) 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 UNDER ANY
CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY
BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT 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. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) (“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.” 

	
  

 	
  

 
	
  

 	
           (3) Original Issue Discount Legend. Each
 Note will bear a legend in substantially the following form: 

 

“THE NOTES HAVE BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR UNITED
STATES FEDERAL INCOME TAX PURPOSES (“OID”). THE COMPARABLE YIELD, PROJECTED
PAYMENT SCHEDULE, ISSUE PRICE, THE AMOUNT OF OID AND THE ISSUE DATE MAY BE
OBTAINED BY CONTACTING GREEKTOWN SUPERHOLDINGS, INC., AT 555 EAST LAFAYETTE,
DETROIT, MICHIGAN 48226.” 

42

	
  

 	
  

 	
  

 
	
           (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 returned to or 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, 3.11,
 4.10, 4.11, 4.16 and 9.05 hereof). 

 
	
  

 	
  

 	
  

 
	
  

 	
           (3) The
 Registrar will not be required to register the transfer of 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 day of any selection
 of Notes for redemption under Section 3.02 hereof and ending at the close of
 business on the day of selection; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (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. 

 

43

	
  

 	
  

 
	
  

 	
           (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 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) 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. 

 

Section 2.07 Replacement Notes.

          If any
mutilated Note is surrendered to the Trustee or the Company and 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 Trustee’s requirements are
met. If required by either the Trustee or the Company, an indemnity bond must be
supplied by the Holder that is sufficient in the independent judgment of, as
applicable, the Trustee or the Company to protect, as applicable, the Trustee’s
or the Company’s respective interests, and/or to protect the interests of 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. 

          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; however, Notes held by the Company or a Subsidiary of the
Company shall not be deemed to be outstanding for purposes of Section 3.07(a)
hereof.

          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 as defined in the applicable Uniform Commercial Code. 

          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. 

44

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 the Trustee 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, upon receipt of an Authentication Order, will authenticate
temporary Notes. Temporary Notes will be substantially in the form of
certificated Notes but may have variations that the Company considers
appropriate for temporary Notes. Without unreasonable delay, the Company will
prepare and upon receipt of an Authentication Order the Trustee will
authenticate definitive 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 shall dispose of all canceled Notes in
accordance with the Trustee’s usual procedures (subject to the record retention
requirement of the Exchange Act). Certification of the disposal of all canceled
Notes will be delivered to the Company. 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, it will pay the
defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on 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 and at the same time the Company shall deposit with the
Trustee an amount of money in immediately available funds in United States
dollars equal to the aggregate amount proposed to be paid in respect of such
defaulted interest or shall make arrangements satisfactory to the Trustee for
such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such
defaulted interest as in this clause provided. 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) will mail or cause to be mailed to
Holders a notice that states the special record date, the related payment date
and the amount of such interest to be paid.  

45

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; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (4)

 	
 the
 redemption price. 

 

Section 3.02 Selection of Notes to
Be Redeemed or Purchased.

          If less
than all of the Notes are to be redeemed or purchased in an offer to purchase
at any time, the Trustee will select Notes for redemption or purchase on a pro
rata basis (or, in the case of Notes issued in global form pursuant to Article
2 hereof, based on a method that most nearly approximates a pro rata selection
as the Trustee deems fair and appropriate) unless otherwise required by law or
applicable stock exchange or depositary requirements.  

          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. 

          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. Notes and portions of Notes selected will be in amounts of $100,000
or whole multiples of $1,000 in excess thereof; 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 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, other than Notes called for redemption pursuant to
Section 3.08 hereof, 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, 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, a notice of redemption 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 and discharge of
this Indenture pursuant to Articles 8 or 12 hereof. 

          The notice will
identify the Notes to be redeemed and will state: 

	
  

 	
  

 	
  

 
	
  

 	
 (1)

 	
 the
 redemption date; 

 

46

	
  

 	
  

 
	
  

 	
           (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 will be issued 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, interest on
 Notes called for redemption ceases to accrue on and after the redemption
 date; 

 
	
  

 	
  

 
	
  

 	
           (7) the
 paragraph of the Notes and/or Section of this Indenture pursuant to which the
 Notes called for redemption are being redeemed; and 

 
	
  

 	
  

 
	
  

 	
           (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, 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. A notice of redemption may not be conditional. 

Section 3.05 Deposit of Redemption
or Purchase Price. 

          One
Business Day prior to the redemption or purchase date, the Company will deposit
with the Trustee or with the Paying Agent money in same day funds in United
States dollars sufficient to pay the redemption or purchase price of, accrued
interest and Special 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 and Special 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, 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 

47

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. 

Section 3.07 Optional Redemption. 

          (a) At any
time prior to January 1, 2013, the Company may on any one or more occasions
redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’
notice, at a redemption price equal to 100% of the principal amount of the
Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid
interest and Special Interest, if any, to the date of redemption, subject to
the rights of Holders of Notes on the relevant record date to receive interest
due on the relevant Interest Payment Date. 

          (b) Except
pursuant to the preceding paragraph and Section 3.08 hereof, the Notes will not
be redeemable at the Company’s option prior to January 1, 2013. 

          (c) On or
after January 1, 2013, the Company may on any one or more occasions redeem all
or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at
the redemption prices (expressed as percentages of principal amount) set forth
below, plus accrued and unpaid interest and Special Interest, if any, on the
Notes redeemed, to the applicable date of redemption, if redeemed during the
period beginning January 1 and ending on the dates indicated below, subject to
the rights of Holders of Notes on the relevant record date to receive interest
on the relevant interest payment date: 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Period

 	
  

 	
  

 	
 Percentage

 	
  

 
	

 

 	
  

 	
  

 	

 

 	
  

 
	
 From January
 1, 2013 to December 31, 2013

 	
  

 	
  

 	
 106.5

 	
 %

 
	
 From January
 1, 2014 to December 31, 2014

 	
  

 	
  

 	
 103.5

 	
 %

 
	
 From January
 1, 2015 and thereafter

 	
  

 	
  

 	
 100.0

 	
 %

 

          Unless the
Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable
redemption date. 

          (d) Any
redemption pursuant to this Section 3.07 shall be made pursuant to the
provisions of Sections 3.01 through 3.06 hereof. 

Section 3.08 Mandatory Disposition
Pursuant to Gaming Laws. 

          (a) If any
Gaming Authority requires that a Holder of Notes or Beneficial Owner of Notes
must be licensed, qualified or found suitable or exempt from licensure under
any applicable Gaming Law, such Holder or Beneficial Owner shall apply for an
exemption from licensure, a license, qualification or a finding of suitability
within 30 days (or such earlier date as may be ordered by such Gaming
Authority) after being requested to do so by the Gaming Authority. If, by such
date, such Holder or Beneficial Owner so fails to apply or the Company or such
Holder or Beneficial Owner receives notice of a finding by the applicable
Gaming Authority that such Holder or Beneficial Owner is not or will not be
licensed, qualified or found suitable or exempt from licensure, the Company
shall have the right, at the Company’s option: 

48

	
  

 	
  

 	
  

 
	
  

 	
           (1) to
 require such Holder or Beneficial Owner to dispose of such Holder’s or
 Beneficial Owner’s Notes within 30 days (or such earlier date as may be
 ordered by such Gaming Authority) of (i) such failure to so apply or (ii) receipt
 of notice by the Company or such Holder or Beneficial Owner of a finding by
 the applicable Gaming Authority that such Holder or Beneficial Owner is not
 or will not be licensed, qualified or found suitable or exempt from
 licensure; or 

 
	
  

 	
  

 	
  

 
	
  

 	
           (2) to
call for the redemption (a “Regulatory Redemption”) of the Notes of such
Holder or Beneficial Owner at the principal amount thereof or, if required by
such Gaming Authority, the lesser of:  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (a) the price at which such
 Holder or Beneficial Owner acquired the Notes; and 

 
	
  

 	
  

 	
  

 
	
  

 	
                     (b) the Fair Market Value
 of such Notes on the date of redemption, together with, in either case,
 accrued and unpaid interest and, if permitted by such Gaming Authority,
 Special Interest, to the earlier of the date of redemption or such earlier
 date as may be required by such Gaming Authority or the date such Gaming
 Authority determines that the Holder or Beneficial Owner is not or will not
 be licensed, qualified or found suitable or exempt from licensure, which may
 be less than 30 days following the notice of redemption, if so ordered by
 such Gaming Authority. 

 
	
  

 	
  

 	
  

 
	
           (b) The Company shall
 notify the Trustee in writing of any such redemption as soon as practicable
 and the redemption price of each Note to be redeemed and any redemption
 pursuant to this Section 3.08 shall otherwise be made pursuant to the
 provisions of Section 3.02 through 3.05, as applicable, unless other
 procedures are required by any Gaming Authority. 

 
	
  

 	
  

 	
  

 
	
           (c) The Holder of Notes or
 Beneficial Owner applying for a license, qualification or a finding of
 suitability or exemption from licensure will pay all costs of the licensure
 and investigation for such qualification or finding of suitability or
 exemption from licensure. Neither the Company nor the Trustee is required to
 pay or reimburse any Holder of the Notes or Beneficial Owner who is required
 to apply for such license, qualification or finding of suitability or
 exemption from licensure for the costs of the licensure and investigation for
 such qualification or finding of suitability. Such expense will, therefore,
 be the obligation of such Holder or Beneficial Owner. 

 

Section 3.09 Consolidated Excess
Cash Flow Redemption. 

          (a) If the
Company has Consolidated Excess Cash Flow for any Relevant Fiscal Year, then,
upon not less than 30 nor more than 60 days’ notice mailed to holders within
115 days after the end of the Relevant Fiscal Year, the Company shall be
required to make a mandatory redemption (a “Consolidated Excess Cash Flow
Redemption”) for Notes in the largest principal amount that is an integral
multiple of $1,000 that may be redeemed using 50% of such Consolidated Excess
Cash Flow for such period (the “Consolidated Excess Cash Flow Redemption
Amount”) at a redemption price of 103%, plus accrued and unpaid interest and
Special Interest, if any, on the Notes redeemed, to the applicable date of
redemption, subject to the rights of Holders of Notes on the relevant record
date to receive interest on the relevant interest payment date. Any Consolidated
Excess Cash Flow Redemption shall be subject to the procedures set forth in
Sections 3.02 through 3.05. Notes (or portions thereof) redeemed pursuant to a
Consolidated Excess Cash Flow Redemption will be cancelled and cannot be
reissued.  

          (b)
Notwithstanding the foregoing, the Company shall not be required to redeem
Notes in connection with a Consolidated Excess Cash Flow Redemption in
accordance with the previous paragraph unless the Consolidated Excess Cash Flow
Redemption Amount with respect to the applicable 

49

period in respect of which such Consolidated Excess Cash Flow
Redemption is to be made exceeds $5.0 million (with lesser amounts being
carried forward for purposes of determining whether the $5.0 million threshold
has been met for any future period). Upon consummation of each Consolidated
Excess Cash Flow Redemption, the Consolidated Excess Cash Flow Redemption
Amount shall be reset at zero. 

          (c) The
Company shall be entitled to reduce the applicable Consolidated Excess Cash
Flow Redemption Amount with respect to any Consolidated Excess Cash Flow
Redemption by an amount equal to the aggregate redemption price paid for any
Notes theretofore redeemed during the Relevant Fiscal Year pursuant to the
provisions set forth under Section 3.07 before making such Consolidated Excess
Cash Flow Redemption; provided, however, that the aggregate redemption price
paid in connection with such redemption will not be considered for purposes of
calculating the Consolidated Excess Cash Flow Redemption Amount for any other
Relevant Fiscal Year.  

Section 3.10 Mandatory Redemption. 

          Other than
in connection with the provisions described in Sections 3.08 and 3.09, the
Company is not required to make mandatory redemption or sinking fund payments
with respect to the Notes. 

Section 3.11 Offer to Purchase by
Application of Excess Proceeds or Excess Loss Proceeds. 

          (a) In the
event that, pursuant to Section 4.10 or 4.11 hereof, the Company is required to
commence an offer to all Holders to purchase Notes (an “Asset Sale Offer” or
“Event of Loss Offer”, as applicable), it will follow the procedures specified
below.  

          (b) The
Asset Sale Offer or Event of Loss Offer, as applicable, shall be made to all
Holders and all holders of Second Lien Obligations containing provisions
similar to those set forth in this Indenture with respect to offers to
purchase, prepay or redeem with the proceeds of sales of assets or events of
loss, as applicable. The Asset Sale Offer or Event of Loss Offer, as
applicable, 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”).
No later than three Business Days after the termination of the Offer Period
(the “Purchase Date”), the Company will apply all Excess Proceeds or Excess
Loss Proceeds, as applicable (the “Offer Amount”) to the purchase of Notes and
such other Second Lien Obligations (on a pro rata basis based on the principal
amount of Notes and such other Second Lien Obligations surrendered, if
applicable) or, if less than the Offer Amount has been tendered, all Notes and
other Indebtedness tendered in response to the Asset Sale Offer or Event of
Loss Offer, as applicable. Payment for any Notes so purchased will be made in
the same manner as interest payments are made.  

          (c) If the
Purchase Date is on or after an interest record date and on or before the
related interest payment date, any accrued and unpaid interest and Special
Interest, if any, will be paid to the Person in whose name a Note is registered
at the close of business on such record date, and no additional interest will
be payable to Holders who tender Notes pursuant to the Asset Sale Offer or
Event of Loss Offer, as applicable. 

          (d) Upon
the commencement of an Asset Sale Offer or Event of Loss Offer, as applicable,
the Company will send, by first class mail, a notice to the Trustee and each of
the Holders. The notice will contain all instructions and materials necessary
to enable such Holders to tender Notes pursuant to the Asset Sale Offer or
Event of Loss Offer, as applicable. The notice, which will govern the terms of
the Asset Sale Offer or Event of Loss Offer, as applicable, will state: 

50

	
  

 	
  

 
	
  

 	
           (1) that
 the Asset Sale Offer or Event of Loss Offer, as applicable, is being made
 pursuant to this Section 3.11 and Section 4.10 or 4.11 hereof, as applicable,
 and the length of time the Asset Sale Offer or Event of Loss Offer, as
 applicable, will remain open; 

 
	
  

 	
  

 
	
  

 	
           (2) the
 Offer Amount, the purchase price and the Purchase 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 Asset Sale Offer or Event of Loss Offer, as
 applicable, will cease to accrue interest after the Purchase Date; 

 
	
  

 	
  

 
	
  

 	
           (5) that
 Holders electing to have a Note purchased pursuant to an Asset Sale Offer or
 Event of Loss Offer, as applicable, may elect to have Notes purchased in
 denominations of $100,000 or an integral multiple of $1,000 in excess
 thereof; 

 
	
  

 	
  

 
	
  

 	
           (6) that
 Holders electing to have Notes purchased pursuant to any Asset Sale Offer or
 Event of Loss Offer, as applicable, 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, to the Company, a
 Depositary, if appointed by the Company, or a Paying Agent at the address
 specified in the notice at least three days before the 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; 

 
	
  

 	
  

 
	
  

 	
           (8) that,
if the aggregate principal amount of Notes and other Second Lien Obligations
surrendered by holders thereof exceeds the Offer Amount, the Company will
select the Notes and other Second Lien Obligations to be purchased on a pro
rata basis based on the principal amount of Notes and such other Second Lien
Obligations surrendered (with such adjustments as may be deemed appropriate
by the Company so that only Notes in denominations of $100,000, or an
integral multiple 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). 

 

          (e) On or
before the Purchase Date, the Company will, to the extent lawful, accept for
payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes
or portions thereof tendered pursuant to the Asset Sale Offer or Event of Loss
Offer, as applicable, or if less than the Offer Amount 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 3.11. The Company will promptly (but
in any case not later than five days after the Purchase Date) mail or deliver,
or cause to be mailed or delivered, 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  

51

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 Asset
Sale Offer or Event of Loss Offer, as applicable, on the Purchase Date. 

          Other than
as specifically provided in this Section 3.11, any purchase pursuant to this
Section 3.11 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 on, if any, interest and
Special Interest, if any, on, the Notes on the dates and in the manner provided
in the Notes. Principal, premium, if any, interest and Special 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, if any, then due. The Company will pay all Special Interest, if any,
in the same manner on the dates and in the amounts set forth in the
Registration Rights Agreement. 

          The Company
will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at a rate that is 1% higher than 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 and Special Interest, if
any (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 in the Borough of Manhattan, the City of New York or in
Wilmington, Delaware, 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 served. 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 served at the
Corporate Trust Office of the Trustee. 

          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 in the Borough of Manhattan, the
City of New York for such purposes. 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. 

52

Section 4.03 Reports.

          (a) Whether
or not required by the rules and regulations of the SEC, so long as any Notes
are outstanding, the Company will furnish to the Holders of Notes or cause the
Trustee to furnish to the Holders of Notes (or the Company will file with the
SEC for public availability if permitted by the SEC), within the time periods
specified in the SEC’s rules and regulations: 

	
  

 	
  

 
	
  

 	
           (1) all
 quarterly and annual reports that would be required to be filed with the SEC
 on Forms 10-Q and 10-K if the Company were required to file reports,
 including a “Management’s Discussion and Analysis of Financial Condition and
 Results of Operations” and, with respect to the annual information only, a
 report thereon by the Company’s certified independent accountants; and 

 
	
  

 	
  

 
	
  

 	
           (2) all
 current reports that would be required to be filed or furnished with the SEC
 on Form 8-K if the Company were required to file or furnish such reports. 

 

          All such
reports will be prepared in all material respects in accordance with all of the
rules and regulations applicable to such reports. In addition, the Company will
file a copy of each of the reports referred to in clauses (1) and (2) above
with the SEC for public availability within the time periods specified in the
rules and regulations applicable to such reports (unless the SEC will not
accept such a filing) and will post the reports on its website within those
time periods. The Company will at all times comply with TIA §314(a). 

          If, at any
time, the Company is no longer subject to the periodic reporting requirements
of the Exchange Act for any reason, the Company will nevertheless continue
filing the reports specified in the preceding paragraphs with the SEC within
the time periods specified above unless the SEC will not accept such a filing.
The Company will not take any action for the purpose of causing the SEC not to
accept any such filings. If, notwithstanding the foregoing, the SEC will not
accept the Company’s filings for any reason, the Company will post the reports
referred to in the preceding paragraph on its website within the time periods
that would apply if the Company were required to file those reports with the
SEC.

          (b) If the
Company has designated any of its Subsidiaries as Unrestricted Subsidiaries,
then the quarterly and annual financial information required by paragraph (a)
of this Section 4.03 will include a reasonably detailed presentation, either on
the face of the financial statements or in the footnotes thereto, and in
Management’s Discussion and Analysis of Financial Condition and Results of
Operations, of the financial condition and results of operations of the Company
and its Restricted Subsidiaries separate from the financial condition and
results of operations of the Unrestricted Subsidiaries of the Company. 

          (c) For so
long as any Notes remain outstanding, if at any time they are not required to
file with the SEC the reports required by paragraphs (a) and (b) of this
Section 4.03, the Company and the Guarantors will furnish to the Holders and to
securities analysts and prospective investors, upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act. 

          (d) The
Company will, and will cause Greektown Holdings, L.L.C. to, comply with Rule
3-16 of Regulation S-X under the Securities Act in connection with the pledge
of all the Capital Stock of Greektown Holdings, L.L.C. in accordance with the
Security Documents and this Indenture. 

53

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 90 days after the end of
each fiscal year, an Officers’ Certificate 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 the Security Documents, 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 the Security Documents
and is not in default in the performance or observance of any of the terms,
provisions and conditions of this Indenture or the Security Documents (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) and that to the
best of his or her knowledge no event has occurred and remains in existence by
reason of which payments on account of the principal of, premium on, if any,
interest or Special Interest, if any, on, the Notes is prohibited or if such
event has occurred, a description of the event and what action the Company is
taking or proposes to take with respect thereto. 

          (b) So long
as not contrary to the then current recommendations of the American Institute
of Certified Public Accountants, the year-end financial statements delivered
pursuant to Section 4.03 above shall be accompanied by a written statement of
the Company’s independent public accountants (who shall be a firm of
established national reputation) that in making the examination necessary for
certification of such financial statements, nothing has come to their attention
that would lead them to believe that the Company has violated any provisions of
Article 4 or Article 5 hereof or, if any such violation has occurred,
specifying the nature and period of existence thereof, it being understood that
such accountants shall not be liable directly or indirectly to any Person for
any failure to obtain knowledge of any such violation. 

          (c) So long
as any of the Notes are outstanding, the Company will deliver to the Trustee,
forthwith upon any Officer becoming aware of any Default or Event of Default,
an Officers’ Certificate specifying such Default or Event of Default and what
action the Company is taking or proposes to take with respect thereto. 

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. The Company and each Holder accepting a beneficial interest in the
Notes agree to treat the Notes as “contingent payment debt instruments” for
United States federal income tax purposes. 

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 

54

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) The
Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly: 

	
  

 	
  

 
	
  

 	
           (1)
 declare or pay any dividend or make any other payment or distribution on
 account of the Company’s or any of its Restricted Subsidiaries’ Equity
 Interests (including, without limitation, any payment in connection with any
 merger or consolidation involving the Company or any of its Restricted
 Subsidiaries) or to the direct or indirect holders of the Company’s or any of
 its Restricted Subsidiaries’ Equity Interests in their capacity as such
 (other than dividends or distributions payable in Equity Interests (other
 than Disqualified Stock) of the Company and other than dividends or
 distributions payable to the Company or a Restricted Subsidiary of the
 Company); 

 
	
  

 	
  

 
	
  

 	
           (2)
 purchase, redeem or otherwise acquire or retire for value (including, without
 limitation, in connection with any merger or consolidation involving the
 Company) any Equity Interests of the Company or any direct or indirect parent
 of the Company; 

 
	
  

 	
  

 
	
  

 	
           (3) make
 any payment on or with respect to, or purchase, redeem, defease or otherwise
 acquire or retire for value any Indebtedness of the Company or any Guarantor
 that is Subordinated Indebtedness (excluding any intercompany Indebtedness
 between or among the Company and any of its Guarantors), except a payment of
 interest or principal at the Stated Maturity thereof; or 

 
	
  

 	
  

 
	
  

 	
           (4) make
any Restricted Investment (all such payments and other actions set forth in
these clauses (1) through (4) above being collectively referred to as
“Restricted Payments”),  

 
	
  

 	
  

 
	
  

 	
           unless,
 at the time of and after giving effect to such Restricted Payment: 

 
	
  

 	
  

 
	
  

 	
           (1) no
 Default or Event of Default has occurred and is continuing or would occur as
 a consequence of such Restricted Payment; 

 
	
  

 	
  

 
	
  

 	
           (2) the
 Company would, at the time of such Restricted Payment and after giving pro
 forma effect thereto as if such Restricted Payment had been made at the
 beginning of the applicable four-quarter period, have been permitted to incur
 at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
 Coverage Ratio test set forth in Section 4.09(a) hereof; and 

 
	
  

 	
  

 
	
  

 	
           (3) such
 Restricted Payment, together with the aggregate amount of all other
 Restricted Payments made by the Company and its Restricted Subsidiaries since
 the date of this Indenture (excluding Restricted Payments permitted by
 clauses (2), (3), (4), (5), (6), (7), (8), (9) and (10) of paragraph (b) of
 this Section 4.07), is less than the sum, without duplication, of: 

 

	
  

 	
  

 
	
  

 	
           (A) 50%
 of the Consolidated Net Income of the Company for the period (taken as one
 accounting period) from the beginning of the first fiscal quarter commencing
 after the date of this Indenture to the end of the Company’s most recently
 ended fiscal quarter for which internal financial statements are available at
 the time of 

 

55

	
  

 	
  

 
	
  

 	
such Restricted Payment (or, if such Consolidated Net Income for such
period is a deficit, less 100% of such deficit); plus  

	
  

 	
  

 
	
  

 	
           (B) 100%
of the aggregate net cash proceeds and 100% of the Fair Market Value of
property other than cash received by the Company since the date of this
Indenture as a contribution to its common equity capital or from the issue or
sale of Qualifying Equity Interests of the Company or from the issue or sale
of convertible or exchangeable Disqualified Stock of the Company or
convertible or exchangeable debt securities of the Company, in each case that
have been converted into or exchanged for such Qualifying Equity Interests of
the Company (other than Qualifying Equity Interests and convertible or
exchangeable Disqualified Stock or debt securities sold to a Subsidiary of
the Company); plus  

 
	
  

 	
  

 
	
  

 	
           (C) to
the extent that any Restricted Investment that was made after the date of
this Indenture is (a) sold for cash or otherwise cancelled, liquidated or
repaid for cash, or (b) made in an entity that subsequently becomes a
Restricted Subsidiary of the Company that is a Guarantor, the initial amount
of such Restricted Investment (or, if less, the amount of cash received upon
repayment or sale); plus  

 
	
  

 	
  

 
	
  

 	
           (D) to
the extent that any Unrestricted Subsidiary of the Company designated as such
after the date of this Indenture is redesignated as a Restricted Subsidiary
after the date of this Indenture, the Fair Market Value of the Company’s
Restricted Investment in such Subsidiary as of the date of such
redesignation; plus  

 
	
  

 	
  

 
	
  

 	
           (E) 100%
of any dividends received in cash by the Company or a Restricted Subsidiary
of the Company that is a Guarantor after the date of this Indenture from an
Unrestricted Subsidiary of the Company, to the extent that such dividends
were not otherwise included in the Consolidated Net Income of the Company for
such period or the net proceeds of a sale by the Company or a Restricted
Subsidiary (other than to the Company or a Restricted Subsidiary) of Equity
Interests in an Unrestricted Subsidiary; plus  

 
	
  

 	
  

 
	
  

 	
           (F) 100%
 of the principal amount of any Indebtedness, or the liquidation preference or
 maximum fixed repurchase price, as the case may be, of any Disqualified Stock
 of the Company or a Restricted Subsidiary of the Company (other than
 Indebtedness or Disqualified Stock issued to a Restricted Subsidiary) which
 has been converted into or exchanged for Equity Interests in the Company
 (other than Disqualified Stock). 

 

	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The provisions of Section 4.07(a) hereof will not prohibit: 

 
	
  

 	
  

 	
  

 
	
  

 	
          (1) the
payment of any dividend or the consummation of any irrevocable redemption
within 60 days after the date of declaration of the dividend or giving of the
redemption notice by the Company or a Restricted Subsidiary of the Company, as
the case may be, as required by applicable law or by a valid agreement or
arrangement of the Company or a Restricted Subsidiary in effect on the date of
this Indenture, if at the date of declaration or notice the dividend or
redemption payment would have complied with the provisions of this Indenture;

	
 

	
 

	
 

	
 

	
          (2) the
making of any Restricted Payment in exchange for, or out of or with the net
cash proceeds of the substantially concurrent sale (other than to a Subsidiary
of the Company) of, Equity Interests of the Company (other than Disqualified
Stock) or from the substantially

56

	
  

 	
  

 
	
  

 	
concurrent contribution of common equity capital to the Company;
provided that the amount of any such net cash proceeds that are utilized for
any such Restricted Payment will not be considered to be net proceeds of
Qualifying Equity Interests for purposes of Section 4.07(a)(3)(B) and will not
be considered to be net cash proceeds from an Equity Offering for purposes of
Section 3.07 of this Indenture; provided, further, that for purposes of this
clause (2), Restricted Payments will be deemed to be substantially concurrent
with any such sale or contributions if the Restricted Payment occurs within 30
days thereof;  

	
  

 	
  

 
	
  

 	
          (3) the
payment of any dividend (or, in the case of any partnership or limited
liability company, any similar distribution) by a Restricted Subsidiary of the
Company to the Holders of its Equity Interests on a pro rata basis;  

	
  

 	
  

 
	
  

 	
          (4) the
repurchase, redemption, defeasance or other acquisition or retirement for value
of Indebtedness of the Company or any Guarantor that is contractually
subordinated to the Notes or to any Note Guarantee with the net cash proceeds
from a substantially concurrent incurrence of Permitted Refinancing
Indebtedness; 

	
  

 	
  

 
	
  

 	
          (5) so long
as no Default or Event of Default has occurred and is continuing, the
repurchase, redemption or other acquisition or retirement for value of any
Equity Interests of the Company or any Restricted Subsidiary of the Company
held by any current or former officer, director or employee of the Company or
any of its Restricted Subsidiaries pursuant to any equity subscription
agreement, stock option agreement, shareholders’ agreement or similar
agreement; provided that the aggregate price paid for all such repurchased,
redeemed, acquired or retired Equity Interests may not exceed $1,500,000 in any
twelve-month period; provided, further, that such amount in any twelve-month
period may be increased by an amount not to exceed the cash proceeds of key man
life insurance policies received by the Company or its Restricted Subsidiaries
after the date of this Indenture;  

	
  

 	
  

 
	
  

 	
          (6) the
repurchase 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 (including applicable taxes) of those stock options; 

	
  

 	
  

 
	
  

 	
          (7) so long
as no Default or Event of Default has occurred and is continuing, the
declaration and payment of regularly scheduled or accrued dividends to holders
of any class or series of Disqualified Stock of the Company or any preferred
stock of any Restricted Subsidiary of the Company issued on or after the date
of this Indenture in accordance with the Fixed Charge Coverage Ratio test
described in Section 4.09(a) hereof; 

	
  

 	
  

 
	
  

 	
          (8) so long
as no Default or Event of Default has occurred and is continuing, the
repurchase, redemption or other acquisition or retirement for value of any
unsecured Indebtedness or Subordinated Indebtedness pursuant to provisions
similar to those set forth in Sections 4.10, 4.11 and 4.16 of this Indenture;
provided, that all Notes tendered by Holders pursuant to Sections 4.10, 4.11
and 4.16 under this Indenture, as applicable, have been repurchased, redeemed
or acquired for value;  

	
  

 	
  

 
	
  

 	
          (9)
payments of cash, dividends, distributions, advances or other Restricted
Payments by the Company or any of its Restricted Subsidiaries to allow the
payment of cash in lieu of the issuance of fractional shares upon (i) the
exercise of options or warrants or (ii) the conversion or exchange of Capital
Stock of any such Person; and 

57

	
  

 	
  

 
	
  

 	
           (10) so
 long as no Default or Event of Default has occurred and is continuing, other
 Restricted Payments in an aggregate amount not to exceed $15.0 million since
 the date of this Indenture. 

 

          (c) The
Company will not and the Guarantors will not, and neither the Company nor the Guarantors
will permit any of their Subsidiaries to, directly or indirectly, make any
Restricted Payment consisting of any Core Gaming Asset. 

          (d) The
amount of all Restricted Payments (other than cash) will be the Fair Market
Value on the date of the Restricted Payment of the asset(s) or securities
proposed to be transferred or issued by the Company or such Restricted
Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair
Market Value of any assets or securities that are required to be valued by this
Section 4.07 will be determined by the Board of Directors of the Company whose
resolution with respect thereto will be delivered to the Trustee. The Board of
Directors’ determination shall be based upon an opinion or appraisal issued by
an accounting, appraisal or investment banking firm of national standing if the
Fair Market Value exceeds $25.0 million. 

Section 4.08 Dividend and Other
Payment Restrictions Affecting Restricted Subsidiaries. 

