Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 MGM GROWTH PROPERTIES OPERATING
PARTNERSHIP LP 
 and 

MGP FINANCE CO-ISSUER, INC., 

as Issuers, 
 THE SUBSIDIARY
GUARANTORS PARTY HERETO, 
 as Subsidiary Guarantors 

and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 5.750% SENIOR
NOTES DUE 2027 
  
  

INDENTURE 
 DATED AS OF
JANUARY 25, 2019 
  
  

 
  

 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
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 312(a)
	  	2.05
	 (b)
	  	12.03
	 (c)
	  	12.03
	 313(a)
	  	7.06
	 (b)(1)
	  	N.A.
	 (b)(2)
	  	7.06; 7.07
	 (c)
	  	7.06; 12.02
	 (d)
	  	7.06
	 314(a)
	  	4.03;12.02;12.05
	 (b)
	  	N.A.
	 (c)(1)
	  	12.04
	 (c)(2)
	  	12.04
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	12.05
	 (f)
	  	N.A.
	 315(a)
	  	7.01
	 (b)
	  	7.05;12.02
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.11
	 316(a) (last sentence)
	  	2.09
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	N.A.
	 (b)
	  	6.07
	 (c)
	  	2.12
	 317(a)(1)
	  	6.08
	 (a)(2)
	  	6.09
	 (b)
	  	2.04
	 318(a)
	  	12.01
	 (b)
	  	N.A.
	 (c)
	  	12.01

 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	  	 	43	 
	 Section 1.03
	 	Incorporation by Reference of Trust Indenture Act	  	 	44	 
	 Section 1.04
	 	Rules of Construction	  	 	44	 
	
	ARTICLE 2	  

	THE NOTES	  

			
	 Section 2.01
	 	Form and Dating	  	 	44	 
	 Section 2.02
	 	Execution and Authentication	  	 	46	 
	 Section 2.03
	 	Registrar and Paying Agent	  	 	46	 
	 Section 2.04
	 	Paying Agent to Hold Money in Trust	  	 	47	 
	 Section 2.05
	 	Holder Lists	  	 	47	 
	 Section 2.06
	 	Transfer and Exchange	  	 	47	 
	 Section 2.07
	 	Replacement Notes	  	 	59	 
	 Section 2.08
	 	Outstanding Notes	  	 	59	 
	 Section 2.09
	 	Treasury Notes	  	 	60	 
	 Section 2.10
	 	Temporary Notes	  	 	60	 
	 Section 2.11
	 	Cancellation	  	 	60	 
	 Section 2.12
	 	Defaulted Interest	  	 	60	 
	 Section 2.13
	 	Issuance of Additional Notes	  	 	61	 
	 Section 2.14
	 	Method of Submission	  	 	61	 
	 Section 2.15
	 	Trustee’s Duty to Monitor	  	 	61	 
	
	ARTICLE 3	  

	REDEMPTION AND PREPAYMENT	  

			
	 Section 3.01
	 	Notices to Trustee	  	 	61	 
	 Section 3.02
	 	Selection of Notes to Be Redeemed or Purchased	  	 	62	 
	 Section 3.03
	 	Notice of Redemption	  	 	62	 
	 Section 3.04
	 	Effect of Notice of Redemption	  	 	63	 
	 Section 3.05
	 	Deposit of Redemption or Purchase Price	  	 	64	 
	 Section 3.06
	 	Notes Redeemed or Purchased in Part	  	 	64	 
	 Section 3.07
	 	Optional Redemption	  	 	64	 
	 Section 3.08
	 	Mandatory Redemption	  	 	65	 
	 Section 3.09
	 	Gaming Redemption	  	 	65	 
	
	ARTICLE 4	  

	COVENANTS	  

			
	 Section 4.01
	 	Payment of Notes	  	 	66	 
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	66	 
	 Section 4.03
	 	Reports	  	 	66	 
	 Section 4.04
	 	Compliance Certificate	  	 	67	 
	 Section 4.05
	 	Stay, Extension and Usury Laws	  	 	68	 
	 Section 4.06
	 	Restricted Payments	  	 	68	 
	 Section 4.07
	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	72	 

							
	 	 	 	  	Page	 
	 Section 4.08
	 	Incurrence of Indebtedness	  	 	75	 
	 Section 4.09
	 	Asset Sales	  	 	80	 
	 Section 4.10
	 	Transactions with Affiliates	  	 	82	 
	 Section 4.11
	 	Liens	  	 	84	 
	 Section 4.12
	 	Corporate Existence	  	 	85	 
	 Section 4.13
	 	Offer to Repurchase Upon Change of Control	  	 	85	 
	 Section 4.14
	 	Limitation on Issuances of Guarantees by Subsidiary Guarantors	  	 	86	 
	 Section 4.15
	 	Fall-Away Event	  	 	87	 
	 Section 4.16
	 	Restrictions on Activities of the Co-Issuer	  	 	87	 
	 Section 4.17
	 	Master Lease	  	 	87	 
	 Section 4.18
	 	Future Guarantors	  	 	87	 
	
	ARTICLE 5	  

	SUCCESSORS	  

			
	 Section 5.01
	 	Consolidation, Merger and Sale of Assets	  	 	88	 
	 Section 5.02
	 	Successor Corporation Substituted	  	 	88	 
	
	ARTICLE 6	  

	DEFAULTS AND REMEDIES	  

			
	 Section 6.01
	 	Events of Default	  	 	89	 
	 Section 6.02
	 	Acceleration	  	 	91	 
	 Section 6.03
	 	Other Remedies	  	 	91	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	91	 
	 Section 6.05
	 	Control by Majority	  	 	92	 
	 Section 6.06
	 	Limitation on Suits	  	 	92	 
	 Section 6.07
	 	Rights of Holders of Notes to Receive Payment	  	 	92	 
	 Section 6.08
	 	Collection Suit by Trustee	  	 	92	 
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	93	 
	 Section 6.10
	 	Priorities	  	 	93	 
	 Section 6.11
	 	Undertaking for Costs	  	 	93	 
	
	ARTICLE 7	  

	TRUSTEE	  

			
	 Section 7.01
	 	Duties of Trustee	  	 	94	 
	 Section 7.02
	 	Rights of Trustee	  	 	95	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	96	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	96	 
	 Section 7.05
	 	Notice of Defaults	  	 	96	 
	 Section 7.06
	 	Reports by Trustee to Holders of the Notes	  	 	96	 
	 Section 7.07
	 	Compensation and Indemnity	  	 	96	 
	 Section 7.08
	 	Replacement of Trustee	  	 	97	 
	 Section 7.09
	 	Successor Trustee by Merger, etc.	  	 	98	 
	 Section 7.10
	 	Eligibility; Disqualification	  	 	98	 
	 Section 7.11
	 	Preferential Collection of Claims Against Issuers	  	 	99	 
	
	ARTICLE 8	  

	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  

			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	99	 
	 Section 8.02
	 	Legal Defeasance and Discharge	  	 	99	 
	 Section 8.03
	 	Covenant Defeasance	  	 	99	 
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	100	 

  
 ii 

							
	 	 	 	  	Page	 
	 Section 8.05
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	101	 
	 Section 8.06
	 	Repayment to Issuers	  	 	101	 
	 Section 8.07
	 	Reinstatement	  	 	102	 
	
	ARTICLE 9	  

	AMENDMENT, SUPPLEMENT AND WAIVER	  

			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	 	102	 
	 Section 9.02
	 	With Consent of Holders of Notes	  	 	103	 
	 Section 9.03
	 	Compliance with Trust Indenture Act	  	 	105	 
	 Section 9.04
	 	Revocation and Effect of Consents	  	 	105	 
	 Section 9.05
	 	Notation on or Exchange of Notes	  	 	105	 
	 Section 9.06
	 	Trustee to Sign Amendments, etc.	  	 	105	 
	
	ARTICLE 10	  

	NOTE GUARANTEES	  

			
	 Section 10.01
	 	Guarantee	  	 	105	 
	 Section 10.02
	 	Limitation on Guarantor Liability	  	 	106	 
	 Section 10.03
	 	Execution and Delivery of Note Guarantee	  	 	107	 
	 Section 10.04
	 	Subsidiary Guarantors May Consolidate, etc., on Certain Terms	  	 	107	 
	 Section 10.05
	 	Releases	  	 	108	 
	
	ARTICLE 11	  

	SATISFACTION AND DISCHARGE	  

			
	 Section 11.01
	 	Satisfaction and Discharge	  	 	108	 
	 Section 11.02
	 	Application of Trust Money	  	 	109	 
	
	ARTICLE 12	  

	MISCELLANEOUS	  

			
	 Section 12.01
	 	Trust Indenture Act Controls	  	 	110	 
	 Section 12.02
	 	Notices	  	 	110	 
	 Section 12.03
	 	Communication by Holders of Notes with Other Holders of Notes	  	 	111	 
	 Section 12.04
	 	Certificate and Opinion as to Conditions Precedent	  	 	111	 
	 Section 12.05
	 	Statements Required in Certificate or Opinion	  	 	112	 
	 Section 12.06
	 	Rules by Trustee and Agents	  	 	112	 
	 Section 12.07
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	112	 
	 Section 12.08
	 	Governing Law; Waivers of Jury Trial	  	 	112	 
	 Section 12.09
	 	No Adverse Interpretation of Other Agreements	  	 	113	 
	 Section 12.10
	 	Successors	  	 	113	 
	 Section 12.11
	 	Severability	  	 	113	 
	 Section 12.12
	 	Counterpart Originals	  	 	113	 
	 Section 12.13
	 	Table of Contents, Headings, etc.	  	 	113	 
	 Section 12.14
	 	Patriot Act	  	 	113	 
	 Section 12.15
	 	Force Majeure	  	 	113	 

 EXHIBITS 
  

			
	Exhibit A	  	FORM OF NOTE
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	  	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	Exhibit E	  	FORM OF SUPPLEMENTAL INDENTURE

  
 iii 

 INDENTURE dated as of January 25, 2019 among MGM Growth Properties Operating
Partnership LP, a Delaware limited partnership (the “Company”), MGP Finance Co-Issuer, Inc., a Delaware corporation (the “Co-Issuer”
and, together with the company, the “Issuers”), the Subsidiary Guarantors (as hereinafter defined) party hereto, and U.S. Bank National Association, a national banking association, as Trustee (the “Trustee”). 

The Issuers and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the
5.750% Senior Notes due 2027 (the “Notes”): 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION 
 BY
REFERENCE 
 Section 1.01 Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and
the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 “Acceptable Land Use Arrangements” means the provisions of any easement agreements, street dedications or vacations,
entitlements, public and/or private utility easements, licenses, declarations of covenants, conditions and restrictions, and other similar provisions granted by the Company or its Subsidiaries which (a) now exist, (b) are permitted to be
entered into under the terms of any leases related to the Company’s Real Property and which in the aggregate do not materially burden or impair the Fair Market Value or use of such Company’s Real Property for the purposes for which it is
or may reasonably be expected to be held or (c) similar arrangements which are permitted as to their form and substance pursuant to the terms of agreements governing any Secured Indebtedness permitted to be incurred hereunder. 

“Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary or
assumed in connection with an Asset Acquisition from such Person by a Restricted Subsidiary whether or not Incurred by such Person in connection with, or in anticipation of, such Person becoming a Restricted Subsidiary or such Asset Acquisition;
provided that Indebtedness of such Person that is redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation of the transactions by which such Person becomes a Restricted Subsidiary or such Asset
Acquisition will not be Acquired Indebtedness. 
 “Additional Interest” means, in the case of a Registration Default, an
accrual of additional interest on the principal amount of the Transfer Restricted Notes at a rate of 0.25% per annum for the first 90 days commencing on the day following the Registration Default, and increasing to 1.00% on the 91st day, to but
excluding the day on which the Registration Default has been cured. Additional Interest will be paid semi-annually in arrears with the interest payment due on the first interest payment date following the date on which such Additional Interest
begins to accrue; provided, however, that (a) the Additional Interest on the Transfer Restricted Notes may not accrue under more than one of clauses (i) and (ii) under the definition of “Registration Default” at any
one time and in no event will Additional Interest accrue after the Effectiveness Period, (b) if a Holder is not able to or does not provide the representations and information required in connection with a Shelf Registration Statement in a
timely manner and is therefore not named as a selling security holder in a Shelf Registration Statement, the Holder will not be entitled to receive any Additional Interest with respect to its Transfer Restricted Notes; and (c) the Issuers and
Subsidiary Guarantors will have no other liabilities with respect to any Registration Default. 

  
 1 

 “Additional Notes” means additional Notes (other than the Initial Notes)
issued under this Indenture in accordance with Sections 2.02, 2.13 and 4.08 hereof, as part of the same series as the Initial Notes. 

“Adjusted Total Assets” means, as of any date of determination, Consolidated EBITDA for the Test Period most recently ended
on or prior to such date of determination (determined, for any Fiscal Quarter (or portion thereof) ending prior to the closing of transactions contemplated by or related to (i) the Northfield Agreements, (ii) the Empire City Agreements and
(iii) the Park Agreements, on a Pro Forma Basis to give effect to the effectiveness of such transactions throughout such period, as if each had occurred at the beginning of such four-quarter period) divided by 8.25% plus (1) in the case of
any Development Property or Redevelopment Property (or former Development Property or Redevelopment Property) prior to the date when financial results for at least one complete Fiscal Quarter following completion or opening of the applicable
development project are available, 100% of the book value (determined in accordance with GAAP but determined without giving effect to any depreciation) of any such Development Property or Redevelopment Property (or former Development Property or
Redevelopment Property) owned or leased under an Eligible Ground Lease by the Company and its Restricted Subsidiaries as of such date of determination, plus (2) 100% of the book value (determined in accordance with GAAP) of any undeveloped land
owned or leased under an Eligible Ground Lease by the Company and its Restricted Subsidiaries as of such date of determination, plus (3) an amount (but not less than zero) equal to all Unrestricted Cash and Cash Equivalents on hand of the
Company and its Restricted Subsidiaries as of such date, plus (4) an amount (but not less than zero) equal to all earnest money deposits associated with potential acquisitions by the Company and its Restricted Subsidiaries as of such date, plus
(5) the book value (determined in accordance with GAAP) (but determined without giving effect to any depreciation or amortization) of all other Investments (for the avoidance of doubt, other than Income Properties, Development Properties,
Redevelopment Properties and unimproved land) held by the Company and its Restricted Subsidiaries as of such date (exclusive of goodwill and other intangible assets); provided that, (A) the Consolidated EBITDA attributable to any Income
Property, Development Property or Redevelopment Property that is leased by the Company and its Restricted Subsidiaries pursuant to a lease that is not an Eligible Ground Lease shall be excluded, and (B) the Consolidated EBITDA attributable to
any Development Property, Redevelopment Property or undeveloped land (or former Development Property, Redevelopment Property or undeveloped land) the book value of which is included in Adjusted Total Assets under clause (1) or (2) above, shall
be excluded. 
 “Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling,
controlled by, or under direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under
common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise. 
 “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 such note and (2) the excess (if any) of (A) the present value at such redemption date of (i) the redemption price of such note at November 1, 2026 (the date that is three months prior to the
scheduled maturity date of the Notes) plus (ii) all required interest payments due on such note through November 1, 2026 (the date that is three months prior to the scheduled maturity date of the Notes) (excluding accrued but unpaid
interest), computed using a discount rate equal to the Treasury Rate on such redemption date (or in the case of a satisfaction and discharge of this Indenture or a legal defeasance or covenant defeasance under this Indenture, the Treasury Rate as of
two Business Days prior to the date on which funds to pay the notes are deposited with the Trustee) plus 50 basis points over (B) the principal amount of such note. 