          (a) The
Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, create or permit 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 to the Company
 or any of its Restricted Subsidiaries or with respect to any other interest
 or participation in, or measured by, its profits, or pay any indebtedness
 owed to the Company or any of its Restricted Subsidiaries; 

 
	
  

 	
  

 
	
  

 	
           (2) make
 loans or advances to the Company or any of its Restricted Subsidiaries; or 

 
	
  

 	
  

 
	
  

 	
           (3) sell,
 lease or transfer any of its properties or assets to the Company or any of
 its Restricted Subsidiaries. 

 

          (b) The
restrictions in Section 4.08(a) hereof will not apply to encumbrances or
restrictions existing under or by reason of: 

	
  

 	
  

 
	
  

 	
           (1) this
 Indenture, the Notes, the Note Guarantees and the Security Documents; 

 
	
  

 	
  

 
	
  

 	
           (2)
agreements governing other Indebtedness permitted to be incurred under
Section 4.09(b) hereof and any amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings of those
agreements; provided that the restrictions therein are not materially more
restrictive, taken as a whole, than those contained in this Indenture, the
Notes and the Note Guarantees;  

 
	
  

 	
  

 
	
  

 	
           (3)
 applicable law, rule, regulation or order; 

 
	
  

 	
  

 
	
  

 	
           (4)
 customary non-assignment provisions in contracts and licenses entered into in
 the ordinary course of business; 

 

58

	
  

 	
  

 
	
  

 	
           (5)
 purchase money obligations for property acquired in the ordinary course of
 business and Capital Lease Obligations that impose restrictions on the
 property purchased or leased of the nature described in clause (3) of Section
 4.08(a) hereof; 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (7)
Permitted Refinancing Indebtedness; provided that the restrictions contained
in the agreements governing such Permitted Refinancing Indebtedness are not
materially more restrictive, taken as a whole, than those contained in the
agreements governing the Indebtedness being refinanced;  

 
	
  

 	
  

 
	
  

 	
           (8) Liens
 permitted to be incurred under the provisions of Section 4.13 hereof that
 limit the right of the debtor to dispose of the assets subject to such Liens;
 

 
	
  

 	
  

 
	
  

 	
           (9)
 provisions limiting the disposition or distribution of assets or property in
 joint venture agreements, asset sale agreements, sale-leaseback agreements,
 stock sale agreements and other similar agreements (including agreements
 entered into in connection with a Restricted Investment) entered into with
 the approval of the Company’s Board of Directors, which limitation is
 applicable only to the assets that are the subject of such agreements; and 

 
	
  

 	
  

 
	
  

 	
           (10)
 restrictions on cash or other deposits or net worth imposed by customers
 under contracts entered into in the ordinary course of business. 

 

Section 4.09 Incurrence of Indebtedness and Issuance of Preferred
Stock. 

          (a) The
Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, issue, assume, guarantee or otherwise
become directly or indirectly liable, contingently or otherwise, with respect
to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the
Company will not issue any Disqualified Stock and will not permit any of its
Restricted Subsidiaries to issue any shares of preferred stock; provided,
however, that the Company may incur Indebtedness (including Acquired Debt) or
issue Disqualified Stock, and the Guarantors may incur Indebtedness (including
Acquired Debt) or issue preferred stock, if the Fixed Charge Coverage Ratio for
the Company’s most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding the date on which such
additional Indebtedness is incurred or such Disqualified Stock or such
preferred stock is issued, as the case may be, would have been at least 1.75 to
1.0, determined on a pro forma basis (including a pro forma application of the
net proceeds therefrom), as if the additional Indebtedness had been incurred or
the Disqualified Stock or the preferred stock had been issued, as the case may
be, at the beginning of such four-quarter period.  

          (b) The
provisions of Section 4.09(a) hereof will not prohibit the incurrence of any of
the following items of Indebtedness (collectively, “Permitted Debt”):  

	
  

 	
  

 
	
  

 	
           (1) the
 incurrence by the Company and any Guarantor of First Lien Loans and, to the
 extent permitted by clause (8) below, Hedging Obligations that are secured by
 Liens in favor of First Lien Claimholders in an aggregate amount not to
 exceed the Cap Amount; 

 
	
  

 	
  

 
	
  

 	
           (2) the
 incurrence by the Company and its Restricted Subsidiaries of the Existing
 Indebtedness; 

 

59

	
  

 	
  

 
	
  

 	
           (3) the
 incurrence by the Company and the Guarantors of Permitted Second Lien Debt; 

 
	
  

 	
  

 
	
  

 	
           (4) the
 incurrence by the Company or any of its Restricted Subsidiaries of
 Indebtedness represented by Capital Lease Obligations, mortgage financings or
 purchase money obligations, in each case, incurred for the purpose of
 financing all or any part of the purchase price or cost of design,
 construction, installation or improvement of property, plant or equipment
 used in the business of the Company or any of its Restricted Subsidiaries, in
 an aggregate principal amount, including all Permitted Refinancing
 Indebtedness incurred to renew, refund, refinance, replace, defease or
 discharge any Indebtedness incurred pursuant to this clause (4), not to exceed
 $20.0 million at any time outstanding; 

 
	
  

 	
  

 
	
  

 	
           (5) the
 incurrence by the Company or any of its Restricted Subsidiaries of Permitted
 Refinancing Indebtedness in exchange for, or the net proceeds of which are
 used to renew, refund, refinance, replace, defease or discharge any
 Indebtedness (other than intercompany Indebtedness) that was permitted by
 this Indenture to be incurred under Section 4.09(a) hereof or clauses (2),
 (5) or (12) of this Section 4.09(b); 

 
	
  

 	
  

 
	
  

 	
           (6) the
incurrence by the Company or any of its Restricted Subsidiaries of
intercompany Indebtedness between or among the Company and any of its
Restricted Subsidiaries; provided, however, that:  

 

	
  

 	
  

 
	
  

 	
           (A) if
 the Company or any Guarantor is the obligor on such Indebtedness and the
 payee is not the Company or a Guarantor, such Indebtedness must be unsecured
 and expressly subordinated to the prior payment in full in cash of all
 Obligations then due with respect to the Notes, in the case of the Company,
 or the Note Guarantee, in the case of a Guarantor; and

 
	
  

 	
  

 
	
  

 	
           (B) (1)
 any subsequent issuance or transfer of Equity Interests that results in any
 such Indebtedness being held by a Person other than the Company or a
 Restricted Subsidiary of the Company and (2) any sale or other transfer of
 any such Indebtedness 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 incurrence of such
 Indebtedness by the Company or such Restricted Subsidiary, as the case may
 be, that was not permitted by this clause (6);

 
	
  

 	
  

 
	
  

 	
           (7) 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 of the Company; 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 (7); 

 
	
  

 	
  

 
	
  

 	
           (8) the
 incurrence by the Company or any of its Guarantors of Hedging Obligations in
 the ordinary course of business;

 

60

	
  

 	
  

 
	
  

 	
           (9) the
 guarantee by the Company or any of the Guarantors of Indebtedness of the
 Company or a Restricted Subsidiary of the Company to the extent that the
 guaranteed Indebtedness was permitted to be incurred by another provision of
 this Section 4.09; provided
 that if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the
 Guarantee must be subordinated or pari passu, as applicable, to the same
 extent as the Indebtedness guaranteed;

 
	
  

 	
  

 
	
  

 	
           (10) the
 incurrence by the Company or any of the Guarantors of Indebtedness in respect
 of workers’ compensation claims, self-insurance obligations, bankers’
 acceptances, performance and surety bonds in the ordinary course of business;

 
	
  

 	
  

 
	
  

 	
           (11) the
 incurrence by the Company or any of the Guarantors of Indebtedness arising
 from the honoring by a bank or other financial institution of a check, draft
 or similar instrument inadvertently drawn against insufficient funds, so long
 as such Indebtedness is covered within five Business Days; 

 
	
  

 	
  

 
	
  

 	
           (12)
 Subordinated Indebtedness in an aggregate principal amount, including all
 Permitted Refinancing Indebtedness incurred to renew, refund, refinance,
 replace, defease or discharge any Indebtedness incurred pursuant to this
 clause (12), not to exceed $20.0 million at any time outstanding; and

 
	
  

 	
  

 
	
  

 	
           (13)
 Indebtedness of the Company or a Restricted Subsidiary to current or former
 officers, directors and employees thereof, their respective estates, spouses
 or former spouses, in each case to finance the purchase or redemption of
 Equity Interests of the Company in compliance with Section 4.07(b)(5) hereof.

 

          The Company
will not incur, and will not permit any Guarantor to incur, any Indebtedness
(including Permitted Debt) that is contractually subordinated in right of
payment to any other Indebtedness of the Company or such Guarantor unless such
Indebtedness is also contractually subordinated in right of payment to the
Notes and the applicable Note Guarantee on substantially identical terms; provided,
however, that no Indebtedness will be deemed to be contractually
subordinated in right of payment to any other Indebtedness solely by virtue of
being unsecured or by virtue of being secured on a junior priority basis.

          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 Debt described in clauses (1) through (13) above, the Company will be
permitted to classify such item of Indebtedness on the date of its incurrence,
or later reclassify all or a portion of such item of Indebtedness, in any
manner that complies with this Section 4.09. Indebtedness under Credit
Facilities outstanding on the date on which Notes are first issued and
authenticated under this Indenture will initially be deemed to have been
incurred on such date in reliance on the exception provided by clause (1) of
the definition of Permitted Debt. The accrual of interest or preferred stock
dividends, the accretion or amortization of original issue discount, the
payment of interest on any Indebtedness in the form of additional Indebtedness
with the same terms, the reclassification of preferred stock as Indebtedness
due to a change in accounting principles and the payment of dividends on
preferred stock or Disqualified Stock in the form of additional shares of the
same class of preferred stock or Disqualified Stock will not be deemed to be an
incurrence of Indebtedness or an issuance of preferred stock or Disqualified
Stock for purposes of this Section 4.09; provided,
in each such case, that the amount thereof is included in Fixed Charges of the
Company as accrued. For purposes of determining compliance with any U.S.
dollar-denominated restriction on the incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign
currency shall be utilized, calculated based on the relevant currency exchange
rate in effect on the 

61

date such Indebtedness was incurred. Notwithstanding any other
provision of this Section 4.09, the maximum amount of Indebtedness that the
Company or any Restricted Subsidiary may incur pursuant to this Section 4.09
shall not be deemed to be exceeded solely as a result of fluctuations in
exchange rates or currency values.

          The amount
of any Indebtedness outstanding as of any date will be:

	
  

 	
  

 
	
  

 	
           (1)
 the accreted value of the Indebtedness, in the case of any Indebtedness
 issued with original issue discount;

 
	
  

 	
  

 
	
  

 	
           (2)
 the principal amount of the Indebtedness, in the case of any other
 Indebtedness; and

 
	
  

 	
  

 
	
  

 	
           (3)
 in respect of Indebtedness of another Person secured by a Lien on the assets
 of the specified Person, the lesser of:

 
	
  

 	
  

 
	
  

 	
                     (A)
 the Fair Market Value of such assets at the date of determination; and

 
	
  

 	
  

 
	
  

 	
                     (B)
 the amount of the Indebtedness of the other Person.

 

Section 4.10 Asset
Sales.

          (a) The
Company will not, and will not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale unless:

	
  

 	
  

 	
  

 
	
  

 	
           (1) the
 Company (or the Restricted Subsidiary, as the case may be) receives
 consideration at the time of the Asset Sale at least equal to the Fair Market
 Value (measured as of the date of the definitive agreement with respect to
 such Asset Sale) of the assets or Equity Interests issued or sold or
 otherwise disposed of; and

 
	
  

 	
  

 
	
  

 	
           (2) at
 least 70% of the consideration received in the Asset Sale by the Company or
 such Restricted Subsidiary is in the form of cash or Cash Equivalents. For
 purposes of this provision, each of the following will be deemed to be cash:

 
	
  

 	
  

 
	
  

 	
  

 	
           (A) any
 liabilities, as shown on the Company’s most recent consolidated balance
 sheet, of the Company or any Restricted Subsidiary (other than contingent
 liabilities and liabilities that are by their terms subordinated to the Notes
 or any Note Guarantee) that are assumed by the transferee of any such assets
 pursuant to a customary novation or indemnity agreement that releases the
 Company or such Restricted Subsidiary from or indemnifies against further
 liability; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) any
 securities, notes or other obligations received by the Company or any such
 Restricted Subsidiary from such transferee that are converted by the Company
 or such Restricted Subsidiary into cash within 150 days of such Asset Sale,
 to the extent of the cash received in that conversion; and 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (C) any
 stock or assets of the kind referred to in clauses (2) or (4) of the next
 paragraph of this Section 4.10.

 

                    Unless
the Company and the Guarantors have complied with Section 4.16 or all of the
Notes have otherwise been redeemed in accordance with Article III or delivered
to the Trustee for 

62

cancellation in accordance with Section 2.11, the Company will not and
the Guarantors will not, and neither the Company nor the Guarantors will permit
any of their Subsidiaries to, in one or a series of related transactions,
convey, sell, transfer, assign or otherwise dispose of, directly or indirectly,
any of the Company’s or their Core Gaming Assets, including by merger or
consolidation (in the case of a Guarantor or one of the Company’s
Subsidiaries), and including any sale or other transfer or issuance of any
Equity Interests of any of the Company’s Subsidiaries, whether by the Company
or any of its Subsidiaries or through the issuance, sale or transfer of Equity
Interests by any of the Company’s Subsidiaries, including any sale-leaseback
transaction.

          (b) Within
365 days after the receipt of any Net Proceeds from an Asset Sale, other than a
Sale of Collateral, the Company (or the applicable Restricted Subsidiary, as
the case may be) may apply such Net Proceeds:

	
  

 	
  

 
	
  

 	
           (1) to
 repay First Lien Obligations and, if such First Lien Obligations are
 revolving credit Indebtedness, to correspondingly reduce commitments with
 respect thereto;

 
	
  

 	
  

 
	
  

 	
           (2) to
 acquire all or substantially all of the assets of, or any Capital Stock of,
 another Permitted Business, if, after giving effect to any such acquisition
 of Capital Stock, the Permitted Business is or becomes a Restricted
 Subsidiary of the Company;

 
	
  

 	
  

 
	
  

 	
           (3) to
 make a capital expenditure; or

 
	
  

 	
  

 
	
  

 	
           (4) to
 acquire other assets that are not classified as current assets under GAAP and
 that are used or useful in a Permitted Business.

 

          (c) Within
365 days after the receipt of any Net Proceeds from an Asset Sale that
constitutes a Sale of Collateral, the Company (or the Restricted Subsidiary
that owned those assets, as the case may be) may apply those Net Proceeds to
purchase other long-term assets that would constitute Collateral or to repay
First Lien Obligations and, if such First Lien Obligations are revolving credit
Indebtedness, to correspondingly reduce commitments with respect thereto.
Notwithstanding the foregoing, in the cases of clauses (2) and (4) of the
immediately preceding paragraph and the preceding sentence, the Company (or the
applicable Restricted Subsidiary, as the case may be) will be deemed to have
complied with its obligations in the previous paragraphs if it enters into a
binding written commitment to acquire such assets or Capital Stock prior to 365
days after the receipt of the applicable Net Proceeds; provided, that such binding
commitment will be subject only to customary conditions and such acquisition is
completed within 135 days following the expiration of the aforementioned
365-day period. If the acquisition contemplated by such binding commitment is
not consummated on or before 135th day, and the Company (or the
applicable Restricted Subsidiary, as the case may be) has not applied the Net
Proceeds for another purpose permitted by the applicable preceding paragraph on
or before such 135th day, such commitment shall be deemed not to
have been a permitted application of Net Proceeds.

          (d) Any Net
Proceeds from Asset Sales that are not applied or invested as provided in the
second paragraph of this Section 4.10 will constitute “Excess Proceeds.” When the
aggregate amount of Excess Proceeds exceeds $5.0 million, within 15 days
thereof, the Company will make an Asset Sale Offer to all Holders of Notes and
all holders of other Second Lien Obligations containing provisions similar to
those set forth in this Indenture with respect to offers to purchase, prepay or
redeem with the proceeds of sales of assets in accordance with Section 3.09
hereof to purchase, prepay or redeem the maximum principal amount of Notes and
such other Second Lien Obligations (plus all accrued interest on the
Indebtedness and the amount of all fees and expenses, including premiums,
incurred in connection therewith) that may be purchased, prepaid or redeemed
out of the Excess Proceeds. The offer price in any Asset Sale Offer will be
equal to 100% of the principal amount, plus accrued and unpaid interest and 

63

Special Interest, if any, to the date of purchase, prepayment or
redemption, subject to the rights of
Holders of Notes on the relevant record date to receive interest due on the
relevant interest payment date, and will be payable in cash. If any
Excess Proceeds remain after consummation of an Asset Sale Offer, the Company
may use those Excess Proceeds for any purpose not otherwise prohibited by this
Indenture or the Security Documents. If the aggregate principal amount of Notes
and other Second Lien Obligations tendered in (or required to be prepaid or
redeemed in connection with) such Asset Sale Offer exceeds the amount of Excess
Proceeds, the Notes and such other Second Lien Obligations will be purchased on
a pro rata basis, based on the
amounts tendered or required to be prepaid or redeemed (with such adjustments
as may be deemed appropriate by the Company so that only Notes in denominations
of $100,000, or an integral multiple of $1,000 in excess thereof, will be
purchased). Upon completion of each Asset Sale Offer, the amount of Excess
Proceeds will be reset at zero.

          (e) The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with each repurchase of Notes
pursuant to an Asset Sale Offer. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of Section 3.09
hereof or this Section 4.10, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its
obligations under Section 3.09 hereof or this Section 4.10 by virtue of such
compliance.

Section 4.11 Events of
Loss.

          (a) In the
case of an Event of Loss or a series of related Events of Loss, the Company or
the affected Restricted Subsidiary may apply the Net Loss Proceeds received
from such Event of Loss or series of related Events of Loss to the rebuilding,
repair, replacement or construction of improvements to the property or asset
affected by such Event of Loss or series of related Events of Loss (the “Subject
Property”) with no concurrent obligation to offer to purchase any of
the Notes; provided,
however, that:

	
  

 	
  

 	
  

 
	
  

 	
           (1) the
 Company delivers to the Trustee, within 90 days of such Event of Loss or
 series of related Events of Loss an Officers’ Certificate certifying that the
 Company has:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A)
 received a written opinion from a reputable contractor to the effect that the
 Subject Property can be rebuilt, repaired, replaced or constructed in, and
 operated in, substantially the same condition as it existed prior to the
 Event of Loss or series of related Events of Loss within 365 days of
 delivering such opinion; and

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B)
 available from the Net Loss Proceeds or other sources sufficient funds to
 complete the rebuilding, repair, replacement or construction described in clause
 (1) above and, together with anticipated revenues projected to be generated
 during the repair or restoration period, to pay debt service on its
 Indebtedness during the repair or restoration period; and

 
	
  

 	
  

 
	
  

 	
           (2) the
 Net Loss Proceeds are less than $5.0 million;

 
	
  

 	
  

 
	
  

 	
 provided, further,
 that the provisions of this paragraph will not apply
 to any Event of Loss or a series of related Events of Loss that involves
 assets having a Fair Market Value (or replacement cost, if greater) of less
 than $2.0 million.

 

          (b) Any Net
Loss Proceeds that are not applied or permitted to be applied as provided in
the second sentence of Section 4.11(a) will constitute “Excess Loss Proceeds.” When
the aggregate amount of Excess Loss Proceeds equals or exceeds $5.0 million,
within 15 days thereof, the Company will make 

64

an offer (an “Event of Loss Offer”) on a pro rata basis
to all Holders of Notes and all Holders of other Second Lien Obligations
containing provisions similar to those set forth in this Indenture with respect
to offers to purchase, prepay or redeem with the proceeds of events of loss to
purchase, prepay or redeem the maximum principal amount of Notes and such other
Second Lien Obligations (plus all accrued interest on the Indebtedness and the
amount of all fees and expenses, including premiums, incurred in connection
therewith) that may be purchased, prepaid or redeemed out of the Excess Loss
Proceeds. The offer price in any Event of Loss Offer will be equal to 100% of
the principal amount, plus accrued and unpaid interest and Special Interest, if
any, to the date of purchase, prepayment or redemption, subject to the rights
of Holders of Notes on the relevant record date to receive interest due on the
relevant Interest Payment Date, and will be payable in cash. If any Excess Loss
Proceeds remain after consummation of an Event of Loss Offer, the Company may
use those Excess Loss Proceeds for any purpose not otherwise prohibited by this
Indenture or the Security Documents. If the aggregate principal amount of Notes
and other Second Lien Obligations tendered in (or required to be prepaid or
redeemed in connection with) such Event of Loss Offer exceeds the amount of
Excess Loss Proceeds, the Notes and such other Second Lien Obligations will be
purchased on a pro rata basis,
based on the amounts tendered or required to be prepaid or redeemed (with such
adjustments as may be deemed appropriate by the Company so that only Notes in
denominations of $100,000, or an integral multiple of $1,000 in excess thereof,
will be purchased). Upon completion of each Event of Loss Offer, the amount of
Excess Loss Proceeds will be reset at zero.

          (c) In the
event of an Event of Loss pursuant to clause (3) of the definition of “Event of
Loss” with respect to any Collateral having a Fair Market Value (or
replacement cost, if greater) in excess of $2.0 million, the Company or the
affected Restricted Subsidiary, as the case may be, will be required to receive
consideration with respect to such Event of Loss:

	
  

 	
  

 
	
  

 	
           (1) at
 least equal to the Fair Market Value of the property or assets subject to the
 Event of Loss; and

 
	
  

 	
  

 
	
  

 	
           (2) with
 respect to any Event of Loss of any portion of the Core Gaming Assets, at
 least 70% of which is in the form of cash or Cash Equivalents.

 

          (d) The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with each repurchase of Notes
pursuant to an Event of Loss Offer. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of Section 3.09
hereof or this Section 4.11, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its
obligations under Section 3.09 hereof or this Section 4.11 by virtue of such
compliance.

Section 4.12 Transactions
with Affiliates. 

          (a) The
Company will not, and will not permit any of its Restricted Subsidiaries 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 of the Company
(each, an “Affiliate
Transaction”) involving aggregate payments or consideration in
excess of $1.0 million, unless: 

	
  

 	
  

 	
  

 
	
  

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

 

65

	
  

 	
  

 	
  

 
	
  

 	
           (2) the
 Company delivers to the Trustee:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A) with
 respect to any Affiliate Transaction or series of related Affiliate
 Transactions involving aggregate consideration in excess of $5.0 million, a
 resolution of the Board of Directors of the Company set forth in an Officers’
 Certificate certifying that such Affiliate Transaction complies with clause
 (1) of this Section 4.12(a) and that such Affiliate Transaction has been
 approved by a majority of the disinterested members of the Board of Directors
 of the Company; and

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) with
 respect to any Affiliate Transaction or series of related Affiliate
 Transactions involving aggregate consideration in excess of $25.0 million, an
 opinion as to the fairness to the Company or such Subsidiary of such
 Affiliate Transaction from a financial point of view issued by an accounting,
 appraisal or investment banking firm of national standing.

 

          (b) The
following items will not be deemed to be Affiliate Transactions and, therefore,
will not be subject to the provisions of Section 4.12(a) hereof:

	
  

 	
  

 
	
  

 	
           (1) any
 employment agreement, employee benefit plan, officer or director
 indemnification agreement or any similar arrangement entered into by the
 Company or any of its Restricted Subsidiaries in the ordinary course of
 business and payments pursuant thereto;

 
	
  

 	
  

 
	
  

 	
           (2)
 transactions between or among the Company and/or its Restricted Subsidiaries;

 
	
  

 	
  

 
	
  

 	
           (3)
 payment of reasonable and customary fees and reimbursements of expenses (pursuant
 to indemnity arrangements or otherwise) of officers, directors, employees or
 consultants of the Company or any of its Restricted Subsidiaries;

 
	
  

 	
  

 
	
  

 	
           (4) any
 issuance of Equity Interests (other than Disqualified Stock) of the Company
 to Affiliates of the Company; 

 
	
  

 	
  

 
	
  

 	
           (5)
 Restricted Payments other than Permitted Investments that comply with Section
 4.07 hereof;

 
	
  

 	
  

 
	
  

 	
           (6)
 transactions in which the Company or any of its Restricted Subsidiaries, as
 the case may be, delivers to the Trustee a letter from a nationally
 recognized investment bank stating that such transaction is fair to the
 Company or such Restricted Subsidiary from a financial point of view or meets
 the requirements of Section 4.12(a) hereof;

 
	
  

 	
  

 
	
  

 	
           (7) payments
 or loans (or cancellation of loans) to officers, directors, employees or
 consultants which are approved by a majority of the independent directors of
 the Board of Directors of the Company in good faith;

 
	
  

 	
  

 
	
  

 	
           (8) any
 agreement as in effect as of the date of this Indenture or any amendment
 thereto (so long as any such agreement together with all amendments thereto,
 taken as a whole, is not more disadvantageous to the Holders of the Notes in
 any material respect than the original agreement as in effect on the date of
 this Indenture) or any transaction contemplated thereby as determined in good
 faith by a majority of the independent directors of the Board of Directors of
 the Company;

 

66

	
  

 	
  

 
	
  

 	
           (9) the
 existence of, or the performance by the Company or any of its Restricted
 Subsidiaries of its obligations under the terms of, the Company’s Plan of
 Reorganization, any stockholders agreement (including any registration rights
 agreement or purchase agreement related thereto) to which it is a party as of
 the date of this Indenture, and any transaction, agreement or arrangement
 described in the Offering Memorandum and, in each case, any amendment thereto
 or similar transactions, agreements or arrangements which it may enter into
 thereafter; provided, however, that the existence of, or the
 performance by the Company or any of its Restricted Subsidiaries of its
 obligations under, any future amendment to any such existing transaction,
 agreement or arrangement or under any similar transaction, agreement or
 arrangement entered into after the date of this Indenture shall only be
 permitted by this clause (9) to the extent that the terms of any such
 existing transaction, agreement or arrangement together with all amendments
 thereto, taken as a whole, or new transaction, agreement or arrangement are
 not otherwise more disadvantageous to the Holders of the Notes in any
 material respect than the original transaction, agreement or arrangement as
 in effect on the date of this Indenture;

 
	
  

 	
  

 
	
  

 	
           (10) any contribution
 to the capital of the Company;

 
	
  

 	
  

 
	
  

 	
           (11)
 transactions permitted by, and complying with, the provisions of Section
 5.01; and

 
	
  

 	
  

 
	
  

 	
           (12)
 execution and delivery or amendment or modification of any
 management agreement or payment of consulting or management fees of any
 manager of the Company or one of its Restricted Subsidiaries.

 

Section 4.13 Liens. 

          The Company
will not, and will not permit any of its Restricted Subsidiaries to, directly
or indirectly, create, incur, assume or suffer to exist any Lien of any kind
securing Indebtedness, Attributable Debt or trade payables on any asset now
owned or hereafter acquired, except Permitted Liens.

Section 4.14 Business
Activities.

          The Company
will not, and will not permit any of its Restricted Subsidiaries to, engage in
any business other than Permitted Businesses, except to such extent as would
not be material to the Company and its Restricted Subsidiaries taken as a
whole.

Section 4.15 Corporate
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
 corporate existence, and the corporate, partnership or other existence of
 each of its 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
 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 Subsidiaries, if the Board of
 Directors shall determine that the preservation thereof is no longer 

 

67

	
  

 	
  

 
	
  

 	
 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 4.16 Offer to Repurchase
Upon Change of Control.

          (a) Upon
the occurrence of a Change of Control, the Company will make an offer (a “Change of
Control Offer”) to each Holder to repurchase all or any part (equal
to $100,000 or an integral multiple of $1,000 in excess thereof) of that
Holder’s Notes at a purchase price in cash equal to 101% of the aggregate
principal amount of Notes repurchased, plus accrued and unpaid interest and
Special Interest, if any, on the Notes repurchased to the date of purchase,
subject to the rights of Holders of Notes on the relevant record date to
receive interest due on the relevant interest payment date (the “Change of
Control Payment”). Within ten days following any Change of Control,
the Company will mail a notice to each Holder describing the transaction or
transactions that constitute the Change of Control and stating:

	
  

 	
  

 
	
  

 	
           (1) that
 the Change of Control Offer is being made pursuant to this Section 4.16 and
 that all Notes tendered will be accepted for payment; 

 
	
  

 	
  

 
	
  

 	
           (2) the
 purchase price and the purchase date, which shall be no earlier than 30 days
 and no later than 60 days from the date such notice is mailed (the “Change of
 Control Payment Date”); 

 
	
  

 	
  

 
	
  

 	
           (3) that
 any Note not tendered will continue to accrue interest; 

 
	
  

 	
  

 
	
  

 	
           (4) that,
 unless the Company defaults in the payment of the Change of Control Payment,
 all Notes accepted for payment pursuant to the Change of Control Offer will
 cease to accrue interest after the Change of Control Payment Date;

 
	
  

 	
  

 
	
  

 	
           (5) that
 Holders electing to have any Notes purchased pursuant to a Change of Control
 Offer will be required to surrender the Notes, with the form entitled “Option
 of Holder to Elect Purchase” attached to the Notes completed, or transfer by
 book-entry transfer, to the Paying Agent at the address specified in the
 notice prior to the close of business on the third Business Day preceding the
 Change of Control Payment Date;

 
	
  

 	
  

 
	
  

 	
           (6) that
 Holders will be entitled to withdraw their election if the Paying Agent
 receives, not later than the close of business on the second Business Day
 preceding the Change of Control Payment Date, a telegram, telex, facsimile
 transmission or letter setting forth the name of the Holder, the principal amount
 of Notes delivered for purchase, and a statement that such Holder is
 withdrawing his election to have the Notes purchased; and

 
	
  

 	
  

 
	
  

 	
           (7) that
 Holders whose Notes are being purchased only in part will be issued new Notes
 equal in principal amount to the unpurchased portion of the Notes
 surrendered, which unpurchased portion must be equal to $100,000 in principal
 amount or an integral multiple of $1,000 in excess thereof.

 
	
  

 	
  

 
	
  

 	
           The
 Company will comply with the requirements of Rule 14e-1 under the Exchange
 Act and any other securities laws and regulations thereunder to the extent
 those laws and regulations are applicable in connection with the repurchase
 of the Notes as a result of a Change in Control. To the extent that the
 provisions of any securities laws or regulations conflict with the provisions
 of this Section 4.16, the Company will comply with the applicable securities
 laws and regulations and will not be deemed to have breached its obligations
 under this Section 4.16 by virtue of such compliance.

 

68

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (2) deposit
 with the Paying Agent an amount in same day funds in United States dollars
 equal to the Change of Control Payment in respect of all Notes or portions of
 Notes properly tendered; and

 
	
  

 	
  

 
	
  

 	
           (3)
 deliver or cause to be delivered to the Trustee the Notes properly accepted
 together with an Officers’ Certificate stating the aggregate principal amount
 of Notes or portions of Notes being purchased by the Company.

 
	
  

 	
  

 
	
  

 	
           The
 Paying Agent will promptly mail (but in any case not later than five days
 after the Change of Control Payment Date) to each Holder of Notes properly
 tendered the Change of Control Payment for such Notes, and upon receipt of an
 Authentication Order, 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 any unpurchased portion of the Notes surrendered, if any.
 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.

 

          (c)
Notwithstanding anything to the contrary in this Section 4.16, the Company will
not be required to make a Change of Control Offer upon a Change of Control if
(1) 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
4.16 and purchases all Notes properly tendered and not withdrawn under the
Change of Control Offer, or (2) notice of redemption has been given pursuant to
Section 3.07 hereof, unless and until there is a default in payment of the
applicable redemption price. 

          (d)
Notwithstanding anything to the contrary contained herein, a Change of Control
Offer may be commenced no more than 30 Business Days in advance of a Change of
Control, conditioned upon the consummation of such Change of Control, if a
definitive agreement is in place for the Change of Control at the time the
Change of Control Offer is made. 

Section 4.17 Limitation
on Sale and Leaseback Transactions. 

          The Company
will not, and will not permit any of its Restricted Subsidiaries to, enter into
any sale and leaseback transaction; provided that the Company or any Guarantor
may enter into a sale and leaseback transaction if:

	
  

 	
  

 
	
  

 	
           (1) the
 Company or that Guarantor, as applicable, could have (a) incurred
 Indebtedness in an amount equal to the Attributable Debt relating to such
 sale and leaseback transaction under the Fixed Charge Coverage Ratio test in
 Section 4.09(a) hereof and (b) incurred a Lien to secure such Indebtedness
 pursuant to Section 4.13 hereof;

 
	
  

 	
  

 
	
  

 	
           (2) the
 gross cash proceeds of that sale and leaseback transaction are at least equal
 to the Fair Market Value, as determined in good faith by the Board of
 Directors of the Company and set forth in an Officers’ Certificate delivered
 to the Trustee, of the property that is the subject of that sale and
 leaseback transaction; and

 
	
  

 	
  

 
	
  

 	
           (3) the
 transfer of assets in that sale and leaseback transaction is permitted by,
 and the Company applies the proceeds of such transaction in compliance with,
 Section 4.10 hereof.

 

69

Section 4.18 Payments for
Consent. 

          The Company
will not, and will not permit any of its Restricted Subsidiaries to, directly
or indirectly, pay or cause to be paid any consideration to or for the benefit
of any Holder of Notes for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Notes
unless such consideration is offered to be paid and is paid to all Holders of
the Notes that consent, waive or agree to amend in the time frame set forth in
the solicitation documents relating to such consent, waiver or agreement.

Section 4.19 Additional
Note Guarantees and Liens. 

          If the Company
or any of its Restricted Subsidiaries acquires or creates another Domestic
Subsidiary after the date of this Indenture, then the Company will cause that
newly acquired or created Domestic Subsidiary to become a Guarantor and (1)
execute and deliver a supplemental indenture substantially in the form of
Exhibit F and supplemental Security Documents (including title insurance and
surveys, if applicable) to the Collateral Agent pursuant to which that
Subsidiary will unconditionally guarantee all of the Company’s Obligations
under the Notes, this Indenture and the Security Documents on the terms set
forth in this Indenture and that will be secured on a second-priority basis on
terms substantially similar to the other Guarantors and (2) deliver an Opinion of
Counsel to the Trustee within 10 Business Days of the date on which it was
acquired or created to the effect that such supplemental indenture and
supplemental Security Documents have been duly authorized, executed and
delivered by that Domestic Subsidiary and constitute a valid and binding
agreement of that Domestic Subsidiary, enforceable in accordance with their
terms (subject to customary enforceability exceptions); provided that any Domestic Subsidiary that
constitutes an Immaterial Subsidiary need not become a Guarantor until such
time as it ceases to be an Immaterial Subsidiary. The form of such supplemental
indenture is attached as Exhibit F hereto. 

Section 4.20 Designation
of Restricted and Unrestricted Subsidiaries.

          The Board
of Directors of the Company may designate any Restricted Subsidiary to be an
Unrestricted Subsidiary if that designation would not cause a Default; provided
that in no event will the business currently operated by Greektown Casino,
L.L.C. be transferred to or held by an Unrestricted Subsidiary. If a Restricted
Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair
Market Value of all outstanding Investments owned by the Company and its
Restricted Subsidiaries in the Subsidiary designated as Unrestricted will be
deemed to be an Investment made as of the time of the designation and will
reduce the amount available for Restricted Payments under Section 4.07 hereof
or under one or more clauses of the definition of Permitted Investments, as
determined by the Company. That designation will only be permitted if the
Investment would be permitted at that time and if the Restricted Subsidiary
otherwise meets the definition of an Unrestricted Subsidiary. The Board of
Directors of the Company may redesignate any Unrestricted Subsidiary to be a
Restricted Subsidiary if that redesignation would not cause a Default.

          Any
designation of a Subsidiary of the Company as an Unrestricted Subsidiary will
be evidenced to the Trustee by filing with the Trustee a certified copy of a
resolution of the Board of Directors giving effect to such designation and an
Officers’ Certificate certifying that such designation complied with the
preceding conditions and was permitted by Section 4.07 hereof. If, at any time,
any Unrestricted Subsidiary would fail to meet the preceding requirements as an
Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted
Subsidiary for purposes of this Indenture and any Indebtedness of such
Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the
Company as of such date and, if such Indebtedness is not permitted to be
incurred as of such date under Section 4.09 hereof, the Company will be in
default of such covenant. The Board of Directors of the Company may at any time

70

designate any Unrestricted Subsidiary to be a Restricted Subsidiary of
the Company; provided that such
designation will be deemed to be an incurrence of Indebtedness by a Restricted
Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted
Subsidiary, and such designation will only be permitted if (1) such
Indebtedness is permitted under Section 4.09 hereof, calculated on a pro forma
basis as if such designation had occurred at the beginning of the applicable
reference period; and (2) no Default or Event of Default would be in existence
following such designation.

Section 4.21 Gaming
Licenses.

          In the
event of a foreclosure, deed in lieu of foreclosure or other similar transfer
of a Gaming Facility or Future Gaming Facility to the Collateral Agent or its
designee, the Company will, and will cause its Subsidiaries to reasonably
cooperate with the Collateral Agent or its designee in obtaining all Gaming
Licenses and other governmental approvals necessary to conduct all gaming
operations at such Gaming Facility or Future Gaming Facility. Following a
foreclosure, deed in lieu of foreclosure or other similar transfer of a Gaming
Facility or Future Gaming Facility to the Collateral Agent or its designee,
subject to receipt of requisite approvals from any applicable Gaming Authority,
the Company will, and will cause its Subsidiaries to, reasonably cooperate with
the transition of the gaming operations at such Gaming Facility or Future
Gaming Facility to any new gaming operator (including, without limitation, the
Collateral Agent or its designee).

Section 4.22 Special
Interest Notice.

          In the
event that the Company is required to pay Special Interest to Holders of Notes
pursuant to the Registration Rights Agreement, the Company will provide written
notice (“Special
Interest Notice”) to the Trustee of its obligation to pay Special
Interest no later than 15 calendar days prior to the proposed Interest Payment
Date for Special Interest, and the Special Interest Notice shall set forth the
amount of Special Interest to be paid by the Company on such Interest Payment
Date. The Trustee shall not at any time be under any duty or responsibility to
any Holder of Notes to determine the Special Interest, or with respect to the
nature, extent or calculation of the amount of Special Interest when made, or
with respect to the method employed in such calculation of the Special
Interest.

ARTICLE 5

SUCCESSORS

Section 5.01 Merger,
Consolidation or Sale of Assets.

          The Company
shall not, directly or indirectly: (1) consolidate or merge with or into
another Person (whether or not the Company is the surviving corporation); or
(2) sell, assign, transfer, 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, in one or more related transactions, to another Person,
unless:

	
  

 	
  

 	
  

 
	
  

 	
           (1)
 either:

 
	
  

 	
  

 
	
  

 	
  

 	
           (A) the
 Company is the surviving corporation; or

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) the
 Person formed by or surviving any such consolidation or merger (if other than
 the Company) or to which such sale, assignment, transfer, conveyance or other
 disposition has been made is an entity organized or existing under the laws
 of the United States, any state of the United States or the District of
 Columbia; and, if such entity is not a corporation, a co-obligor of the Notes
 is a corporation organized or existing under any such laws;

 

71

	
  

 	
  

 	
  

 
	
  

 	
           (2) the
 Person formed by or surviving any such consolidation or merger (if other than
 the Company) or the Person to which such sale, assignment, transfer,
 conveyance or other disposition has been made assumes all the obligations of
 the Company under the Notes, this Indenture, the Registration Rights
 Agreement and the Security Documents pursuant to customary agreements;

 
	
  

 	
  

 
	
  

 	
           (3)
 immediately after such transaction, no Default or Event of Default exists; 

 
	
  

 	
  

 
	
  

 	
           (4) the
 Company or the Person formed by or surviving any such consolidation or merger
 (if other than the Company), or to which such sale, assignment, transfer,
 conveyance or other disposition has been made would, on the date of such
 transaction after giving pro forma effect thereto and any related financing
 transactions as if the same had occurred at the beginning of the applicable
 four-quarter period:

 
	
  

 	
  

 
	
  

 	
  

 	
           (A) be
 permitted to incur at least $1.00 of additional Indebtedness pursuant to the
 Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof; or 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B) have
 had a Fixed Charge Coverage Ratio greater than the actual Fixed Charge
 Coverage Ratio for the Company for such four-quarter period.

 
	
  

 	
  

 	
  

 
	
  

 	
           (5) such
 transaction would not result in the revocation, termination, loss or
 suspension or material impairment of any of the Company’s or any Restricted
 Subsidiaries’ Gaming Licenses, unless a comparable replacement Gaming License
 is effective prior to or simultaneously with such revocation, termination,
 loss, suspension or material impairment;

 
	
  

 	
  

 	
  

 
	
  

 	
           (6) such
 transaction would not require deduction or withholding for taxes or similar
 charges to be imposed on interest or original issue discount that may be
 payable with respect to the Notes that would not have been otherwise deducted
 or withheld;

 
	
  

 	
  

 	
  

 
	
  

 	
           (7) such
 transaction would not require any Holder or Beneficial Owner of Notes in its
 capacity as such to obtain a Gaming License or otherwise be licensed,
 qualified or found suitable or exempt from licensure, or obtain a Permit or
 other regulatory approval under the law of any applicable gaming
 jurisdiction; and

 
	
  

 	
  

 	
  

 
	
  

 	
           (8) the
 Company has delivered to the Trustee an Officers’ Certificate and Opinion of
 Counsel, each stating that such transaction complies with the terms of this
 Indenture.

 

The Company will not, directly or indirectly, lease all or
substantially all of the properties and assets of it and its Restricted
Subsidiaries taken as a whole, in one or more related transactions, to any
other Person. This Section 5.01 will not apply to any sale, assignment,
transfer, conveyance, lease or other disposition of assets between or among the
Company and its Guarantors. Clauses (3) and (4) of this Section 5.01 will not
apply to (i) any merger or consolidation of the Company with or into one of its
Restricted Subsidiaries for any purpose or (ii) with or into an Affiliate
solely for the purpose of reincorporating the Company in another jurisdiction. 

Section 5.02 Successor
Corporation Substituted.

          Upon any
consolidation or merger, or any sale, assignment, transfer, lease, conveyance
or other disposition of all or substantially all of the properties or assets of
the Company in a transaction that is subject to, and that complies with the
provisions of, Section 5.01 hereof, the successor Person formed by such
consolidation or into or with which the Company is merged or to which such
sale, assignment, 

72

transfer, lease, conveyance or other disposition is made shall succeed
to, and be substituted for (so that from and after the date of such
consolidation, merger, sale, assignment, transfer, lease, conveyance or other
disposition, the provisions of this Indenture referring to the “Company” shall
refer instead to the successor Person and not to the Company), and may exercise
every right and power of the Company under this Indenture with the same effect
as if such successor Person had been named as the Company herein; provided,
however, that the predecessor Company shall not be relieved from the
obligation to pay the principal of, premium on, if any, interest and Special
Interest, if any, on, the Notes except in the case of a sale of all of the
Company’s assets in a transaction that is subject to, and that complies with
the provisions of, Section 5.01 hereof.

ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01 Events of
Default.

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

	
  

 	
  

 	
  

 
	
  

 	
           (1)
 default for 30 days in the payment when due of interest and Special Interest,
 if any, on the Notes;

 
	
  

 	
  

 	
  

 
	
  

 	
           (2)
 default in the payment when due (at maturity, upon redemption or otherwise)
 of the principal of, or premium on, if any, the Notes;

 
	
  

 	
  

 	
  

 
	
  

 	
           (3)
 failure by the Company or any of its Restricted Subsidiaries to comply with
 the provisions of Sections 3.08, 3.09, 4.10, 4.11, 4.16 or 5.01 hereof;

 
	
  

 	
  

 	
  

 
	
  

 	
           (4)
 failure by the Company or any of its Restricted Subsidiaries for 60 days
 after notice to the Company by the Trustee or the Holders of at least 25% in
 aggregate principal amount of the Notes then outstanding voting as a single
 class to comply with any of the other agreements in this Indenture or the
 Security Documents;

 
	
  

 	
  

 	
  

 
	
  

 	
           (5)
 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 of its Restricted Subsidiaries (or the
 payment of which is guaranteed by the Company or any of its Restricted
 Subsidiaries), whether such Indebtedness or Guarantee now exists, or is
 created after the date of this Indenture, if that default:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A) is
 caused by a failure to pay principal of, premium on, if any, or interest on,
 if any, 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,

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 and, in each case, the principal amount of any such Indebtedness,
 together with the 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 $10.0 million or more;

 

73

	
  

 	
  

 	
  

 
	
  

 	
           (6)
 failure by the Company or any of its Restricted Subsidiaries to pay final
 judgments entered by a court or courts of competent jurisdiction aggregating
 in excess of $10.0 million, which judgments are not paid, discharged or
 stayed, for a period of 60 days;

 
	
  

 	
  

 	
  

 
	
  

 	
           (7) the
 revocation, termination, suspension or loss (excluding any voluntary
 termination of such rights in connection with a sale, lease or closure of a
 site; provided,
 that such sale, lease or closure was otherwise permitted by, and complied
 with the provisions of, this Indenture) of the Company’s or any of its
 Subsidiaries’ Gaming License or other legal right to operate slot machines or
 to conduct other gaming operations (other than parimutuel wagering) and such
 revocation, termination, suspension or loss continues for more than 90
 consecutive days or for 120 days within any consecutive 180-day period; 

 
	
  

 	
  

 	
  

 
	
  

 	
           (8) the
 occurrence of any of the following:

 
	
  

 	
  

 
	
  

 	
                     (a)
 any Security Document ceases for any reason to be fully enforceable (except
 as permitted by the terms of this Indenture or the Security Documents) for a
 period of 30 days after the Company or the applicable Restricted Subsidiary
 receives notice thereof; provided,
 that it will not be an Event of Default under this clause (8)(a) if the
 sole result of the failure of one or more Security Documents to be fully
 enforceable is that any Lien in favor of the Collateral Agent, for the
 benefit of the Second Lien Claimholders, purported to be granted under such
 Security Documents on Collateral, individually or in the aggregate, having a
 Fair Market Value of not more than $5.0 million ceases to be an
 enforceable and perfected second-priority Lien, subject only to Permitted
 Prior Liens;

 
	
  

 	
  

 
	
  

 	
                     (b)
 any Lien in favor of the Collateral Agent, for the benefit of the Second Lien
 Claimholders, purported to be granted under any Security Document on
 Collateral, individually or in the aggregate, having a Fair Market Value in
 excess of $5.0 million ceases to be an enforceable and perfected
 second-priority Lien, subject only to Permitted Prior Liens, for a period of
 30 days after the Company or the applicable Restricted Subsidiary receives
 notice thereof; or

 
	
  

 	
  

 
	
  

 	
                     (c)
 the Company or any other Pledgor, or any Person acting on behalf of any of
 them, denies or disaffirms, in writing, any obligation of the Company or any
 other Pledgor set forth in or arising under any Security Document.

 
	
  

 	
  

 
	
  

 	
           (9) the
 Company or any of its Restricted Subsidiaries that is a Significant
 Subsidiary or any group of Restricted Subsidiaries of the Company that, taken
 together, would constitute a Significant Subsidiary pursuant to or within the
 meaning of Bankruptcy Law:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (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,

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (D) makes
 a general assignment for the benefit of its creditors, or

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (E)
 generally is not paying its debts as they become due;

 

74

	
  

 	
  

 	
  

 
	
  

 	
           (10) 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 Restricted Subsidiaries that is
 a Significant Subsidiary or any group of Restricted Subsidiaries of the
 Company that, taken together, would constitute a Significant Subsidiary in an
 involuntary case;

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B)
 appoints a custodian of the Company or any of its Restricted Subsidiaries
 that is a Significant Subsidiary or any group of Restricted Subsidiaries of
 the Company that, taken together, would constitute a Significant Subsidiary
 or for all or substantially all of the property of the Company or any of its
 Restricted Subsidiaries that is a Significant Subsidiary or any group of
 Restricted Subsidiaries of the Company that, taken together, would constitute
 a Significant Subsidiary; or

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (C)
 orders the liquidation of the Company or any of its Restricted Subsidiaries that
 is a Significant Subsidiary or any group of Restricted Subsidiaries of the
 Company that, taken together, would constitute a Significant Subsidiary;

 
	
  

 	
  

 	
  

 
	
  

 	
  

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

 
	
  

 	
  

 	
  

 
	
  

 	
           (11)
 except as permitted by this Indenture, any Note Guarantee is held in any
 judicial proceeding to be unenforceable or invalid or ceases for any reason
 to be in full force and effect, or any Guarantor, or any Person acting on
 behalf of any Guarantor, denies or disaffirms its obligations under its Note
 Guarantee; and

 
	
  

 	
  

 
	
  

 	
           (12)
 termination or suspension of the Development Agreement (i) without consent of
 the Company, (ii) as a result of the Company’s breach thereof or (iii) if
 adverse action with respect to any Gaming License is or could reasonably
 expected to be taken by any Gaming Authority in connection with such
 termination or suspension.

 

Section 6.02 Acceleration.

          In the case
of an Event of Default specified in clause (9) or (10) of Section 6.01 hereof,
with respect to the Company, any Restricted Subsidiary of the Company that is a
Significant Subsidiary or a Guarantor or any group of Restricted Subsidiaries
of the Company that, taken together, would constitute a Significant Subsidiary,
all outstanding Notes will become due and payable immediately without further
action or notice. If any other 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 all the Notes to be due and payable
immediately.

          Upon any
such declaration, the Notes shall become due and payable immediately. 

          The Holders
of at least 66 2/3% 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 and its consequences hereunder, if the
rescission would not conflict with any judgment or decree and if all existing
Events of Default (except nonpayment of principal of, premium on, if any,
interest or Special Interest, if any, on the Notes that has become due solely
because of the acceleration) have been cured or waived.

          If an Event
of Default occurs on or after January 1, 2013 by reason of any willful action
(or inaction) taken (or not taken) by or on behalf of the Company with the
intention of avoiding payment of 

75

the premium that the Company would have had to pay if the Company then
had elected to redeem the Notes pursuant to Section 3.07 hereof, then, upon
acceleration of the Notes, an equivalent premium shall also become and be
immediately due and payable, to the extent permitted by law, anything in this
Indenture or in the Notes to the contrary notwithstanding. If an Event of Default
occurs prior to January 1, 2013 by reason of any willful action (or inaction)
taken (or not taken) by or on behalf of the Company with the intention of
avoiding the prohibition on redemption of the Notes prior to such date, then,
upon acceleration of the Notes, the Applicable Premium shall also become and be
immediately due and payable, to the extent permitted by law.

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 of, premium on, if any, interest or
Special Interest, if any, 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 at least 66 2/3% in aggregate principal amount of the then outstanding Notes
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
hereunder, except a continuing Default or Event of Default in the payment of
principal of, premium on, if any, interest or Special Interest, if any, on, the
Notes (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 from such acceleration. Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

Section 6.05 Control.

          Holders of
at least 66 2/3% 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 or that may involve the
Trustee in personal liability.

Section 6.06 Limitation
on Suits.

          No Holder
of a Note may pursue any remedy with respect to this Indenture or the Notes
unless:

	
  

 	
  

 
	
  

 	
           (1) such
 Holder has previously given 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;

 

76

	
  

 	
  

 
	
  

 	
           (3) such
 Holder or Holders offer and, if requested, provide to the Trustee security or
 indemnity reasonably satisfactory to the Trustee against any loss, liability
 or expense;

 
	
  

 	
  

 
	
  

 	
           (4) the
 Trustee does not comply with such 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 at least 66 2/3% 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.

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 of, premium on, if any, interest or Special
Interest, if any, 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; provided
that a Holder shall not have the right to institute any such suit for the
enforcement of payment if and to the extent that the institution or prosecution
thereof or the entry of judgment therein would, under applicable law, result in
the surrender, impairment, waiver or loss of the Lien of this Indenture upon
any property subject to such Lien.

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 on, if any, interest and Special Interest, if any, remaining unpaid 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 

77

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 or disburse the money or property in the following order:

	
  

 	
  

 
	
  

 	
           First:
 to the Trustee, its agents and attorneys for amounts due 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, if any, interest and Special Interest, if any, ratably, without
 preference or priority of any kind, according to the amounts due and payable
 on the Notes for principal, premium, if any, interest and Special Interest, if
 any, respectively; and

 
	
  

 	
  

 
	
  

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

 

          The Trustee
may, but shall not be obligated to, 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, 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.

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 exercise or
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 TIA and the Trustee need perform only those duties
 that are specifically set forth in this Indenture and the TIA and no others,
 and no implied covenants or obligations shall be read into this Indenture
 against the Trustee; and

 

78

	
  

 	
  

 
	
  

 	
           (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 any
 such certificates or opinions which by any provision hereof are specifically
 required to be furnished to the Trustee, the Trustee will examine the
 certificates and opinions to determine whether or not they conform to the
 requirements of this Indenture.

 

          (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.

Section 7.02 Rights of
Trustee.

          (a) The
Trustee may conclusively rely and shall be protected in acting or refraining
from acting upon any document, including, without limitation, any resolution,
certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note or other paper or document,
believed by it to be genuine and to have been signed or presented by the proper
Person or Persons. The Trustee need not investigate any fact or matter stated
in any such document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit.

          (b) Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel or both. The Trustee will not be liable
for any action it takes or omits to take in good faith in reliance on such
Officers’ Certificate or Opinion of Counsel. The Trustee may consult with
counsel and the written 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.

          (c) The
Trustee may act through its attorneys, accountants, experts and such other
agents or professionals as the Trustee deems necessary, advisable or appropriate
and will not be responsible for the 

79

misconduct or negligence of any such attorney, accountant, expert or
other agent or professional 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 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) In each
case that the Trustee may or is required hereunder to take any action on behalf
of the Holders, including, without limitation, to make any determination, to
give consents, to exercise rights, powers or remedies, or otherwise to act
hereunder, the Trustee may seek direction from such Holders. The Trustee shall
not be liable with respect to any action taken or omitted to be taken by it in
accordance with the direction of such Holders. If the Trustee shall request
direction from such Holders with respect to any action, the Trustee will be
entitled to refrain from such action unless and until the Trustee shall have
received direction from such Holders, and the Trustee shall not incur liability
to any Person by reason of so refraining.

          (g) The
Trustee will be under no obligation to take any action on behalf of the Holders
and/or 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 satisfactory to it against the losses,
liabilities, claims, damages, and/or expenses that might be incurred by it in
compliance with such request or direction.

          (h) The
Trustee shall have no responsibility for any actions taken or not taken by the
Depositary.

          (i) The
Trustee and the Registrar will be fully protected in connection with transfers
or exchanges of Notes made pursuant to this Indenture if the Trustee and/or the
Registrar receive the documents required to be delivered to each hereunder.

          (j) The
Trustee will not be charged with knowledge of any Default or Event of Default
under Section 6.01 (other than under Section 6.01(1) or Section 6.01(2)) unless
either (i) a Responsible Officer shall have actual knowledge thereof, or (ii)
the Trustee shall have received notice thereof in accordance with Section 13.02
including any certificate delivered pursuant to Section 4.04 hereof from the
Company or any Holder. 

          (k) 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 by the Trustee to act
hereunder in accordance with this Indenture. 

          (l) 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 specified as so authorized in any such
certificate previously delivered and not superseded.

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

80

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,
sufficiency 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. Except as provided
in Section 4.04, the Trustee will have no duty to ascertain or inquire as to
the performance of the Company’s covenants under Article 4 hereof or otherwise
established by the terms of the Notes.

Section 7.05 Notice of
Defaults.

          If
a Default or Event of Default occurs and is continuing and if it is known to
the Trustee, the Trustee will mail to Holders of Notes a notice of the Default
or Event of Default within 90 days after it occurs. Except in the case of a
Default or Event of Default in payment of principal of, premium on, if any,
interest or Special Interest, if any, on, any Note, the Trustee may withhold
the notice, and shall be protected in withholding such notice, if and so long
as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of the Holders of the Notes.

Section 7.06 Reports by
Trustee to Holders of the Notes.

          (a)
Within 60 days after each May 15 beginning with the May 15 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 12 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 when the Notes are listed
on any stock exchange or delisted therefrom.

Section 7.07 Compensation
and Indemnity.

          (a)
The Company and the Guarantors, jointly and severally, will pay to the Trustee
from time to time compensation for its acceptance of this Indenture and
services hereunder as shall be agreed in writing from time to time. 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, accountants, experts and counsel and such other professionals
as the Trustee deems necessary, advisable or appropriate.

81

          (b)
The Company and the Guarantors will, jointly and severally, indemnify the
Trustee for, and hold the Trustee harmless against, any and all losses,
liabilities, claims, damages or expenses (including reasonable attorneys’ fees)
incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture (each, a “Claim”),
including the costs and expenses of enforcing this Indenture or any Security
Documents against the Company and the Guarantors (including this Section 7.07)
and defending itself against or investigating any Claim (whether asserted by
the Company, the Guarantors, any Holder or any other Person) in connection with
the exercise or performance of any of its powers or duties hereunder, except to
the extent any Claim may be attributable to its negligence or bad faith. 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 defend any Claim or threatened 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.

          (c)
The obligations of the Company and the Guarantors under this Section 7.07 will
survive the satisfaction and discharge of this Indenture or the earlier
resignation or 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
of, premium on, if any, interest or Special Interest, if any, on, particular
Notes. Such Lien will survive the satisfaction and discharge of this Indenture
or the earlier resignation or removal of the Trustee.

          (e)
When the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.01(9) or (10) 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 at least 66 2/3% in
aggregate principal amount of the then outstanding Notes may remove the Trustee
by so notifying the Trustee and the Company in writing. 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.

 

82

          (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 at
least 66 2/3% 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 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee (at the expense of the
Company), 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.

          (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.

          If
the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act will be the successor Trustee.

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 trust power,
that is subject to supervision or examination by federal or state authorities
and that has a combined capital and surplus of at least $100.0 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.

83

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01 Option to
Effect Legal Defeasance or Covenant Defeasance.

          The
Company may at any time, at the option of its Board of Directors 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 Note Guarantees) 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 Note 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 Note
Guarantees and this Indenture (and the Trustee, on demand of and at the expense
of the Company, shall execute instruments provided by the Company 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, premium on, if any, interest or Special Interest, 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 and Section 7.07 hereof;

 
	
  

 	
  

 
	
  

 	
           (3)
 the rights, powers, trusts, duties and immunities of the Trustee hereunder
 and the Company’s and the Guarantors’ obligations in connection therewith;
 and

 
	
  

 	
  

 
	
  

 	
           (4)
 this Article 8.

 

          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.

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 3.07,
3.08, 3.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17, 4.18, 4.19, 4.20 and 4.21
hereof and clause (4) of Section 5.01 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 

84

means that,
with respect to the outstanding Notes and Note 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 Note 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), (4), (5), (6), (7), (8) and (11) 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 a written certification of a nationally recognized investment bank,
 appraisal firm, or firm of independent public accountants, to pay the
 principal of, premium on, if any, interest and Special Interest, if any, on,
 the outstanding Notes on the stated date for payment thereof or on the
 applicable redemption date, as the case may be, and the Company must specify
 whether the Notes are being defeased to such stated date for payment or to a
 particular redemption date;

 
	
  

 	
  

 
	
  

 	
           (2)
 in the case of an election under Section 8.02 hereof, the Company must
 deliver 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 date of this Indenture, there has been a change in the applicable
 federal income tax law,

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 in either
 case to the effect that, and based thereon such Opinion of Counsel shall
 confirm that, the Holders 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 must
 deliver to the Trustee an Opinion of Counsel reasonably acceptable to the
 Trustee confirming that the Holders 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 is continuing on the
 date of such deposit (other than a Default or Event of Default resulting from
 the borrowing of funds to be applied to such deposit (and any similar
 concurrent deposit relating to other Indebtedness), and the granting of Liens
 to secure such borrowings);

 

85

	
  

 	
  

 	
  

 
	
  

 	
           (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 and the agreements governing any other
 Indebtedness being defeased, discharged or replaced) to which the Company or
 any of the Guarantors is a party or by which the Company or any of the
 Guarantors is bound;

 
	
  

 	
  

 	
  

 
	
  

 	
           (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 any 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 the Company
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 and Special Interest, if any, but such money need
not be segregated from other funds except to the extent required by law.

          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.

          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 on, if any,
interest or Special Interest, if any, on, any Note and remaining unclaimed for
two years after such principal, premium, if any, interest or Special Interest,
if any, 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 

86

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 Note 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 on, if any, interest or
Special Interest, if any, 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.

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01 Without Consent of Holders of Notes.

          Notwithstanding
Section 9.02 of this Indenture, without the consent of any Holder of Notes, the
Company, the Guarantors and the Trustee may amend or supplement this Indenture,
the Notes or the Note Guarantees:

	
  

 	
  

 
	
  

 	
           (1)
 to cure any ambiguity, defect or inconsistency;

 
	
  

 	
  

 
	
  

 	
           (2)
 to provide for uncertificated Notes in addition to or in place of
 certificated Notes;

 
	
  

 	
  

 
	
  

 	
           (3)
 to provide for the assumption of the Company’s or a Guarantor’s obligations
 to the Holders of the Notes and Note Guarantees by a successor to the Company
 or such Guarantor pursuant to Article 5 or Article 10 hereof;

 
	
  

 	
  

 
	
  

 	
           (4)
 to make any change that would provide any additional rights or benefits to
 the Holders of the Notes or that does not 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 conform the text of this Indenture, the Notes, the Note Guarantees or the
 Security Documents to any provision of the “Description of Notes” section of
 the Company’s Offering Memorandum dated June 25, 2010, relating to the
 initial offering of the Notes, to the extent that such provision in that
 “Description of Notes” was intended to be a verbatim recitation of a
 provision of this Indenture, the Notes, the Note Guarantees or the Security
 Documents, which intent may be evidenced by an Officers’ Certificate to that
 effect;

 
	
  

 	
  

 
	
  

 	
           (7)
 to enter into additional or supplemental Security Documents;

 
	
  

 	
  

 
	
  

 	
           (8)
 to release Collateral in accordance with the terms of this Indenture and the
 Security Documents; 

 

87

	
  

 	
  

 
	
  

 	
           (9)
 to make, complete or confirm any grant of Collateral permitted or required by
 this Indenture or any of the Security Documents or any release of Collateral
 that becomes effective as set forth in this Indenture or any of the Security
 Documents;

 
	
  

 	
  

 
	
  

 	
           (10)
 to provide for the issuance of Additional Notes in accordance with the
 limitations set forth in this Indenture as of the date hereof; 

 
	
  

 	
  

 
	
  

 	
           (11)
 to allow any Guarantor to execute a supplemental indenture and/or a Note
 Guarantee with respect to the Notes; or

 
	
  

 	
  

 
	
  

 	
           (12)
 to comply with any applicable Gaming Law.