  
 2 

 “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. 

“Asset Acquisition” means: 

(1) an investment by the Company or its Restricted Subsidiaries in any other Person pursuant to which such Person becomes a
Restricted Subsidiary of the Company or is merged into or consolidated with the Company or any of its Restricted Subsidiaries; and 

(2) an acquisition by the Company or any of its Restricted Subsidiaries from any other Person of a Property or other assets
that constitute substantially all of a division or line of business of any other Person. 
 “Asset Sale” means any sale,
transfer or other disposition (each, a “disposition”), including by way of merger or consolidation, in one transaction or a series of related transactions by the Company or any of its Restricted Subsidiaries to any Person other than
the Company or any of its Restricted Subsidiaries of any assets or properties consisting of: 
 (1) all or any of the Capital
Stock of any Restricted Subsidiary (other than directors’ qualifying shares or shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary); 

(2) all or substantially all of the property or assets of an operating unit or line of business of the Company or any of its
Restricted Subsidiaries; or 
 (3) any other property and assets of the Company or any of its Restricted Subsidiaries (other
than Capital Stock of a Person that is not a Restricted Subsidiary) outside of the ordinary course of business; 
 provided that the term “Asset
Sale” will not include: 
 (A) dispositions of property or assets (including leases of real property) in the ordinary
course of business; 
 (B) dispositions of assets with a fair market value, or involving net cash proceeds to the Company or
a Restricted Subsidiary, not in excess of $50.0 million in any transaction or series of related transactions; 
 (C) the
disposition of cash or Cash Equivalents; 
 (D) a disposition of all or substantially all the assets of the Company or any
Restricted Subsidiaries in accordance with Section 5.01 hereof; 
 (E) dispositions of accounts receivable in connection
with the compromise, settlement or collection thereof; 

  
 3 

 (F) a Restricted Payment or Permitted Investment that is permitted by
Section 4.06 hereof; 
 (G) an exchange of assets; provided that (x) the Company has determined in good
faith that the Fair Market Value of the assets disposed of in such exchange is at least equal to the Fair Market Value of the assets received in such exchange and (y) at least 75% of the consideration received by the Company and its Restricted
Subsidiaries in such exchange constitutes assets or other property of a kind useful to or usable by the Company or any of its Restricted Subsidiaries in its business as conducted prior to the date of such exchange; provided, however,
that any cash consideration will constitute Net Cash Proceeds subject to Section 4.09 hereof; 
 (H) the creation of a
Lien not prohibited by this Indenture and the disposition of assets resulting from the foreclosure upon a Lien; 
 (I) the
disposition of damaged, obsolete, surplus or worn out property, whether now owned or hereafter acquired, in the ordinary course of business and dispositions of property no longer used, useful or economically practicable to maintain in the conduct of
the business of Holdings, the Company or the Restricted Subsidiaries (including, for the avoidance of doubt, the Asset Sale of any operator; provided that Holdings, the Company or a Restricted Subsidiary, as applicable, enters into a binding
agreement to sell or dispose of such operator within twelve months after the date of acquisition of such operator), and the termination or assignment of Contractual Obligations (other than the Master Lease or any Similar Leases) to the extent such
termination or assignment does not have a material adverse effect; 
 (J) any foreclosure on assets; 

(K) trade-ins or exchanges of equipment or other fixed assets in the ordinary course of
business; 
 (L) the settlement or early termination of any Permitted Bond Hedge Transaction and the settlement or early
termination of any related Permitted Warrant Transaction; 
 (M) operating leases and subleases and similar arrangements of
any real or personal property in the ordinary course of business (which for the avoidance of doubt, includes operating subleases) and leases or subleases not interfering in any material respect with the ordinary course of business of Holdings, the
Company or the Restricted Subsidiaries (which for the avoidance of doubt, includes operating subleases); 
 (N) licenses or
sublicenses of Intellectual Property made in the ordinary course of business; 
 (O) (i) termination of leases (other
than the Master Lease) and Swap Contracts in the ordinary course of business, (ii) the expiration of any option agreement in respect of real or personal property and (iii) any surrender or waiver of contractual rights (other than under the
Master Lease) or the settlement, release or surrender of contractual rights (other than under the Master Lease) or other litigation claims (including in tort) in the ordinary course of business; 

  
 4 

 (P) sales of (x) assets hereafter acquired pursuant to an acquisition
or Investment permitted under this Indenture which assets are not used or useful to the principal business of Holdings, the Company or its Restricted Subsidiaries or (y) any existing assets of the Holdings, the Company or its Restricted
Subsidiaries which are divested in connection with an acquisition or Investment as required by applicable regulatory authorities; 

(Q) any sale, transfer or other sale of any aircraft and any assets directly related to the operation thereof and any limited
liability company or other special purpose vehicle that has been organized solely to own any aircraft and related assets; 

(R) any sale consisting of the grant of Acceptable Land Use Arrangements; 

(S) transactions involving sales of equipment or Real Property to the extent that (i) such property is exchanged for
credit against the purchase price of similar replacement property or (ii) the proceeds of such transaction are applied to the purchase price of such replacement property, in each case within 180 days of receiving the proceeds of such
transaction; provided that (i) any such transaction shall be for Fair Market Value (as determined by the Company in good faith), (ii) an Income Property may not be exchanged under this clause (S) for any property other than a replacement
Income Property of similar or higher quality (as reasonably determined by the Company) (and if such Income Property is located on the “Las Vegas Strip,” the replacement Income Property must also be located on the “Las Vegas
Strip”) and (iii) no transaction under this clause (S) shall be permitted if after giving effect thereto the aggregate amount of all transactions under this clause (S) shall exceed 20% of Adjusted Total Assets as of the last day
of the most recently completed Fiscal Quarter ended prior to the date of such proposed transaction; 
 (T) the sale of the
Equity Interests of an Unrestricted Subsidiary; 
 (U) any sale by Holdings, the Company or any Restricted Subsidiary to MGM
or any of its Affiliates of any Reparceled Property; 
 (V) any disposition of Designated
Non-cash Consideration; provided that such disposition increases the amount of Net Cash Proceeds of the Asset Sale that resulted in such Designated Non-cash
Consideration; and 
 (W) Asset sales of the operations related to any Income Property acquired after the Issue Date;
provided that the aggregate amount of all asset sales under this clause (W) shall not exceed the greater of (i) $200.0 million and (ii) an amount equal to 3.0% of Adjusted Total Assets. 

For purposes of determining compliance with this definition, in the event that any transaction (or any portion thereof) meets the criteria of
more than one of the categories of permitted Asset Sales described in clauses (A) through (V) above, the Company may, in its sole discretion, at the time of Asset Sale, divide or classify such Asset Sale (or any portion thereof) under any
clause under which the assets subject to such Asset Sale would then be permitted to be disposed pursuant to, and at any future time may divide, classify or reclassify such Asset Sale (or any portion thereof) under any clause under which it would be
permitted to be disposed of at such later time, and in each case will only be required to include the amount and type of such Asset Sale in one or more of the above clauses. 

  
 5 

 “Average Life” means at any date of determination with respect to any
Indebtedness, the quotient obtained by dividing: 
 (1) the sum of the products obtained by multiplying: 

(A) the number of years from such date of determination to the dates of each successive scheduled principal payment of such
debt security, and 
 (B) the amount of such principal payment; by 

(2) the sum of all such principal payments. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-05 under the Exchange Act. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Board of Directors” means: 

(1) with respect to the Company, its board of directors or, if the Company does not have a board of directors, the board of
directors of its general partner; 
 (2) with respect to Holdings, its board of directors; 

(3) with respect to MGM GP, the board of directors of its managing member; and 

(4) with respect to any other Person, (A) if the Person is a corporation, the board of directors of the corporation,
(B) if the Person is a partnership, the board of directors of the general partner of the partnership, (C) if the Person is a member managed limited liability company, the board of directors of its managing member, and (D) with respect
to any other Person, the board or committee of such Person serving a similar function. 
 “Board Resolution” means a copy
of a resolution certified by the secretary or an assistant secretary of a company to have been duly adopted by the Board of Directors of such company and to be in full force and effect on the date of such certificate, and delivered to the Trustee.

 “Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are authorized or
required by law or regulation to close in the State of New York or, with respect to any payments to be made under this Indenture, the place of payment. 

“Capital Markets Indebtedness” means any Indebtedness having an aggregate outstanding principal amount in excess of
$100.0 million, consisting of bonds, debentures, notes or other similar debt securities issued in (a) a public offering registered under the Securities Act, (b) a private placement to institutional investors that is resold in
accordance with Rule 144A or Regulation S under the Securities Act, whether or not it includes registration rights entitling the holders of such debt securities to registration thereof with the SEC or (c) a private placement to institutional
investors. For the avoidance of doubt, the term “Capital Markets Indebtedness” does not include any Indebtedness under commercial bank facilities or similar Indebtedness, Sale and Leaseback Transaction, Finance Lease Obligation or recourse
transfer of any financial asset or any other type of Indebtedness incurred in a manner not customarily viewed as a “securities offering.” 

  
 6 

 “Capital Stock” means, with respect to any Person, any and all shares,
interests, participation or other equivalents (however designated, whether voting or non-voting), including partnership interests, whether general or limited, in the equity of such Person, whether outstanding
on the Issue Date or issued thereafter. 
 “Cash Equivalents” means any of the following types of Investments: 

(1) Government Securities due within one year after the date of the making of the Investment; 

(2) readily marketable direct obligations of any State of the United States or any political subdivision of any such State or
any public agency or instrumentality thereof given on the date of such Investment a credit rating of at least Aa by Moody’s or AA by S&P in each case due within one year from the making of the Investment; 

(3) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that
(i) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the
District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (7) of this definition and (iii) has combined capital and surplus of at
least $1.0 billion, in each case with maturities of not more than 180 days from the date of acquisition thereof; 
 (4)
certificates of deposit issued by, bank deposits in, eurodollar deposits through, bankers’ acceptances of, and repurchase agreements covering Government Securities executed by any bank incorporated under the laws of the United States, any State
thereof or the District of Columbia and having on the date of such Investment combined capital, surplus and undivided profits of at least $250.0 million, or total assets of at least $5.0 billion, in each case due within one year after the
date of the making of the Investment; 
 (5) certificates of deposit issued by, bank deposits in, eurodollar deposits
through, bankers’ acceptances of, and repurchase agreements covering Government Securities executed by any branch or office located in the United States of a bank incorporated under the laws of any jurisdiction outside the United States having
on the date of such Investment combined capital, surplus and undivided profits of at least $500.0 million, or total assets of at least $15.0 billion, in each case due within one year after the date of the making of the Investment; 

(6) repurchase agreements covering Government Securities executed by a broker or dealer registered under Section 15(b) of
the Securities Exchange Act of 1934, as amended, having on the date of the Investment capital of at least $500.0 million, due within 90 days after the date of the making of the Investment; provided that the maker of the Investment
receives written confirmation of the transfer to it of record ownership of the Government Securities on the books of a “primary dealer” in such Government Securities or on the books of such registered broker or dealer, as soon as
practicable after the making of the Investment; 
 (7) commercial paper issued by any Person organized under the laws of any
state of the United States and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent
grade) by S&P, in each case with maturities of not more than 180 days from the date of acquisition thereof; 

  
 7 

 (8) “money market preferred stock” issued by a corporation
incorporated under the Laws of the United States or any State thereof (i) given on the date of such Investment a credit rating of at least Aa by Moody’s and AA by S&P, in each case having an investment period not exceeding 50 days or
(ii) to the extent that investors therein have the benefit of a standby letter of credit issued by a lender or a bank described in clauses (3) or (4) above; 

(9) a readily redeemable “money market mutual fund” sponsored by a bank described in clause (4) or
(5) above, or a registered broker or dealer described in clause (6) hereof, that has and maintains an investment policy limiting its investments primarily to instruments of the types described in clauses (1) through (8) hereof
and given on the date of such Investment a credit rating of at least Aa by Moody’s and AA by S&P; 
 (10) corporate
notes or bonds having an original term to maturity of not more than one year issued by a corporation incorporated under the Laws of the United States or any State thereof, or a participation interest therein; provided that any commercial
paper issued by such corporation is given on the date of such Investment a credit rating of at least Aa by Moody’s and AA by S&P; and 

(11) Investments, classified in accordance with GAAP as current assets, in money market investment programs registered under
the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character, quality
and maturity described in clauses (1), (3) and (7) of this definition. 
 “Cash Management Agreement” means any
agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash management arrangements. 

“Cash Management Bank” means (a) any Person that, at the time it enters into a Cash Management Agreement, is a lender or
an Affiliate of a lender or the administrative agent or an Affiliate of the administrative agent under any Credit Facilities, in its capacity as a party to such Cash Management Agreement and (b) any Person that, at the time it, or its
Affiliate, became a lender or the administrative agent under any Credit Facilities, was a party to a Cash Management Agreement. 

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

(1) the direct or indirect sale, 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” (as that term is used in Section 13 (d)(3) of
the Exchange Act)); 
 (2) the adoption of a plan relating to the liquidation or dissolution of Holdings or the Company; 

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

  
 8 

 (4) Holdings consolidates with, or merges with or into, any Person (other
than a Permitted Holder), or any Person (other than a Permitted Holder) consolidates with, or merges with or into, Holdings, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of Holdings or such other Person is
converted into or exchanged for cash, securities or other property, other than any such transaction where the Voting Stock of Holdings outstanding immediately prior to such transaction constitutes or is converted into or exchanged for a majority of
the outstanding shares of the Voting Stock of such surviving or transferee Person (immediately after giving effect to such transaction); 

(5) Holdings (or a Wholly Owned Subsidiary of Holdings) shall cease to be the sole general partner of the Company; or 

(6) The Landlord shall cease to be a Wholly Owned Subsidiary of the Issuers or the Landlord shall cease to be the
“Landlord” under the Master Lease. 
 Notwithstanding the foregoing: (A) any holding company, all or substantially all of the
assets of which are comprised of the Company or any Parent Entity of the Company, shall not itself be considered a “person” or “group” for these purposes; (B) the transfer of assets between or among the Company’s
Restricted Subsidiaries and the Company shall not itself constitute a Change of Control; (C) the term “Change of Control” shall not include a merger or consolidation of the Company with or the sale, assignment, conveyance, transfer or
other disposition of all or substantially all of the Company’s assets to, an Affiliate incorporated or organized solely for the purpose of reincorporating or reorganizing the Company in another jurisdiction and/or for the sole purpose of
forming or collapsing a holding company structure; and (D) a “person” or “group” shall not be deemed to have beneficial ownership of securities subject to a stock or asset purchase agreement, merger agreement or similar
agreement (or voting or option or similar agreement related thereto) until the consummation of the transactions contemplated by such agreement. 

“Clearstream” means Clearstream Banking, S.A. 

“Co-Issuer” means MGP Finance Co-Issuer,
Inc., a Delaware corporation, and any and all successors thereto. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Common Stock” means, with respect to any Person, any and all shares, interests, participations or other
equivalents (however designated, whether voting or non-voting) that have no preference on liquidation or with respect to distributions over any other class of Capital Stock, including partnership interests,
whether general or limited, of such Person’s equity, whether outstanding on the Issue Date or issued thereafter, including, without limitation, all series and classes of common stock. 

“Common Units” means the limited partnership units of the Company, that by their terms are redeemable at the option of the
holder thereof and that, if so redeemed, at the election of Holdings are redeemable for cash or Common Stock of Holdings. 