 

          Upon
the written request of the Company accompanied by a resolution of its Board of
Directors authorizing the execution of any such amended or supplemental
indenture, and upon receipt by the Trustee of the documents described in
Section 13.04 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.

Section 9.02 With Consent of Holders of Notes.

          Except
as provided in Section 9.01 or below in this Section 9.02, the Company and the
Trustee may amend or supplement this Indenture (including, without limitation,
Section 3.11, 4.10, 4.11 and 4.16 hereof) and the Notes and the Note Guarantees
with the consent of the Holders of at least 66 2/3% 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 on, if any, interest or Special
Interest, if any, 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 Note Guarantees may be waived with the consent of
the Holders of at least 66 2/3% 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).

          Upon
the request of the Company accompanied by a resolution of its Board of
Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence 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 13.04 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 mail to the Holders of Notes affected thereby a notice briefly
describing the amendment, 

88

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 at least 66 2/3% in aggregate principal amount of the Notes then
outstanding voting as a single class may waive compliance in a particular
instance by the Company with any provision of this Indenture, the Notes or the
Note 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 or modify any of the provisions relating to
 the supplemental indentures requiring the consent of Holders or relating to
 the waiver of past Defaults or relating to the waiver of certain covenants,
 except to increase the percentage of such outstanding Notes required for such
 actions or to provide that certain other provisions of this Indenture cannot
 be modified or waived without the consent of the Holder of each such Note
 affected thereby;

 
	
  

 	
  

 
	
  

 	
           (2)
 reduce the principal of or change the fixed maturity of any Note or alter or
 waive any of the provisions with respect to the redemption of the Notes;

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (4)
 waive a Default or Event of Default in the payment of principal of, premium
 on, if any, interest or Special Interest, if any, 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 then outstanding 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 waivers of certain covenants or the rights of Holders of
 Notes to receive payments of principal of, premium on, if any, interest or
 Special Interest, if any, on, the Notes;

 
	
  

 	
  

 
	
  

 	
           (7)
 waive a redemption payment with respect to any Note;

 
	
  

 	
  

 
	
  

 	
           (8)
 modify or change any provision of this Indenture affecting the ranking of the
 Notes or any Note Guarantee in a manner adverse to the Holders of the Notes;

 
	
  

 	
  

 
	
  

 	
           (9)
 release any Guarantor from any of its obligations under its Note Guarantee or
 this Indenture, except in accordance with the terms of this Indenture; or

 
	
  

 	
  

 
	
  

 	
           (10)
 modify Sections 9.01 and 9.02 hereof.

 

          In
addition, any amendment to, or waiver of, the provisions of this Indenture or
any Security Document that has the effect of releasing all or substantially all
of the Collateral from the Liens securing the Notes will require the consent of
the Holders of at least 66 2/3% in aggregate principal amount of the Notes then
outstanding.

Section 9.03 Compliance with Trust Indenture Act.

          Every
amendment or supplement to this Indenture or the Notes will be set forth in a
amended or supplemental indenture that complies with the TIA as then in effect.

89

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 the amendment, supplement or waiver becomes
effective. 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.

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 Directors of the
Company approves it. In executing any amended or supplemental indenture, the
Trustee will be entitled to receive and (subject to Section 7.01 hereof) will
be fully protected in 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.

ARTICLE 10

COLLATERAL AND SECURITY

Section 10.01 Security Interest.

          The
due and punctual payment of the principal of, premium on, if any, interest and
Special Interest, if any, on, the Notes when and as the same shall be due and
payable, whether on an interest payment date, at maturity, by acceleration,
repurchase, redemption or otherwise, and interest on the overdue principal of,
premium on, if any, interest and Special Interest, if any (to the extent
permitted by law), on the Notes and performance of all other obligations of the
Company to the Holders of Notes or the Trustee under this Indenture and the
Notes (including, without limitation, the Note Guarantees), according to the
terms hereunder or thereunder, are secured as provided in the Security
Documents which the Company has entered into simultaneously with the execution
of this Indenture. Each Holder of Notes, by its acceptance thereof, consents
and agrees to the terms of the Security Documents (including, without
limitation, the provisions providing for foreclosure and release of Collateral)
and the Intercreditor Agreement as the same may be in effect or may be amended from
time to time in accordance with its terms and authorizes and directs the
Collateral Agent to enter into the Security Documents and the Intercreditor
Agreement and to perform its obligations and exercise its rights thereunder in
accordance therewith. The Company will deliver to the Trustee copies of all
documents delivered to the Collateral Agent pursuant to the Security Documents,
and will do or cause to be done all such acts and things as 

90

may be
necessary or proper, or as may be required by the provisions of the Security
Documents, at the Company’s expense, to assure and confirm to the Trustee and
the Collateral Agent the security interest in the Collateral contemplated
hereby, by the Security Documents or any part thereof, as from time to time constituted,
so as to render the same available for the security and benefit of this
Indenture and of the Notes secured hereby, according to the intent and purposes
herein expressed. The Company will take, and will cause its Subsidiaries to
take, and upon request of the Trustee will take, any and all actions reasonably
required to cause the Security Documents to create and maintain, as security
for the Obligations of the Company hereunder, a valid and enforceable perfected
Lien in and on all the Collateral, in favor of the Collateral Agent for the
benefit of the Holders of Notes, to the extent required by, and with the lien
priority required under, the Security Documents and subject to no Liens other
than Permitted Liens.

Section 10.02 Recording and Opinions.

          (a)
The Company will furnish to the Trustee simultaneously with the execution and
delivery of this Indenture an Opinion of Counsel either:

	
  

 	
  

 
	
  

 	
           (1)
 stating that, in the opinion of such counsel, all action has been taken with
 respect to the recording, registering and filing of this Indenture, financing
 statements or other instruments necessary to make effective the Lien intended
 to be created by the Security Documents, and reciting with respect to the
 security interests in the Collateral, the details of such action; or 

 
	
  

 	
  

 
	
  

 	
           (2)
 stating that, in the opinion of such counsel, no such action is necessary to
 make such Lien effective.

 

          (b)
The Company will furnish to the Collateral Agent and the Trustee on July 1 in
each year beginning with July 1, 2011, an Opinion of Counsel, dated as of such
date, either:

	
  

 	
  

 
	
  

 	
           (1)
 (A) stating that, in the opinion of such counsel, action has been taken with
 respect to the recording, registering, filing, re-recording, re-registering
 and re-filing of all supplemental indentures, financing statements,
 continuation statements or other instruments of further assurance as is
 necessary to maintain the Lien of the Security Documents and reciting with
 respect to the security interests in the Collateral the details of such
 action or referring to prior Opinions of Counsel in which such details are
 given, and (B) stating that, in the opinion of such counsel, based on
 relevant laws as in effect on the date of such Opinion of Counsel, all
 financing statements and continuation statements have been executed and filed
 that are necessary as of such date and during the succeeding 12 months fully
 to preserve and protect, to the extent such protection and preservation are
 possible by filing, the rights of the Holders of Notes and the Collateral
 Agent and the Trustee hereunder and under the Security Documents with respect
 to the security interests in the Collateral;

 
	
  

 	
  

 
	
  

 	
           (2)
 stating that, in the opinion of such counsel, no such action is necessary to
 maintain such Lien and assignment.

 

          (c)
The Company will otherwise comply with the provisions of TIA §314.

Section 10.03 Intercreditor Agreement.

          This
Article 10 and the provisions of each other Security Document are subject to
the terms, conditions and benefits set forth in the Intercreditor Agreement.
Each of the Company and each 

91

Guarantor
consents to, and agrees to be bound by, the terms of the Intercreditor
Agreement, as the same may be in effect from time to time, and to perform its
obligations thereunder in accordance therewith.

Section 10.04 Collateral Agent.

	
  

 	
  

 	
  

 
	
  

 	
           (1) Wilmington
 Trust FSB will initially act as the Collateral Agent for the benefit of the
 holders of the Notes and all other Second Lien Obligations outstanding from
 time to time.

 
	
  

 	
  

 	
  

 
	
  

 	
           (2) Neither
 the Company nor any of its Affiliates nor any New Agent nor the First Lien
 Collateral Agent as Holder of Liens in favor of First Lien Claimholders may
 serve as Collateral Agent. 

 
	
  

 	
  

 	
  

 
	
  

 	
           (3) The
 Collateral Agent shall hold (directly or through agents), and will be
 entitled to enforce, all Liens on the Collateral created by the Security
 Documents.

 
	
  

 	
  

 	
  

 
	
  

 	
           (4)
 Except as provided in the Intercreditor Agreement or as directed by an Act of
 Required Debtholders in accordance with the Intercreditor Agreement, the
 Collateral Agent shall not be obligated:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (a)
 to act upon directions purported to be delivered to it by any Person; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (b)
 to foreclose upon or otherwise enforce any Lien; or 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (c)
 to take any other action whatsoever with regard to any or all of the Security
 Documents, the Liens created thereby or the Collateral.

 

          A
resignation or removal of the Collateral Agent and appointment of a successor
Collateral Agent will become effective pursuant to the terms set forth in
Section 8 of the Intercreditor Agreement.

Section 10.05 Release of Liens in Respect of Notes.

          The
Liens in favor of the Collateral Agent, for the benefit of the Second Lien
Claimholders, upon the Collateral will no longer secure the Notes outstanding
under this Indenture or any other Obligations under this Indenture, and the
right of the Holders of the Notes and such Obligations to the benefits and
proceeds of the Liens in favor of the Collateral Agent, for the benefit of the
Second Lien Claimholders, on the Collateral will terminate and be discharged:

	
  

 	
  

 
	
  

 	
           (1)
 upon the satisfaction and discharge of this Indenture, in accordance with
 Article 11 hereof;

 
	
  

 	
  

 
	
  

 	
           (2)
 upon a Legal Defeasance or Covenant Defeasance of the Notes in accordance
 with Article 12 hereof;

 
	
  

 	
  

 
	
  

 	
           (3)
 upon payment in full and discharge of all Notes outstanding under this
 Indenture and all Obligations that are outstanding, due and payable under
 this Indenture at the time the Notes are paid in full and discharged; or

 
	
  

 	
  

 
	
  

 	
           (4)
 in whole or in part, with the consent of the Holders of the requisite
 percentage of Notes in accordance with Article 9 hereof.

 

92

Section 10.06 Certificates of the Company.

          The
Company will furnish to the Trustee and the Collateral Agent, prior to each
proposed release of Collateral pursuant to the Security Documents:

	
  

 	
  

 
	
  

 	
           (1)
 all documents required by TIA §314(d); and

 
	
  

 	
  

 
	
  

 	
           (2)
 an Opinion of Counsel to the effect that such accompanying documents
 constitute all documents required by TIA §314(d) and with respect to such
 related matters as the Trustee may reasonably request.

 

          The
Trustee may, to the extent permitted by Sections 7.01 and 7.02 hereof, accept
as conclusive evidence of compliance with the foregoing provisions the
appropriate statements contained in such documents and such Opinion of Counsel.

          Notwithstanding
anything to the contrary in this Section 10.06, the Company will not be
required to comply with all or any portion of TIA §314(d) if it determines, in
good faith based on advice of counsel, that under the terms of TIA §314(d)
and/or any interpretation or guidance as to the meaning thereof of the SEC and
its staff, including “no action” letters or exemptive orders, all or any
portion of TIA §314(d) is inapplicable to one or a Series of released
Collateral.

Section 10.07 Certificates of the Trustee.

          In
the event that the Company wishes to release Collateral in accordance with the
Security Documents and has delivered the certificates and documents required by
the Security Documents and Section 10.06 hereof, the Trustee will determine
whether it has received all documentation required by TIA §314(d) in connection
with such release and, based on such determination and the Opinion of Counsel
delivered pursuant to Section 10.06(2) hereof, will deliver a certificate to
the Collateral Agent setting forth such determination.

Section 10.08 Equal and Ratable Sharing of Collateral by Holders of
Second Lien Obligations.

          Notwithstanding:

	
  

 	
  

 
	
  

 	
           (1)
 anything to the contrary contained in the Security Documents;

 
	
  

 	
  

 
	
  

 	
           (2)
 the time of incurrence of any Series of Second Lien Debt;

 
	
  

 	
  

 
	
  

 	
           (3)
 the order or method of attachment or perfection of any Liens securing any
 Series of Second Lien Debt;

 
	
  

 	
  

 
	
  

 	
           (4)
 the time or order of filing or recording of financing statements, mortgages
 or other documents filed or recorded to perfect any Lien upon any Collateral;

 
	
  

 	
  

 
	
  

 	
           (5)
 the time of taking possession or control over any Collateral;

 
	
  

 	
  

 
	
  

 	
           (6)
 that any Lien in favor of the Collateral Agent, for the benefit of the Second
 Lien Claimholders, may not have been perfected or may be or have become
 subordinated, by equitable subordination or otherwise, to any other Lien; or

 
	
  

 	
  

 
	
  

 	
           (7)
 the rules for determining priority under any law governing
 relative priorities of Liens:

 

93

	
  

 	
  

 
	
  

 	
                     (a)
 all Liens granted at any time by the Company or any other Pledgor in favor of
 the Collateral Agent, for the benefit of the Second Lien Claimholders, will
 secure, equally and ratably, all present and future Second Lien Obligations;
 and 

 
	
  

 	
  

 
	
  

 	
                     (b)
 all proceeds of all Liens granted at any time by the Company or any other
 Pledgor in favor of the Collateral Agent, for the benefit of the Second Lien
 Claimholders, will be allocated and distributed equally and ratably on
 account of the Second Lien Obligations in accordance with the Intercreditor
 Agreement.

 

          This
Section 10.08 is intended for the benefit of, and will be enforceable as a
third party beneficiary by, each present and future Holder of Second Lien
Obligations, each present and future Second Lien Debt Representative and the
Collateral Agent as Holder of Liens in favor of Second Lien Claimholders. The
Second Lien Debt Representative of each future Series of Second Lien Debt will
be required to deliver the lien sharing and priority confirmation documents
required under the Intercreditor Agreement.

Section 10.09 Ranking of Liens in Favor of the Collateral Agent,
for the Benefit of the Second Lien Claimholders.

          Notwithstanding:

	
  

 	
  

 
	
  

 	
           (1)
 anything to the contrary contained in the Security Documents;

 
	
  

 	
  

 
	
  

 	
           (2)
 the time of incurrence of any First Lien Obligations or Second Lien
 Obligations;

 
	
  

 	
  

 
	
  

 	
           (3)
 the order or method of attachment or perfection of any Liens securing any
 First Lien Obligations or Second Lien Obligations;

 
	
  

 	
  

 
	
  

 	
           (4)
 the time or order of filing or recording of financing statements, mortgages
 or other documents filed or recorded to perfect any Lien upon any Collateral;

 
	
  

 	
  

 
	
  

 	
           (5)
 the time of taking possession or control over any Collateral;

 
	
  

 	
  

 
	
  

 	
           (6)
 that any Lien in favor of First Lien Claimholders may not have been perfected
 or may be or have become subordinated, by equitable subordination or
 otherwise, to any other Lien; or

 
	
  

 	
  

 
	
  

 	
           (7)
 the rules for determining priority under any law governing relative
 priorities of Liens,

 

          all
Liens at any time granted by the Company or any other Pledgor to secure Second
Lien Obligations will be subject and subordinate to all Liens securing First
Lien Obligations up to the Cap Amount. 

          This
Section 10.09 is intended for the benefit of, and will be enforceable as a
third party beneficiary by, each present and future holder of First Lien
Obligations, any New Agent, the First Lien Collateral Agent as Holder of Liens
in favor of First Lien Claimholders. No other Person will be entitled to rely
on, have the benefit of or enforce those provisions. The Second Lien Debt
Representative of each future Series of Second Lien Debt will be required to
deliver the lien sharing and priority confirmation documents required under the
Intercreditor Agreement.

94

          In
addition, this Section 10.09 is intended solely to set forth the relative
ranking, as Liens, of the Liens securing Second Lien Obligations as against the
Liens securing First Lien Obligations. Neither the Notes nor any other Second
Lien Obligations nor the exercise or enforcement of any right or remedy for the
payment or collection thereof are intended to be, or will ever be by reason of
the foregoing provisions, in any respect subordinated, deferred, postponed,
restricted or prejudiced.

Section 10.10 Relative Rights. 

                    Nothing
in the Note Documents will:

	
  

 	
  

 
	
  

 	
           (1)
 impair, as between the Company and the Holders of the Notes, the obligation
 of the Company to pay principal of, premium and interest and Special
 Interest, if any, on the Notes in accordance with their terms or any other
 obligation of the Company or any other Pledgor;

 
	
  

 	
  

 
	
  

 	
           (2)
 affect the relative rights of Holders of Notes as against any other creditors
 of the Company or any other Pledgor (other than First Lien Claimholders or
 other Second Lien Claimholders);

 
	
  

 	
  

 
	
  

 	
           (3)
 restrict the right of any Holder of Notes to sue for payments that are then
 due and owing (but not enforce any judgment in respect thereof against any
 Collateral to the extent specifically prohibited by the Intercreditor
 Agreement);

 
	
  

 	
  

 
	
  

 	
           (4)
 subject to any required approval, license or permit from a Gaming Authority,
 restrict or prevent any Holder of Notes or other Second Lien Obligations, the
 Collateral Agent or any Second Lien Debt Representative from exercising any
 of its rights or remedies upon a Default or Event of Default not specifically
 restricted or prohibited by the Intercreditor Agreement; or

 
	
  

 	
  

 
	
  

 	
           (5)
 restrict or prevent any Holder of Notes or other Second Lien Obligations, the
 Collateral Agent or any Second Lien Debt Representative from taking any
 lawful action in an insolvency or liquidation proceeding not specifically
 restricted or prohibited by the Intercreditor Agreement.

 

Section 10.11 Further Assurances; Insurance.

          The
Company and each of the Guarantors shall do or cause to be done all acts and
things that may be required, and that the Collateral Agent from time to time
may reasonably request, at the Company’s expense, to assure and confirm that
the Collateral Agent holds, for the benefit of the holders of Second Lien
Obligations, duly created and enforceable and perfected Liens upon the
Collateral, in each case, as contemplated by, and with the Lien priority
required under, the Second Lien Documents, subject to the limitations set forth
in the Security Documents. Without limiting the foregoing, to the extent that
any security interest in the Collateral securing the Notes cannot be perfected
on or prior to the date of this Indenture, after the use of all commercially
reasonable efforts, the Company and each of the Guarantors will cause all such
security interests to be perfected (to the extent required by the Security
Documents) no later than 75 days after the date of this Indenture.

          Upon
request of the Collateral Agent or any Second Lien Debt Representative at any
time and from time to time and in addition to any other requirement of the
Company and the Guarantors under this Indenture, the Company and each of the
Guarantors will promptly execute, acknowledge and deliver such Security
Documents, instruments, certificates, notices and other documents, and take
such other actions as shall be reasonably required, or that the Collateral
Agent may reasonably request, at the Company’s 

95

expense, to
create, perfect, protect, assure or enforce the Liens and benefits intended to
be conferred, in each case as contemplated by the Second Lien Documents for the
benefit of the holders of Second Lien Obligations.

          The
Company and the other Pledgors shall:

	
  

 	
  

 
	
  

 	
           (1)
 keep their properties adequately insured at all times by financially sound
 and reputable insurers;

 
	
  

 	
  

 
	
  

 	
           (2)
 maintain such other insurance, to such extent and against such risks (and
 with such deductibles, retentions and exclusions), including fire and other
 risks insured against by extended coverage and coverage for acts of
 terrorism, as is customary with companies in the same or similar businesses
 operating in the same or similar locations, including public liability
 insurance against claims for personal injury or death or property damage
 occurring upon, in, about or in connection with the use of any properties
 owned, occupied or controlled by them;

 
	
  

 	
  

 
	
  

 	
           (3)
 maintain such other insurance as may be required by law; 

 
	
  

 	
  

 
	
  

 	
           (4)
 maintain title insurance on all real property Collateral insuring the
 Collateral Agent’s Lien on that property, subject only to Permitted Prior
 Liens and other exceptions to title approved by the Collateral Agent; provided, that title insurance need only
 be maintained on any particular parcel of real property having a Fair Market
 Value of less than $7.5 million if and to the extent title insurance is
 maintained in respect of Liens in favor of First Lien Claimholders on that
 property; and

 
	
  

 	
  

 
	
  

 	
           (5)
 maintain such other insurance as may be required by the Security Documents.

 

          Upon
the request of the Collateral Agent, the Company and the other Pledgors will
furnish to the Collateral Agent full information as to their property and
liability insurance carriers. Holders of Second Lien Obligations, as a class,
will be named as additional insureds, with a waiver of subrogation, on all
insurance policies of the Company and the other Pledgors and the Collateral
Agent will be named as loss payee, with 30 days’ notice of cancellation or
material change (or such shorter time as the Collateral Agent shall agree), on all
property and casualty insurance policies of the Company and the other Pledgors.

          Neither
the Company nor any of its Restricted Subsidiaries may take or omit to take any
action which action or omission would reasonably be expected to have the result
of materially adversely affecting or impairing the Lien held by the Collateral
Agent for the benefit of the Holders of Second Lien Obligations, other than as
expressly contemplated by this Indenture and the Security Documents.

ARTICLE 11

NOTE GUARANTEES

Section 11.01 Guarantee.

          (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 on, if any, interest and Special Interest, if any,
 on, the Notes will be promptly paid in full when due, whether at maturity, by
 acceleration, redemption or 

 

96

	
  

 	
  

 
	
  

 	
 otherwise,
 and interest on the overdue principal of, premium on, if any, interest and
 Special Interest, if any, on, the Notes, 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 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.

 

          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.

          (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 Note Guarantee 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 Note Guarantee,
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 Note Guarantee, 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 Note Guarantee. 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 Note Guarantee.

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 Note Guarantee 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 Note
Guarantee. 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 

97

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 Note Guarantee not
constituting a fraudulent transfer or conveyance.

Section 11.03 Execution
and Delivery of Note Guarantee.

          To
evidence its Note Guarantee set forth in Section 11.01 hereof, each Guarantor
hereby agrees that a notation of such Note Guarantee 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.

          Each
Guarantor hereby agrees that its Note Guarantee 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 Note Guarantee.

          If
an Officer whose signature is on this Indenture or on the Note Guarantee no
longer holds that office at the time the Trustee authenticates the Note on
which a Note Guarantee is endorsed, the Note Guarantee will be valid
nevertheless.

          The
delivery of any Note by the Trustee, after the authentication thereof
hereunder, will constitute due delivery of the Note Guarantee set forth in this
Indenture on behalf of the Guarantors.

          In
the event that the Company or any of its Restricted Subsidiaries creates or
acquires any Domestic Subsidiary after the date of this Indenture, if required
by Section 4.19 hereof, the Company will cause such Domestic Subsidiary to
comply with the provisions of Section 4.19 hereof and this Article 11, to the
extent applicable.

Section 11.04 Guarantors May Consolidate, etc., on Certain Terms.

          Except
as otherwise provided in Section 11.05 hereof, no Guarantor may sell or
otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving
Person) another Person, other than the Company or another Guarantor; provided,
that the Company’s direct or indirect percentage interest in the Equity
Interests of the Guarantor acquiring the property in such sale or disposition
or surviving any such consolidation or merger after giving effect to such
transaction is at least equal to the Company’s direct or indirect percentage
interest in the Equity Interests of the original Guarantor, unless:

	
  

 	
  

 
	
  

 	
           (1)
 immediately after giving effect to such transaction, no Default or Event of
 Default exists; and

 
	
  

 	
  

 
	
  

 	
           (2)
 either:

 
	
  

 	
  

 
	
  

 	
                     (a)
 subject to Section 11.05 hereof, the Person acquiring the assets in any such
 sale or disposition or the Person formed by or surviving any such
 consolidation or merger unconditionally assumes all the obligations of that
 Guarantor under its Note Guarantee, this Indenture, the Registration Rights
 Agreement and the Security Documents on the terms set forth herein or
 therein, pursuant to a supplemental indenture substantially in the form of
 Exhibit F hereto; or

 

98

	
  

 	
  

 
	
  

 	
                     (b)
 the Net 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.

 

          The
Company must deliver to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that the consolidation, merger or transfer and the
supplemental indenture or such use of Net Proceeds comply with this Indenture.

          In
case of any such consolidation, merger, sale or conveyance and upon the
assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee substantially in the form of Exhibit F hereto, of the
Note Guarantee endorsed upon the Notes and the due and punctual performance of
all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person will 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 Note
Guarantees to be endorsed upon all of the Notes issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the
Trustee. All the Note Guarantees so issued will in all respects have the same
legal rank and benefit under this Indenture as the Note Guarantees theretofore
and thereafter issued in accordance with the terms of this Indenture as though
all of such Note Guarantees had been issued at the date of the execution
hereof.

          Except
as set forth in Articles 4 and 5 hereof, and notwithstanding clauses 2(a) and
(b) above, nothing contained in this Indenture or in any of the Notes will
prevent any consolidation or merger of a Guarantor with or into the Company or
another Guarantor, or will prevent any sale or conveyance of the property of a
Guarantor as an entirety or substantially as an entirety to the Company or
another Guarantor.

Section 11.05 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, to a
Person that is not (either before or after giving effect to such transaction)
the Company or a Restricted Subsidiary of the Company, then the corporation
acquiring the property will be released and relieved of any obligations under
the Note Guarantee; 

          (b)
In the event of any sale or other disposition of Capital Stock of any Guarantor
to a Person that is not (either before or after giving effect to such
transaction) the Company or a Restricted Subsidiary of the Company and such
Guarantor ceases to be a Restricted Subsidiary of the Company as a result of
the sale or other disposition, then such Guarantor will be released and
relieved of any obligations under its Note Guarantee; 

provided, in both
cases, that the Net 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 requested by the Company in order
to evidence the release of any Guarantor from its obligations under its Note
Guarantee.

          (c)
Upon designation of any Restricted Subsidiary that is a 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 Note
Guarantee.

99

          (d)
Upon Legal Defeasance or Covenant 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 Note Guarantee.

          Any
Guarantor not released from its obligations under its Note Guarantee as
provided in this Section 11.05 will remain liable for the full amount of
principal of, premium on, if any, interest and Special Interest, if any, on,
the Notes and for the other obligations of any Guarantor under this Indenture
as provided in this Article 11.

ARTICLE 12
SATISFACTION AND DISCHARGE

Section 12.01 Satisfaction and Discharge.

          This
Indenture will be discharged and will cease to be of further effect 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 and thereafter repaid to the Company, 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 or
 otherwise or will become due and payable 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
 thereof, in such amounts as will be sufficient, 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 of, premium
 on, if any, interest and Special Interest, if any, on the Notes to the date
 of maturity or redemption;

 
	
  

 	
  

 
	
  

 	
           (2)
 in respect of subclause (b) of clause (1) of this Section 12.01, no Default
 or Event of Default has occurred and is continuing on the date of the deposit
 (other than a Default or Event of Default resulting from the borrowing of
 funds to be applied to such deposit and any similar deposit relating to other
 Indebtedness and, in each case, the granting of Liens to secure such
 borrowings) and the deposit will not result in a breach or violation of, or
 constitute a default under, any other instrument to which the Company or any
 Guarantor is a party or by which the Company or any Guarantor is bound (other
 than with respect to the borrowing of funds to be applied concurrently to
 make the deposit required to effect such satisfaction and discharge and any
 similar concurrent deposit relating to other Indebtedness, and in each case
 the granting of Liens to secure such borrowings);

 
	
  

 	
  

 
	
  

 	
           (3)
 the Company or any Guarantor has paid or caused to be paid all sums payable
 by it under this Indenture; and

 
	
  

 	
  

 
	
  

 	
           (4)
 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.

 

100

          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. 

          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, premium, if any, interest and Special Interest, if
any, 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 on, if any,
interest or Special Interest, if any, 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. 

Section 12.03 Indemnity for Government Obligations. 

          The
Company shall pay and shall indemnify the Trustee against any tax imposed on or
assessed against non-callable Government Securities deposited pursuant to
Section 12.01 or the interest and principal received in respect of such
non-callable Government Securities other than any such tax which by law is payable
by or on behalf of Holders; it being understood that the Trustee shall bear no
responsibility for any such tax which by law is payable by or on behalf of
Holders. The Company shall pay and shall indemnify the Trustee against any
administrative fee related to the deposit of non-callable Government Securities
pursuant to Section 12.01. 

ARTICLE 13 

MISCELLANEOUS

Section 13.01 Trust Indenture Act Controls. 

          If
any provision of this Indenture limits, qualifies or conflicts with a provision
of the TIA that is required under such Act to be part of and govern this
Indenture, the latter shall control. If any provision of this Indenture
modifies or excludes any provision of the TIA that may be so modified or
excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or to be excluded, as the case may be. 

101

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: 

	
  

 	
  

 
	
  

 	
 If to the
 Company and/or any Guarantor: 

 
	
  

 	
  

 
	
  

 	
 Greektown
 Superholdings, Inc. 

 555 East Lafayette 

 Detroit, MI 48226 

 Attention: Clifford J. Vallier

 Facsimile No.: (313) 962-9263 

 
	
  

 	
  

 
	
  

 	
 With a copy
 to: 

 
	
  

 	
  

 
	
  

 	
 Dechert LLP 

 1095 Avenue of the Americas 

 New York, NY 10036 

 Attention: Allan S. Brilliant, Esq.

 Facsimile No.: (212) 698-0612

 
	
  

 	
  

 
	
  

 	
 With a
 further copy to: 

 
	
  

 	
  

 
	
  

 	
 Michigan
 Gaming Control Board 

 3062 West Grand Boulevard, L-700 

 Detroit, MI 48202-6062 

 Attention: Executive Director and Deputy Director of Licensing 

 Facsimile No.: (313) 456-4200

 
	
  

 	
  

 
	
  

 	
 If to the
 Trustee: 

 
	
  

 	
  

 
	
  

 	
 Wilmington
 Trust FSB 

 Corporate Capital Markets 

 50 South 6th Street, STE 1290 

 Minneapolis, MN 55402 

 Facsimile No: 612-271-5651 

 Attn: GREEKTOWN ADMIN 

 
	
  

 	
  

 
	
  

 	
 With a copy
 to: 

 
	
  

 	
  

 
	
  

 	
 Michigan
 Gaming Control Board 

 3062 West Grand Boulevard, L-700 

 Detroit, MI 48202-6062 

 Attention: Executive Director and Deputy Director of Licensing 

 Facsimile No.: (313) 456-4200

 

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

102

          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;
five Business Days after being deposited in the mail, postage prepaid, if
mailed; when receipt acknowledged, if transmitted by facsimile; and the next
Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery. 

          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. 

          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
and each Agent at the same time. 

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, 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, 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. 

 

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; 

 
	
  

 	
  

 
	
  

 	
           (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; 

 

103

	
  

 	
  

 
	
  

 	
           (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
director, officer, employee, incorporator or stockholder of the Company or any
Guarantor, as such, will have any liability for any obligations of the Company
or the Guarantors under the Notes, this Indenture, the Note Guarantees, the
Security Documents 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. The waiver may not be effective to
waive liabilities under the federal securities laws. 

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 NOTE GUARANTEES 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 11.05 hereof. 

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. 

104

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. 

[Signatures on following page]

105

SIGNATURES

	
  

 	
  

 	
  

 
	
 Dated as of
 June 30, 2010

 	
  

 
	
  

 	
  

 
	
  

 	
 GREEKTOWN
 SUPERHOLDINGS, INC.

 
	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Clifford J. Vallier

 
	
  

 	
  

 	

 

 
	
  

 	
        Name: Clifford
     J. Vallier 

 
	
  

 	
        Title: President,
     Chief Financial Officer and Treasurer

 
	
  

 	
  

 
	
  

 	
 GREEKTOWN
 NEWCO SUB, INC.

 
	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Clifford J. Vallier 

 
	
  

 	
  

 	

 

 
	
  

 	
        Name: Clifford
     J. Vallier 

 
	
  

 	
        Title: President,
     Chief Financial Officer and Treasurer

 
	
  

 	
  

 
	
  

 	
 GREEKTOWN
 HOLDINGS, L.L.C.

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Clifford J. Vallier 

 
	
  

 	
  

 	

 

 
	
  

 	
        Name: Clifford
     J. Vallier 

 
	
  

 	
        Title: Chief
     Executive Officer

 
	
  

 	
  

 
	
  

 	
 GREEKTOWN
 CASINO, L.L.C.,

 
	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Clifford J. Vallier 

 
	
  

 	
  

 	

 

 
	
  

 	
        Name: Clifford
     J. Vallier 

 
	
  

 	
        Title: Chief
     Executive Officer

 
	
  

 	
  

 
	
  

 	
 CONTRACT
 BUILDERS CORPORATION,

 
	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Clifford J. Vallier 

 
	
  

 	
  

 	

 

 
	
  

 	
        Name: Clifford
     J. Vallier 

 
	
  

 	
        Title: Chief
     Executive Officer

 

	
  

 	
  

 	
  

 
	
  

 	
 REALTY
 EQUITY COMPANY INC.,

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Clifford J. Vallier 

 
	
  

 	
  

 	

 

 
	
  

 	
        Name: Clifford
     J. Vallier 

 
	
  

 	
        Title: Chief
     Executive Officer

 
	
  

 	
  

 
	
  

 	
 WILMINGTON
 TRUST FSB, as Trustee and Collateral Agent

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Jane
     Schweiger

 
	
  

 	
  

 	

 

 
	
  

 	
        Name: Jane
     Schweiger

 
	
  

 	
        Title: Vice
     President

 

	
 

	
[Face of Note]

	

	
 [Insert Original Issue Discount Legend
here, if applicable.] 

CUSIP/CINS ____________

Series A 13% Senior Secured Notes due 2015

	
 

	
 

	
No. ___

	
$____________*

GREEKTOWN SUPERHOLDINGS, INC.

promises to
pay to _______ or registered assigns, 

the principal
sum of __________________________________________________________ DOLLARS on
[          ],
20[  ]. 

Interest
Payment Dates: [          ]
and [          ] 

Record Dates:
[          ] and
[          ] 

Dated: _______________, 20[  ] 

	
 

	
 

	
 

	
 

	
GREEKTOWN
SUPERHOLDINGS, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

This is one of
the Notes referred to

in the within-mentioned Indenture: 

	
 

	
 

	
 

	
WILMINGTON
TRUST FSB,

  as Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

	
 

	
 

	
 

	
 

	

	
 

	
 

	

	
 

A1-1

[Back of Note]

Series A 13% Senior Secured Notes due 2015 

 [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] 

          Capitalized
terms used herein have the meanings assigned to them in the Indenture referred
to below unless otherwise indicated. 

	
 

	
 

	
 

	
          (1) INTEREST.
Greektown Superholdings, Inc., a Delaware corporation (the “Company”), promises to pay or cause to
be paid interest on the principal amount of this Note at 13% per annum from
June 30, 2010 until maturity and shall pay the Special Interest, if any,
payable pursuant to the Registration Rights Agreement referred to below. The
Company will pay interest and Special Interest, if any, semi-annually in
arrears on January 1 and July 1 of each year, 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 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 January 1,
2011. The Company will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at a rate that is
2% higher than 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 and
Special Interest, if any (without regard to any applicable grace period), at
the same rate to the extent lawful. 

	
 

	
 

	
 

	
          Interest
will be computed on the basis of a 360-day year comprised of twelve 30-day
months. 

	
 

	
 

	
 

	
          (2) METHOD OF PAYMENT. The
Company will pay interest on the Notes (except defaulted interest) and
Special Interest, if any, to the Persons who are registered Holders of Notes
at the close of business on the December 15 or June 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, interest and Special Interest, if
any, at the office or agency of the Paying Agent and Registrar within the
City and State of New York or in Wilmington, Delaware, or, at the option of
the Company, payment of interest and Special 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, premium on, if any, interest and Special Interest, 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. 

	
 

	
 

	
 

	
          (3) PAYING AGENT AND REGISTRAR.
Initially, WILMINGTON TRUST FSB, the Trustee under the Indenture, will act as
Paying Agent and Registrar. The Company may change the Paying Agent or
Registrar without prior notice to the Holders of the Notes. The Company or
any of its Subsidiaries may act as Paying Agent or Registrar. 

A1-2

	
 

	
 

	
 

	
          (4) INDENTURE AND SECURITY DOCUMENTS. The
Company issued the Notes under an Indenture dated as of June 30, 2010 (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
secured obligations of the Company limited to $385.0 million in aggregate
principal amount. The Notes are secured by a pledge of a Lien of the
Collateral pursuant to the Security Documents referred to in the Indenture.
The Indenture does not limit the aggregate principal amount of Notes that may
be issued thereunder. 

	
 

	
 

	
 

	
          (5) OPTIONAL REDEMPTION. 

	
 

	
 

	
 

	
                    (a)
At any time prior to January 1, 2013, the Company may on any one or more
occasions redeem all or a part of the Notes, upon not less than 30 nor more
than 60 days’ notice, at a redemption price equal to 100% of the principal
amount of the Notes redeemed, plus the Applicable Premium as of, and accrued
and unpaid interest and Special Interest, if any, to the date of redemption,
subject to the rights of Holders of Notes on the relevant record date to
receive interest due on the relevant Interest Payment Date. 

	
 

	
 

	
 

	
                    (b)
Except pursuant to the preceding paragraph and Section 3.08 hereof, the Notes
will not be redeemable at the Company’s option prior to January 1, 2013. 

	
 

	
 

	
 

	
                    (c)
On or after January 1, 2013, the Company may on any one or more occasions
redeem all or a part of the Notes, upon not less than 30 nor more than 60
days’ notice, at the redemption prices (expressed as percentages of principal
amount) set forth below, plus accrued and unpaid interest and Special
Interest, if any, on the Notes redeemed, to the applicable date of
redemption, if redeemed during the period beginning January 1 and ending on
the dates indicated below, subject to the rights of Holders of Notes on the
relevant record date to receive interest on the relevant Interest Payment
Date: 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Period

	
 

	
 

	
Percentage

	
 

	
 

	
 

	

	
 

	
 

	

	
 

	
 

	
 

	
From January
1, 2013 to December 31, 2013

	
 

	
106.5

	
%

	
 

	
 

	
From January
1, 2014 to December 31, 2014

	
 

	
103.5

	
%

	
 

	
 

	
From January
1, 2015 and thereafter

	
 

	
100.0

	
%

	
 

                    (d)
Unless the Company defaults in the payment of the redemption price, interest
will cease to accrue on the Notes or portions thereof called for redemption on
the applicable redemption date. 

          (6) MANDATORY DISPOSITION PURSUANT TO GAMING LAWS. 

	
 

	
 

	
 

	
                    (a)
If any Gaming Authority requires that a Holder of Notes or Beneficial Owner
of Notes must be licensed, qualified or found suitable or exempt from
licensure under any applicable Gaming Law, such Holder or Beneficial Owner
shall apply for an exemption from licensure, a license, qualification or a
finding of suitability within 30 days (or such earlier date as may be ordered
by such Gaming Authority) after being requested to do so by the Gaming
Authority. If, by such date, such Holder or Beneficial Owner so fails to
apply or the Company or such Holder or Beneficial Owner receives notice of a
finding by the applicable Gaming Authority that such Holder or Beneficial
Owner is not or will not be licensed, qualified or found suitable or exempt
from licensure, the Company shall have the right, at the Company’s option: 

A1-3

	
 

	
 

	
 

	
                    (b)
to require such Holder or Beneficial Owner to dispose of such Holder’s or
Beneficial Owner’s Notes within 30 days (or such earlier date as may be
ordered by such Gaming Authority) of (i) such failure to apply or (2) receipt
of notice by the Company or such Holder or Beneficial Owner of a finding by
the applicable Gaming Authority that such Holder or Beneficial Owner is not
or will not be licensed, qualified or found suitable or exempt from
licensure; or 

	
 

	
 

	
 

	
                    (c)
to call for the redemption (a “Regulatory
Redemption”) of the Notes of such Holder or Beneficial Owner at
the principal amount thereof or, if required by such Gaming Authority, the
lesser of: 

	
 

	
 

	
 

	
                    (A)
the price at which such Holder or Beneficial Owner acquired the Notes; and 

	
 

	
 

	
 

	
         (B)
the Fair Market Value of such Notes on the date of redemption, together with,
in either case, accrued and unpaid interest and, if permitted by such Gaming
Authority, Special Interest, to the earlier of the date of redemption or such
earlier date as may be required by such Gaming Authority or the date such
Gaming Authority determines that the Holder or Beneficial Owner is not or
will not be licensed, qualified or found suitable or exempt from licensure,
which may be less than 30 days following the notice of redemption, if so
ordered by such Gaming Authority. 

	
 

	
 

	
 

	
                    (d)
The Company shall notify the Trustee in writing of any such redemption as
soon as practicable and the redemption price of each Note to be redeemed. 

	
 

	
 

	
 

	
                    (e)
The Holder of Notes or Beneficial Owner applying for a license, qualification
or a finding of suitability or exemption from licensure will pay all costs of
the licensure and investigation for such qualification or finding of
suitability. Neither the Company nor the Trustee is required to pay or
reimburse any Holder of the Notes or Beneficial Owner who is required to
apply for such license, qualification or finding of suitability or exemption
from licensure for the costs of the licensure and investigation for such
qualification or finding of suitability. Such expense will, therefore, be the
obligation of such Holder or Beneficial Owner. 

	
 

	
 

	
 

	
          (7) CONSOLIDATED EXCESS CASH FLOW REDEMPTION. 

	
 

	
 

	
 

	
                    (a)
If the Company has Consolidated Excess Cash Flow for any fiscal year
commencing with the period beginning on the date of the Indenture and ending
December 31, 2010 (the “Relevant Fiscal
Year”), then, upon not less than 30 nor more than 60 days’ notice
mailed to Holders within 115 days after the end of the Relevant Fiscal Year,
the Company shall be required to make a mandatory redemption (a “Consolidated Excess Cash Flow Redemption”)
for Notes in the largest principal amount that is an integral multiple of
$1,000 that may be redeemed using 50% of such Consolidated Excess Cash Flow
for such period (the “Consolidated Excess
Cash Flow Redemption Amount”) at a redemption price of 103%, plus
accrued and unpaid interest and Special Interest, if any, on the Notes
redeemed, to the applicable date of redemption, subject to the rights of
Holders of Notes on the relevant record date to receive interest on the
relevant interest payment date. Any Consolidated Excess Cash Flow Redemption
shall be subject to the procedures set forth in Sections 3.02 and 3.03 of the
Indenture. Notes (or portions thereof) redeemed pursuant to a Consolidated
Excess Cash Flow Redemption will be cancelled and cannot be reissued. 

	
 

	
 

	
 

	
                    (b)
Notwithstanding the foregoing, the Company shall not be required to redeem
Notes in connection with a Consolidated Excess Cash Flow Redemption in
accordance with the 

A1-4

	
 

	
 

	
 

	
previous paragraph unless the Consolidated Excess Cash Flow
Redemption Amount with respect to the applicable period in respect of which
such Consolidated Excess Cash Flow Redemption is to be made exceeds $5.0
million (with lesser amounts being carried forward for purposes of
determining whether the $5.0 million threshold has been met for any future
period). Upon consummation of each Consolidated Excess Cash Flow Redemption,
the Consolidated Excess Cash Flow Redemption Amount shall be reset at zero. 

	
 

	
 

	
 

	
                    (c)
The Company shall be entitled to reduce the applicable Consolidated Excess
Cash Flow Redemption Amount with respect to any Consolidated Excess Cash Flow
Redemption by an amount equal to the aggregate redemption price paid for any
Notes theretofore redeemed during the Relevant Fiscal Year pursuant to the
provisions set forth under Section 5 before making such Consolidated Excess
Cash Flow Redemption; provided,
however, that the aggregate
redemption price paid in connection with such redemption will not be
considered for purposes of calculating the Consolidated Excess Cash Flow
Redemption Amount for any other Relevant Fiscal Year. 

	
 

	
 

	
 

	
          (8) MANDATORY REDEMPTION. 

	
 

	
 

	
 

	
                    Other
than in connection with the provisions described in Sections 6 and 7, the
Company is not required to make mandatory redemption or sinking fund payments
with respect to the Notes. 

	
 

	
 

	
 

	
          (9) REPURCHASE AT THE OPTION OF HOLDER. 

	
 

	
 

	
 

	
                    (a)
If there is a Change of Control, the Company will be required to make an
offer (a “Change of Control Offer”)
to each Holder to repurchase all or any part (equal to $100,000 or an
integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a
purchase price in cash equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest and Special Interest, if any,
thereon to the date of purchase, subject to the rights of Holders on the
relevant record date to receive interest due on the relevant interest payment
date (the “Change of Control Payment”).
Within ten days following any Change of Control, the Company will mail a
notice to each Holder setting forth the procedures governing the Change of
Control Offer as required by the Indenture. 

	
 

	
 

	
 

	
                    (b)
If the Company or a Restricted Subsidiary of the Company consummates any
Asset Sales, within fifteen days of each date on which the aggregate amount
of Excess Proceeds exceeds $5.0 million, the Company will make an Asset Sale
Offer to all Holders of Notes and all holders of other Second Lien
Obligations containing provisions similar to those set forth in the Indenture
with respect to offers to purchase, prepay or redeem with the proceeds of
sales of assets in accordance with the Indenture to purchase, prepay or
redeem the maximum principal amount of Notes and such other Second Lien
Obligations (plus all accrued interest on the Indebtedness and the amount of
all fees and expenses, including premiums, incurred in connection therewith)
that may be purchased, prepaid or redeemed out of the Excess Proceeds. The
offer price in any Asset Sale Offer will be equal to 100% of the principal
amount, plus accrued and unpaid interest and Special Interest, if any, to the
date of purchase, prepayment or redemption, subject to the rights of Holders
of Notes on the relevant record date to receive interest due on the relevant
interest payment date, and will be payable in cash. If any Excess Proceeds
remain after consummation of an Asset Sale Offer, the Company may use those
Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If
the aggregate principal amount of Notes and other Second Lien Obligations
tendered in (or required to be prepaid or redeemed in connection with) such
Asset Sale Offer exceeds the amount of Excess Proceeds, the 

A1-5

	
 

	
 

	
 

	
Trustee will select the Notes and such other Second Lien Obligations
to be purchased on a pro rata
basis, based on the amounts tendered or required to be prepaid or redeemed.
Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will
be reset at zero. Holders of Notes that are the subject of an offer to
purchase will receive an Asset Sale Offer from the Company prior to any
related purchase date and may elect to have such Notes purchased by
completing the form entitled “Option of
Holder to Elect Purchase” attached to the Notes. 

	
 

	
 

	
 

	
          (10) NOTICE OF REDEMPTION. 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, a notice of redemption
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 and discharge of the Indenture pursuant to
Articles 8 or 12 thereof. Notes and portions of Notes selected will be in
amounts of $100,000 or whole multiples of $1,000 in excess thereof; 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 shall be redeemed or
purchased 

	
 

	
 

	
 

	
          (11) DENOMINATIONS, TRANSFER, EXCHANGE. The
Notes are in registered form in denominations of $100,000 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
a selection of Notes to be redeemed or during the period between a record
date and the next succeeding Interest Payment Date. 

	
 

	
 

	
 

	
          (12) PERSONS DEEMED OWNERS. The
registered Holder of a Note may be treated as the owner of it for all
purposes. Only registered Holders have rights under the Indenture. 

	
 

	
 

	
 

	
          (13) AMENDMENT, SUPPLEMENT AND WAIVER. Subject
to certain exceptions, the Indenture, the Notes or the Note Guarantees may be
amended or supplemented with the consent of the Holders of at least 66 2/3%
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 of Default or compliance with any provision of the Indenture or the
Notes or the Note Guarantees may be waived with the consent of the Holders of
at least 66 2/3% 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 Notes, the Indenture, the Notes or the Note
Guarantees may be amended or supplemented to cure any ambiguity, defect or
inconsistency, to provide for uncertificated Notes in addition to or in place
of certificated Notes, to provide for the assumption of the Company’s or a
Guarantor’s obligations to Holders of the Notes and Note Guarantees by a
successor to the Company or such Guarantor pursuant to the Indenture, to make
any change that would provide any additional rights or benefits to the
Holders of the Notes or that does not adversely affect the legal rights under
the Indenture of any Holder, to comply with the requirements of the SEC in
order to effect or maintain the qualification of the Indenture under the TIA,
to conform the text of the Indenture, the Notes, the Note Guarantees or the
Security Documents to any provision of the “Description of Notes” section of
the Company’s Offering Memorandum dated June 25, 2010, relating to the
initial offering of the Notes, to the extent that such provision in that
“Description of Notes” was intended to be a verbatim recitation of a 

A1-6

	
 

	
 

	
 

	
provision of the Indenture, the Notes, the Note Guarantees or the
Security Documents, which intent may be evidenced by an Officers’ Certificate
to that effect, to enter into additional or supplemental Security Documents,
to release Collateral in accordance with the terms of this Indenture and the
Security Documents, to provide for the issuance of Additional Notes in
accordance with the limitations set forth in the Indenture or to allow any
Guarantor to execute a supplemental indenture to the Indenture and/or a Note
Guarantee with respect to the Notes. 

	
 

	
 

	
 

	
          (14) DEFAULTS AND REMEDIES. Events
of Default include: (i) default for 30 days in the payment when due of interest
and Special Interest, if any, on, the Notes; (ii) default in the payment when
due (at maturity, upon redemption or otherwise) of the principal of, or
premium on, if any, the Notes, (iii) failure by the Company or any of its
Restricted Subsidiaries to comply with the provisions of Sections 3.08, 3.09,
4.10, 4.11, 4.16 or 5.01 of the Indenture; (iv) failure by the Company or any
of its Restricted Subsidiaries for 60 days after notice to the Company by the
Trustee or the Holders of at least 25% in aggregate principal amount of the
Notes then outstanding voting as a single class to comply with any of the
other agreements in the Indenture or the Security Documents; (v) default
under certain other agreements relating to Indebtedness of the Company which
default is a Payment Default or results in the acceleration of such
Indebtedness prior to its express maturity; (vi) failure by the Company or
any of its Restricted Subsidiaries to pay certain final judgments, which
judgments are not paid, discharged or stayed, for a period of 60 days; (vii)
the revocation, termination, suspension or loss of the Company’s or any of
its Restricted Subsidiaries’ Gaming License or other legal right to operate
slot machines or to conduct certain other gaming operations and such revocation,
termination, suspension or loss continues for more than 90 consecutive days
or for 120 days within any consecutive 180-day period; (viii) the occurrence
of any of the following: (a) except as permitted by the Indenture or the
Security Documents, any Security Document ceases to be fully enforceable for
a period of 30 days after the Company or the applicable Restricted Subsidiary
receives notice thereof, (b) any Lien in favor of the Collateral Agent, for
the benefit of the Second Lien Claimholders, having a Fair Market Value in
excess of $5.0 million ceases to be an enforceable and perfected
second-priority lien, subject only to Permitted Liens for a period of 30 days
after the Company or the applicable Restricted Subsidiary receives notice
thereof or (c) the denial or disaffirmation by the Company or any Pledgor, in
writing, of any obligation of the Company or any Pledgor set forth in any
Security Document; (ix) certain events of bankruptcy or insolvency with
respect to the Company or any of its Restricted Subsidiaries that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary and (x) except as
permitted by the Indenture, any Note Guarantee is held in any judicial
proceeding to be unenforceable or invalid or ceases for any reason to be in
full force and effect, or any Guarantor, or any Person acting on behalf of
any Guarantor, denies or disaffirms its obligations under its Note Guarantee.
In the case of an Event of Default arising from certain events of bankruptcy
or insolvency with respect to the Company, any Restricted Subsidiary of the
Company that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant
Subsidiary, all outstanding Notes will become due and payable immediately
without further action or notice. If any other 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 all the Notes to be due and
payable immediately. Holders may not enforce the Indenture or the Notes
except as provided in the Indenture. Subject to certain limitations, Holders
of at least 66 2/3% 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. 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, premium, if any, interest or
Special Interest, if any,) if it determines that withholding notice is in
their interest. The Holders 

A1-7

	
 

	
 

	
 

	
of at least 66 2/3% in aggregate principal amount of the then
outstanding Notes by notice to the Trustee may, on behalf of all the Holders,
rescind an acceleration or waive an existing Default or Event of Default and
its respective consequences under the Indenture except a continuing Default
or Event of Default in the payment of principal of, premium on, if any,
interest or Special Interest, if any, on, the Notes (including in connection
with an offer to purchase). The Company is required to deliver to the Trustee
annually a statement regarding compliance with the Indenture, and the Company
is required, upon becoming aware of any Default or Event of Default, to
deliver to the Trustee a statement specifying such Default or Event of
Default. 

	
 

	
 

	
 

	
          (15) TRUSTEE DEALINGS WITH COMPANY. The
Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and
may otherwise deal with the Company or its Affiliates, as if it were not the
Trustee. 

	
 

	
 

	
 

	
          (16) NO RECOURSE AGAINST OTHERS. No
director, officer, employee, incorporator or stockholder of the Company or
any Guarantor, as such, will have any liability for any obligations of the
Company or the Guarantors under the Notes, the Indenture, the Note
Guarantees, the Security Documents 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. The waiver
may not be effective to waive liabilities under the federal securities laws 

	
 

	
 

	
 

	
          (17) AUTHENTICATION.
This Note will not be valid until authenticated by the manual signature of
the Trustee or an authenticating agent. 

	
 

	
 

	
 

	
          (18) 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). 

	
 

	
 

	
 

	
          (19) ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition
to the rights provided to Holders of Notes under the Indenture, Holders of
Restricted Global Notes and Restricted Definitive Notes will have all the
rights set forth in the Registration Rights Agreement dated as of June 30,
2010, among the Company, the Guarantors and the other parties named on the
signature pages thereof or, in the case of Additional Notes, Holders of
Restricted Global Notes and Restricted Definitive Notes will have the rights
set forth in one or more registration rights agreements, if any, among the
Company, the Guarantors and the other parties thereto, relating to rights
given by the Company and the Guarantors to the purchasers of any Additional
Notes (collectively, the “Registration
Rights Agreement”). 

	
 

	
 

	
 

	
          (20) 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. 

	
 

	
 

	
 

	
          (21) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW
YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE
NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF 

A1-8

	
 

	
 

	
 

	
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 and/or the Registration Rights Agreement. Requests may be made
to: 

Greektown
Superholdings, Inc.

[Address]

Attention: [                    ] 

A1-9

Assignment Form

          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)

 

Signature
Guarantee*: _________________________

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

A1-10

Option of
Holder to Elect Purchase

          If
you want to elect to have this Note purchased by the Company pursuant to
Section 4.10, 4.11 or 4.16 of the Indenture, check the appropriate box below:

¬Section 4.10 ¬Section 4.11   ¬Section 4.16

          If
you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.10, Section 4.11 or Section 4.16 of the Indenture, state
the amount you elect to have purchased:

$_______________

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).

A1-11

 [To
be inserted for Rule 144A Global Notes]

Schedule of Exchanges of Interests in the
Global Note

          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 

 at Maturity of 

 this Global Note

 	
  

 	
 Amount of

 increase in

 Principal Amount 

 at Maturity of 

 this Global Note

 	
  

 	
 Principal Amount 

 at Maturity of this

 Global Note

 following such

 decrease 

 (or increase)

 	
  

 	
 Signature of

 authorized officer

 of Trustee or

 Custodian

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

 [To
be inserted for Regulation S Global Notes]

Schedule of Exchanges of Regulation S Global
Note

          The
following exchanges of a part of this Regulation S Global Note for an interest
in another Global Note or of other Restricted Global Notes for an interest in
this Regulation S Global Note, have been made:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Date of Exchange

 	
  

 	
 Amount of

 decrease in

 Principal Amount 

 at Maturity of 

 this Global Note

 	
  

 	
 Amount of

 increase in

 Principal Amount 

 at Maturity of 

 this Global Note

 	
  

 	
 Principal Amount 

 at Maturity of this

 Global Note

 following such

 decrease 

 (or increase)

 	
  

 	
 Signature of

 authorized officer

 of Trustee or

 Custodian

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

A1-12

	
  

 
	
 [Face of Note]

 
	

 

 
	
  [Insert Original Issue Discount Legend
 here, if applicable.]

 

CUSIP/CINS ____________

Series B 13% Senior Secured Notes due 2015

	
  

 	
  

 
	
 No. ___

 	
 $____________*

 

GREEKTOWN SUPERHOLDINGS, INC.

promises to pay to _________ or registered assigns, 

the principal
sum of __________________________________________________________ DOLLARS on
[          ],
20[  ].

Interest
Payment Dates:
[               ]
and [               ]

Record Dates:
[               ]
and
[               ]

Dated:
_______________, 20[   ]

	
  

 	
  

 
	
  

 	
 GREEKTOWN
 SUPERHOLDINGS, INC.

 

	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title: 

 

This is one of the Notes
referred to

in the within-mentioned Indenture:

WILMINGTON TRUST FSB,
 as Trustee

 

	
  

 	
  

 	
  

 
	
 By: 

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Authorized Signatory

 	
  

 
	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 

	
  

 
	

 

 

A2-1

[Back of Note]

Series B 13% Senior Secured Notes due 2015

 [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]

          Capitalized
terms used herein have the meanings assigned to them in the Indenture referred
to below unless otherwise indicated.

	
  

 	
  

 
	
  

 	
           (1) Interest.
 Greektown Superholdings, Inc., a Delaware corporation (the “Company”), promises to pay or cause to
 be paid interest on the principal amount of this Note at 13% per annum from
 June 30, 2010 until maturity and shall pay the Special Interest, if any,
 payable pursuant to the Registration Rights Agreement referred to below. The
 Company will pay interest and Special Interest, if any, semi-annually in
 arrears on January 1 and July 1 of each year, 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 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 January 1, 2011. The Company will pay
 interest (including post-petition interest in any proceeding under any
 Bankruptcy Law) on overdue principal at a rate that is 2% higher than 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 and Special Interest, if
 any (without regard to any applicable grace period), at the same rate to the
 extent lawful. 

 
	
  

 	
  

 
	
  

 	
           Interest
 will be computed on the basis of a 360-day year comprised of twelve 30-day
 months.

 
	
  

 	
  

 
	
  

 	
           (2) Method of Payment. The Company will pay interest on the
 Notes (except defaulted interest) and Special Interest, if any, to the
 Persons who are registered Holders of Notes at the close of business on the
 December 15 or June 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, interest and Special Interest, if any, at the office or
 agency of the Paying Agent and Registrar within the City and State of New
 York or in Wilmington, Delaware, or, at the option of the Company, payment of
 interest and Special 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, premium on, if any, interest and Special
 Interest, 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.

 
	
  

 	
  

 
	
  

 	
           (3) Paying Agent and Registrar. Initially, WILMINGTON TRUST
 FSB, the Trustee under the Indenture, will act as Paying Agent and Registrar.
 The Company may change the Paying Agent or Registrar without prior notice to
 the Holders of the Notes. The Company or any of its Subsidiaries may act as
 Paying Agent or Registrar.

 

A2-2

	
  

 	
  

 
	
  

 	
           (4) Indenture and Security Documents. The Company issued the
 Notes under an Indenture dated as of June 30, 2010 (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 secured obligations of the Company limited to $385.0 million in
 aggregate principal amount. The Notes are secured by a pledge of a Lien of
 the Collateral pursuant to the Security Documents referred to in the
 Indenture. The Indenture does not limit the aggregate principal amount of
 Notes that may be issued thereunder.

 
	
  

 	
  

 
	
  

 	
           (5) Optional Redemption.

 

	
  

 	
  

 
	
  

 	
                     (a) At
 any time prior to January 1, 2013, the Company may on any one or more
 occasions redeem all or a part of the Notes, upon not less than 30 nor more
 than 60 days’ notice, at a redemption price equal to 100% of the principal
 amount of the Notes redeemed, plus the Applicable Premium as of, and accrued
 and unpaid interest and Special Interest, if any, to the date of redemption,
 subject to the rights of Holders of Notes on the relevant record date to
 receive interest due on the relevant Interest Payment Date.

 
	
  

 	
  

 
	
  

 	
                     (b)
 Except pursuant to the preceding paragraph and Section 3.08 hereof, the Notes
 will not be redeemable at the Company’s option prior to January 1, 2013.

 
	
  

 	
  

 
	
  

 	
                     (c) On or
 after January 1, 2013, the Company may on any one or more occasions redeem
 all or a part of the Notes, upon not less than 30 nor more than 60 days’
 notice, at the redemption prices (expressed as percentages of principal
 amount) set forth below, plus accrued and unpaid interest and Special
 Interest, if any, on the Notes redeemed, to the applicable date of
 redemption, if redeemed during the period beginning January 1 and ending on
 the dates indicated below, subject to the rights of Holders of Notes on the
 relevant record date to receive interest on the relevant Interest Payment
 Date:

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Period

 	
  

 	
  

 	
 Percentage

 	
  

 
	
  

 	

 

 	
  

 	
  

 	

 

 	
  

 
	
  

 	
 From January
 1, 2013 to December 31, 2013

 	
  

 	
  

 	
 106.5

 	
 %

 
	
  

 	
 From January
 1, 2014 to December 31, 2014

 	
  

 	
  

 	
 103.5

 	
 %

 
	
  

 	
 From January
 1, 2015 and thereafter

 	
  

 	
  

 	
 100.0

 	
 %

 

	
  

 	
  

 
	
  

 	
                     (d)
 Unless the Company defaults in the payment of the redemption price, interest
 will cease to accrue on the Notes or portions thereof called for redemption
 on the applicable redemption date.

 

	
  

 	
  

 
	
  

 	
           (6) Mandatory Disposition Pursuant to Gaming Laws.