“Company” means MGM Growth Properties Operating Partnership LP, a Delaware limited partnership, and any and all successors
thereto. 

  
 9 

 “Consolidated EBITDA” means, for any period, the Consolidated Net Income of
the Company and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP and on a Pro Forma Basis, plus, to the extent such amount was deducted in calculating Consolidated Net Income (without
duplication): 
 (1) any extraordinary loss reflected in such Consolidated Net Income and, without duplication, any loss
associated with the early retirement of Indebtedness and with any disposition not in the ordinary course of business, minus 

(2) any extraordinary gain reflected in such Consolidated Net Income, and, without duplication, any gains associated with the
early retirement of Indebtedness and with any disposition not in the ordinary course of business, plus 
 (3) all
Consolidated Interest Expense; plus 
 (4) all income tax expense, including, without limitation, state, provincial or
territorial, franchise and similar taxes and foreign withholding taxes of the Company accrued during such period; plus 
 (5)
any depreciation and amortization expenses; plus 
 (6) all unusual or non-recurring
expenses and/or all non-cash items, expenses or charges; plus 
 (7) expenses
classified as “pre-opening and start-up expenses” on the financial statements of the Company and its Restricted Subsidiaries for that period, plus 

(8) rental revenues receivable in cash related to any Master Lease and not recognized under GAAP minus rent revenues recognized
under GAAP but not currently receivable in cash under any Master Lease; plus 
 (9) (i) all transaction fees, costs and
expenses incurred in connection with any Equity Offering, Permitted Investments, acquisition, dispositions, recapitalizations, mergers, amalgamations, option buyouts and the Incurrence, modification, repayment or redemption of Indebtedness permitted
to be incurred under this Indenture (including any permitted refinancing in respect thereof) or any amendments, waivers or other modifications under the agreements relating to such Indebtedness or similar transactions or any fees, costs and expenses
related to entering into new leases or lease modification or restructuring (regardless of whether any such transaction described in this clause (i) is completed) and (ii) without duplication of any of the foregoing, non-operating or non-recurring professional fees, costs and expenses for such period; plus 

(10) provisions for loan losses; plus 

(11) cash received in excess of the amount recognized in Consolidated Net Income pursuant to direct financing leases; minus

 (12) income recognized in Consolidated Net Income in excess of cash received pursuant to direct financing leases. 

  
 10 

 In addition, Consolidated EBITDA will exclude the impact of all currency translation gains
or losses related to non-operating currency transactions (including any net loss or gain resulting from Currency Agreements). 

“Consolidated Interest Expense” means, for any period, the aggregate amount of interest expense in respect of Indebtedness of
the Company and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP and on a Pro Forma Basis, including (without duplication): 

(1) all interest expense that was capitalized during such period; 

(2) amortization of original issue discount and the interest portion of any deferred payment obligation; 

(3) all commissions, discounts and other fees and expenses owed with respect to letters of credit and bankers’ acceptance
financing; 
 (4) the net cash costs associated with Interest Rate Agreements and Indebtedness that is Guaranteed or secured
by assets of the Company or any of its Restricted Subsidiaries; 
 (5) whether or not treated as interest expense in
accordance with GAAP, all cash dividends or other distributions accrued (excluding dividends payable solely in Equity Interests (other than Disqualified Stock) of the Company) on any series of Disqualified Stock of the Company and any series of
Preferred Stock of any Restricted Subsidiary of the Company during such period; and 
 (6) the interest portion of payments
paid or payable (without duplication) on Finance Lease Obligations; 
 excluding, to the extent included in interest expense above: 

(A) the amount of such interest expense of any Restricted Subsidiary if the net income of such Restricted Subsidiary is
excluded in the calculation of Consolidated Net Income pursuant to clause (2) of the definition thereof (but only in the same proportion as the net income of such Restricted Subsidiary is excluded such calculation) as determined on a
consolidated basis in accordance with GAAP; 
 (B) any premiums, fees and expenses (and any amortization thereof) paid in
connection with the Incurrence of any Indebtedness; 
 (C) amortization of financing fees and debt issuance costs; and 

(D) any non-cash costs associated with Hedging Obligations and all after-tax gains and losses attributable to the settlement or termination of Hedging Obligations. 

“Consolidated Net Income” means, for any period, the net income (loss) of the Company and its Restricted Subsidiaries for
such period, determined on a consolidated basis in accordance with GAAP, without any reduction in respect of dividends on Preferred Stock, and without giving effect to deductions for non-controlling or
minority interests; provided that the following items will be excluded in computing Consolidated Net Income, without duplication: 

  
 11 

 (1) the net income (or loss) of any Person that is not a Restricted
Subsidiary, except to the extent of the amount of cash dividends or other distributions actually paid to the Company or any of its Restricted Subsidiaries by such Person during such period (and, for the avoidance of doubt, the amount of such cash
dividends and other distributions will be included in calculating Consolidated Net Income); 
 (2) solely for purposes of
determining amounts available for Restricted Payments under the definition of “Funds From Operations” pursuant to Section 4.06(a)(4)(C)(i) hereof, the net income (or loss) of any Restricted Subsidiary to the extent that the
declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute,
rule or governmental regulation applicable to such Restricted Subsidiary, except to the extent of the amount of cash dividends or other distributions actually paid (or that could have been paid) to the Company or any of its Restricted Subsidiaries
by such Person during such period; 
 (3) all after-tax gains or losses attributable
to Asset Sales and other asset dispositions; 
 (4) all after-tax gains or losses
attributable to the extinguishment, retirement or conversion of debt and all after-tax gains and losses attributable to the settlement or termination of Hedging Obligations; 

(5) all after-tax extraordinary gains and extraordinary losses; 

(6) all after-tax gains and losses realized as a result of the cumulative effect of a
change in accounting principles; 
 (7) all impairment charges or asset write-offs or write-downs, including those related to
intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP; 

(8) all non-cash gains and losses attributable to mark-to-market valuation of Hedging Obligations pursuant to Accounting Standards Codification 815; and 

(9) all non-cash charges and expenses related to stock-based compensation plans or
other non-cash compensation. 
 “continuing” means, with respect to any Default or
Event of Default, that such Default or Event of Default has not been cured or waived. 
 “Contractual Obligation” means as
to any Person, any provision of any security issued by such Person or of any contractual obligation to which such Person is a party or by which it or any of its Property is bound or subject. 

“Convertible Indebtedness” means Indebtedness of the Company (which may be Guaranteed by the Subsidiary Guarantors) permitted
to be incurred under the terms of this Indenture that is (1) either (a) convertible into common stock of Holdings (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to the price of such common stock) or
(b) sold as units with call options, warrants or rights to purchase (or substantially equivalent derivative transactions) that are exercisable for common stock of Holdings and/or cash (in an amount determined by reference to the price of such
common stock) and (2) subordinated to the Notes and all Obligations with respect to the Notes on terms customary at the time for convertible subordinated debt securities.  

  
 12 

 “Corporate Services Agreement” means the corporate services agreement among
the Company, Holdings and MGM, dated as of April 25, 2016, and any amendment, modification or extension thereto to the extent such amendment, modification or extension is not, individually or in the aggregate, materially adverse to the Company
and its Subsidiaries, taken as a whole, or to the Holders of the Notes, as determined by the Company in good faith. 
 “Corporate
Trust Office of the Trustee” means the address of the Trustee specified in Section 12.02 hereof or such other address as to which the Trustee may give notice to the Issuers. 

“Credit Agreement” means that certain Credit Agreement, dated as of April 25, 2016, among Holdings, the Company, the
lenders party thereto and Bank of America, N.A., as administrative agent, including any related notes, guarantees and collateral documents, as amended on October 26, 2016 and as further amended on May 1, 2017, March 23, 2018 and
June 12, 2018, and as the same may be further amended, modified or supplemented from time to time. 
 “Credit
Facilities” means one or more debt facilities (including the Credit Agreement), commercial paper facilities, securities purchase agreement, indenture or similar agreement, in each case, with banks or other institutional lenders or investors
providing for revolving loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) letters of credit or the issuance of
securities, including any related notes, guarantees, collateral documents, instruments and agreement executed in connection therewith, and, in each case, as amended, restated, replaced (whether upon or after termination or otherwise), refinanced,
supplemented, modified or otherwise changed (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time. 

“Currency Agreement” means any agreement or arrangement designed to protect against fluctuations in currency exchange rates.

 “Custodian” means the Trustee, as custodian for the Depositary or its nominee with respect to the Notes in global form,
or any successor entity thereto. 
 “Customary Non-Recourse Exclusions” means usual
and customary exceptions and non-recourse carve-outs in nonrecourse debt financings of real property and other carve-outs appropriate in the good faith determination of the Company to the financing, including,
without limitation, exceptions by reason of (a) any fraudulent misrepresentation made by the Issuers or any of their Restricted Subsidiaries in or pursuant to any document evidencing any Indebtedness, (b) any unlawful act on the part of
the Issuers or any of their Restricted Subsidiaries in respect of the Indebtedness or other liabilities of any Restricted Subsidiary of the Issuers, (c) any waste or misappropriation of funds by the Issuers or any of their Restricted
Subsidiaries in contravention of the provisions of the Indebtedness or other liabilities of any Restricted Subsidiary, (d) customary environmental indemnities associated with the real property of any Restricted Subsidiary, (e) voluntary
bankruptcy, (f) failure of the Issuers or any of their Restricted Subsidiaries to comply with applicable special purpose entity covenants, (g) any failure to maintain insurance required pursuant to any document evidencing any Indebtedness,
or (h) any failure to comply with restrictions on the transfer of real property set forth in any document evidencing any Indebtedness, but excluding exceptions by reason of (i) non-payment of the
debt incurred in such non-recourse financing (other than usual and customary exceptions in respect of the first debt service payment), or (ii) the failure of the relevant Restricted Subsidiary to comply
with financial covenants. 

  
 13 

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

“Designated Preferred Stock” means Preferred Stock of the Company (in each case other than Disqualified Stock) that is issued
for cash (other than to a Restricted Subsidiary) and is so designated as Designated Preferred Stock by the Company on the issuance date thereof and the cash proceeds of which are excluded from the calculation set forth in Section 4.06(a)(4)(C)
hereof. 
 “Development Property” means real property acquired for purposes of becoming, or currently under development
into, an Income Property that is owned, operated or leased or otherwise controlled by the Company or its Restricted Subsidiaries. Each Development Property shall continue to be classified as a Development Property under this Indenture until the
Company reclassifies such Development Property as an Income Property for purposes of this Indenture, upon and after which such Property shall be classified as an Income Property under this Indenture. 

“Disqualified Stock” means any class or series of Capital Stock (other than Common Units) of any Person that by its terms or
otherwise is: 
 (1) required to be redeemed prior to the Stated Maturity of the Notes, other than in exchange for Common
Units or other Equity Interests of the Company that do not constitute Disqualified Stock; 
 (2) redeemable at the option of
the holder of such class or series of Capital Stock, at any time prior to the Stated Maturity of the Notes, other than in exchange for Common Units or other Equity Interests of the Company that do not constitute Disqualified Stock; or 

(3) convertible into or exchangeable for Capital Stock referred to in clause (1) or (2) above or Indebtedness having a
scheduled maturity prior to the Stated Maturity of the Notes; 
 provided that any Capital Stock that would not constitute Disqualified Stock but for
(A) provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring prior to the Stated Maturity
of the Notes will not constitute Disqualified Stock if the “asset sale” or “change of control” provisions applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than as is customary for such
instruments or the provisions of this Indenture described in Sections 4.09 and 4.13 

  
 14 

 
hereof, and such Capital Stock specifically provides that such Person will not repurchase or redeem any such stock pursuant to such provision prior to, if applicable, the Issuers’ repurchase
of the Notes as are required to be repurchased pursuant to the provisions of this Indenture described in Sections 4.09 and 4.13 hereof, or (B) customary put and call arrangements between joint venture partners with respect to their common
equity investments in joint ventures will not, in any such case, be treated as Disqualified Stock solely as a result of the items referred to in this proviso. 

“Drop-Down Transaction” means an acquisition of Property by the Company or any Restricted Subsidiary from any Person in one
or a series of related transactions. 
 “Empire City Agreements” means the agreements described in the Offering Memorandum
with respect to the transactions involving the acquisition of real property associated with Empire City Casino Race Track and Casino. 

“Effectiveness Date” shall mean the 365th day after the date hereof.

 “Effectiveness Period” means, in the event that the Issuers and the Subsidiary Guarantors are required to file a Shelf
Registration Statement, the date which is the earliest of (i) 90 days after the Shelf Registration Statement is declared effective, (ii) the date when no Notes covered by such Shelf Registration Statement constitute Transfer Restricted Notes
and (iii) the date when Holders, other than Holders that are “affiliates” (as defined in Rule 144) of the Issuers, have actually sold such Notes pursuant to Rule 144 or any successor rule thereto or otherwise. 

“Eligible Ground Lease” means each ground lease with respect to an Income Property, Redevelopment Property, Development
Property or undeveloped land executed by the Company, or any Restricted Subsidiary that is a Wholly Owned Subsidiary, as lessee, that (1) has a remaining lease term (including extension or renewal rights exercisable at the sole option of the
tenant thereunder) of at least twenty-five (25) years, calculated as of the date such property becomes included in the calculations of Adjusted Total Assets hereunder, (2) is free and clear of any Liens (other than Permitted Liens) and
(3) contains customary financing provisions including, without limitation, notice and cure rights, and any amendment, modification or extension thereto to the extent such amendment, modification or extension is not, individually or in the
aggregate, materially adverse to the Company and its Subsidiaries, taken as a whole, or to the Holders of the Notes, as determined by the Company in good faith; provided that the MGM National Harbor Hotel and Casino Ground Lease shall be
considered an “Eligible Ground Lease” at the time the Company or one of its Restricted Subsidiaries acquires the hotel and casino with respect to the MGM National Harbor Hotel and Casino Ground Lease. 

“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
offering of Equity Interests (other than Disqualified Stock or Designated Preferred Stock) of (1) the Company or (2) Holdings; provided that the net proceeds of any such public or private offering by Holdings are (or are
contemplated to be in the event unsuccessful) contributed by Holdings to the common equity capital of the Company. 
 “Existing
Notes” means the Issuers’ (i) 5.625% Senior Notes due 2024, (ii) 4.500% Senior Notes due 2026 and (iii) 4.500% Senior Notes due 2028. 

“Existing Notes Guarantees” means the guarantees of the Existing Notes. 

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

  
 15 

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended,
and the rules and regulations of the SEC promulgated thereunder. 
 “Exchange Notes” means the Notes issued by the Issuers
and guaranteed by the Subsidiary Guarantors containing terms identical to the respective Notes in all material respects (except for references to certain interest rate provisions, restrictions on transfers and restrictive legends), to be offered to
Holders of Notes in exchange for Transfer Restricted Notes pursuant to the Exchange Offer. 
 “Exchange Offer” means mean
the exchange offer by the Issuers and the Subsidiary Guarantors of Exchange Notes for Transfer Restricted Notes pursuant to the Registration Rights Agreement. 