 

	
  

 	
  

 
	
  

 	
                     (a)
 If any Gaming Authority requires that a Holder of Notes or Beneficial Owner
 of Notes must be licensed, qualified or found suitable or exempt from
 licensure under any applicable Gaming Law, such Holder or Beneficial Owner
 shall apply for an exemption from licensure, a license, qualification or a
 finding of suitability within 30 days (or such earlier date as may be ordered
 by such Gaming Authority) after being requested to do so by the Gaming
 Authority. If, by such date, such Holder or Beneficial Owner so fails to
 apply or the Company or such Holder or Beneficial Owner receives notice of a
 finding by the applicable Gaming Authority that such Holder or Beneficial
 Owner is not or will not be licensed, qualified or found suitable or exempt
 from licensure, the Company shall have the right, at the Company’s option:

 

A2-3

	
  

 	
  

 
	
  

 	
                     (b)
 to require such Holder or Beneficial Owner to dispose of such Holder’s or
 Beneficial Owner’s Notes within 30 days (or such earlier date as may be
 ordered by such Gaming Authority) of (i) such failure to apply or (2) receipt
 of notice by the Company or such Holder or Beneficial Owner of a finding by
 the applicable Gaming Authority that such Holder or Beneficial Owner is not
 or will not be licensed, qualified or found suitable or exempt from
 licensure; or 

 
	
  

 	
  

 
	
  

 	
                     (c)
 to call for the redemption (a “Regulatory Redemption”) of the Notes of
 such Holder or Beneficial Owner at the principal amount thereof or, if
 required by such Gaming Authority, the lesser of:

 

	
  

 	
  

 
	
  

 	
           (A) the
 price at which such Holder or Beneficial Owner acquired the Notes; and

 
	
  

 	
  

 
	
  

 	
           (B) the
 Fair Market Value of such Notes on the date of redemption, together with, in
 either case, accrued and unpaid interest and, if permitted by such Gaming
 Authority, Special Interest, to the earlier of the date of redemption or such
 earlier date as may be required by such Gaming Authority or the date such
 Gaming Authority determines that the Holder or Beneficial Owner is not or
 will not be licensed, qualified or found suitable or exempt from licensure,
 which may be less than 30 days following the notice of redemption, if so
 ordered by such Gaming Authority.

 

	
  

 	
  

 
	
  

 	
                     (d)
 The Company shall notify the Trustee in writing of any such redemption as
 soon as practicable and the redemption price of each Note to be redeemed.

 
	
  

 	
  

 
	
  

 	
                     (e)
 The Holder of Notes or Beneficial Owner applying for a license, qualification
 or a finding of suitability or exemption from licensure will pay all costs of
 the licensure and investigation for such qualification or finding of
 suitability. Neither the Company nor the Trustee is required to pay or
 reimburse any Holder of the Notes or Beneficial Owner who is required to
 apply for such license, qualification or finding of suitability or exemption
 from licensure for the costs of the licensure and investigation for such
 qualification or finding of suitability. Such expense will, therefore, be the
 obligation of such Holder or Beneficial Owner.

 
	
  

 	
  

 
	
  

 	
           (7) Consolidated Excess Cash Flow Redemption.

 
	
  

 	
  

 
	
  

 	
                     (a)
 If the Company has Consolidated Excess Cash Flow for any fiscal year
 commencing with the period beginning on the date of the Indenture and ending
 December 31, 2010 (the “Relevant Fiscal Year”), then, upon not
 less than 30 nor more than 60 days’ notice mailed to Holders within 115 days
 after the end of the Relevant Fiscal Year, the Company shall be required to
 make a mandatory redemption (a “Consolidated Excess Cash Flow Redemption”)
 for Notes in the largest principal amount that is an integral multiple of
 $1,000 that may be redeemed using 50% of such Consolidated Excess Cash Flow
 for such period (the “Consolidated Excess Cash Flow Redemption Amount”)
 at a redemption price of 103%, plus accrued and unpaid interest and Special
 Interest, if any, on the Notes redeemed, to the applicable date of
 redemption, subject to the rights of Holders of Notes on the relevant record
 date to receive interest on the relevant interest payment date. Any
 Consolidated Excess Cash Flow Redemption shall be subject to the procedures
 set forth in Sections 3.02 and 3.03 of the Indenture. Notes (or portions
 thereof) redeemed pursuant to a Consolidated Excess Cash Flow Redemption will
 be cancelled and cannot be reissued.

 
	
  

 	
  

 
	
  

 	
                     (b)
 Notwithstanding the foregoing, the Company shall not be required to redeem
 Notes in connection with a Consolidated Excess Cash Flow Redemption in
 accordance with the

 

A2-4

	
  

 	
  

 
	
  

 	
 previous
 paragraph unless the Consolidated Excess Cash Flow Redemption Amount with
 respect to the applicable period in respect of which such Consolidated Excess
 Cash Flow Redemption is to be made exceeds $5.0 million (with lesser amounts
 being carried forward for purposes of determining whether the $5.0 million
 threshold has been met for any future period). Upon consummation of each
 Consolidated Excess Cash Flow Redemption, the Consolidated Excess Cash Flow
 Redemption Amount shall be reset at zero.

 
	
  

 	
  

 
	
  

 	
                     (c)
 The Company shall be entitled to reduce the applicable Consolidated Excess
 Cash Flow Redemption Amount with respect to any Consolidated Excess Cash Flow
 Redemption by an amount equal to the aggregate redemption price paid for any
 Notes theretofore redeemed during the Relevant Fiscal Year pursuant to the
 provisions set forth under Section 5 before making such Consolidated Excess
 Cash Flow Redemption; provided, however, that the
 aggregate redemption price paid in connection with such redemption will not
 be considered for purposes of calculating the Consolidated Excess Cash Flow
 Redemption Amount for any other Relevant Fiscal Year.

 
	
  

 	
  

 
	
  

 	
           (8) Mandatory Redemption.

 
	
  

 	
  

 
	
  

 	
                     Other
 than in connection with the provisions described in Sections 6 and 7, the
 Company is not required to make mandatory redemption or sinking fund payments
 with respect to the Notes.

 
	
  

 	
  

 
	
  

 	
           (9) Repurchase at the Option of Holder.

 
	
  

 	
  

 
	
  

 	
                     (a)
 If there is a Change of Control, the Company will be required to make an
 offer (a “Change of Control Offer”)
 to each Holder to repurchase all or any part (equal to $100,000 or an
 integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a
 purchase price in cash equal to 101% of the aggregate principal amount
 thereof plus accrued and unpaid interest and Special Interest, if any,
 thereon to the date of purchase, subject to the rights of Holders on the
 relevant record date to receive interest due on the relevant interest payment
 date (the “Change of Control Payment”).
 Within ten days following any Change of Control, the Company will mail a
 notice to each Holder setting forth the procedures governing the Change of
 Control Offer as required by the Indenture.

 
	
  

 	
  

 
	
  

 	
                     (b)
 If the Company or a Restricted Subsidiary of the Company consummates any
 Asset Sales, within fifteen days of each date on which the aggregate amount
 of Excess Proceeds exceeds $5.0 million, the Company will make an Asset Sale
 Offer to all Holders of Notes and all holders of other Second Lien
 Obligations containing provisions similar to those set forth in the Indenture
 with respect to offers to purchase, prepay or redeem with the proceeds of
 sales of assets in accordance with the Indenture to purchase, prepay or
 redeem the maximum principal amount of Notes and such other Second Lien Obligations
 (plus all accrued interest on the Indebtedness and the amount of all fees and
 expenses, including premiums, incurred in connection therewith) that may be
 purchased, prepaid or redeemed out of the Excess Proceeds. The offer price in
 any Asset Sale Offer will be equal to 100% of the principal amount, plus
 accrued and unpaid interest and Special Interest, if any, to the date of
 purchase, prepayment or redemption, subject
 to the rights of Holders of Notes on the relevant record date to receive
 interest due on the relevant interest payment date, and will be
 payable in cash. If any Excess Proceeds remain after consummation of an Asset
 Sale Offer, the Company may use those Excess Proceeds for any purpose not
 otherwise prohibited by the Indenture. If the aggregate principal amount of
 Notes and other Second Lien Obligations tendered in (or required to be
 prepaid or redeemed in connection with) such Asset Sale Offer exceeds the
 amount of Excess Proceeds, the 

 

A2-5

	
  

 	
  

 
	
  

 	
 Trustee will select the Notes and such other Second Lien Obligations
 to be purchased on a pro rata
 basis, based on the amounts tendered or required to be prepaid or redeemed.
 Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will
 be reset at zero. Holders of Notes that are the subject of an offer to
 purchase will receive an Asset Sale Offer from the Company prior to any
 related purchase date and may elect to have such Notes purchased by
 completing the form entitled “Option of
 Holder to Elect Purchase” attached to the Notes.

 

	
  

 	
  

 
	
  

 	
           (10) Notice of
 Redemption. 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, a notice of redemption 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 and discharge of the
 Indenture pursuant to Articles 8 or 12 thereof. Notes and portions of Notes
 selected will be in amounts of $100,000 or whole multiples of $1,000 in
 excess thereof; 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
 shall be redeemed or purchased

 
	
  

 	
  

 
	
  

 	
           (11) Denominations,
 Transfer, Exchange. The Notes are in registered form in
 denominations of $100,000 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 a selection of Notes to be redeemed or
 during the period between a record date and the next succeeding Interest
 Payment Date.

 
	
  

 	
  

 
	
  

 	
           (12) Persons
 Deemed Owners. The registered Holder of a Note may be treated as
 the owner of it for all purposes. Only registered Holders have rights under
 the Indenture. 

 
	
  

 	
  

 
	
  

 	
           (13)
 Amendment, Supplement and Waiver. Subject to certain
 exceptions, the Indenture, the Notes or the Note Guarantees may be amended or
 supplemented with the consent of the Holders of at least 66 2/3% 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 of Default
 or compliance with any provision of the Indenture or the Notes or the Note
 Guarantees may be waived with the consent of the Holders of at least 66 2/3%
 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 Notes, the Indenture, the Notes or the Note Guarantees may be
 amended or supplemented to cure any ambiguity, defect or inconsistency, to
 provide for uncertificated Notes in addition to or in place of certificated
 Notes, to provide for the assumption of the Company’s or a Guarantor’s
 obligations to Holders of the Notes and Note Guarantees by a successor to the
 Company or such Guarantor pursuant to the Indenture, to make any change that
 would provide any additional rights or benefits to the Holders of the Notes
 or that does not adversely affect the legal rights under the Indenture of any
 Holder, to comply with the requirements of the SEC in order to effect or
 maintain the qualification of the Indenture under the TIA, to conform the
 text of the Indenture, the Notes, the Note Guarantees or the Security
 Documents to any provision of the “Description of Notes” section of the
 Company’s Offering Memorandum dated June 25, 2010, relating to the initial
 offering of the Notes, to the extent that such provision in that “Description
 of Notes” was intended to be a verbatim recitation of a

 

A2-6

	
  

 	
  

 
	
  

 	
 provision of the Indenture, the Notes, the Note Guarantees or the
 Security Documents, which intent may be evidenced by an Officers’ Certificate
 to that effect, to enter into additional or supplemental Security Documents,
 to release Collateral in accordance with the terms of this Indenture and the
 Security Documents, to provide for the issuance of Additional Notes in
 accordance with the limitations set forth in the Indenture or to allow any
 Guarantor to execute a supplemental indenture to the Indenture and/or a Note
 Guarantee with respect to the Notes.

 
	
  

 	
  

 
	
  

 	
           (14) DEFAULTS AND REMEDIES. Events of Default
 include: (i) default for 30 days in the payment when due of interest and
 Special Interest, if any, on, the Notes; (ii) default in the payment when due
 (at maturity, upon redemption or otherwise) of the principal of, or premium
 on, if any, the Notes, (iii) failure by the Company or any of its Restricted
 Subsidiaries to comply with the provisions of Sections 3.08, 3.09, 4.10,
 4.11, 4.16 or 5.01 of the Indenture; (iv) failure by the Company or any of
 its Restricted Subsidiaries for 60 days after notice to the Company by the
 Trustee or the Holders of at least 25% in aggregate principal amount of the
 Notes then outstanding voting as a single class to comply with any of the
 other agreements in the Indenture or the Security Documents; (v) default
 under certain other agreements relating to Indebtedness of the Company which
 default is a Payment Default or results in the acceleration of such
 Indebtedness prior to its express maturity; (vi) failure by the Company or
 any of its Restricted Subsidiaries to pay certain final judgments, which
 judgments are not paid, discharged or stayed, for a period of 60 days; (vii)
 the revocation, termination, suspension or loss of the Company’s or any of
 its Restricted Subsidiaries’ Gaming License or other legal right to operate
 slot machines or to conduct certain other gaming operations and such
 revocation, termination, suspension or loss continues for more than 90
 consecutive days or for 120 days within any consecutive 180-day period;
 (viii) the occurrence of any of the following: (a) except as permitted by the
 Indenture or the Security Documents, any Security Document ceases to be fully
 enforceable for a period of 30 days after the Company or the applicable
 Restricted Subsidiary receives notice thereof, (b) any Lien in favor of the
 Collateral Agent, for the benefit of the Second Lien Claimholders, having a
 Fair Market Value in excess of $5.0 million ceases to be an enforceable and
 perfected second-priority lien, subject only to Permitted Liens for a period
 of 30 days after the Company or the applicable Restricted Subsidiary receives
 notice thereof or (c) the denial or disaffirmation by the Company or any
 Pledgor, in writing, of any obligation of the Company or any Pledgor set
 forth in any Security Document; (ix) certain events of bankruptcy or
 insolvency with respect to the Company or any of its Restricted Subsidiaries
 that is a Significant Subsidiary or any group of Restricted Subsidiaries
 that, taken together, would constitute a Significant Subsidiary and (x)
 except as permitted by the Indenture, any Note Guarantee is held in any
 judicial proceeding to be unenforceable or invalid or ceases for any reason
 to be in full force and effect, or any Guarantor, or any Person acting on
 behalf of any Guarantor, denies or disaffirms its obligations under its Note
 Guarantee. In the case of an Event of Default arising from certain events of
 bankruptcy or insolvency with respect to the Company, any Restricted
 Subsidiary of the Company that is a Significant Subsidiary or any group of
 Restricted Subsidiaries of the Company that, taken together, would constitute
 a Significant Subsidiary, all outstanding Notes will become due and payable
 immediately without further action or notice. If any other 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 all the
 Notes to be due and payable immediately. Holders may not enforce the
 Indenture or the Notes except as provided in the Indenture. Subject to
 certain limitations, Holders of at least 66 2/3% 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. 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, premium, if any, interest or Special Interest, if any,) if it
 determines that withholding notice is in their interest. The Holders

 

A2-7

	
  

 	
  

 
	
  

 	
 of at least 66 2/3% in aggregate principal amount of the then
 outstanding Notes by notice to the Trustee may, on behalf of all the Holders,
 rescind an acceleration or waive an existing Default or Event of Default and
 its respective consequences under the Indenture except a continuing Default
 or Event of Default in the payment of principal of, premium on, if any,
 interest or Special Interest, if any, on, the Notes (including in connection
 with an offer to purchase). The Company is required to deliver to the Trustee
 annually a statement regarding compliance with the Indenture, and the Company
 is required, upon becoming aware of any Default or Event of Default, to
 deliver to the Trustee a statement specifying such Default or Event of
 Default.

 
	
  

 	
  

 
	
  

 	
           (15) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in
 its individual or any other capacity, may make loans to, accept deposits
 from, and perform services for the Company or its Affiliates, and may
 otherwise deal with the Company or its Affiliates, as if it were not the
 Trustee. 

 
	
  

 	
  

 
	
  

 	
           (16) NO RECOURSE AGAINST OTHERS. No director,
 officer, employee, incorporator or stockholder of the Company or any
 Guarantor, as such, will have any liability for any obligations of the
 Company or the Guarantors under the Notes, the Indenture, the Note
 Guarantees, the Security Documents 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. The waiver
 may not be effective to waive liabilities under the federal securities laws

 
	
  

 	
  

 
	
  

 	
           (17) AUTHENTICATION. This Note will not be valid
 until authenticated by the manual signature of the Trustee or an
 authenticating agent.

 
	
  

 	
  

 
	
  

 	
           (18) 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).

 
	
  

 	
  

 
	
  

 	
           (19) ADDITIONAL RIGHTS OF HOLDERS OF
 RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights
 provided to Holders of Notes under the Indenture, Holders of Restricted
 Global Notes and Restricted Definitive Notes will have all the rights set
 forth in the Registration Rights Agreement dated as of June 30, 2010, among
 the Company, the Guarantors and the other parties named on the signature
 pages thereof or, in the case of Additional Notes, Holders of Restricted
 Global Notes and Restricted Definitive Notes will have the rights set forth
 in one or more registration rights agreements, if any, among the Company, the
 Guarantors and the other parties thereto, relating to rights given by the
 Company and the Guarantors to the purchasers of any Additional Notes
 (collectively, the “Registration Rights
 Agreement”).

 
	
  

 	
  

 
	
  

 	
           (20) 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.

 
	
  

 	
  

 
	
  

 	
           (21) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK
 WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE
 GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF

 

A2-8

	
  

 	
  

 
	
  

 	
 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 and/or the Registration Rights Agreement. Requests may be made
to:

Greektown
Superholdings, Inc.

[Address]

Attention:
[                         ]

A2-9

Assignment Form

          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)

 

Signature
Guarantee*: _________________________

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

A2-10

Option of
Holder to Elect Purchase

          If
you want to elect to have this Note purchased by the Company pursuant to
Section 4.10, 4.11 or 4.16 of the Indenture, check the appropriate box below:

¬Section 4.10 ¬Section 4.11   ¬Section 4.16

          If
you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.10, Section 4.11 or Section 4.16 of the Indenture, state
the amount you elect to have purchased:

$_______________

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).

A2-11

 [To
be inserted for Rule 144A Global Notes]

Schedule of Exchanges of Interests in the
Global Note

          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 

 at Maturity of 

 this Global Note

 	
  

 	
 Amount of

 increase in

 Principal Amount 

 at Maturity of 

 this Global Note

 	
  

 	
 Principal Amount 

 at Maturity of this

 Global Note

 following such

 decrease 

 (or increase)

 	
  

 	
 Signature of

 authorized officer

 of Trustee or

 Custodian

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

 [To
be inserted for Regulation S Global Notes]

Schedule of Exchanges of Regulation S Global
Note

          The
following exchanges of a part of this Regulation S Global Note for an interest
in another Global Note or of other Restricted Global Notes for an interest in
this Regulation S Global Note, have been made:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Date of Exchange

 	
  

 	
 Amount of

 decrease in

 Principal Amount 

 at Maturity of 

 this Global Note

 	
  

 	
 Amount of

 increase in

 Principal Amount 

 at Maturity of 

 this Global Note

 	
  

 	
 Principal Amount 

 at Maturity of this

 Global Note

 following such

 decrease 

 (or increase)

 	
  

 	
 Signature of

 authorized officer

 of Trustee or

 Custodian

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

A2-12

EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER

Greektown
Superholdings, Inc.

[Company
address block]

[Registrar
address block]

          Re: Series
[A/B] 13% Senior Secured Notes Due 2015

          Reference
is hereby made to the Indenture, dated as of June 30, 2010 (the “Indenture”),
among Greektown Superholdings, Inc., a Delaware corporation, as issuer (the “Company”),
the Guarantors party thereto and Wilmington Trust FSB, 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. o 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. o 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 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

B-1

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. o Check and
complete 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) o such
 Transfer is being effected pursuant to and in accordance with Rule 144 under
 the Securities Act;

 
	
  

 	
  

 
	
  

 	
 or

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
 or

 
	
  

 	
  

 
	
  

 	
           (c) o 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) o 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) 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 and/or the Restricted
 Definitive Notes and in the Indenture and the Securities Act.

 

          4. o Check if
Transferee will take delivery of a beneficial interest in an Unrestricted
Global Note or of an Unrestricted Definitive Note.

          (a) o 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

B-2

Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

          (b) o 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) o 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. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will not be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture.

          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: ____________________________________

 

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) o a
 beneficial interest in the:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 o 144A
 Global Note (CUSIP _________), or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 o Regulation
 S Global Note (CUSIP _________), or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 o IAI
 Global Note (CUSIP _________); or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b) o a
 Restricted Definitive Note.

 
	
  

 	
  

 	
  

 
	
 2.

 	
 After the
 Transfer the Transferee will hold:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 [CHECK ONE]

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a) o a
 beneficial interest in the:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 o 144A
 Global Note (CUSIP _________), or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 o Regulation
 S Global Note (CUSIP _________), or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 o IAI
 Global Note (CUSIP _________); or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 o Unrestricted
 Global Note (CUSIP _________); or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b) o a
 Restricted Definitive Note; or

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c) o an
 Unrestricted Definitive Note,

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 in
 accordance with the terms of the Indenture.

 

B-4

EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE

Greektown
Superholdings, Inc. 

[Company address block] 

[Registrar address block] 

	
  

 	
  

 
	
  

 	
 Re: Series
 [A/B] 13% Senior Secured Notes Due 2015 

 

(CUSIP [     ])

          Reference
is hereby made to the Indenture, dated as of June 30, 2010 (the “Indenture”), among Greektown
Superholdings, Inc., a Delaware corporation, as issuer (the “Company”), the Guarantors party thereto
and Wilmington Trust FSB, 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)
 o 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)
 o 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)
 o 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 

C-1

(iv) the
beneficial interest is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States. 

          (d)
o 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)
o 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)
 o 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] o 144A Global
Note, o Regulation S Global Note, o IAI 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
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: _____________________________

 

C-2

EXHIBIT D

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Greektown
Superholdings, Inc.
[Company address block]

[Registrar address block] 

	
  

 	
  

 
	
  

 	
 Re: Series
 [A/B] 13% Senior Secured Notes Due 2015 

 

          Reference
is hereby made to the Indenture, dated as of June 30, 2010 (the “Indenture”), among Greektown
Superholdings, Inc., a Delaware corporation, as issuer (the “Company”), the Guarantors party thereto
and Wilmington Trust FSB, 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) o a beneficial interest in a Global Note, or
 

 
	
  

 	
  

 
	
  

 	
 (b) o 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 and to the Company a
signed letter substantially in the form of this letter and 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 under the Securities Act or (F)
pursuant to an effective registration statement under the Securities Act, and
we further agree to provide to any Person purchasing the Definitive Note or a
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 and the Company such
certifications, legal opinions and other information as you and the Company 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. 

D-1

          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
and the Company 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: __________________________

 	
  

 	
  

 

D-2

EXHIBIT E 

FORM OF NOTATION OF GUARANTEE

          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 June 30, 2010 (the “Indenture”)
among Greektown Superholdings, Inc., a Delaware corporation (the “Company”), the Guarantors party thereto
and Wilmington Trust FSB, as trustee (the “Trustee”),
(a) the due and punctual payment of the principal of, premium on, if any,
interest and Special Interest, if any, on, the Notes, whether at maturity, by
acceleration, redemption or otherwise, the due and punctual payment of interest
on overdue principal of, premium on, if any, interest and Special Interest, if
any, 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 Note Guarantee and the Indenture are
expressly set forth in Article 11 of the Indenture and reference is hereby made
to the Indenture for the precise terms of the Note Guarantee. 

          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 ________________, among __________________
(the “Guaranteeing Subsidiary”),
a subsidiary of Greektown Superholdings, Inc. (or its permitted successor), a
Delaware corporation (the “Company”),
the Company, the other Guarantors (as defined in the Indenture referred to
herein) and Wilmington Trust FSB, 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
June 30, 2010 providing for the issuance of Series [A/B] 13% Senior Secured
Notes due 2015 (the “Notes”); 

          WHEREAS,
the Indenture provides that under certain circumstances the Guaranteeing
Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing 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 “Note
Guarantee”); 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 Company, the
Guaranteeing 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 GUARANTEE. The Guaranteeing Subsidiary
hereby provides an unconditional Guarantee on the terms and subject to the
conditions set forth in the Note Guarantee and in the Indenture including but
not limited to Article 11 thereof. 

          3.
NO RECOURSE AGAINST OTHERS. No
director, officer, employee, incorporator or stockholder of the Company or any
Guarantor, as such, will have any liability for any obligations of the Company
or the Guarantors under the Notes, this Indenture, the Note Guarantees, the
Security Documents 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. The waiver may not be effective to waive
liabilities under the federal securities laws. 

          4. 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. 

F-1

          5.
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. 

          6.
EFFECT OF HEADINGS. The Section headings herein
are for convenience only and shall not affect the construction hereof. 

          7.
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 Guaranteeing
Subsidiary and the Company. 

F-2

          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: _____________________,

 
	
  

 	
  

 
	
  

 	
 [GUARANTEEING SUBSIDIARY]

 
	
  

 	
  

 
	
  

 	
 By: 

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
         Name:

 
	
  

 	
         Title:

 
	
  

 	
  

 
	
  

 	
 [EXISTING GUARANTORS]

 
	
  

 	
  

 
	
  

 	
 By: 

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
         Name:

 
	
  

 	
         Title:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 
	
  

 	
 [TRUSTEE],

 
	
  

 	
  as
 Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
   Authorized
 Signatory

 

F-3Exhibit
         10.17

       Greektown Superholdings, Inc.

       $280,167,000 Series A 13% Senior Secured Notes due June 30, 2015

       $104,833,000 Series B 13% Senior Secured Notes June 30, 2015

        

       unconditionally guaranteed as to the

       payment of principal, interest and special interest, if any, by the Guarantors listed on the signature pages hereto

        

       Exchange and Registration Rights Agreement

       June
       30, 2010

       Goldman,
         Sachs & Co.

       200 West Street

       New York, New York 10282-2198

       Ladies and Gentlemen:

       Greektown Superholdings, Inc., a Delaware corporation (the “Company”), proposes to issue and sell to the Purchaser (as defined herein) upon the terms set forth in the Purchase Agreement (as defined herein) $280,167,000 in aggregate principal amount of its Series A 13% Senior Secured Notes due June 30, 2015 and $104,833,000 in aggregate principal amount of its Series B 13% Senior Secured Notes due June 30, 2015, which are unconditionally guaranteed by each of the Guarantors (as defined herein).  As an inducement to the Purchaser to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Purchaser thereunder, the Company and the Guarantors agree with the Purchaser for the benefit of holders (as defined herein) from time to time of the Registrable Securities (as defined herein) as follows:

       1.           Certain Definitions.  For purposes of this Exchange and Registration Rights Agreement (this “Agreement”), the following terms shall have the following respective meanings:

       “Base
       Interest” shall mean the interest that would otherwise accrue on the Securities under the terms thereof and the Indenture, without giving effect to the provisions of this Agreement.

       The term “broker-dealer” shall mean any broker or dealer registered with the Commission under the Exchange Act.

       “Business
             Day” shall have the meaning set forth in Rule 13e-4(a)(3)
             promulgated by the Commission under the Exchange Act, as the same
       may be amended or succeeded from time to time.

       “Closing
       Date” shall mean the date on which the Securities are initially issued.

        

       1 

       

       

        

       “Commission” shall mean the United States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose.

       “DTC” shall mean The Depository Trust Company.

       “EDGAR
       System” shall mean the EDGAR filing system of the Commission and the rules and regulations pertaining thereto promulgated by the Commission in Regulation S-T under the Securities Act and the Exchange Act, in each case as the same may be amended or succeeded from time to time (and without regard to format).

       “Effective
             Time,” in the case of (i) an Exchange Registration, shall mean the time and date as of which the Commission declares the Exchange Registration Statement effective or as of which the Exchange Registration Statement otherwise becomes effective and (ii) a
             Shelf Registration, shall mean the time and date as of which the
             Commission declares the Shelf Registration Statement effective or
       as of which the Shelf Registration Statement otherwise becomes effective.

       “Electing
             Holder” shall mean any holder of Registrable Securities
             that has returned a completed and signed Notice and Questionnaire
             to the Company in accordance with Section 3(d)(ii) or Section 3(d)(iii)
       and the instructions set forth in the Notice and Questionnaire.

       “Exchange
       Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from time to time.

       “Exchange
       Offer” shall have the meaning assigned thereto in Section 2(a).

       “Exchange
             Registration” shall have the meaning assigned thereto in
       Section 3(c).

       “Exchange
             Registration Statement” shall have the meaning assigned
       thereto in Section 2(a).

       “Exchange
             Securities” shall have the meaning assigned thereto in
       Section 2(a).

       “Guarantees” shall have the meaning assigned thereto in the definition of Securities. 

       “Guarantors” shall have the meaning assigned thereto in the Indenture.

       “FINRA” shall mean the Financial Industry Regulatory Authority, Inc.

       The term “holder” shall mean the Purchaser and other persons who acquire Securities from time to time (including any successors or assigns), in each case for so long as such person owns any Securities.

       “Indenture” shall
           mean the trust indenture, dated as of June 30, 2010, among the Company, the
           Guarantors and Wilmington Trust FSB, as trustee, as the same may be
       amended from time to time.

       “MGCB” shall have the meaning assigned thereto in the Indenture.  

        

       2

        

        

       

       

        

        “Notice
       and Questionnaire” shall mean a Notice of Registration Statement and Selling Securityholder Questionnaire substantially in the form of Exhibit A hereto.

       The term “person” shall mean a corporation, limited liability company, association, partnership, organization, business, individual, government or political subdivision thereof or governmental agency.

       “Purchase
       Agreement” shall mean the Purchase Agreement, dated as of June 25, 2010, among the Purchaser, the Company and the Guarantors relating to the Securities.

       “Purchaser” shall
       mean Goldman, Sachs & Co. 

       “Registrable
             Securities” shall mean the Securities; provided, however, that
             a Security shall cease to be a Registrable Security upon the earliest
             to occur of the following: (i) in the circumstances contemplated by Section 2(a)
             (provided that any Exchange Security that, pursuant to the
             last two sentences of Section 2(a), is included in a prospectus
             for use in connection with resales by broker-dealers shall be deemed
             to be a Registrable Security with respect to Sections 5, 6 and 9
             until resale of such Registrable Security has been effected within
             the Resale Period), the Security has been exchanged for an Exchange
             Security in an Exchange Offer as contemplated in Section 2(a); (ii)
             in the circumstances contemplated by Section 2(b), a Shelf Registration Statement registering such Security under the Securities Act has been declared or
       becomes effective and such Security has been sold or otherwise transferred by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration Statement; (iii) subject to Section 8(b), such Security is actually sold by the holder thereof pursuant to Rule 144
       under circumstances in which any legend borne by such Security relating
       to restrictions on transferability thereof, under the Securities Act or
       otherwise, is removed by the Company or pursuant to the Indenture; or
       (iv) such Security shall cease to be outstanding.

       “Registration
       Default” shall have the meaning assigned thereto in Section 2(c).

       “Registration
             Default Period” shall have the meaning assigned thereto
       in Section 2(c).

       “Registration
       Expenses” shall have the meaning assigned thereto in Section 4.

       “Resale
       Period” shall have the meaning assigned thereto in Section 2(a).

       “Restricted
             Holder” shall mean (i) a holder that is an affiliate of the Company within the meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of such holder’s business, (iii) a
             holder who has arrangements or understandings with any person to
             participate in the Exchange Offer for the purpose of distributing
             Exchange Securities and (iv) a holder that is a broker-dealer, but
             only with respect to Exchange Securities received by such broker-dealer
             pursuant to an Exchange Offer in exchange for Registrable Securities
       acquired by the broker-dealer directly from the Company.

       “Rule 144,” “Rule 405”, “Rule 415”, “Rule 424”, “Rule 430B” and “Rule 433” shall mean, in each case, such rule promulgated by the Commission under the Securities Act (or any successor provision), as the same may be amended or succeeded from time to time.

        “Securities” shall
           mean, collectively, the $280,167,000 in aggregate principal amount
           of the Company’s Series A 13% Senior
           Secured Notes due June 30, 2015 and $104,833,000 in aggregate principal
       amount of the Company’s Series B 13% Senior Secured Notes due 

        

       3

        

        

       

       

       June
           30, 2015 to be issued and sold to the Purchaser, and securities issued
           in exchange therefor or in lieu thereof pursuant to the Indenture.
           Each Security is entitled to the benefit of the guarantees provided
           by the Guarantors in the Indenture (the “Guarantees”) and, unless the context otherwise requires, any reference herein to a “Security,” an “Exchange Security” or a “Registrable Security” shall
       include a reference to the related Guarantees.

        “Securities
       Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from time to time.

       “Shelf
             Registration” shall have the meaning assigned thereto in
       Section 2(b).

       “Shelf
             Registration Statement” shall have the meaning assigned
       thereto in Section 2(b).

       “Special
       Interest” shall have the meaning assigned thereto in Section 2(c).

        “Trust
       Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from time to time.

       “Trustee” shall mean Wilmington Trust FSB, as trustee under the Indenture, together with any successors thereto in such capacity.

       Unless
           the context otherwise requires, any reference herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Agreement, and the words “herein,” “hereof” and “hereunder” and
           other words of similar import refer to this Agreement as a whole and
       not to any particular Section or other subdivision.

       	
                    
 	
                   2.
 	
                   Registration Under the Securities Act.
 

       (a)         Except as set forth in Section 2(b)
           below, the Company and the Guarantors agree to file under the Securities
           Act, no later than 90 days after the Closing Date, a registration
           statement relating to an offer to exchange (such registration statement,
           the “Exchange Registration Statement”, and such offer, the “Exchange
           Offer”) any and all of the Securities for a like aggregate
           principal amount of debt securities issued by the Company and guaranteed
           by the Guarantors, which debt securities and guarantees are substantially
           identical to the Securities and the related Guarantees, respectively
           (and are entitled to the benefits of the Indenture), except that they
           have been registered pursuant to an effective registration statement
           under the Securities Act and do not contain provisions for Special
           Interest contemplated in Section 2(c) below (such new debt securities
           hereinafter called “Exchange Securities”).  The Company and the Guarantors agree to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act no later than 180 days after the Closing Date, which may be extended for an additional 60 days if the sole reason for the Exchange Offer Registration Statement not becoming declared effective is the result of the failure of the Company and the Guarantors to obtain necessary approvals of the MGCB despite using all commercially reasonable efforts, commencing on the date hereof, to obtain such approvals; provided, that during such extension the Company and the Guarantors shall continue to use their commercially reasonable efforts to obtain such approvals promptly.  The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all
       applicable tender offer rules and regulations under the Exchange Act.  Unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Company further agrees to use all 

        

       4

        

        

       

       commercially
           reasonable efforts to (i) commence the Exchange Offer promptly (but no later than 10 Business Days) following the Effective Time of such Exchange Registration Statement, (ii) hold the Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E promulgated by the Commission under the Exchange Act and (iii) exchange Exchange Securities for all Registrable Securities that have been validly tendered and not properly withdrawn promptly following the expiration of the Exchange Offer.  The Exchange Offer will be deemed to have been “completed” only (i) if
           the debt securities and related guarantees received by holders other
           than Restricted Holders in the Exchange Offer for Registrable Securities
           are, upon receipt, transferable by each such holder without restriction
           under the Securities Act and the Exchange Act and without material
           restrictions under the blue sky or securities laws of a substantial
           majority of the States of the United States of America and (ii) upon
           the Company having exchanged, pursuant to the Exchange Offer, Exchange
           Securities for all Registrable Securities that have been validly tendered
           and not properly withdrawn before the expiration of the Exchange Offer,
           which shall be on a date that is at least 20 and not more than 30
           Business Days following the commencement of the Exchange Offer. The
           Company and the Guarantors agree (x) to include in the Exchange Registration
           Statement a prospectus for use in any resales by any holder of Exchange
           Securities that is a broker-dealer and (y) to keep such Exchange Registration
           Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day
           after the Exchange Offer has been completed or such time as such broker-dealers
           no longer own any Registrable Securities. With respect to such Exchange
           Registration Statement, such holders shall have the benefit of the
           rights of indemnification and contribution set forth in Subsections 6(a),
       (c), (d) and (e).

       (b)        If
           (i) on or prior to the time the Exchange Offer is completed, existing
           law or Commission interpretations are changed such that the debt securities
           or the related guarantees received by holders other than Restricted
           Holders in the Exchange Offer for Registrable Securities are not or
           would not be, upon receipt, transferable by each such holder without
           restriction under the Securities Act, (ii) the Effective Time of the
           Exchange Registration Statement is not within 180 days following the
           Closing Date and the Exchange Offer has not been completed within
           30 Business Days of such Effective Time or (iii) any holder of Registrable
           Securities notifies the Company prior to the 20th Business
           Day following the completion of the Exchange Offer that: (A) it is prohibited by law or Commission policy from participating in the
       Exchange Offer, (B) it may not resell the Exchange Securities to the public without delivering a prospectus and the prospectus contained in the Exchange Registration Statement is not appropriate or available for such resales or (C) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, then the Company and the Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act no later than 30 days after the time such obligation to file arises (but no earlier than 90 days after the Closing Date), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415
       or any similar rule that may be adopted by the Commission (such filing,
       the “Shelf Registration” and such
       registration statement, the “Shelf Registration Statement”).  The Company and the Guarantors agree to use all commercially reasonable efforts to cause the Shelf Registration Statement to become or be declared effective no later than 90 days after such Shelf Registration Statement filing obligation arises (but no earlier than 180 days after the Closing Date).  The Company and the Guarantors agree to use all commercially reasonable efforts to keep such Shelf Registration Statement continuously effective for a period ending on the 

        

       5

        

        

       

       earlier of the second anniversary of the Effective Time or such time as all Registrable Securities covered by the Shelf Registration have been sold or there are no longer any Registrable Securities outstanding.  No holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder.  The Company and the Guarantors agree, after the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to use all commercially reasonable efforts to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as

 a selling securityholder in the
       Shelf Registration Statement (whether by post-effective amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under the Securities Act identifying such holder), provided, however, that
       nothing in this sentence shall relieve any such holder of the obligation
       to return a completed and signed Notice and Questionnaire to the Company
       in accordance with Section 3(d)(iii).  Notwithstanding anything to
       the contrary in this Section 2(b), upon notice to the Electing Holders,
       the Company may suspend the use or the effectiveness of such Shelf Registration
       Statement, or extend the time period in which it is required to file the
       Shelf Registration Statement, for up to 30 consecutive days and up to
       60 days in the aggregate, in each case in any 12-month period (each a “Suspension
       Period”) if the Board of Directors of the Company determines in good faith that there is a valid business purpose for suspension of the Shelf Registration Statement;
       provided that (x) the Company shall promptly notify the Electing Holders when the Shelf Registration Statement may once again be used or is effective, (y) the time period during which the Shelf Registration Statement must be kept effective shall be extended by the number of days in any such Suspension Period and (z) the Company's election to suspend use of a Shelf Registration Statement pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 2(c).

       (c)         In the event that (i) the Company and the Guarantors have not filed the Exchange Registration Statement or the Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or Section 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or Section 2(b), respectively, or (iii) the Exchange Offer has not been completed within 30 Business Days after the Effective Time of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is th

en required to be made) or
       (iv) any Exchange Registration Statement or Shelf Registration Statement required by Section 2(a) or Section 2(b) is filed and declared effective but shall thereafter either be withdrawn by the Company or shall become subject to an effective stop order issued pursuant to Section 8(d)
       of the Securities Act suspending the effectiveness of such registration
       statement (except as specifically permitted herein, including with respect
       to any Shelf Registration Statement during any applicable Suspension Period
       in accordance with the last sentence of Section 2(b)) without being succeeded
       immediately by an additional registration statement filed and declared
       effective (each such event referred to in clauses (i) through (iv), a “Registration
       Default” and each period during which a Registration Default has occurred and is continuing, a “Registration
       Default Period”), then, as liquidated damages for such Registration
       Default, subject to the provisions of Section 9(b), special interest
       (“Special Interest”), in addition to the Base Interest, shall accrue on all Registrable Securities then outstanding at a per annum rate of 0.25% for the first 90 days of the Registration Default Period and will increase by an additional per annum rate of 0.25% with 

        

       6

        

        

       

       respect to each subsequent 90 days of the Registration Default Period until all Registration Defaults have been cured, up to a maximum per annum rate of 1.0%.  All accrued Special Interest shall be paid by the Company and the Guarantors on the next scheduled interest payment date to DTC or its nominee by wire transfer of immediately available funds.  Following the cure of all Registration Defaults, the accrual of Special Interest will cease. 

       (d)        The
           Company shall take, and shall cause the Guarantors to take, all actions
           necessary or advisable to be taken by them to ensure that the transactions
           contemplated herein are effected as so contemplated, including all
           actions necessary or desirable to register the Guarantees under any
           Exchange Registration Statement or Shelf Registration Statement, as
       applicable.

       (e)        Any
           reference herein to a registration statement or prospectus as of any
           time shall be deemed to include any document incorporated, or deemed
           to be incorporated, therein by reference as of such time; and any
           reference herein to any post-effective amendment to a registration
           statement or to any prospectus supplement as of any time shall be
           deemed to include any document incorporated, or deemed to be incorporated,
       therein by reference as of such time.

       	
                    
 	
                   3.
 	
                   Registration Procedures.
 

       If
           the Company and the Guarantors file a registration statement pursuant
           to Section 2(a) or Section 2(b), the following provisions
       shall apply:

       (a)         At
           or before the Effective Time of the Exchange Registration or any Shelf
           Registration, whichever may occur first, the Company shall qualify
       the Indenture under the Trust Indenture Act.

       (b)         In
           the event that such qualification would require the appointment of
           a new trustee under the Indenture, the Company shall appoint a new
       trustee thereunder pursuant to the applicable provisions of the Indenture.

       (c)         In connection with the Company’s and the Guarantors’ obligations with respect to the registration of Exchange Securities as contemplated by Section 2(a)
       (the “Exchange Registration”), if applicable, the Company and the Guarantors shall:

       (i)          prepare and file with the Commission, no later than 90 days after the Closing Date, an Exchange Registration Statement on any form which may be utilized by the Company and the Guarantors and which shall permit the Exchange Offer and resales of Exchange Securities by broker-dealers during the Resale Period to be effected as contemplated by Section 2(a),
           and use all commercially reasonable efforts to cause such Exchange
           Registration Statement to become effective no later than 180 days
           after the Closing Date, which may be extended for an additional 60
           days if the sole reason for the Exchange Registration Statement not
           becoming effective is the result of the failure of the Company to
           obtain necessary approvals of the MGCB despite using all commercially
           reasonable efforts, commencing on the date hereof, to obtain such
       approvals; provided, that during such extension the Company and the Guarantors shall continue to use their commercially reasonable efforts to obtain such approvals promptly;

       (ii)         as
           soon as practicable prepare and file with the Commission such amendments
       and supplements to such Exchange Registration Statement and the 

        

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       prospectus
           included therein as may be necessary to effect and maintain the effectiveness
           of such Exchange Registration Statement for the periods and purposes
           contemplated in Section 2(a) and as may be required by the applicable
           rules and regulations of the Commission and the instructions applicable
           to the form of such Exchange Registration Statement, and promptly
           provide each broker-dealer holding Exchange Securities with such number
           of copies of the prospectus included therein (as then amended or supplemented),
           in conformity in all material respects with the requirements of the
           Securities Act and the Trust Indenture Act, as such broker-dealer
           reasonably may request prior to the expiration of the Resale Period,
       for use in connection with resales of Exchange Securities;

       (iii)        promptly notify each broker-dealer that has requested or received copies of the prospectus included in such Exchange Registration Statement, and confirm such advice in writing, (A) when such Exchange Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Exchange Registration Statement or any post-effective amendment, when the same has become effective, (B) of any comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Exchange Registration Statement or prospectus or for additional information, (C) of the issuance by the Commission o

f any stop order suspending the
       effectiveness of such Exchange Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the representations and warranties of the Company contemplated by Section 5 cease to be true and correct in all material respects, (E) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Exchange Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, (F) of the occurrence of any event that causes the Company to become an “ineligible issuer” as
       defined in Rule 405, or (G) if at any time during the Resale Period when
       a prospectus is required to be delivered under the Securities Act, that
       such Exchange Registration Statement, prospectus, prospectus amendment
       or supplement or post-effective amendment does not conform in all material
       respects to the applicable requirements of the Securities Act and the
       Trust Indenture Act or contains an untrue statement of a material fact
       or omits to state any material fact required to be stated therein or necessary
       to make the statements therein not misleading in light of the circumstances
       under which such statements were made;

       (iv)        in the event that the Company and the Guarantors would be required, pursuant to Section 3(c)(iii)(G),
           to notify any broker-dealers holding Exchange Securities (except as
           otherwise permitted during any Suspension Period), promptly prepare
           and furnish to each such holder a reasonable number of copies of a
           prospectus supplemented or amended so that, as thereafter delivered
           to purchasers of such Exchange Securities during the Resale Period,
           such prospectus shall conform in all material respects to the applicable
           requirements of the Securities Act and the Trust Indenture Act and
           shall not contain an untrue statement of a material fact or omit to
           state a material fact required to be stated therein or necessary to
           make the statements therein not misleading in light of the circumstances
       under which such statements were made;

        

       8

        

        

       

        

       (v)         use
           all commercially reasonable efforts to obtain the withdrawal of any
           order suspending the effectiveness of such Exchange Registration Statement
           or any post-effective amendment thereto at the earliest practicable
       date;

       (vi)        use all commercially reasonable efforts to (A) register or qualify the Exchange Securities under the securities laws or blue sky laws of such jurisdictions as are contemplated by Section 2(a) no later than the commencement of the Exchange Offer, to the extent required by such laws, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions until the expiration of the Resale Period, (C) take any and all other actions as may be reasonably necessary or advisable to enable each broker-dealer holding Exchange Securities to consummate the disposition thereof in such jurisdictions and (D) obtain
           the consent or approval of each governmental agency or authority,
           whether federal, state or local, which may be required to effect the
           Exchange Registration, the Exchange Offer and the offering and sale
           of Exchange Securities by broker-dealers during the Resale Period; provided, however, that
           neither the Company nor the Guarantors shall be required for any such
           purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(c)(vi), (2) consent to general service of process in any such jurisdiction or become subject to taxation in any such jurisdiction or (3) make
           any changes to its certificate of incorporation or by-laws or other
       governing documents or any agreement between it and its stockholders;

       (vii)       obtain
           a CUSIP number for all Exchange Securities, not later than the applicable
       Effective Time; and

       (viii)       comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders no later than eighteen months after the Effective Time of such Exchange Registration Statement, an “earning statement” of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Company, Rule 158
       thereunder).

       (d)         In connection with the Company’s and the Guarantors’ obligations
           with respect to the Shelf Registration, if applicable, the Company
       and the Guarantors shall:

       (i)          prepare and file with the Commission, within the time periods specified in Section 2(b), a Shelf Registration Statement on any form which may be utilized by the Company and which shall register all of the Registrable Securities for resale by the holders thereof in accordance with such method or methods of disposition as may be specified by the holders of Registrable Securities as, from time to time, may be Electing Holders and use all commercially reasonable efforts to cause such Shelf Registration Statement to become effective within the time periods specified in Section 2(b); 

       (ii)          mail
           the Notice and Questionnaire to the holders of Registrable Securities
           not less than 30 days prior to the anticipated Effective Time of the
           Shelf Registration Statement, and no holder shall be entitled to be
           named as a selling securityholder in the Shelf Registration Statement,
           and no holder shall be entitled to use the prospectus forming a part
           thereof for resales of Registrable Securities at any time, unless
           and until such holder has returned a completed and signed Notice and
       Questionnaire to the Company;

        

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       (iii)        after
           the Effective Time of the Shelf Registration Statement, upon the request
           of any holder of Registrable Securities that is not then an Electing
       Holder, promptly send a Notice and Questionnaire to such holder; provided that the Company shall not be required to take any action to name such holder as a selling securityholder in the Shelf Registration Statement or to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities until such holder has returned a completed and signed Notice and Questionnaire to the Company;

       (iv)        as soon as practicable prepare and file with the Commission such amendments and supplements to such Shelf Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period specified in Section 2(b) and as may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such supplement or amendment simultaneously with or prior to its being used or filed with the Commission to the extent such documents are not publicly available on the Commission’s
       EDGAR System;

       (v)         comply
           with the provisions of the Securities Act with respect to the disposition
           of all of the Registrable Securities covered by such Shelf Registration
           Statement in accordance with the intended methods of disposition by
       the Electing Holders provided for in such Shelf Registration Statement;

       (vi)        provide
           a representative of the Electing Holders and not more than one counsel
           for all the Electing Holders the opportunity to participate in the
           preparation of such Shelf Registration Statement, each prospectus
           included therein or filed with the Commission and each amendment or
       supplement thereto;

       (vii)       for a reasonable period prior to the filing of such Shelf Registration Statement, and throughout the period specified in Section 2(b), make available at reasonable times at the Company’s principal place of business or such other reasonable place for inspection by the persons referred to in Section 3(d)(vi) who shall certify to the Company that they have a current intention to sell the Registrable Securities pursuant to the Shelf Registration such financial and other information and books and records of the Company, and cause the officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client privilege, in such counsel’s reasonable beli

ef), in the judgment of the
       respective counsel referred to in Section 3(d)(vi), to conduct a reasonable investigation within the meaning of Section 11
       of the Securities Act; provided, however, that the foregoing inspection and information gathering on behalf of the Electing Holders shall be conducted by one counsel designated by the holders of at least a majority in aggregate principal amount of the Registrable Securities held by the Electing Holders at the time outstanding and provided further that
       each such party shall be required to maintain in confidence and not to
       disclose to any other person any information or records reasonably designated
       by the Company as being confidential, until such time as (A) such information becomes a matter of public record (whether by virtue of its inclusion in such Shelf Registration Statement or otherwise), or (B) such
       person shall be required so to disclose such information 

        

       10

        

        

       

       pursuant
           to a subpoena or order of any court or other governmental agency or
           body having jurisdiction over the matter (subject to the requirements
           of such order, and only after such person shall have given the Company
           prompt prior written notice of such requirement), or (C) such
           information is required to be set forth in such Shelf Registration
           Statement or the prospectus included therein or in an amendment to
           such Shelf Registration Statement or an amendment or supplement to
           such prospectus in order that such Shelf Registration Statement, prospectus,
           amendment or supplement, as the case may be, complies with applicable
           requirements of the federal securities laws and the rules and regulations
           of the Commission and does not contain an untrue statement of a material
           fact or omit to state therein a material fact required to be stated
           therein or necessary to make the statements therein not misleading
       in light of the circumstances under which such statements were made;

       (viii)       promptly notify each of the Electing Holders and confirm such advice in writing, (A) when such Shelf Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when the same has become effective, (B) of any comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Shelf Registration Statement or prospectus or for additional information, (C) of the issuance by the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or the initiation or threat

ening of any proceedings for that
       purpose, (D) if at any time the representations and warranties of the Company set forth in Section 5 cease to be true and correct in all material respects, (E) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, (F) of the occurrence of any event that causes the Company to become an “ineligible issuer” as defined in Rule 405, or (G) if
       at any time when a prospectus is required to be delivered under the Securities
       Act, that such Shelf Registration Statement, prospectus, prospectus amendment
       or supplement or post-effective amendment does not conform in all material
       respects to the applicable requirements of the Securities Act and the
       Trust Indenture Act or contains an untrue statement of a material fact
       or omits to state any material fact required to be stated therein or necessary
       to make the statements therein not misleading in light of the circumstances
       under which such statements were made;

       (ix)        use
           all commercially reasonable efforts to obtain the withdrawal of any
           order suspending the effectiveness of such Shelf Registration Statement
           or any post-effective amendment thereto at the earliest practicable
       date;

       (x)         if
           requested by any Electing Holder, promptly incorporate in a prospectus
           supplement or post-effective amendment such information as is required
           by the applicable rules and regulations of the Commission and as such
           Electing Holder specifies should be included therein relating to the
           terms of the sale of such Registrable Securities, including information
           with respect to the principal amount of Registrable Securities being
           sold by such Electing Holder, the name and description of such Electing
           Holder, the offering price of such Registrable Securities and any
           discount, commission or other compensation payable in respect thereof
           and with respect to any other terms of the offering of the Registrable
       Securities to be sold by 

        

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       such Electing Holder; and make all required filings of such prospectus supplement or post-effective amendment promptly after notification of the matters to be incorporated in such prospectus supplement or post-effective amendment;

       (xi)        furnish to each Electing Holder and the counsel referred to in Section 3(d)(vi) an executed copy (or a conformed copy) of such Shelf Registration Statement, each such amendment and supplement thereto (in each case including all exhibits thereto (in the case of an Electing Holder of Registrable Securities, upon request) and documents incorporated by reference therein) and such number of copies of such Shelf Registration Statement (excluding exhibits thereto and documents incorporated by reference therein unless specifically so requested by such Electing Holder) and of the prospectus included in such Shelf Registration Statement (including each preliminary prospectus and any summary prospectus), in conformity in all material respects with the applicable requirements of the Securities Act and

the Trust Indenture Act to the
       extent such documents are not available through the Commission’s EDGAR System, and such other documents, as such Electing Holder may reasonably request in order to facilitate the offering and disposition of the Registrable Securities owned by such Electing Holder and to permit such Electing Holder to satisfy the prospectus delivery requirements of the Securities Act; and subject to Section 3(e),
       the Company hereby consents to the use of such prospectus (including such
       preliminary and summary prospectus) and any amendment or supplement thereto
       by each such Electing Holder (subject to any applicable Suspension Period),
       in each case in the form most recently provided to such person by the
       Company, in connection with the offering and sale of the Registrable Securities
       covered by the prospectus (including such preliminary and summary prospectus)
       or any supplement or amendment thereto;

       (xii)       use all commercially reasonable efforts to (A) register or qualify the Registrable Securities to be included in such Shelf Registration Statement under such securities laws or blue sky laws of such jurisdictions as any Electing Holder shall reasonably request, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period the Shelf Registration Statement is required to remain effective under Section 2(b) and for so long as may be necessary to enable any such Electing Holder to complete its distribution of Registrable Securities pursuant to such Shelf Registration Statement, (C) take any and all other actions as may be reasonably necessary or advisable to

 enable each such Electing Holder
       to consummate the disposition in such jurisdictions of such Registrable Securities and (D) obtain
       the consent or approval of each governmental agency or authority, whether
       federal, state or local, which may be required to effect the Shelf Registration
       or the offering or sale in connection therewith or to enable the selling
       holder or holders to offer, or to consummate the disposition of, their
       Registrable Securities; provided, however, that neither the Company
       nor the Guarantors shall be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(d)(xii), (2) consent to general service of process in any such jurisdiction or become subject to taxation in any such jurisdiction or (3) make
       any changes to its certificate of incorporation or by-laws or other governing
       documents or any agreement between it and its stockholders;

        

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       (xiii)       unless
           any Registrable Securities shall be in book-entry only form, cooperate
           with the Electing Holders to facilitate the timely preparation and
           delivery of certificates representing Registrable Securities to be
           sold, which certificates, if so required by any securities exchange
           upon which any Registrable Securities are listed, shall be printed,
           penned, lithographed, engraved or otherwise produced by any combination
           of such methods, on steel engraved borders, and which certificates
       shall not bear any restrictive legends;

       (xiv)      obtain
           a CUSIP number for all Securities that have been registered under
       the Securities Act, not later than the applicable Effective Time;

       (xv)       notify in writing each holder of Registrable Securities of any proposal by the Company to amend or waive any provision of this Agreement pursuant to Section 9(h)
           and of any amendment or waiver effected pursuant thereto, each of
           which notices shall contain the text of the amendment or waiver proposed
       or effected, as the case may be; and

       (xvi)      comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders no later than eighteen months after the Effective Time of such Shelf Registration Statement an “earning statement” of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Company, Rule 158
       thereunder).

       (e)         In the event that the Company would be required, pursuant to Section 3(d)(viii)(G), to notify the Electing Holders, the Company shall promptly prepare and furnish to each of the Electing Holders a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of Registrable Securities, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made.  Each Electing Holder agrees that upon receipt of any notice from the Company pu

rsuant to
       Section 3(d)(viii)(G), such Electing Holder shall forthwith discontinue the disposition of Registrable Securities pursuant to the Shelf Registration Statement applicable to such Registrable Securities until such Electing Holder shall have received copies of such amended or supplemented prospectus, and if so directed by the Company, such Electing Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, of the prospectus covering such Registrable Securities in such Electing Holder’s
       possession at the time of receipt of such notice.

       (f)          In
           the event of a Shelf Registration, in addition to the information
           required to be provided by each Electing Holder in its Notice and
           Questionnaire, the Company may require such Electing Holder to furnish
           to the Company such additional information regarding such Electing
           Holder and such Electing Holder’s intended method of distribution
           of Registrable Securities as may be required in order to comply with
           the Securities Act. Each such Electing Holder agrees to notify the
           Company as promptly as practicable of any inaccuracy or change in
           information previously furnished by such Electing Holder to the Company
           or of the occurrence of any event in either case as a result of which
           any prospectus relating to such Shelf Registration contains or would
           contain an untrue statement of a material fact regarding such Electing
            Holder or

        

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       such Electing Holder’s intended method of disposition
            of such Registrable
           Securities or omits to state any material fact regarding such Electing
           Holder or such Electing Holder’s intended method of disposition
           of such Registrable Securities required to be stated therein or necessary
           to make the statements therein not misleading in light of the circumstances
           under which they were made, and promptly to furnish to the Company
           any additional information required to correct and update any previously
           furnished information or required so that such prospectus shall not
           contain, with respect to such Electing Holder or the disposition of
           such Registrable Securities, an untrue statement of a material fact
           or omit to state a material fact required to be stated therein or
           necessary to make the statements therein not misleading in light of
       the circumstances under which they were made.

       (g)         Until the expiration of one year after the Closing Date, the Company will not, and will not permit any of its “affiliates” (as defined in Rule 144)
           to, resell any of the Securities that have been reacquired by any
           of them except pursuant to an effective registration statement, or
           a valid exemption from the registration requirements, under the Securities
       Act.

       (h)         As a condition to its participation in the Exchange Offer, each holder of Registrable Securities shall furnish, upon the request of the Company, a written representation to the Company (which may be contained in the letter of transmittal or “agent’s message” transmitted via The Depository Trust Company’s Automated Tender Offer Procedures, in either case contemplated by the Exchange Registration Statement) to the effect that (A) it is not an “affiliate” of the Company, as defined in Rule 405 of the Securities Act, or if it is such an “affiliate”, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (B) it is not engaged in and does not intend to engage in, and has no ar

rangement or understanding with
       any person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer, (C) it is acquiring the Exchange Securities in its ordinary course of business, (D) if it is a broker-dealer that holds Securities that were acquired for its own account as a result of market-making activities or other trading activities (other than Securities acquired directly from the Company or any of its affiliates), it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by it in the Exchange Offer, (E) if it is a broker-dealer, that it did not purchase the Securities to be exchanged in the Exchange Offer from the Company or any of its affiliates, and (F) it
       is not acting on behalf of any person who could not truthfully and completely
       make the representations contained in the foregoing subclauses (A) through
       (E). 

       	
                    
 	
                   4.
 	
                   Registration Expenses.
 

       The
           Company agrees to bear and to pay or cause to be paid promptly all
           expenses incident to the Company’s performance of or compliance with this Agreement, including (a) all Commission and any FINRA registration, filing and review fees and expenses including reasonable fees and disbursements of counsel for the Eligible Holders in connection with such registration, filing and review, (b) all fees and expenses in connection with the qualification of the Registrable Securities and the Exchange Securities, as applicable, for offering and sale under the State securities and blue sky laws referred to in Section 3(d)(xii) and determination of their eligibility for investment under the laws of such jurisdictions as the Electing Holders may designate, including any reasonable fees and disbursements of counsel for the Electing Holders in connection with such qualification and determination,
       (c) all expenses relating to the preparation, printing, production,
       distribution and reproduction of each registration statement required
       to be filed hereunder, each prospectus included therein or prepared for
       distribution pursuant hereto, each amendment or supplement to the foregoing,
       the expenses of preparing 

        

       14

        

        

       

       the
           Securities or Exchange Securities, as applicable, for delivery and
           the expenses of printing or producing any selling agreements and blue
           sky or legal investment memoranda and all other documents in connection
           with the offering, sale or delivery of Securities or Exchange Securities,
           as applicable, to be disposed of (including certificates representing
           the Securities or Exchange Securities, as applicable), (d) messenger, telephone and delivery expenses relating to the offering, sale or delivery of Securities or Exchange Securities, as applicable, and the preparation of documents referred in clause (c) above, (e) fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any counsel for the Trustee and of any collateral agent or custodian, (f) internal expenses (including all salaries and expenses of the Company’s officers and employees performing legal or accounting
       duties), (g) reasonable fees, disbursements and expenses of counsel and independent certified public accountants of the Company, (h) reasonable fees, disbursements and expenses of one counsel for the Electing Holders retained in connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate principal amount of the Registrable Securities held by Electing Holders (which counsel shall be reasonably satisfactory to the Company), (i) any fees charged by securities rating services for rating the Registrable Securities or the Exchange Securities, as applicable, and (j) reasonable
       fees, expenses and disbursements of any other persons, including special
       experts, retained by the Company in connection with such registration
       (collectively, the “Registration Expenses”).  To the
       extent that any Registration Expenses are incurred, assumed or paid by
       any holder of Registrable Securities, Securities or Exchange Securities,
       as applicable, the Company shall reimburse such person for the full amount
       of the Registration Expenses so incurred, assumed or paid promptly after
       receipt of a request therefor. Notwithstanding the foregoing, the holders
       of the Registrable Securities being registered shall pay all agency fees
       and commissions and underwriting discounts and commissions, if any, and
       transfer taxes, if any, attributable to the sale of such Registrable Securities
       and Exchange Securities, as applicable, and fees and disbursements of
       any counsel or other advisors or experts retained by such holders (severally
       or jointly), other than the counsel and experts specifically referred
       to above.

       	
                    
 	
                   5.
 	
                   Representations and Warranties.
 

       Each of the Company and the Guarantors, jointly and severally, represents and warrants to, and agrees with, the Purchaser and each of the holders from time to time of Registrable Securities that:

       (a)         Each registration statement covering Registrable Securities, Securities or Exchange Securities, as applicable, and each prospectus (including any preliminary or summary prospectus) contained therein or furnished pursuant to Section 3(c) or Section 3(d) and any further amendments or supplements to any such registration statement or prospectus, when it becomes effective or is filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act and the Trust Indenture Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and at all times subsequent to the Effective Time when a prospectus would be

 required to be delivered under
       the Securities Act, other than (A) from (i) such time as a notice has been given to holders of Registrable Securities pursuant to Section 3(c)(iii)(G) or Section 3(d)(viii)(G) until (ii) such time as the Company furnishes an amended or supplemented prospectus pursuant to Section 3(c)(iv) or Section 3(e) or (B) each such registration statement, and each prospectus (including any summary prospectus) contained therein or furnished pursuant to Section 3(c) or Section 3(d),
       as then amended or supplemented, will conform in all material respects
       to the requirements of the Securities Act 

        

       15

        

        

       

       and the Trust Indenture Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which such statements were made; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by a holder of Registrable Securities expressly for use therein.

       (b)         Any documents incorporated by reference in any prospectus referred to in Section 5(a),
           when they become or became effective or are or were filed with the
           Commission, as the case may be, will conform or conformed in all material
           respects to the requirements of the Securities Act or the Exchange
           Act, as applicable, and none of such documents will contain or contained
           an untrue statement of a material fact or will omit or omitted to
           state a material fact required to be stated therein or necessary to
           make the statements therein in light of the circumstances under which
           such statements were made not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by a holder
       of Registrable Securities expressly for use therein.