“Exchange Offer Registration Statement” shall mean a registration statement under the Securities Act effected pursuant to the
Registration Rights Agreement. 
 “Excluded Contribution” means the Net Cash Proceeds, or the Fair Market Value of property
or assets, received by the Company as a contribution to the Company’s common equity after the Issue Date or from the issuance or sale (other than to a Restricted Subsidiary) of Capital Stock (other than Disqualified Stock) of the Company, in
each case as determined in good faith by the Company and not previously included in the calculation set forth in Section 4.06(a)(4)(C)(ii)(a) and Section 4.06(a)(4)(C)(ii)(b) hereof, for purposes of determining whether a Restricted Payment
may be made. 
 “Excluded Subsidiary” means (i) any Immaterial Subsidiary, (ii) any Foreign Subsidiary, any
Subsidiary of a Foreign Subsidiary and any FSHCO, (iii) any Restricted Subsidiary of the Company acquired or formed after the Issue Date in an Investment permitted under this Indenture which, at the time of such acquisition or formation, is not
a Wholly Owned Subsidiary, (iv) any Restricted Subsidiary that is subject to regulation as an insurance company (or any Restricted Subsidiary thereof), (v) any Restricted Subsidiary that is a special purpose entity used for a securitization
facility permitted under this Indenture, (vi) any Restricted Subsidiary prohibited from guaranteeing Obligations (x) by applicable law, rule or regulation existing on the Issue Date or (y) by applicable law, rule, regulation existing
at the time of acquisition of such Restricted Subsidiary after the Issue Date, (vii) any Restricted Subsidiary acquired after the Issue Date that is prohibited by any agreement, instrument or other undertaking to which such Restricted
Subsidiary is a party, or by which it or any of its property or assets is bound, from guaranteeing the Obligations shall not be required to be a Guarantor for so long as such prohibition exists (provided that any such agreement, instrument or other
undertaking existed at the time of such acquisition or investment and was not entered into in connection with or in anticipation of such acquisition or investment), (viii) any Restricted Subsidiary which would require governmental or regulatory
consent, approval, license or authorization to provide a guarantee, unless such consent, approval, license or authorization has been received, (ix) any Restricted Subsidiary to the extent such guarantee would reasonably be expected to result in
material adverse tax consequences (as reasonably determined by the Company) and (x) any Restricted Subsidiary where the cost of providing such guarantee is excessive in relation to the value afforded thereby (as reasonably determined by the
Company), it being understood and agreed that if a Subsidiary executes a Guarantee, such Subsidiary shall constitute a “Subsidiary Guarantor”. 

“Fair Market Value” means the price that would be paid in an arm’s-length
transaction under the applicable circumstances, as determined in good faith by the Chief Financial Officer of the Company. 

“Fall-Away Event” means, with respect to the Notes, such time as (i) the Notes are rated Investment Grade by each of
S&P and Moody’s (or, if either (or both) of S&P and Moody’s have been replaced in accordance with the definition of “Rating Agencies,” by each of the then applicable Rating Agencies) and (ii) no Event of Default has
occurred and is continuing under this Indenture (such date, the “Fall-Away Date”). 

  
 16 

 “Finance Lease” means, as applied to any Person, any lease of any property,
whether real, personal or mixed, of such Person as lessee is required to be classified and accounted for as a finance lease in accordance with GAAP; provided, that for the avoidance of doubt, any lease that is accounted for by any Person as
an operating lease as of the Issue Date and any Similar Lease entered into after the Issue Date by any Person may, in the sole discretion of the Company, be treated as an operating lease and not a Finance Lease; and provided further that any Master
Lease will not be deemed to be a Finance Lease. 
 “Finance Lease Obligations” means the liability under a Finance Lease as
reflected on the balance sheet of such Person in accordance with GAAP. 
 “Fiscal Quarter” means the fiscal quarter of the
Company consisting of the three calendar month periods ending on each March 31, June 30, September 30 and December 31. 

“Foreign Subsidiary” means any Restricted Subsidiary that is not organized under the laws of the United States of America or
any State thereof or the District of Columbia, and any direct or indirect Subsidiary of such Foreign Subsidiary. 
 “FSHCO”
means any Restricted Subsidiary that is organized under the laws of the United States, any state thereof or the District of Columbia and substantially all of whose assets consists of the capital stock of one or more Foreign Subsidiaries. 

“Funds From Operations” means, for any period, the Consolidated Net Income of the Company and its Restricted Subsidiaries for
such period, determined on a consolidated basis in accordance with GAAP, plus, to the extent deducted in calculating Consolidated Net Income (without duplication): 

(1) all depreciation expense; plus 

(2) all amortization expense; plus 

(3) amortization of financing costs, including early write-off of financing costs;
plus 
 (4) after-tax losses (A) attributable to the extinguishment,
retirement or conversion of debt and to the settlement or termination of Hedging Obligations or (B) attributable to Asset Sales and other asset dispositions; plus 

(5) rental revenues receivable in cash related to any Master Lease and not recognized under GAAP minus rent revenues recognized
under GAAP but not currently receivable in cash under any Master Lease; plus 
 (6) all other unusual and non-recurring and/or non-cash charges, expenses or losses; less 

(7) gains (A) attributable to the extinguishment, retirement or conversion of debt and to the settlement or termination of
Hedging Obligations or (B) attributable to Asset Sales and other asset dispositions. 

  
 17 

 For purposes of determining Funds From Operations for any period that includes any period occurring prior to
the Issue Date, Funds From Operations shall be determined as if the Master Lease has been in effect throughout such period, in each case, as reasonably determined by the Company in good faith. 

“GAAP” means generally accepted accounting principles in the United States set forth in the Financial Accounting Standards
Board (FASB) Accounting Standards Codification® and rules and interpretive releases of the SEC under authority of federal securities laws that are applicable to the circumstances as of the
date of determination, consistently applied as in effect on the Issue Date. 
 “Gaming Approval” means any and all
approvals, licenses, findings of suitability, authorizations, permits, consents, rulings, orders or directives of any Governmental Authority: (1) necessary to enable the Company or its Restricted Subsidiaries to engage in the casino, gambling,
racing or gaming business, or in the business of owning or leasing real property or vessels used in the casino, gambling, pai gow poker, racing or gaming business or otherwise to continue to conduct its business substantially as is presently
conducted or contemplated to be conducted following the Issue Date, (2) required by any Gaming Law, or (3) required as is contemplated on the Issue Date, to accomplish the financing and other transactions contemplated hereby. 

“Gaming Authority” means any governmental agency, authority, board, bureau, commission, department, office or instrumentality
with regulatory, licensing or permitting authority or jurisdiction over any gaming business or enterprise or any Gaming Facility, or with regulatory, licensing or permitting authority or jurisdiction over any gaming operating (or proposed gaming or
racing operation) owned, leased, managed or operating by the Company or any of its Subsidiaries.  
 “Gaming
Facility” means any casino, hotel, resort, race track, off-track wagering site, venue at which gaming or wagering is conducted, and all related or ancillary property and assets. 

“Gaming Laws” means all applicable provisions of all: (a) constitutions, treaties, statutes or laws governing Gaming
Facilities (including, without limitation, card club casinos and pari-mutual race tracks) and rules, regulations, codes and ordinances of, and all administrative or judicial orders or decrees or other laws pursuant to which, any Gaming Authority
possesses regulatory, licensing or permit authority over gambling, gaming, racing or Gaming Facility activities conducted or managed by the Company or any of their Subsidiaries or affiliates within its jurisdiction; (b) Gaming Approvals; and
(c) orders, decisions, determinations, judgments, awards and decrees of any Gaming Authority. 
 “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 Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the
Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(f) hereof. 

“Government Securities” means readily marketable (a) direct full faith and credit obligations of the United States or
obligations guaranteed by the full faith and credit of the United States and (b) obligations of an agency or instrumentality of, or corporation owned, controlled or sponsored by, the United States that are generally considered in the securities
industry to be implicit obligations of the United States. 

  
 18 

 “Governmental Authority” means any government or political subdivision of
the United States or any other country, whether national, federal, state, provincial, local or otherwise, or any agency, authority, board, bureau, central bank, commission, department or instrumentality thereof or therein, including, without
limitation, any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to such government or political
subdivision (including any supra-national bodies such as the European Union or the European Central Bank) including, without limitation, any Gaming Authority. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness
of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person: 

(1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person; or

 (2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or
to protect such obligee against loss in respect thereof (in whole or in part); 
 provided that the term “Guarantee” will
not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 

“Hedge Bank” means any Person that, at the time it enters into a Swap Contract, is a lender or an Affiliate of a lender or
the administrative agent or an Affiliate of the administrative agent under any Credit Facilities, in its capacity as a party to such Swap Contract. 

“Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under any Interest Rate
Agreement or Currency Agreement. For the avoidance of doubt, any Permitted Convertible Indebtedness Call Transaction will not constitute Hedging Obligations. 

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

“Holdings” means MGM Growth Properties LLC, the 100% owner of MGM Growth Properties OP GP LLC, the general partner of the
Company, and any and all successors thereto. 
 “Immaterial Subsidiary” means, at any time, any Restricted Subsidiary of
the Issuers that, as of the last day of the most recently ended Fiscal Quarter for which consolidated financial statements of the Company are available on or prior to the date of determination, does not have assets (when combined with the assets of
all other Immaterial Subsidiaries, after eliminating intercompany obligations) in excess of $50.0 million. 
 “Income
Property” means any real property or assets or vessels (including any personal property ancillary thereto or used in connection therewith) owned, operated or leased or otherwise controlled by the Company or its Restricted Subsidiaries and
earning, or intended to earn, current income, whether from rent, lease payments, operations or otherwise. “Income Property” shall not include any Development Property, Redevelopment Property or undeveloped land. Each Income Property shall
continue to be classified as an Income Property under this Indenture until the Company reclassifies such Income Property as a Redevelopment Property for purposes of this Indenture, upon and after which such property shall be classified as
Redevelopment Property under this Indenture. 

  
 19 

 “Incremental Term Loans” means any incremental term loans permitted under
the Credit Agreement as in effect on the Issue Date. 
 “Incur” means, with respect to any Indebtedness, to incur, create,
issue, assume, Guarantee or otherwise become liable for or with respect to, or become responsible for the payment of, contingently or otherwise, such Indebtedness, including an “Incurrence” of Acquired Indebtedness; provided that
any premiums, interest (including post-petition interest and payment-in-kind interest), accretion or amortization of original issue discount, fees, expenses and charges
with respect to Indebtedness permitted under this Indenture will not be considered to be an Incurrence of Indebtedness. 

“Indebtedness” means, with respect to any Person at any date of determination (without duplication): 

(1) all indebtedness of such Person for borrowed money; 

(2) all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(3) the face amount of letters of credit or other similar instruments (excluding obligations with respect to letters of credit
(including trade letters of credit) securing obligations (other than obligations described in items (1) or (2) above or items (5), (6) or (7) below) entered into in the ordinary course of business of such Person to the extent such letters
of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement); 

(4) all unconditional obligations of such Person to pay the deferred and unpaid purchase price of property or services, which
purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto or the completion of such services, except trade payables; 

(5) all Finance Lease Obligations; 

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

(7) all Indebtedness of other Persons Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such Person
(excluding Permitted Non-Recourse Guarantees until such time as they become unconditional obligations of such Person or any of its Restricted Subsidiaries); 

(8) to the extent not otherwise included in this definition, Hedging Obligations; and 

(9) Disqualified Stock of the Company or any Preferred Stock of any Restricted Subsidiary of the Company; 

if, and to the extent, any of the preceding items (other than items (3), (6), (7) or (8)) would appear as a liability upon a balance sheet of such Person
prepared in accordance with GAAP. 

  
 20 

 The amount of Indebtedness of any Person at any date will be the outstanding balance at such
date of all unconditional obligations of the type described above and, with respect to obligations under any Guarantee, the maximum liability upon the occurrence of the contingency giving rise to the obligation; provided that: 

(A) the amount outstanding at any time of any Indebtedness issued with original issue discount will be deemed to be the face
amount with respect to such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at the date of determination in conformity with GAAP; and 

(B) Indebtedness will not include any liability for federal, state, local or other taxes. 

“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 $750.00 million in aggregate principal amount of Notes issued under this Indenture on the date
hereof. 
 “Initial Purchasers” means J.P. Morgan Securities LLC, Barclays Capital Inc., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Citizens Capital Markets, Inc., Credit Agricole Securities (USA) Inc., Fifth Third Securities, Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities
America, Inc., Deutsche Bank Securities Inc., SunTrust Robinson Humphrey, Inc., UBS Securities LLC, Morgan Stanley & Co. LLC, KeyBanc Capital Markets Inc. and Comerica Securities, Inc. 

“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. 
 “Intellectual Property” means patents,
patent applications, trademarks, trademark applications, service marks, service mark applications, trade names, URLs, copyrights, computer software, trade secrets, know-how and processes. 

“Interest Coverage Ratio” means, as of any date of determination, the ratio of (1) the aggregate amount of Consolidated
EBITDA of the Company and its Restricted Subsidiaries for the most recently ended Test Period to (2) Consolidated Interest Expense of the Company and its Restricted Subsidiaries for the most recently ended Test Period; provided,
however, for purposes of calculating the Interest Coverage Ratio, Consolidated Interest Expense related to any amortization of deferred financing costs and original issue discount shall be excluded. Notwithstanding the foregoing, for purposes
of calculating the Interest Coverage Ratio for any Test Period, such Test Period shall be determined as if the transactions contemplated by or related to (i) the Northfield Agreements, (ii) the Empire City Agreements and (iii) the
Park Agreements had been in effect throughout such period, as if each had occurred at the beginning of such fiscal period, in each case, as reasonably determined by the Company in good faith. 

“Interest Rate Agreement” means any interest rate swap agreement (whether from fixed to floating or from floating to fixed),
interest rate cap agreement or interest rate collar agreement and any other agreement or arrangement designed to manage interest rates or interest rate risk. 

  
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 “Interim Assumed Drop-Down Indebtedness” means any short-term or interim
Indebtedness assumed by the Company or any Restricted Subsidiary in connection with a Drop-Down Transaction that is intended to be replaced or refinanced within 15 days of its initial Incurrence by the Company or such Restricted Subsidiary. 

“Investment” in any Person means any direct or indirect advance, loan or other extension of credit (including without
limitation by way of Guarantee or similar arrangement, but excluding advances to customers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable on the consolidated balance sheet of the Company and its
Restricted Subsidiaries, and residual liabilities with respect to assigned leaseholds incurred in the ordinary course of business) or capital contribution to (by means of any transfer of cash or other property (tangible or intangible) to another
Person or any payment for property or services solely for the account or use of another Person, or otherwise), or any purchase or acquisition of Equity Interests, bonds, notes, debentures or other similar instruments issued by, such Person and will
include: 
 (1) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary; and 

(2) the Fair Market Value of the Equity Interests (or any other Investment), held by the Company or any of its Restricted
Subsidiaries of (or in) any Person that has ceased to be a Restricted Subsidiary; 
 provided that the Fair Market Value of the Investment remaining
in any Person that has ceased to be a Restricted Subsidiary will be deemed not to exceed the aggregate amount of Investments previously made in such Person valued at the time such Investments were made, less the net reduction of such Investments.
For purposes of the definition of “Unrestricted Subsidiary” and the provisions of this Indenture described in Section 4.06: 

(A) “Investment” will include the portion (proportional to the Company’s equity interest in such Subsidiary) of
the Fair Market Value of the assets (net of liabilities) of any Restricted Subsidiary at the time such Restricted Subsidiary is designated an Unrestricted Subsidiary; 

(B) the Fair Market Value of the assets (net of liabilities) of any Unrestricted Subsidiary at the time that such Unrestricted
Subsidiary is designated a Restricted Subsidiary will be considered a reduction in outstanding Investments; and 
 (C) any
property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer. 

“Investment Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 
 “IP License Agreement” means the intellectual
property license agreement between MGM and Holdings. 
 “Issue Date” means the date the Initial Notes are originally
issued. 
 “Issuers” means collectively, the Company and the Co-Issuer. 

  
 22 

 “Landlord” means, with respect to the Master Lease, MGP Lessor, LLC, a
Delaware limited liability company, in its capacity as landlord under the Master Lease, and its permitted successors or assigns in such capacity. 

“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. 
 “Leverage Ratio” means, on any date, the ratio of
(1) the aggregate amount of Indebtedness of the Company and its Restricted Subsidiaries as of such date, determined, on a consolidated basis in accordance with GAAP, to (2) the Consolidated EBITDA of the Company and its Restricted
Subsidiaries for the most recent fiscal quarter for which financial statements are available, multiplied by four. 
 “Lien”
means any mortgage, deed of trust, pledge, security interest, encumbrance, lien or charge of any kind (including without limitation, any conditional sale or other title retention agreement or lease in the nature thereof). 

“Loan Documents” means, collectively, (i) the Credit Agreement; (ii) the notes issued under the Credit Agreement;
(iii) the guaranty made by the Company in favor of the secured parties under the Credit Agreement; (iv) the security agreement, pledge agreement, mortgages and other collateral documents creating or perfecting a Lien pursuant to the Credit
Agreement, (v) any fee letters pursuant to the Credit Agreement and (vi) any letter of credit applications and any other document, agreement and instrument entered into by a letter of credit issuer and the Company relating to a letter of
credit issued pursuant to the Credit Agreement. 
 “Master Contribution Agreement” means that certain Master Contribution
Agreement, dated as of April 25, 2016, between Holdings, the Company and MGM. 
 “Master Lease” means the Master
Lease between the Landlord and the Tenant entered into on April 25, 2016, as amended on August 1, 2016 and as further amended on October 5, 2017, and any similar lease entered into after the Issue Date by the Company or any of its
Restricted Subsidiaries and any other Person (other than the Issuers or the Subsidiary Guarantors). The Master Lease shall be treated as an operating lease for all purposes under this Indenture. 

“Master Lease Guaranty” means the Guarantee of Master Lease by MGM in favor of the Landlord entered into on April 25,
2016. 
 “Master Transaction Agreement” means that certain Master Transaction Agreement, dated as of September 5,
2017, between Holdings, MGM, the Company, MGP Lessor, LLC, MGM National Harbor and MGM Lessee, LLC. 
 “Maturity Date”
means February 1, 2027. 
 “MGM” means MGM Resorts International, a Delaware corporation. 

“MGM Agreements” means, collectively, the Master Lease, the Master Lease Guaranty, the Master Contribution Agreement, the
Master Transaction Agreement, the IP License Agreement and the Corporate Services Agreement. 
 “MGM GP” means MGM Growth
Properties OP GP LLC, the general partner of the Company. 

  
 23 

 “MGM National Harbor” means MGM National Harbor, LLC, a Nevada limited
liability company and a subsidiary of MGM. 
 “MGM National Harbor Hotel and Casino Ground Lease” means that certain Hotel
and Casino Ground Lease, dated as of April 26, 2013 by and between National Harbor Beltway L.L.C., a Virginia limited liability company, as landlord, and MGM National Harbor, as tenant, (i) as amended by the First Amendment to Hotel and
Casino Ground Lease, dated as of July 23, 2014, (ii) as amended by the Second Amendment to Hotel and Casino Ground Lease, dated as of November 24, 2015, and (iii) as may be further amended from time to time; provided that any
such amendment, taken as a whole, is not adverse to the Holders of the Notes in any material respect, as determined by the Company in good faith. 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Net Cash Proceeds” means, with respect to any Asset Sale or capital contribution, the proceeds received by the Company or
any Restricted Subsidiary as a result of such Asset Sale or capital contribution in the form of cash or cash equivalents and including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not
interest, component thereof) when received in the form of cash or cash equivalents and proceeds from the conversion of other property received when converted to cash or cash equivalents, without duplication, net of: (i) brokerage commissions
and other fees and expenses (including fees and expenses of counsel, accountants and investment bankers and title and recording taxes) related to such Asset Sale; (ii) provisions for all taxes actually paid or payable, as reasonably determined
by the Company (and taking into account whether any such sale qualifies for non-recognition treatment under Section 1031 of the Code), as a result of such Asset Sale by the Company and its Restricted
Subsidiaries, taken as a whole, including (without duplication) taxes that would have been payable as a result of such Asset Sale by the Company and its Restricted Subsidiaries if the Company and each Restricted Subsidiary in which the Company owns
less than 100% of the interests were taxable as a corporation or as a real estate investment trust, as such term is defined in the Code, for federal, state and local income tax purposes, whichever is greater, and, in each case, without taking into
account any deductions, credits or other tax attributes that are not related to such Asset Sale, and at the highest rate that would be applicable to such entity at such time; (iii) all payments made on any Indebtedness that is secured by any
assets subject to such Asset Sale, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to such assets, or that must by its terms, or in order to obtain a necessary consent to such Asset Sale, or by
applicable law, be repaid out of the proceeds from such Asset Sale; (iv) all distributions and other payments required to be made to minority interest holders in Restricted Subsidiaries as a result of such Asset Sale; (v) any portion of
the purchase price from an Asset Sale placed in escrow, whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities in respect of such Asset Sale or otherwise in connection with that Asset Sale; provided,
however, that upon the termination of that escrow, Net Cash Proceeds will be increased by any portion of funds in the escrow that are released to the Company or any Restricted Subsidiary; and (vi) amounts reserved by the Company and its
Restricted Subsidiaries against any liabilities associated with such Asset Sale, including without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any
indemnification obligations associated with such Asset Sale, all as determined on a consolidated basis in conformity with GAAP. 
 “Non-Recourse Indebtedness” means indebtedness for borrowed money of any Person other than the Issuers or a Restricted Subsidiary of the Company with respect to which recourse for payment is limited to
specific assets encumbered by a Lien securing such indebtedness; provided, however, that such indebtedness may be recourse to (i) the Person or Persons that own the assets encumbered by the Lien securing such indebtedness so long
as (x) such Person or Persons do not own any material assets that are not subject to such Lien (other than assets customarily excluded from an all-assets financing), and (y) in

  
 24 

 
the event such Person or Persons directly or indirectly own Equity Interests in any other Person, substantially all assets of such other Person (other than assets customarily excluded from an all-assets financing) are also encumbered by the Lien securing such financing and (ii) the Parent Entity of the Persons described in clause (i)(x) above so long as such Parent Entity does not own any material
assets other than the Equity Interests in such Persons; provided, further, that personal recourse of a holder of indebtedness against any obligor with respect thereto for Customary Non-Recourse
Exclusions shall not, by itself, prevent any indebtedness from being characterized as Non-Recourse Indebtedness. 

“Northfield Agreements” means the agreements described in the Offering Memorandum related to the acquisition of the
membership interest of Northfield Park Associates LLC which owns the assets and liabilities of the Hard Rock Rocksino Northfield Park by Holdings and agreements related to the sale of the operations of the Hard Rock Rocksino Northfield Park to MGM.

 “Note Guarantee” means a Guarantee of the Notes by the Subsidiary Guarantors. 

“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. 

“Obligations” means any principal, interest, Additional Interest, Applicable Premium, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
 “Offer to
Purchase” means an offer by the Issuers to purchase Notes from the Holders commenced by mailing a notice to the Trustee and each Holder stating: 

(1) the covenant pursuant to which the offer is being made and that all Notes validly tendered will be accepted for payment on
a pro rata basis; 
 (2) the purchase price and the date of purchase (which will be a Business Day no earlier than 30 days
nor later than 60 days from the date such notice is sent) (“Payment Date”); 
 (3) that any Note not
tendered will continue to accrue interest pursuant to its terms; 
 (4) that, unless the Issuers default in the payment of
the purchase price, any Note accepted for payment pursuant to the Offer to Purchase will cease to accrue interest on and after the Payment Date; 

(5) that Holders electing to have a Note purchased pursuant to the Offer to Purchase will be required to surrender the Note,
together with the form entitled “Option of the Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the Business Day immediately
preceding the 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 third Business Day immediately preceding the Payment Date, a facsimile transmission or letter setting forth the name of such Holder, the principal amount of Notes delivered for purchase and a statement that
such Holder is withdrawing his election to have such Notes purchased; and 

  
 25 

 (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; provided that each Note purchased and each new Note issued will be in a principal amount of $2,000 and any higher integral multiple of $1,000 thereof.

 In addition, if such redemption or purchase is subject to satisfaction of one or more conditions precedent, such notice will describe each such
condition, and if applicable, will state that, in the Issuers’ discretion, the Payment Date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption or purchase may not occur and such notice may be
rescinded in the event that any or all such conditions shall not have been satisfied by the Payment Date, or by the Payment Date as so delayed. 

On the Payment Date, the Issuers shall: 

(A) accept for payment on a pro rata basis Notes or portions thereof tendered pursuant to an Offer to Purchase; 

(B) deposit with the Paying Agent money sufficient, as determined by the Issuers, to pay the purchase price of all Notes or
portions thereof so accepted; and 
 (C) promptly thereafter deliver, or cause to be delivered, to the Trustee all Notes or
portions thereof so accepted together with an Officers’ Certificate specifying the Notes or portions thereof accepted for payment by the Issuers. 

The Paying Agent will promptly mail to the Holders of Notes so accepted payment in an amount equal to the purchase price, and the Trustee
shall promptly authenticate and deliver to such Holders a new Note equal in principal amount to any unpurchased portion of any Note surrendered; provided that each Note purchased and each new Note issued will be in a principal amount of
$2,000 and any higher integral multiple of $1,000. The Issuers shall publicly announce the results of an Offer to Purchase as soon as practicable after the Payment Date. 

“Offering Memorandum” means the final offering memorandum dated January 22, 2019 relating to the offering of the Initial
Notes by the Issuers. 
 “Officer” means, with respect to any Person, the Chairman of the Board of Directors, the Chief
Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, the Assistant Secretary or any Vice-President of such Person. 

“Officers’ Certificate” means a certificate signed on behalf of the Company by an Officer of such Company that meets the
requirements of Section 12.05 hereof. 
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably
acceptable to the Trustee, that meets the requirements of Section 12.05 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). 

  
 26 

 “Participating Broker-Dealer” shall mean any of the Initial Purchasers and
any other broker-dealer which makes a market in the Notes and exchanges Transfer Restricted Notes in the Exchange Offer for Exchange Notes. 

“Partnership Agreement” means the agreement of limited partnership of the Company, dated as of April 25, 2016, as
such agreement may be amended, restated or replaced from time to time. 
 “Payment Date” has the meaning set forth in the
definition of “Offer to Purchase.” 
 “Park Agreements” means the agreements described in the Offering Memorandum
with respect to the transactions involving the Park MGM improvements. 
 “Permitted Bond Hedge Transaction” means any call
or capped call option (or substantively equivalent derivative transaction) on Holdings’ common stock purchased by the Company in connection with the issuance of any Convertible Indebtedness; provided that the purchase price for such
Permitted Bond Hedge Transaction, less the proceeds received by the Company from the sale of any related Permitted Warrant Transaction, does not exceed the net proceeds received by the Company from the sale of such Convertible Indebtedness issued in
connection with the Permitted Bond Hedge Transaction. 
 “Permitted Convertible Indebtedness Call Transaction” means any
Permitted Bond Hedge Transaction and any Permitted Warrant Transaction. 
 “Permitted Holders” means MGM and its controlled
Affiliates (or any successors thereto) and any Person acting in the capacity of an underwriter in connection with a bona fide public or private offering of Holdings’ Capital Stock. 

“Permitted Investment” means: 

(1) an Investment in the Company, a Restricted Subsidiary or in a Person that will, upon the making of such Investment, become
a Restricted Subsidiary or be merged or consolidated with or into or transfer or convey all or substantially all its assets to the Company or any of its Restricted Subsidiaries and any Investment of such Person that becomes a Restricted Subsidiary
which existed at the time such Person became a Restricted Subsidiary and was not created in anticipation or contemplation thereof; 

(2) cash or Cash Equivalents; 

(3) one or more Investments in Permitted Joint Ventures in an aggregate amount which, when taken together with all other
Investments made pursuant to this clause (3), does not exceed the greater of (x) $150.0 million and (y) an amount equal to 2.5% of Adjusted Total Assets as of the date any such Investment in made (with the amount of each such
Investment being measured as of the date made and without giving effect to subsequent changes in value); 
 (4) receivables
owing to the Company or any Restricted Subsidiary if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include
such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances; 

(5) loans or advances to employees made in the ordinary course of business of the Company or such Restricted Subsidiary; 

  
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 (6) stock, obligations or securities received in settlement of debts created
in the ordinary course of business and owing to the Company or any Restricted Subsidiary or in satisfaction of judgments; 

(7) an Investment in any Person where such Investment was 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 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; 

(8) an Investment in any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for
collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by the Company or any Restricted Subsidiary; 

(9) Investments the payment for which consists of Equity Interests (exclusive of Disqualified Stock) of the Company, or any of
its direct or indirect parent companies; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments in Section 4.06(a)(4)(C) hereof; 

(10) Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment; 

(11) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be
treated as expenses in accordance with GAAP; 
 (12) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.09 hereof or any disposition of assets or rights not constituting an Asset Sale by reason of one or more of
the exclusions contained in the definition thereof; 
 (13) stock, obligations or securities received in connection with the
bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business or received in satisfaction of judgment; 

(14) any Investment of the Company or any of its Restricted Subsidiaries existing on, or made pursuant to binding commitments
existing on, the date of this Indenture, and any extension, modification or renewal of any such Investments, but only to the extent not involving additional advances, contributions or other Investments of cash or other assets or other increases
thereof (other than as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities), in each case, pursuant to
the terms of such Investment, or commitment, as in effect on the Issue Date; 
 (15) Guarantees of Indebtedness permitted to
be Incurred by the Company or any of its Restricted Subsidiaries pursuant to Section 4.08 hereof; 
 (16) Investments in
respect of Hedging Obligations; 

  
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 (17) entering into Permitted
Non-Recourse Guarantees (it being understood that any payments or other transfers made pursuant to such Permitted Non-Recourse Guarantees will not be permitted by this
clause (17)); 
 (18) other Investments in any Person having an aggregate Fair Market Value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value), when taken with all other Investments made pursuant to this clause (18) does not exceed the greater of (i) $300.0 million and (ii) an amount equal to
4.5% of Adjusted Total Assets as of the date any such Investment is made; 
 (19) Investments in Unrestricted Subsidiaries
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 (19) that are
outstanding at the time of such Investment, without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities, not to exceed the greater of
(i) $200.0 million and (ii) an amount equal to 2.5% of Adjusted Total Assets as of the date any such Investment is made; 

(20) Investments consisting of (i) loans and other extensions of credit to tenants in the ordinary course of business so
long as the proceeds thereof are primarily used for tenant improvements, (ii) loans and other extensions of credit to contractors in the ordinary course of business in order to facilitate the purchase of machinery and tools by such contractors
and (iii) loans and other extensions of credit to owners and lessors of Property, in each case, so long as the proceeds thereof are used to develop such Property and the Company or a Restricted Subsidiary has entered into a binding agreement to
acquire such Property and such Property is intended to be acquired by the Company or a Restricted Subsidiary (or the Company or such Restricted Subsidiary has entered into a binding agreement to acquire such property); 

(21) Investments arising as a result of a Sale and Leaseback Transaction; 

(22) Permitted Bond Hedge Transactions which constitute Investments and Investments in Swap Contracts permitted to be incurred
pursuant to Section 4.08(d)(19) hereof; 
 (23) guarantees by the Issuers or any of their Restricted Subsidiaries of
operating leases (other than Finance Leases) or of other obligations that do not constitute Indebtedness, in each case, entered into by the Issuers or any such Restricted Subsidiary in the ordinary course of business; 