       (c)         The compliance by the Company with all of the provisions of this Agreement and the consummation of the transactions herein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the properties or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the certificate of incorporation, as amended, or the by-laws or other governing documents, as applicable, of the Company or the Guarantors or (iii)  result in any v

iolation of any statute or any
       order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, except in the cases of clause (i) or (iii) above, as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect, or any development that would reasonably expected to result in a material adverse effect, on the business, assets, properties, management, financial position, stockholders’ equity, results of operations or prospects of the Issuers and their subsidiaries, taken as a whole. No consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the consummation by the Company and the Guarantors of the transactions contemplated by this Agreement, except (x) the registration under the Securities Act of the Registrable Securities and the Exchange Securities, as applicable, and
       qualification of the Indenture under the Trust Indenture Act, (y) such
       consents, approvals, authorizations, registrations or qualifications as
       may be required under state securities or blue sky laws in connection
       with the offering and distribution of the Registrable Securities and the
       Exchange Securities, as applicable, and (z) such consents, approvals,
       authorizations, registrations or qualifications that have been obtained
       and are in full force and effect as of the date hereof.

       (d)         This
           Agreement has been duly authorized, executed and delivered by the
       Company and by the Guarantors.

        

       16

        

        

       

        

       	
                    
 	
                   6.
 	
                   Indemnification and Contribution.
 

       (a)         Indemnification by the Company and the Guarantors.  The
           Company and the Guarantors, jointly and severally, will indemnify
           and hold harmless each of the holders of Registrable Securities included
           in an Exchange Registration Statement and each of the Electing Holders
           as holders of Registrable Securities included in a Shelf Registration
           Statement against any losses, claims, damages or liabilities, joint
           or several, to which such holder or such Electing Holder may become
           subject under the Securities Act or otherwise, insofar as such losses,
           claims, damages or liabilities (or actions in respect thereof) arise
           out of or are based upon an untrue statement or alleged untrue statement
           of a material fact contained in any Exchange Registration Statement
           or any Shelf Registration Statement, as the case may be, under which
           such Registrable Securities or Exchange Securities were registered
           under the Securities Act, or any preliminary, final or summary prospectus
           (including, without limitation, any “issuer free writing prospectus” as defined in Rule 433)
           contained therein or furnished by the Company to any such holder or
           any such Electing Holder, or any amendment or supplement thereto,
           or arise out of or are based upon the omission or alleged omission
           to state therein a material fact required to be stated therein or
           necessary to make the statements therein not misleading, and will
           reimburse each such holder and each such Electing Holder for any and
           all legal or other expenses reasonably incurred by them in connection
           with investigating or defending any such action or claim as such expenses
           are incurred; provided, however, that neither the Company nor
           the Guarantors shall be liable to any such person in any such case
           to the extent that any such loss, claim, damage or liability arises
           out of or is based upon an untrue statement or alleged untrue statement
           or omission or alleged omission made in such registration statement,
           or preliminary, final or summary prospectus (including, without limitation,
           any “issuer free writing prospectus” as defined in Rule 433),
           or amendment or supplement thereto, in reliance upon and in conformity
           with written information furnished to the Company by such person expressly
       for use therein.

       (b)         Indemnification by the Electing Holders.
           The Company may require, as a condition to including any Registrable
           Securities in any Shelf Registration Statement filed pursuant to Section
           2(b), that the Company shall have received an undertaking reasonably
           satisfactory to it from each Electing Holder of Registrable Securities
           included in such Shelf Registration Statement, severally and not jointly,
           to (i) indemnify and hold harmless the Company, the Guarantors and all other Electing Holders of Registrable Securities included in such Shelf Registration Statement, against any losses, claims, damages or liabilities to which the Company, the Guarantors or such other Electing Holders may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
       thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in such registration statement, or any preliminary, final or summary prospectus (including, without limitation, any “issuer free writing prospectus” as defined in Rule 433) contained therein or furnished by the Company to any Electing Holder, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Electing Holder expressly for use therein, and (ii) reimburse
       the Company and the Guarantors for any legal or other expenses reasonably
       incurred by the Company and the Guarantors in connection with investigating
       or defending any such action or claim as such expenses are incurred; provided, however, that no such 

        

       17

        

        

       

       Electing
           Holder shall be required to undertake liability to any person under
           this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be received by such Electing Holder from the sale of such Electing Holder’s
       Registrable Securities pursuant to such registration.

       (c)         Notices of Claims, Etc.  Promptly
           after receipt by an indemnified party under subsection (a) or (b) above of written notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification provisions of or contemplated by this Section 6, notify such indemnifying party in writing of the commencement of such action; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under the indemnification provisions of or contemplated by Section 6(a) or Section 6(b).  In case any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement thereof,
       such indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, such indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation.  No indemnifying party shall, without the prior written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in
       respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does
       not include a statement as to, or an admission of, fault, culpability
       or a failure to act by or on behalf of any indemnified party.

       (d)         Contribution.  If
           for any reason the indemnification provisions contemplated by Section 6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations.  The relative
       fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation (even if the holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 6(d).
       The amount paid or payable by an indemnified party as a result of the
       losses, 

        

       18

        

        

       

       claims,
           damages, or liabilities (or actions in respect thereof) referred to
           above shall be deemed to include any legal or other fees or expenses
           reasonably incurred by such indemnified party in connection with investigating
           or defending any such action or claim. Notwithstanding the provisions
           of this Section 6(d), no Electing Holder shall be required to contribute any amount in excess of the amount by which the dollar amount of the proceeds received by such holder from the sale of any Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
       contribution from any person who was not guilty of such fraudulent misrepresentation.  The holders’ obligations in this Section 6(d)
       to contribute shall be several in proportion to the principal amount of
       Registrable Securities registered by them and not joint.

       (e)         The obligations of the Company and the Guarantors under this Section 6 shall be in addition to any liability which the Company or the Guarantors may otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of each holder, each Electing Holder, and each person, if any, who controls any of the foregoing within the meaning of the Securities Act; and the obligations of the holders and the Electing Holders contemplated by this Section 6
           shall be in addition to any liability which the respective holder
           or Electing Holder may otherwise have and shall extend, upon the same
           terms and conditions, to each officer and director of the Company
           or the Guarantors (including any person who, with his consent, is
           named in any registration statement as about to become a director
           of the Company or any of the Guarantors) and to each person, if any,
           who controls the Company within the meaning of the Securities Act,
           as well as to each officer and director of the other holders and to
           each person, if any, who controls such other holders within the meaning
       of the Securities Act.

       	
                    
 	
                   7.
 	
                   Underwritten Offerings.
 

       Each
           holder of Registrable Securities hereby agrees with the Company and
           each other such holder that no holder of Registrable Securities may
           participate in any underwritten offering hereunder unless (a) the Company gives its prior written consent to such underwritten offering, (b) the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at least a majority in aggregate principal amount of the Registrable Securities to be included in such offering, provided that such designated managing underwriter or underwriters is or are reasonably acceptable to the Company, (c) each holder of Registrable Securities participating in such underwritten offering agrees to sell such holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the persons entitled selecting the managing underwriter or underwriters hereunder
       and (d) each holder of Registrable Securities participating in such underwritten offering completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements.  The Company hereby agrees with each holder of Registrable Securities that, to the extent it consents to an underwritten offering hereunder, it will negotiate in good faith and execute all indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all commercially reasonable efforts to procure customary legal opinions and auditor “comfort” letters.

        

       19

        

        

       

        

       	
                    
 	
                   8.
 	
                   Rule 144.
 

       (a)         Facilitation of Sales Pursuant to Rule 144.  The
           Company covenants to the holders of Registrable Securities that to
           the extent it shall be required to do so under the Exchange Act, the
           Company shall timely file the reports required to be filed by it under
           the Exchange Act or the Securities Act (including the reports under
           Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and shall take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144.  Upon the request of any holder of Registrable Securities in connection with that
       holder’s sale pursuant to Rule 144, the Company shall deliver
       to such holder a written statement as to whether it has complied with
       such requirements.

       (b)         Availability of Rule 144 Not Excuse for Obligations under Section 2. The
           fact that holders of Registrable Securities may become eligible to
           sell such Registrable Securities pursuant to Rule 144 shall not (1)
           cause such Securities to cease to be Registrable Securities or (2)
           excuse the Company’s and the Guarantors’ obligations set
           forth in Section 2 of this Agreement, including without limitation
           the obligations in respect of an Exchange Offer, Shelf Registration
       and Special Interest.

       	
                    
 	
                   9.
 	
                   Miscellaneous.
 

       (a)         No Inconsistent Agreements.  The Company represents, warrants, covenants and agrees that it has not granted, and shall not grant, registration rights with respect to Registrable Securities, Exchange Securities or Securities, as applicable, or any other securities which would be inconsistent with the terms contained in this Agreement.

       (b)         Specific Performance.  The parties hereto acknowledge that there would be no adequate remedy at law if the Company fails to perform any of its obligations hereunder and that the Purchaser and the holders from time to time of the Registrable Securities may be irreparably harmed by any such failure, and accordingly agree that the Purchaser and such holders, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance of the obligations of the Company under this Agreement in accordance with the terms and conditions of this Agreement, in any court of the United States or any State thereof having jurisdiction.  Time shall be of the essence in this Agreement.

       (c)         Notices.  All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered by hand, if delivered personally, by facsimile or by courier, or three days after being deposited in the mail (registered or certified mail, postage prepaid, return receipt requested) as follows: If to the Company, to it at 555 East Lafayette, Detroit, Michigan 48226, and if to a holder, to the address of such holder set forth in the security register or other records of the Company, or to such other address as the Company or any such holder may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

       (d)         Parties in Interest.  All the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto, the holders from time to time of the Registrable Securities and the respective successors and assigns of the foregoing.  In the event that any transferee of any holder of Registrable 

        

       20

        

        

       

       Securities shall acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further writing or action of any kind, be deemed a beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities such transferee shall be entitled to receive the benefits of, and be conclusively deemed to have agreed to be bound by all of the applicable terms and provisions of this Agreement.  If the Company shall so request, any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable Securities subject to all of the applicable terms hereof.

       (e)         Survival.  The respective indemnities, agreements, representations, warranties and each other provision set forth in this Agreement or made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any holder of Registrable Securities, any director, officer or partner of such holder, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the Registrable Securities pursuant to the Purchase Agreement, the transfer and registration of Registrable Securities by such holder and the consummation of an Exchange Offer.

       (f)          Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

       (g)         Headings.  The descriptive headings of the several Sections and paragraphs of this Agreement are inserted for convenience only, do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement.

       (h)         Entire Agreement; Amendments. This
           Agreement and the other writings referred to herein (including the
           Indenture and the form of Securities) or delivered pursuant hereto
           which form a part hereof contain the entire understanding of the parties
           with respect to its subject matter. This Agreement supersedes all
           prior agreements and understandings between the parties with respect
           to its subject matter. This Agreement may be amended and the observance
           of any term of this Agreement may be waived (either generally or in
           a particular instance and either retroactively or prospectively) only
           by a written instrument duly executed by the Company and the holders
           of at least 66 2/3% in aggregate principal amount of the Registrable
           Securities at the time outstanding. Each holder of any Registrable
           Securities at the time or thereafter outstanding shall be bound by
           any amendment or waiver effected pursuant to this Section 9(h),
           whether or not any notice, writing or marking indicating such amendment
           or waiver appears on such Registrable Securities or is delivered to
       such holder.

       (i)          Inspection. For
           so long as this Agreement shall be in effect, this Agreement and a
           complete list of the names and addresses of all the record holders
           of Registrable Securities shall be made available for inspection and
           copying on any Business Day by any holder of Registrable Securities
           for proper purposes only (which shall include any purpose related
           to the rights of the holders of Registrable Securities under the Securities,
           the Indenture and this Agreement) at the offices of the Company at
           the address thereof set forth in Section 9(c) and at the office
       of the Trustee under the Indenture.

       (j)          Counterparts.  This Agreement may be executed by the parties in counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument.

        

       (k)         Severability.  If any provision of this Agreement, or the application thereof in any circumstance, is held to be invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of such provision in every other respect and of the remaining provisions contained in this Agreement shall not be affected or impaired thereby.

 

       21

 

        

 

       

       

        

       If the foregoing is in accordance with your understanding, please sign and return to us one for the Company, the Purchaser and each of the Guarantors plus one for each counsel counterparts hereof, and upon the acceptance hereof by you, this letter and such acceptance hereof shall constitute a binding agreement between the Purchaser, the Guarantors and the Company.  

Very truly yours,

       Greektown Superholdings, Inc.

       	 	By:	/s/ Clifford J. Vallier	 
	 	 	Name:
           Clifford J. Vallier
	 	 	Title:
           President, Chief Financial Officer and Treasurer

       Greektown Newco Sub, Inc.

       	 	By:	/s/
           Clifford J. Vallier	 
	 	 	Name:
           Clifford J. Vallier
	 	 	Title:
           President, Chief Financial Officer and Treasurer

Greektown Holdings, L.L.C.

       	 	By:	/s/
           Clifford J. Vallier	 
	 	 	Name: Clifford
           J. Vallier	 
	 	 	Title: Chief
               Executive Officer	 

Greektown Casino, L.L.C.

       	 	By:	/s/
           Clifford J. Vallier	 
	 	 	Name: Clifford
               J. Vallier	 
	 	 	Title: Chief
               Executive Officer	 

Contract Builders Corporation

       	 	By:	/s/
           Clifford J. Vallier	 
	 	 	Name: Clifford
               J. Vallier	 
	 	 	Title: Chief
               Executive Officer	 

Realty Equity Company, Inc.

       	 	By:	/s/
           Clifford J. Vallier	 
	 	 	Name: Clifford
               J. Vallier	 
	 	 	Title: Chief
               Executive Officer	 

 

        

       22

 

        

 

       

       

        

       
Accepted as of the date hereof:

        

       Goldman,
       Sachs & Co.

        

       	By:	/s/ Goldman, Sachs & Co.
	 	(Goldman,
           Sachs & Co.)

	 	 

        

        

       23

 

        

 

       

       

        

        

       Exhibit A

       Greektown Superholdings, Inc.

       INSTRUCTION TO DTC PARTICIPANTS

       (Date of Mailing)

       URGENT - IMMEDIATE ATTENTION REQUESTED

       DEADLINE FOR RESPONSE:  [DATE] *

        

       The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which beneficial interests in the Greektown Superholdings, Inc. (the “Company”)
           Series A 13% Senior Secured Notes due June 30, 2015 and/or Series
       B 13% Senior Secured Notes due June 30, 2015 (the “Securities”) are held.

       The Company is in the process of registering the Securities under the Securities Act of 1933 for resale by the beneficial owners thereof.  In order to have their Securities included in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling Securityholder Questionnaire.

       It is important that beneficial owners of the Securities receive a copy of the enclosed materials as soon as possible as their rights to have the Securities included in the registration statement depend upon their returning the Notice and Questionnaire by [Deadline For Response].  Please forward a copy of the enclosed documents to each beneficial owner that holds interests in the Securities through you.  If you require more copies of the enclosed materials or have any questions pertaining to this matter, please contact Greektown Superholdings, Inc., 555 East Lafayette, Detroit, Michigan 48226, (313) 223-2999.

        

        

        

        

        

        

       _________________________

* Not
       less than 28 calendar days from date of mailing.

        

        

       A-1

        

        

       

        

        

       Greektown Superholdings, Inc.

       Notice of Registration Statement

       and

       Selling Securityholder Questionnaire

       (Date)

        

       Reference is hereby made to the Exchange and Registration Rights Agreement (the “Exchange
             and Registration Rights Agreement”) between Greektown Superholdings, Inc. (the “Company”) and the Purchaser named therein.  Pursuant to the Exchange and Registration Rights Agreement, the Company has filed or will file with the United States Securities and Exchange Commission (the “Commission”)
             a registration statement on Form [__] (the “Shelf
             Registration Statement”) for the registration and resale
             under Rule 415 of the Securities Act of 1933, as amended (the “Securities
             Act”), of the Company’s Series A 13% Senior Secured
             Notes due June 30, 2015 and Series B 13% Senior Secured Notes due
             June 30, 2015 (the “Securities”).  A copy of the
             Exchange and Registration Rights Agreement has been filed as an
             exhibit to the Shelf Registration Statement and can be obtained
       from the Commission’s website at www.sec.gov.  All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Exchange and Registration Rights Agreement.

       Each beneficial owner of Registrable Securities (as defined below) is entitled to have the Registrable Securities beneficially owned by it included in the Shelf Registration Statement.  In order to have Registrable Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling Securityholder Questionnaire (“Notice
             and Questionnaire”) must be completed, executed and delivered
             to the Company’s counsel at the address set forth herein for
             receipt ON OR BEFORE [Deadline for Response].  Beneficial
             owners of Registrable Securities who do not properly complete, execute
             and return this Notice and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii) may
             not use the Prospectus forming a part thereof for resales of Registrable
       Securities.

       Certain legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and related Prospectus.  Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement and related Prospectus.

       The term “Registrable
       Securities” is defined in the Exchange and Registration Rights Agreement.

        

        

       A-2

        

        

       

        

        

       ELECTION

        

       The undersigned holder (the “Selling
             Securityholder”) of Registrable Securities hereby elects
             to include in the Shelf Registration Statement the Registrable Securities
             beneficially owned by it and listed below in Item (3).  The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and conditions of this Notice and Questionnaire and the Exchange and Registration Rights Agreement, including, without limitation, Section 6
             of the Exchange and Registration Rights Agreement, as if the undersigned
       Selling Securityholder were an original party thereto.

       Pursuant
           to the Exchange and Registration Rights Agreement, the undersigned
           has agreed to indemnify and hold harmless the Company, its officers
           who sign any Shelf Registration Statement, and each person, if any,
           who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20
       of the Exchange Act of 1934, as amended (the “Exchange Act”), against certain losses arising out of an untrue statement, or the alleged untrue statement, of a material fact in the Shelf Registration Statement or the related prospectus or the omission, or alleged omission, to state a material fact required to be stated in such Shelf Registration Statement or the related prospectus, but only to the extent such untrue statement or omission, or alleged untrue statement or omission, was made in reliance on and in conformity with the information provided in this Notice and Questionnaire.

       Upon
           any sale of Registrable Securities pursuant to the Shelf Registration
           Statement, the Selling Securityholder will be required to deliver
           to the Company and Trustee the Notice of Transfer set forth in Appendix A
           to the Prospectus and as Exhibit B to the Exchange and Registration
       Rights Agreement.

       The Selling Securityholder hereby provides the following information to the Company and represents and warrants that such information is accurate and complete:

        

       A-3

        

        

 

       

       

        

        

       QUESTIONNAIRE

        

       	
                   (1)
 	
                   (a)
 	
                   Full legal name of Selling Securityholder:
 

                                          
                                                 
                                                 
        

	
                    
 	
                   (b)
 	
                   Full legal name of registered Holder (if not the same as in (a) above) of Registrable Securities listed in Item (3) below:
 

                                                 
                                                 
                                                 
               

	
                    
 	
                   (c)
 	
                   Full legal name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item (3) below are held:
 

                                                 
                                                 
                                                 
               

        

       	
                   (2)
 	
                   Address for notices to Selling Securityholder:
 

                                                 
                                                 
                           

                                                 
                                                 
                           

                                                 
                                                 
                           

       	
                    
 	
                   Telephone:
 	
                                                             
                                                                  
 

       	
                    
 	
                   Fax:
 	
                                                             
                                                 
                       
                                         
 

E-mail
           for Contact Person:                                           
                     

	 	Contact
        Person:                                          
                                      
	 	E-mail
        for Contact Person:                                           
                  
	
             (3)
 	
  Beneficial Ownership of Securities:
 

Except as set forth below in this Item (3), the undersigned does not beneficially own any Securities.

       	
                    
 	
                   (a)
 	
                   Principal amount of Registrable Securities beneficially owned:                                          
 

       CUSIP No(s). of such Registrable Securities:                                            
                               

       	
                    
 	
                   (b)
 	
                   Principal amount of Securities other than Registrable Securities beneficially owned:
 

                                                 
                                                 
                                                 
                     

       CUSIP No(s). of such other Securities:                                            
                                         

       	
                    
 	
                   (c)
 	
                   Principal amount of Registrable Securities that the undersigned wishes to be included in the Shelf Registration Statement:                                            
                                             
 

       CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration Statement:                                            
                                                 
                                           

        

       	
                   (4)
 	
                   Beneficial Ownership of Other Securities of the Company:
 

       Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of the Company, other than the Securities listed above in Item (3).

       State any exceptions here:

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

        

       A-4

        

        

       

        

        

                                                 
                                                 
                                                 
               

        

       	
                   (5)
 	
                   Individuals who exercise dispositive powers with respect to the Securities:
 

       If the Selling Securityholder is not an entity that is required to file reports with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (a “Reporting
       Company”), then the Selling Securityholder must disclose the name of the natural person(s) who exercise sole or shared dispositive powers with respect to the Securities.  Selling Securityholders should disclose the beneficial holders, not nominee holders or other such others of record.  In addition, the Commission has provided guidance that Rule 13d-3 under the Exchange Act should be used by analogy when determining the person or persons sharing voting and/or dispositive powers with respect to the Securities.

       	
                    
 	
                   (a)
 	
                   Is the holder a Reporting Company?
 

       	
                    
 	
                   Yes
 	
                   _______            
 	
                   No
 	
         _______  
 

        

       If “No”,
       please answer Item (5)(b).

       	
                    
 	
                   (b)
 	
                   List below the individual or individuals who exercise dispositive powers with respect to the Securities:
 

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

       Please note that the names of the persons listed in (b) above will be included in the Shelf Registration Statement and related Prospectus.

       	
                   (6)
 	
                   Relationships with the Company:
 

       Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.

       State any exceptions here:

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

        

       	
                   (7)
 	
                   Plan of Distribution:
 

       Except as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as follows (if at all):  Such Registrable Securities may be sold from time to time directly by the undersigned Selling Securityholder or, if consented to by the Company and subject to certain other conditions, through underwriters, broker dealers or agents.  Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices.  Such sales may be effected in transactions (which may involve 

        

       A-5

        

        

       

        

       crosses or block transactions) (i) on any national securities exchange or quotation service on which the Registrable Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the over-the-counter market, or (iv) through the writing of options.  In connection with sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities in the course of hedging the positions they assume.  The Selling Securityholder may also sell Registrable Securities short and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities.

       State any exceptions here:

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

       Note:  In no event may such method(s) of distribution take the form of an underwritten offering of Registrable Securities without the prior written agreement of the Company.

        

       	
                   (8)
 	
                   Broker-Dealers:
 

       The Commission requires that all Selling Securityholders that are registered broker-dealers or affiliates of registered broker-dealers be so identified in the Shelf Registration Statement.  In addition, the Commission requires that all Selling Securityholders that are registered broker-dealers be named as underwriters in the Shelf Registration Statement and related Prospectus, even if they did not receive the Registrable Securities as compensation for underwriting activities.

       	
                    
 	
                   (a)
 	
                   State whether the undersigned Selling Securityholder is a registered broker-dealer:
 

       	
                    
 	
                   Yes
 	
             _______
 	
                   No
 	
         _______     
 

       	
                    
 	
                   (b)
 	
                   If
                       the answer to (a) is “Yes”, you must answer
                   (i) and (ii) below, and (iii) below if applicable. Your answers to (i) and (ii) below, and (iii) below if applicable, will be included in the Shelf Registration Statement and related Prospectus.
 

       	
                    
 	
                   (i)
 	
                   Were the Securities acquired as compensation for underwriting activities?
 

       	
                    
 	
                   Yes
 	
             _______
 	
                   No
 	
         _______
 

       If
           you answered “Yes”, please provide a brief description of
       the transaction(s) in which the Securities were acquired as compensation:

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

       	
                    
 	
                   (ii)
 	
                   Were the Securities acquired for investment purposes?
 

       	
                    
 	
                   Yes
 	
             _______
 	
                   No
 	
         _______
 

       	
                    
 	
                   (iii)
 	
                   If
                       you answered “No” to both (i) and (ii), please explain the Selling Securityholder’s
                   reason for acquiring the Securities:
 

        

       A-6

        

        

       

        

        

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

        

       	
                    
 	
                   (c)
 	
                   State whether the undersigned Selling Securityholder is an affiliate of a registered broker-dealer and, if so, list the name(s) of the broker-dealer affiliate(s):
 

       	
                    
 	
                   Yes
 	
             _______
 	
                   No
 	
         _______   
 

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

       	
                    
 	
                   (d)
 	
                   If
                   you answered “Yes” to question (c) above:
 

       	
                    
 	
                   (i)
 	
                   Did the undersigned Selling Securityholder purchase Registrable Securities in the ordinary course of business?
 

       	
                    
 	
                   Yes
 	
             _______
 	
                   No
 	
         _______       
 

       If
           the answer is “No” to question (d)(i), provide a brief explanation
           of the circumstances in which the Selling Securityholder acquired
       the Registrable Securities:

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

       	
                    
 	
                   (ii)
 	
                   At the time of the purchase of the Registrable Securities, did the undersigned Selling Securityholder have any agreements, understandings or arrangements, directly or indirectly, with any person to dispose of or distribute the Registrable Securities?
 

       	
                    
 	
                   Yes
 	
             _______
 	
                   No
 	
         _______
 

       If
           the answer is “Yes” to question (d)(ii), provide a brief
       explanation of such agreements, understandings or arrangements:

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

       If
               the answer is “No” to Item (8)(d)(i) or “Yes” to
               Item (8)(d)(ii), you will be named as an underwriter in the Shelf
       Registration Statement and the related Prospectus.

       	
                   (9)
 	
                   Hedging and short sales:
 

       	
                    
 	
                   (a)
 	
                   State
                       whether the undersigned Selling Securityholder has or
                       will enter into “hedging transactions” with
                   respect to the Registrable Securities:
 

       	
                    
 	
                   Yes
 	
             _______
 	
                   No
 	
         _______
 

       If “Yes”,
           provide below a complete description of the hedging transactions into
           which the undersigned Selling Securityholder has entered or will enter
       and the purpose of 

        

       A-7

        

        

       

        

       such hedging transactions, including the extent to which such hedging transactions remain in place:

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

                                                 
                                                 
                                                 
               

       	
                    
 	
                   (b)
 	
                   Set
                       forth below is Interpretation A.65 of the Commission’s
                       July 1997 Manual of Publicly Available Interpretations
                   regarding short selling:
 

       “An issuer filed a Form S-3 registration statement for a secondary offering of common stock which is not yet effective.  One of the selling shareholders wanted to do a short sale of common stock “against the box” and
               cover the short sale with registered shares after the effective
               date. The issuer was advised that the short sale could not be
               made before the registration statement becomes effective, because
               the shares underlying the short sale are deemed to be sold at
               the time such sale is made. There would, therefore, be a violation
               of Section 5 if the shares were
       effectively sold prior to the effective date.”

       By returning this Notice and Questionnaire, the undersigned Selling Securityholder will be deemed to be aware of the foregoing interpretation.

        

       *             *             *             *             *

 

       By signing below, the Selling Securityholder acknowledges that it understands its obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act, particularly Regulation M (or any successor rule or regulation).

       The Selling Securityholder hereby acknowledges its obligations under the Exchange and Registration Rights Agreement to indemnify and hold harmless the Company and certain other persons as set forth in the Exchange and Registration Rights Agreement.

       In
           the event that the Selling Securityholder transfers all or any portion
           of the Registrable Securities listed in Item (3) above after
           the date on which such information is provided to the Company, the
           Selling Securityholder agrees to notify the transferee(s) at the time
           of the transfer of its rights and obligations under this Notice and
       Questionnaire and the Exchange and Registration Rights Agreement.

       By
           signing below, the Selling Securityholder consents to the disclosure
           of the information contained herein in its answers to Items (1)
           through (9) above and the inclusion of such information in the Shelf
           Registration Statement and related Prospectus. The Selling Securityholder
           understands that such information will be relied upon by the Company
           in connection with the preparation of the Shelf Registration Statement
       and related Prospectus.

       In
           accordance with the Selling Securityholder’s obligation under Section 3(d)
           of the Exchange and Registration Rights Agreement to provide such
           information as may be required by law for inclusion in the Shelf Registration
           Statement, the Selling Securityholder agrees to promptly notify the
           Company of any inaccuracies or changes in the information provided
           herein which may occur subsequent to the date hereof at any time while
           the Shelf Registration Statement remains in effect and to provide
           such additional information that the Company may reasonably request
           regarding such Selling Securityholder and the intended method of distribution
       of 

        

       A-8

        

        

       

        

       Registrable Securities in order to comply with the Securities Act.  Except as otherwise provided in the Exchange and Registration Rights Agreement, all notices hereunder and pursuant to the Exchange and Registration Rights Agreement shall be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing overnight delivery as follows:

       	
                    
 	
                   (i)
 	
                   To the Company:
 

       _________________________

       _________________________

       _________________________

       _________________________

       _________________________

       	
                    
 	
                   (ii)
 	
                   With a copy to:
 

       _________________________

       _________________________

       _________________________

       _________________________

       _________________________

        

       Once
           this Notice and Questionnaire is executed by the Selling Securityholder
           and received by the Company’s counsel, the terms of this Notice
           and Questionnaire, and the representations and warranties contained
           herein, shall be binding on, shall inure to the benefit of and shall
           be enforceable by the respective successors, heirs, personal representatives,
           and assigns of the Company and the Selling Securityholder (with respect
           to the Registrable Securities beneficially owned by such Selling Securityholder
           and listed in Item (3) above. This Notice and Questionnaire shall
       be governed in all respects by the laws of the State of New York.

        

       A-9

        

        

       

        

        

       IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

       Dated:                                      

        

                                                 
                                                 
                                                 
           

       	
                    
 	
                   Selling Securityholder
 	
                    

	
                    
 	
                   (Print/type full legal name of beneficial owner of Registrable Securities)
 

        

       By:                                            
                                                 
                                               

       	
                    
 	
                   Name:
 
	
                    
 	
                   Title:
 	
                    

        

       PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO
       THE COMPANY’S COUNSEL AT:

       _________________________

       _________________________

       _________________________

       _________________________

       _________________________

        

       A-10

       

Exhibit B

       NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

       Wilmington Trust FSB

       Greektown Superholdings, Inc.

       c/o Wilmington Trust FSB

       Corporate Capital Markets

       50 South 6th Street, STE 1290

       Minneapolis, MN  55402

       Attention:  GREEKTOWN ADMIN

       	
                    
 	
                   Re:
 	
                   Greektown Superholdings, Inc. (the “Company”)
 	
                    

	
                    
 	
                   Series A 13% Senior Secured Notes due June 30, 2015 and
 
	
                    
 	
                   Series B 13% Senior Secured Notes due June 30, 2015
 	
                    

					

        

       Dear Sirs:

       Please
           be advised that ___                                             has
           transferred $_______________________________ aggregate
           principal amount of the above-referenced Notes pursuant to an effective
           Registration Statement on Form [      ] (File
       No. 333- ) filed by the Company.

We
           hereby certify that the prospectus delivery requirements, if any,
           of the Securities Act of 1933, as amended, have been satisfied and
           that the above-named beneficial owner of the Notes is named as a “Selling Holder” in
           the Prospectus dated [date] or in supplements thereto, and
           that the aggregate principal amount of the Notes transferred are the
       Notes listed in such Prospectus opposite such owner’s name.

       Dated:

       Very truly yours,

       	 	 	 	 
	 	 	(Name)	 
	 	By:    	 	 
	 	 	(Authorized
           Signature)	 

        

 

       B-1

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