(24) operating leases and subleases of any real or personal property in the ordinary course of business; 

(25) Investments in or constituting Income Properties and other Property ancillary or reasonably related to such Income
Properties; 
 (26) Investments made by the Company or any Restricted Subsidiary pursuant to or in connection with
(i) the MGM Agreements, (ii) the Northfield Agreements, (iii) the Empire City Agreements and (iv) the Park Agreements and any amendment, modification or extension thereto and similar agreements entered into after the Issue Date
to the extent such similar agreement or amendment, modification or extension, taken as a whole, is not (i) adverse to the Company in any material respect or (ii) more disadvantageous to the Company than the relevant transaction in
existence on the Issue Date in any material respect; 

  
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 (27) Investments in Redevelopment Property, Development Property, Qualified
Mortgage Notes and undeveloped land (including, without duplication, Investments with respect to Indebtedness secured by any such property or utilized in the redevelopment or development of such property) to be owned or leased by the Company or a
Restricted Subsidiary and Investments of the type described in clause (iii) of clause (20) of the definition of “Permitted Investments”; provided that the aggregate book value of all such Investments outstanding at the time any
such Investment is made (after giving effect to such Investment) does not exceed 30.0% of Adjusted Total Assets calculated as of the last day of the Test Period ended immediately preceding the date of such Investment on a Pro Forma Basis (including
after giving effect to such Investment (as if it had been made during such Test Period)); provided, further, that (A) the aggregate book value of all Investments in undeveloped land made pursuant to this clause (27) outstanding at the time
any such Investment in undeveloped land is made (after giving effect to such Investment) does not exceed 10.0% of Adjusted Total Assets calculated as of the last day of the Test Period ended immediately preceding the date of such Investment on a Pro
Forma Basis (including giving effect to such Investment (as if it had been made during such Test Period)) and (B) the aggregate book value of all Investments in Qualified Mortgage Notes made pursuant to this clause (27) outstanding at the
time any such Investment in Qualified Mortgage Notes is made (after giving effect to such Investment) does not exceed 15.0% of Adjusted Total Assets calculated as of the last day of the Test Period ended immediately preceding the date of such
Investment on a Pro Forma Basis (including giving effect to such Investment (as if it had been made during such Test Period)). For the avoidance of doubt, Investments in Redevelopment Property, Development Property, Qualified Mortgage Notes and
undeveloped land shall cease to constitute Investments therein for purposes of this clause (27) at the time such assets cease to constitute Redevelopment Property, Development Property, Qualified Mortgage Notes or undeveloped land, as
applicable; 
 (28) (i) Investments consisting of extensions of credit in the nature of accounts receivable, notes receivable
or other advances (including letters of credit and cash collateral) arising from the grant of trade credit or similar arrangements with suppliers, distributors, tenants, licensors or licensees in the ordinary course of business,
(ii) Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and (iii) Investments in securities of trade creditors
or customers received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers or in settlement of delinquent or overdue accounts in the ordinary course of business; 

(29) obligations of the Company or any Restricted Subsidiary with respect to indemnifications of title insurance companies
issuing title insurance policies in relation to construction Liens; 
 (30) Investments in the nature of pledges or deposits
with respect to leases or utilities provided to third parties in the ordinary course of business; and 
 (31) Investments
made substantially contemporaneously with the issuance by Holdings, the Company or any Restricted Subsidiaries of any Convertible Indebtedness in derivative securities or similar products purchased by Holdings, the Company or any Restricted
Subsidiaries in connection therewith linked to Equity Interests underlying such Convertible Indebtedness. 

  
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 “Permitted Joint Venture” means a Person owned 50% or more by the Company
and/or any of its Restricted Subsidiaries if: 
 (1) such Person is engaged in a business related to that of the Company or
any of its Restricted Subsidiaries; and 
 (2) the Company or any Restricted Subsidiary has the right to appoint at least
half of the Board of Directors of such Person. 
 “Permitted Liens” means: 

(1) (i) Liens in favor of the Issuers or the Subsidiary Guarantors, and (ii) Liens on any assets (including real or
personal property) of the Company and any Restricted Subsidiary securing Indebtedness and other Obligations (A) under any Credit Facilities that were permitted to be incurred under Section 4.08(d)(1) hereof, (B) permitted to be
incurred under Sections 4.08(b) and 4.08(c) or (C) liens securing Obligations under Secured Cash Management Agreements and Secured Hedge Agreements; 

(2) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or
any Restricted Subsidiary or becomes a Restricted Subsidiary; provided that such Liens were in existence prior to the contemplation of such merger, consolidation or acquisition and do not extend to any assets other than those of the Person
merged into, consolidated with Company or such Restricted Subsidiary or acquired by Company or such Restricted Subsidiary; 

(3) Liens on (x) property acquired by the Company or any of its Restricted Subsidiaries after the Issue Date that are in
place at the time such property is so acquired and are not created (but may have been amended) in contemplation of such acquisition or (y) property of Persons that are acquired by the Company or any of its Restricted Subsidiaries after the
Issue Date that are in place at the time such Person is so acquired and are not created (but may have been amended) in contemplation of such acquisition; 

(4) Liens to secure Indebtedness incurred under Sections 4.08(d)(7) and 4.08(d)(16) hereof, provided that, in the
case of Section 4.08(d)(16), the Indebtedness secured by such Liens not to exceed the greater of (i) $30.0 million and (ii) an amount equal to 0.5% of Adjusted Total Assets at any one time outstanding; 

(5) Liens existing on the Issue Date and Liens relating to any refinancing of the obligations secured by such Liens;
provided, that such Liens do not encumber any Property other than the Property (including proceeds) subject thereto on the Issue Date; 

(6) Liens securing Indebtedness that is Refinanced constituting Secured Indebtedness; provided that any such Lien does
not extend to or cover any property, Capital Stock or Indebtedness other than the property, shares or debt securing the Indebtedness so refunded, refinanced or extended; 

(7) Liens on the Capital Stock of Unrestricted Subsidiaries securing Indebtedness of such Unrestricted Subsidiaries; 

(8) Liens incurred with respect to obligations not to exceed the greater of (i) $100.0 million and (ii) an amount
equal to 2.0% of Adjusted Total Assets at any one time outstanding; 
 (9) Liens of cash or Cash Equivalents securing
Interest Rate Agreements; 

  
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 (10) Liens on property or assets used to defease Indebtedness that was not
incurred in violation of this Indenture; 
 (11) inchoate Liens incident to construction on or maintenance of Property; or
Liens incident to construction on or maintenance of Property now or hereafter filed or recorded for which adequate reserves have been established in accordance with GAAP (or deposits made pursuant to applicable law or bonds obtained from reputable
insurance companies) and which are being contested in good faith by appropriate proceedings and have not proceeded to judgment; provided that, by reason of nonpayment of the obligations secured by such Liens, no such Property is subject to a
material risk of loss or forfeiture; 
 (12) Liens for taxes or securing assessments or charges payable to a property owner
association or similar entity, which taxes or assessments are not yet due and payable or are being contested in good faith by appropriate proceedings diligently conducted, and for which adequate reserves with respect thereto, to the extent required
by GAAP, are maintained on the books of the applicable Person; 
 (13) minor defects and irregularities in title to any
Property which individually or in the aggregate do not materially impair or burden the Fair Market Value or use of the Property for the purposes for which it is or may reasonably be expected to be held; 

(14) easements, exceptions, reservations, or other agreements for the purpose of pipelines, conduits, cables, wire
communication lines, power lines and substations, streets, trails, walkways, traffic signals, drainage, irrigation, water, electricity and sewerage purposes, dikes, canals, ditches, the removal of oil, gas, coal, or other minerals, and other like
purposes affecting Property, facilities, or equipment which individually or in the aggregate do not materially burden or impair the Fair Market Value or use of such Property for the purposes for which it is or may reasonably be expected to be held;

 (15) easements, exceptions, reservations, or other agreements for the purpose of facilitating the joint or common use of
Property in or adjacent to a neighboring development, shopping center, utility company, public facility or other projects affecting Property which individually or in the aggregate do not materially burden or impair the Fair Market Value or use of
such Property for the purposes for which it is or may reasonably be expected to be held; 
 (16) rights reserved to or vested
in any Governmental Authority to control or regulate, or obligations or duties to any Governmental Authority with respect to, the use or development of any Property; 

(17) rights reserved to or vested in any Governmental Authority to control or regulate, or obligations or duties to any
Governmental Authority with respect to, any right, power, franchise, grant, license, or permit; 
 (18) present or future
zoning laws and ordinances or other laws and ordinances restricting the occupancy, use, or enjoyment of Property; 
 (19)
statutory Liens, other than those described in clauses (11) or (12) hereof, arising in the ordinary course of business with respect to obligations which are not delinquent or are being contested in good faith; provided that, if
delinquent, adequate reserves have been set aside with respect thereto and, by reason of nonpayment, no Property is subject to a material risk of loss or forfeiture; 

  
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 (20) covenants, conditions, and restrictions affecting the use of Property
which individually or in the aggregate do not materially impair or burden the Fair Market Value or use of the Property for the purposes for which it is or may reasonably be expected to be held; 

(21) rights of tenants under leases and rental agreements covering Property entered into in the ordinary course of business of
the Person owning such Property; 
 (22) Liens consisting of pledges or deposits to secure obligations under workers’
compensation laws, unemployment insurance and other social security laws or similar legislation, including Liens of judgments thereunder which are not currently dischargeable; 

(23) Liens consisting of pledges or deposits of Property to secure performance in connection with operating leases made in the
ordinary course of business to which the Company or a Restricted Subsidiary is a party as lessee; provided the aggregate value of all such pledges and deposits in connection with any such lease does not at any time exceed 20% of the annual
fixed rentals payable under such lease; 
 (24) Liens consisting of deposits of Property to secure bids made with respect to,
or performance of, contracts (other than contracts creating or evidencing an extension of credit to the depositor); 
 (25)
Liens consisting of any right of offset, or statutory bankers’ lien, on bank deposit accounts maintained in the ordinary course of business so long as such bank deposit accounts are not established or maintained for the purpose of providing
such right of offset or bankers’ lien; 
 (26) Liens consisting of deposits of Property to secure statutory obligations
of the Company or a Restricted Subsidiary of the Company; 
 (27) Liens consisting of deposits of Property to secure (or in
lieu of) surety, appeal or customs bonds in proceedings to which the Company or a Restricted Subsidiary is a party; 
 (28)
Liens created by or resulting from any litigation or legal proceeding involving the Company or a Restricted Subsidiary in the ordinary course of its business which is currently being contested in good faith by appropriate proceedings;
provided that adequate reserves have been set aside by the Company or relevant Restricted Subsidiary and no material Property is subject to a material risk of loss or forfeiture; 

(29) non-consensual Liens incurred in the ordinary course of business but not in
connection with an extension of credit, which do not in the aggregate, when taken together with all other Liens, materially impair the value or use of the Property of the Company and the Restricted Subsidiaries, taken as a whole; 

(30) Liens arising under applicable Gaming Laws or laws involving the sale, distribution and possession of alcoholic beverages;

 (31) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods
entered into by the Company or any Restricted Subsidiary in the ordinary course of business; 

  
 33 

 (32) Liens arising from precautionary UCC financing statements filings
regarding operating leases, consignment of goods or with respect to leases of gaming equipment entered into in the ordinary course of business; 

(33) Liens on cash and Cash Equivalents deposited to discharge, redeem or defease Indebtedness; 

(34) (1) Liens pursuant to operating leases, licenses or similar arrangements entered into for the purpose of, or with respect
to, operating or managing Gaming Facilities, hotels, nightclubs, restaurants and other assets used or useful in the business of the Company or its Restricted Subsidiaries, which Liens, operating leases, licenses or similar arrangements are limited
to the leased property under the applicable lease and granted to the landlord under such lease for the purpose of securing the obligations of the tenant under such lease to such landlord and (2) Liens on cash and Cash Equivalents (and on the
related escrow accounts or similar accounts, if any) required to be paid to the lessors (or lenders to such lessors) under such leases or maintained in an escrow account or similar account pending application of such proceeds in accordance with the
applicable lease; 
 (35) licenses, leases or subleases granted to Persons other than the Company or a Restricted Subsidiary,
not materially interfering with the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole; provided that such licenses, leases or subleases are in the ordinary course of business of the Company or the
Restricted Subsidiaries of the Company; 
 (36) Liens arising from grants of licenses or sublicenses of Intellectual Property
made in the ordinary course of business; 
 (37) (1) Liens on capital stock of joint ventures or Unrestricted Subsidiaries
securing capital contributions to or obligations of such Persons and (2) customary rights of first refusal and tag, drag and similar rights in joint venture agreements and agreements with respect to Subsidiaries that are not Wholly Owned
Subsidiaries; 
 (38) Liens consisting of any condemnation or eminent domain proceeding or compulsory purchase order
affecting real property; 
 (39) any interest or title of a lessor, sublessor, licensee or licensor under any lease or
license agreement that is permitted to be incurred pursuant to this Indenture other than this clause (39); 
 (40) Acceptable
Land Use Arrangements, including Liens related thereto; 
 (41) Liens for landlord financings (and refinancings thereof)
secured by the fee estate of any Eligible Ground Lease; 
 (42) Liens in favor for the Company or any Guarantor; 

(43) Liens securing assignments to a reverse Section 1031 exchange trust; 

  
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 (44) Liens securing Interim Assumed Drop-Down Indebtedness; provided
that (x) such Liens secure only the Property acquired in connection with the Drop-Down Transaction, (y) to the extent such Liens remains outstanding after the date that is 15 days after the original Incurrence of such Indebtedness, such
Liens shall no longer be permitted to be Incurred pursuant to this clause (44) and must otherwise be permitted by Section 4.11 hereof and (z) to the extent such Interim Assumed Drop-Down Indebtedness is extended, refinanced, renewed
or replaced no Liens securing any replacement Indebtedness shall be permitted to be incurred pursuant to this clause (44); 

(45) Liens incurred to secure obligations in respect of letters of credit (to the extent such letter of credit is cash
collateralized or backstopped by another letter credit) in an aggregate amount not to exceed $10,000,000 at any one time outstanding; 

(46) purchase money Liens securing Indebtedness and Finance Leases permitted under clause (d)(7) of Section 4.08;
provided, that any such Liens attach only to the property being financed pursuant to such purchase money Indebtedness or Finance Leases (or refinancings thereof and) directly related assets, including proceeds and replacements thereof; 

(47) Liens granted on the Equity Interests in a Person which is not a Restricted Subsidiary, including customary rights of
first refusal, “tag-along” and “drag-along” rights, transfer restrictions and put and call arrangements with respect to the Equity Interests of any Joint Venture pursuant to any Joint
Venture or similar agreement; 
 (48) Liens in respect of Sale and Leaseback Transactions, limited to the Property subject to
such Sale and Leaseback Transactions; and 
 (49) Liens on property that the Company or its Restricted Subsidiaries are
insured against by title insurance; provided that such Lien would not reasonably be expected to impair the ability to place mortgage financing on the real property encumbered by such Lien, which mortgage financing includes title insurance coverage
against such Lien. 
 “Permitted Non-Recourse Guarantees” means customary
indemnities or Guarantees (including by means of separate indemnification agreements or carve-out guarantees) provided in the ordinary course of business by the Company or any of its Restricted Subsidiaries in
financing transactions that are directly or indirectly secured by real property or other real property-related assets (including Equity Interests) of a joint venture or Unrestricted Subsidiary and that may be full recourse or non-recourse to the joint venture or Unrestricted Subsidiary that is the borrower in such financing, but is non-recourse to the Company or any Restricted Subsidiary of the
Company except for such indemnities and limited contingent guarantees as are consistent with customary industry practice (such as environmental indemnities and recourse triggers based on violation of transfer restrictions). 

“Permitted Replacement Lease” means (a) any lease entered into in accordance with and pursuant to the provisions of the
Section 1.05 of the Master Lease (or any successor provision thereto in any Permitted Replacement Lease), (b) a new lease entered into with a Person that has, in the reasonable judgment of the Company, sufficient experience (directly or through
its subsidiaries) operating or managing casinos (and/or properties similar to those properties leased pursuant to such lease in the case of any non-gaming properties) or is owned, controlled or managed by a
Person with such experience, to operate the properties subject to the contemplated Permitted Replacement Lease and, to the extent applicable, is licensed or certified by applicable authorities to operate the properties subject to the contemplated
Permitted Replacement Lease or (c) any assignment of the Master Lease to a Person satisfying the requirements of the foregoing clause (b); provided that in the case of clauses (a), (b) and (c), such agreement is not, individually or in
the aggregate, materially adverse to the Company and its Subsidiaries, taken as a whole, or to the Holders of the Notes, as determined by the Company in good faith. 

  
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 “Permitted Tax Payments” means, with respect to any year, any distributions
to holders of Equity Interests of the Company, or a Restricted Subsidiary in which the Company owns less than 100% of the equity interests, sufficient to provide Holdings with a distribution equal to the amount of federal, state and local income
taxes, as reasonably determined by the Company, that have been actually paid or are payable by Holdings. 
 “Permitted Warrant
Transaction” means any call option, warrant or right to purchase (or substantively equivalent derivative transaction) on Holdings’ common stock sold by the Company substantially concurrently with any purchase by the Company of a
related Permitted Bond Hedge Transaction. 
 “Person” means an individual, natural person, partnership, corporation,
limited liability company, unincorporated organization, trust, association, company or joint venture, or a governmental agency, Governmental Authority or political subdivision thereof or other entity. 

“Preferred Stock” means, with respect to any Person, any and all shares, interests, participation or other equivalents
(however designated, whether voting or non-voting) that have a preference on liquidation or with respect to distributions over any other class of Capital Stock, including preferred partnership interests,
whether general or limited, or such Person’s preferred or preference stock, whether outstanding on the Issue Date or issued thereafter, including, without limitation, all series and classes of such preferred or preference stock. 

“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. 
 “Pro Forma Basis” means that
the following adjustments have been made: 
 (1) if 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 during the period commencing on the first day of
the specified period and ending on (and including) the Transaction Date, then the Consolidated Interest Expense will be calculated giving pro forma effect (determined in good faith by the Company’s Chief Financial Officer) 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 proceeds therefrom, as if the same had occurred at the beginning
of such period; 
 (2) Asset Sales and Asset Acquisitions that have been made by the specified Person or any of its
Restricted Subsidiaries, including through mergers or consolidations, or by 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 period commencing on the first day of the specified period and ending on (and including) the Transaction Date, will be given pro forma effect (including giving pro forma effect
to the receipt and application of the proceeds of any Asset Sale) (determined in good faith by the Company’s chief financial officer) as if they had occurred and such proceeds had been applied on the first day of such specified period; 

(3) Consolidated EBITDA will be adjusted to give effect to all Pro Forma Cost Savings; 

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

(5) the Consolidated Interest Expense attributable to discontinued operations, as determined in accordance with GAAP, and
operations or businesses (and ownership interests therein) disposed of on or prior to the Transaction Date, will be excluded, but only to the extent that the obligations giving rise to such Consolidated Interest Expense will not be obligations of
the specified Person or any of its Restricted Subsidiaries following the Transaction Date; 
 (6) any Person that is or will
become a Restricted Subsidiary on the Transaction Date will be deemed to have been a Restricted Subsidiary at all times during the specified period; 

(7) any Person that is not, or will cease to be, a Restricted Subsidiary on the Transaction Date will be deemed not to have
been a Restricted Subsidiary at any time during the specified period; and 
 (8) if any Indebtedness (other than ordinary
working capital borrowings) bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if the rate in effect on the Transaction Date had been the applicable rate for the entire specified period (taking into
account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the Transaction Date in excess of 12 months). 

“Pro Forma Cost Savings” means, with respect to any period, the reduction in net costs and expenses that: 

(1) were attributable to an Asset Sale, Asset Acquisition, Investment, merger, consolidation or discontinued operation that
occurred during the period or after the end of the period and on or prior to the Transaction Date and that (a) would properly be reflected in a pro forma income statement prepared in accordance with Regulation
S-X under the Securities Act or (b) the Company reasonably determines will actually be realized within 18 months of the Transaction Date; or 

(2) were actually implemented on or prior to the Transaction Date in connection with or as a result of an Asset Sale, Asset
Acquisition, Investment, merger, consolidation or discontinued operation and that are supportable and quantifiable by the underlying accounting records. 

“Property” means any real property or facility (and all fixtures, improvements, appurtenances and related assets thereof and
therein) owned by the Company or any of its Restricted Subsidiaries or in which the Company or any of its Restricted Subsidiaries holds a leasehold interest. 

“Qualified Mortgage Notes” means Investments in, or constituting, loans or advances secured by first priority security
interests in real property (including a deed of trust, trust deed, deed to secure debt, mortgage, preferred ship mortgage, leasehold mortgage or leasehold deed of trust covering any real property or any loan secured by real property). 

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

  
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 “Rating Agencies” means S&P and Moody’s; provided, that if
either S&P or Moody’s (or both) will cease issuing a rating on the Notes for reasons outside the control of the Company, the Company may select a nationally recognized statistical agency to substitute for S&P or Moody’s (or both).

 “Real Property” means (i) each parcel of real property leased or operated by the Company or the Restricted
Subsidiaries, whether by lease, license or other use or occupancy agreement, and (ii) each parcel of real property owned by the Company or the Restricted Subsidiaries, together with all buildings, structures, improvements and fixtures located
thereon, together with all easements, licenses, rights, privileges, appurtenances, interests and entitlements related thereto. 

“Recourse Indebtedness” means, with respect to the Issuers or any Restricted Subsidiary, all Indebtedness for borrowed money
of the Company or such Restricted Subsidiary other than Non-Recourse Indebtedness. 

“Redevelopment Property” means any real property that operates or is intended to operate as an Income Property (1) that
is designated by the Company as a “Redevelopment Property”, (2)(A)(i) that has been acquired by the Company or its Restricted Subsidiaries with a view toward renovating or rehabilitating such real property at an aggregate anticipated cost
of at least 10% of the acquisition cost thereof and such renovation or rehabilitation is expected to disrupt the occupancy of at least 30% of the square footage of such property or (ii) that the Company or its Restricted Subsidiaries intends to
renovate or rehabilitate at an aggregate anticipated cost in excess of 10% of the Adjusted Total Assets consisting of or related to such real property immediately prior to such renovation or rehabilitation and such renovation or rehabilitation is
expected to temporarily reduce the Consolidated EBITDA attributable to such property by at least 30% as compared to the immediately preceding comparable prior period and (B) with respect to which the Company or its Restricted Subsidiaries
thereof have entered into a binding construction contract or construction has commenced and (3) that does not qualify as a “Development Property.” Each Redevelopment Property shall continue to be classified as a Redevelopment Property
under this Indenture until the Company reclassifies such Property as an Income Property for purposes of this Indenture, upon and after which such property shall be classified as an Income Property under this Indenture. 

“Registration Default” means, in the event that (i)(A) neither the Exchange Offer Registration Statement nor the Shelf
Registration Statement is declared effective by the SEC on or prior to the Effectiveness Date or (B) notwithstanding that the Issuers have consummated or will consummate an Exchange Offer, the Issuers are required to file a Shelf Registration
Statement and such Shelf Registration Statement is not declared effective by the SEC on or prior to the 90th day following the date such Shelf Registration Statement was filed; or (ii)(A) the Issuers have not exchanged all Transfer Restricted Notes
validly tendered in accordance with the terms of the Exchange Offer for Exchange Notes on or prior to the 30th Business Day after the date on which the Exchange Offer Registration Statement was declared effective or (B) if applicable, the Shelf
Registration Statement has been declared effective and such Shelf Registration Statement ceases to be effective at any time prior to the end of the Effectiveness Period; provided that the Issuers will be permitted to suspend the use of the
prospectus that is part of the Shelf Registration Statement if the Issuers’ management determines to do so for valid business reasons, including circumstances relating to pending corporate developments and similar events or filings with the
SEC, for a period not to exceed 60 days in any three-month period and not to exceed an aggregate of 90 days in any twelve-month period and without specifying the nature of the event giving rise to a suspension in any notice of suspension provided to
the Holders. 
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of January 25, 2019
among the Issuers and J.P. Morgan Securities LLC, as representative of the Initial Purchasers of the Notes, as may be further amended, modified or supplemented from time to time, and, with respect to any Additional Notes, one or more registration
rights agreements among the Issuers, the Subsidiary 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 Issuers to the purchasers of Additional
Notes to register such Additional Notes under the Securities Act. 

  
 38 

 “Registration Statement” means any registration statement of the Issuers
and the Subsidiary Guarantors which covers any of the Exchange Notes or Transfer Restricted Notes pursuant to the Registration Rights Agreement. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as appropriate.

 “Regulation S Permanent Global Note” means a permanent Global Note 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 Regulation S Temporary
Global Note upon expiration of the Restricted Period. 
 “Regulation S Temporary Global Note” means a temporary Global Note
in the form of Exhibit A hereto bearing the Global Note Legend, the Private Placement Legend and the Regulation S Temporary Global Note Legend 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 initially sold in reliance on Rule 903 of Regulation S. 

“Regulation S Temporary Global Note Legend” means the legend set forth in Section 2.06(g)(3) hereof to be placed on all
Regulation S Temporary Global Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 

“Reparceled Property” means land (other than Income Property) included in any acquisition (in fee or in leasehold) of Real
Property by Holdings, the Company or a Restricted Subsidiary, which (i) such entity did not intend to retain after such acquisition (as determined by the Company in good faith) and (ii) was subsequently reparcelized to constitute a
separate parcel or parcels from the remainder of the Real Property so acquired. 
 “Responsible Officer,” when used with
respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the
above designated officers 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 and who shall have direct
responsibility for the administration of this Indenture. 
 “Restricted Definitive Note” means a Definitive Note bearing
the Private Placement Legend. 
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S. 
 “Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted Subsidiary. 

  
 39 

 “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 and its successors. 

“Sale and Leaseback Transaction” means, with respect to any Person, an arrangement whereby such Person enters into a lease of
property previously transferred by such Person to the lessor. 
 “SEC” means the Securities and Exchange Commission. 

“Secured Cash Management Agreement” means any Cash Management Agreement that is entered into by and between the Issuers or
any Subsidiary Guarantor and any Cash Management Bank. 
 “Secured Hedge Agreement” means any Swap Contract permitted by
this Indenture that is entered into by and between the Company or any Subsidiary Guarantor and any Hedge Bank. 
 “Secured
Indebtedness” means the portion of outstanding Indebtedness secured by a Lien upon the properties or other assets of the Company or any of its Restricted Subsidiaries. 

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

“Shelf Registration Statement” means a “shelf” registration statement of the Issuers and the Subsidiary Guarantors
filed pursuant to the Registration Rights Agreement. 
 “Significant Subsidiary” means any Restricted Subsidiary that would
be a “Significant Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC, as such Regulation is in effect on
the date hereof. 
 “Stated Maturity” means: 

(1) with respect to any debt security, the date specified in such debt security as the fixed date on which the final
installment of principal of such debt security is due and payable; and 
 (2) with respect to any scheduled installment of
principal of or interest on any debt security, the date specified in such debt security as the fixed date on which such installment is due and payable. 

“Subordinated Indebtedness” of the Company means any Indebtedness of the Company that is expressly subordinated to and junior
in right of payment to the Notes. “Subordinated Indebtedness” of a Subsidiary Guarantor means any Indebtedness of such Subsidiary Guarantor that is expressly subordinated to and junior in right of payment to the Note Guarantee of such
Subsidiary Guarantor. 
 “Subsidiary” means, with respect to any Person, any corporation, association or other business
entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and/or one or more other Subsidiaries of such Person and the accounts of which would be consolidated with those of
such Person in its consolidated financial statements in accordance with GAAP, if such statements were prepared as of such date. 

  
 40 

 “Subsidiary Guarantors” means each of the Subsidiary Guarantors identified
in the following sentence and thereafter any other Restricted Subsidiary of the Company that executes a Note Guarantee in compliance with Section 4.18 hereof, but in each case excluding any Persons whose Note Guarantees have been released
pursuant to the terms of this Indenture. As of the Issue Date, the Subsidiary Guarantors are” MGP Lessor Holdings, LLC, MGP Lessor, LLC, MGP OH, Inc., Northfield Park Associates LLC and Cedar Downs OTB, LLC. 

“Subsidiary Indebtedness” means all unsecured Indebtedness of any Restricted Subsidiary that is not a Subsidiary Guarantor.

 “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. For the avoidance of doubt,
any Permitted Convertible Indebtedness Call Transaction will not constitute a Swap Contract. 
 “Tenant” means
(a) with respect to the Master Lease, MGM Lessee, LLC a Delaware limited liability company, in its capacity as tenant under the Master Lease, and its permitted successors and assigns in such capacity and (b) with respect to any other
Master Lease, the tenant thereunder. 
 “Test Period” means the most recently completed Fiscal Quarter of the Company for
which financial statements have been or are required to have been delivered pursuant to Section 4.03 or (b) the three Fiscal Quarters immediately preceding such Fiscal Quarter, as applicable; provided that (i) the calculations
of Consolidated EBITDA for any Fiscal Quarter shall be as set forth in the definition of “Consolidated EBITDA” and (ii) the calculations of Interest Coverage Ratio shall be as set forth in the definition of “Interest Coverage
Ratio”. 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb) as in
effect on the date on which this Indenture is qualified under the TIA. 
 “Transaction Date” means, with respect to the
Incurrence of any Indebtedness by the Company or any of its Restricted Subsidiaries, the date such Indebtedness is to be Incurred, with respect to any Restricted Payment, the date such Restricted Payment is to be made, and, with respect to any
transaction described in Section 5.01 hereof, the date on which such transaction is to be consummated. 
 “Transfer
Agreement” means any trust or similar arrangement required by any Gaming Authority from time to time with respect to the Equity Interests of any Restricted Subsidiary (or any Person that was a Restricted Subsidiary) or any Gaming Facility.

 “Transfer Restricted Notes” means the Notes; provided, however, that the Notes shall cease to be Transfer
Restricted Notes on the earliest to occur of: (i) the date on which a Registration Statement with respect to such Notes has become effective under the Securities Act and such Notes have been exchanged or disposed of pursuant to such
Registration Statement, (ii) the date on which such Notes cease to be outstanding under this Indenture and (iii) the date on which such Notes are distributed to the public by a Participating Broker-Dealer. 

  
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 “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 November 1, 2026 (the date that is three months
prior to the scheduled maturity date of the Notes) (or in the case of a satisfaction and discharge of this Indenture or a legal defeasance or covenant defeasance under this Indenture, the Treasury Rate as of two Business Days prior to the date on
which funds to pay the Notes are deposited with the Trustee); provided that if the period from the redemption date to November 1, 2026 (the date that is three months prior to the scheduled maturity date of the Notes) is not equal to the
constant maturity of a United States Treasury security for which a yield is given, the Treasury yield will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the yields
of the nearest United States Treasury securities for which such yields are given, except that if the period from the redemption date to such date is less than one year, the weekly average yield on actually traded United States securities adjusted to
a constant maturity of one year will be used. 
 “Trustee” means U.S. Bank National Association, until a successor replaces
it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“U.S. Dollar Equivalent” means with respect to any monetary amount in a currency other than U.S. dollars,
at any time for determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as
published in The Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading” (or if such publication is unavailable, a similar nationally recognized publication as determined in the
Company’s sole discretion) on the date two Business Days prior to such determination. Except as described in Section 4.08 hereof, whenever it is necessary to determine whether the Company has complied with any covenant in this Indenture or
a Default has occurred and an amount is expressed in a currency other than U.S. dollars, such amount will be treated as the U.S. Dollar Equivalent determined as of the date such amount is initially determined in such currency. 

“Unrestricted Cash” means, as of any date of determination, the greater of (a) (i) all cash and Cash Equivalents
included in the balance sheets of Holdings, the Company and the Restricted Subsidiaries as of such date that, in each case, are free and clear of all Liens, other than Permitted Liens and (b) zero. 

“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 

(1) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the
Company in the manner provided below; and 

  
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 (2) any Subsidiary of an Unrestricted Subsidiary. 

The Company may designate any Restricted Subsidiary (including any newly acquired or newly formed Subsidiary of the Company) to be an
Unrestricted Subsidiary; provided that: 
 (A) any Guarantee by the Company or any of its Restricted Subsidiaries of any Indebtedness
of the Subsidiary being so designated will be deemed an “Incurrence” of such Indebtedness and an “Investment” by the Company or its Restricted Subsidiary at the time of such designation; 

(B) either (i) the Subsidiary to be so designated has total assets of $1,000 or less or (ii) if such Subsidiary has assets greater
than $1,000, such designation would be permitted under Section 4.06 hereof; and 
 (C) if applicable, the Incurrence of Indebtedness
and the Investment referred to in clause (A) of this proviso would be permitted under the provisions of this Indenture described in Sections 4.06 and 4.08. 

The Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that: 

(X) no Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such designation; and 

(Y) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately after such designation would, if Incurred at such time,
have been permitted to be Incurred (and will be deemed to have been Incurred) for all purposes of this Indenture. 
 “Unsecured
Indebtedness” means, as of any date, that portion of outstanding Indebtedness of the Company and the Subsidiary Guarantors that is not Secured Indebtedness. 

“Voting Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for
the election of directors, managers or other voting members of the governing body of such Person. 
 “Wholly Owned
Subsidiary” means a Restricted Subsidiary of the Company all the Capital Stock of which (other than directors’ qualifying shares) is owned by the Company or another Wholly Owned Subsidiary. 

Section 1.02 Other Definitions. 
  

					
	 	  	Defined in	 
	 Term
	  	Section	 
	 “Affiliate Transaction” 
	  	 	4.10	(a) 
	 “Authentication Order” 
	  	 	2.02	 
	 “Covenant Defeasance” 
	  	 	8.03	 
	 “DTC” 
	  	 	2.03	 
	 “Event of Default” 
	  	 	6.01	 
	 “Excess Proceeds” 
	  	 	4.09	 
	 “Guaranteed Indebtedness” 
	  	 	4.14	 
	 “Legal Defeasance” 
	  	 	8.02	 
	 “Paying Agent” 
	  	 	2.03	 

  
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	 	  	Defined in	 
	 Term
	  	Section	 
	 “Refinance” 
	  	 	4.08	(d)(5) 
	 “Registrar” 
	  	 	2.03	 
	 “Restricted Payments” 
	  	 	4.06	(a)(4) 
	 “transfer” 
	  	 	5.01	 

 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 term used in this Indenture has the following meaning: 

“obligor” of the Notes and the Note Guarantees means the Issuers and the Subsidiary Guarantors, respectively, and any
successor obligor of the Notes and the Note Guarantees, respectively. 
 All other terms used in this Indenture that are defined under the
TIA, defined under the TIA by reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 
 Section 1.04
Rules of Construction. 
 Unless the context otherwise requires: 

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

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

(3) “or” is not exclusive; 

(4) “including” is not limiting; 

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

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

(7) provisions apply to successive events and transactions; and 

(8) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement or 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
Exhibit A hereto, which is hereby incorporated and expressly made part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage (provided that any such notation legend or
endorsement is in a form acceptable to the Issuers). Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

  
 44 

 The terms and provisions contained in the Notes will constitute, and are hereby expressly
made, a part of this Indenture and the Issuers, the Subsidiary 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 Exhibit A hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and
without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate
principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, purchases
and redemptions of such Notes. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the
direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c)
Temporary Global Notes. Notes offered and sold in reliance on Regulation S will be issued initially in the form of the Regulation S Temporary Global Note, which will be deposited on behalf of the purchasers of the Notes represented thereby
with the Trustee, at its New York office, as Custodian for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly
executed by the Issuers and authenticated by the Trustee as hereinafter provided. The Restricted Period will be terminated upon the receipt by the Trustee of: 

(1) a written certificate from the Depositary, together with copies of certificates from Euroclear and Clearstream certifying
that they have received certification of non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note (except to the extent of any beneficial
owners thereof who acquired an interest therein during the Restricted Period pursuant to another exemption from registration under the Securities Act and who will take delivery of a beneficial ownership interest in a 144A Global Note bearing a
Private Placement Legend, all as contemplated by Section 2.06(b) hereof); and 
 (2) an Officers’ Certificate from
the Issuers. 
 Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note will be
exchanged for beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the Regulation S Permanent Global Note, the Trustee shall cancel the Regulation S Temporary
Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or
its nominee, as the case may be, in connection with transfers of interests therein as hereinafter provided. 

  
 45 

 (d) Euroclear and Clearstream Procedures Applicable. The provisions of the
“Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” published by Euroclear and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook”
published by Clearstream will be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Note that are held by Participants through Euroclear or Clearstream. 

Section 2.02 Execution and Authentication. 

At least one Officer must sign the Notes for the Issuers by manual or facsimile signature. Typographic and other minor defects in any
facsimile signature shall not affect the validity or enforceability of any Note which has been authenticated and delivered by the Trustee. 

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 an authorized signatory of the Trustee. The signature will
be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee shall, upon receipt of a written order of
the Issuers signed by two Officers (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of Notes
outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuers 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 Issuers to authenticate the Notes. Unless limited by the terms of such
appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an
Agent for service of notices and demands. 
 Section 2.03 Registrar and Paying Agent. 

The Issuers shall maintain an office or agency where the Notes may be presented for registration of transfer or for exchange (the
“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Issuers initially appoint the Trustee, and the Trustee agrees to initially act as the Registrar and Paying Agent.
The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuers 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 Issuers may change any Paying Agent or Registrar without notice to any Holder. The Issuers shall notify
the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuers fail to appoint or maintain another entity as the Registrar or Paying Agent, the Trustee shall act as such. The Issuers or any of their
Subsidiaries may act as Paying Agent or Registrar. 
 The Issuers initially appoint The Depository Trust Company (“DTC”) to
act as Depositary with respect to the Global Notes. 

  
 46 

 Section 2.04 Paying Agent to Hold Money in Trust. 

The Issuers shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall 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, or interest or Additional Interest, if any, on, the Notes, and will notify the Trustee of any Default by the Issuers 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 Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over
to the Trustee, the Paying Agent (if other than the Issuers or any of their Subsidiaries) will have no further liability for the money. If the Issuers or any of their Subsidiaries act as Paying Agent, it shall 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 Issuers, the Trustee shall serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 
 The
Trustee shall 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
Issuers shall furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the
names and addresses of the Holders of Notes and the Issuers 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 Issuers for Definitive Notes if: 
 (1) the Issuers receive 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 Issuers within 90 days after
the date of such notice from the Depositary; or 
 (2) there shall have occurred and be continuing an Event of Default with
respect to the Notes. 
 Upon the occurrence of any of the preceding events in (1) or (2) above, Definitive Notes shall be issued in
such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a
Global Note or any portion thereof, pursuant to this Section 2.06 or 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. 

  
 47 

 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer
and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject
to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subclause (1) or (2) below, as
applicable, as well as one or more of the other following subclauses, 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
Temporary 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) following the occurrence of any of the events described in 2.06(a)(1) or (a)(2),
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; 
 provided that in no event shall Definitive
Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant
to Rule 903 under the Securities Act. 

  
 48 

 Upon consummation of an Exchange Offer by the Issuers in accordance with Section 2.06(f) hereof, the
requirements of this Section 2.06(b)(2)(A) 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. 
 (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; and 

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

(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 Participating 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 Issuers; 

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

  
 49 

 and, in each such case set forth in this subclause (D), if the Registrar so requests or if
the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein
and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer
is effected pursuant to this clause (4) at a time when an Unrestricted Global Note has not yet been issued, the Issuers 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 this subclause (4). 

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,
subject to Section 2.06(a) and 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 subclauses (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; 

  
 50 

 (F) if such beneficial interest is being transferred to the Issuers or any
of their Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuers 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 Regulation S Temporary Global Note to
Definitive Notes. Notwithstanding Section 2.06(c) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a
Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to
an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 
 (3) Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. Subject to Section 2.06(a), 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 Participating 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 Participating Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 

  
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 (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 subclause (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (4) 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 shall cause the aggregate principal amount of the applicable Unrestricted Global Note to be reduced
accordingly pursuant to Section 2.06(h) hereof, and the Company will 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 pursuant to this Section 2.06(c)(4) 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 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 pursuant to this Section 2.06(c) (4) 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; 

  
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 (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 subclauses (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to
the Issuers or any of their 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 shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A
Global Note, and in the case of clause (C) above, the Regulation S Global Note. 
 (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 Participating 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 Participating Broker-Dealer pursuant to the Exchange Offer 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 

  
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 (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 subclause (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the
subclauses in this Section 2.06(d)(2), the Trustee shall cancel the applicable 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 Unrestricted Definitive 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 shall 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
subclauses (2)(B), (2)(D) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers 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 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; 

  
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 (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: 

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

  
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 (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the
Registration Rights Agreement, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall 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 Participating 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 Issuers; 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 Participating 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 Issuers. 

Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes
to be reduced accordingly, and the Issuers shall execute and the Trustee shall 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 subclause (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 (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS
NOTE AGREES FOR THE BENEFIT OF THE ISSUERS THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUERS, (II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT,
(IV) TO AN “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF

  
 56 

 
COUNSEL ACCEPTABLE TO THE ISSUERS THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND
(B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.” 

The Private Placement Legend shall be deemed removed from the face of any Note without further action of the Issuers, the Trustee or the Holder of such Note
at such time as the Company shall have delivered an Officers’ Certificate to the Trustee certifying that the Private Placement Legend can be removed because such Note may be resold to the public in accordance with Rule 144 without regard to
volume, manner of sale or any other restrictions contained in Rule 144 (other than the holding period requirement in paragraph (d)(1)(ii) of Rule 144 so long as such holding period requirement is satisfied at such time of determination) by Holders
that are not Affiliates of the Issuers. 
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued
pursuant to subclauses (b)(4), (c)(3), (c)(4), (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 ISSUERS. 
 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 ISSUERS OR THEIR AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.” 

  
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 (3) Regulation S Temporary Global Note Legend. The Regulation S
Temporary Global Note will bear a legend in substantially the following form: 
 “THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND
THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).” 

(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 Issuers shall
execute and the Trustee shall authenticate Global Notes and Definitive Notes (subject to Section 2.06(a)) 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 Issuers 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, 4.09, 4.13 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 Issuers, 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 Issuers shall 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; 

  
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 (B) to register the transfer of or to exchange any Note selected for
redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to register the
transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
 (6) Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers 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 (subject to the provisions of the Notes with respect to record dates) interest on such Note and for all other purposes, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 

(7) The Trustee shall authenticate Global Notes and Definitive Notes (subject to Section 2.06(a)) 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 Issuers and the Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Note, the Issuers shall 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 the Trustee or the Issuers, an indemnity
bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuers to protect the Issuers, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. In
case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuers in their discretion may, instead of issuing a new Note, pay such Note. The Issuers may charge for its expenses in replacing a Note,
including any taxes or governmental charges that may be imposed in relation thereto. 
 Every replacement Note is an additional obligation
of the Issuers and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

The provisions of this Section 2.07 are exclusive and shall provide (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 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 Issuers or an Affiliate of the Issuers holds the Note. Notes held by the Issuers or a Subsidiary of the Issuers shall not be deemed to be outstanding for purposes of Section 3.07(a) hereof.
 

  
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 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 bona fide purchaser. 
 If the principal amount of
any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the
Paying Agent (other than the Issuers, a Subsidiary of the Issuers or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay the 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. 
 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 Issuers or any Affiliate of the Issuers, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall 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 the Notes are ready for delivery, the Issuers 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 Issuers consider appropriate for temporary Notes and as may be reasonably acceptable to the Trustee.
Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate Definitive Notes in exchange for temporary Notes. Until so exchanged, Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11 Cancellation. 
 The
Issuers 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 shall cancel all Notes
surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirements of the Exchange Act). Certification of the destruction of all canceled Notes will
be delivered to the Issuers upon request by the Issuers. The Issuers may not issue new Notes to replace Notes that they have paid or that have been delivered to the Trustee for cancellation. 

Section 2.12 Defaulted Interest. 

If the Issuers default in a payment of interest on the Notes, they 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 Issuers shall notify the Trustee in writing
of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuers shall 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 Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the expense of the
Issuers) will send or cause to be sent to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

  
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 Section 2.13 Issuance of Additional Notes. 

(a) After the date hereof, the Issuers shall be entitled, subject to their compliance with the covenants contained in this Indenture,
including Section 4.08, to issue Additional Notes under this Indenture, which Additional Notes shall have identical terms to the Initial Notes, other than with respect to the date of issuance and the issue price. All the Notes issued under this
Indenture will be treated as a single class for all purposes of this Indenture including waivers, amendments, redemptions and any Offer to Purchase. 

(b) With respect to any Additional Notes, the Issuers shall set forth in a Board Resolution and an Officers’ Certificate, a copy of each
which shall be delivered to the Trustee, the following information: 
 (1) the aggregate principal amount of such Additional
Notes to be authenticated and delivered pursuant to this Indenture and the provision of Section 4.08 that the Issuers are relying upon to issue such Additional Notes; and 

(2) the issue price, the issue date and the CUSIP number of such Additional Notes. 

Section 2.14 Method of Submission. 

All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to Section 2.06 to effect a
registration of transfer or exchange may be submitted by facsimile or by electronic transmission or mail. 
 Section 2.15
Trustee’s Duty to Monitor. 
 The Trustee (in each of its capacities hereunder, including without limitation as
Registrar) shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including
any transfers between or among Depositary Participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and
when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. Neither the Trustee (in each of its capacities hereunder, including without
limitation as Registrar) nor any Agent shall have any responsibility or liability for any actions taken or not taken by the Depositary. 

ARTICLE 3 
 REDEMPTION AND
PREPAYMENT 
 Section 3.01 Notices to Trustee. 

If the Company elects to redeem all or any part of the Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it
must furnish to the Trustee, at least 30 days (or such shorter notice as may be acceptable to the Trustee) 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; 

  
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 (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 shall 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 a partial redemption, 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 shall 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 $2,000 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 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 or electronic delivery, as applicable, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be sent more than 60 days
prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 11 hereof. 

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

(1) the redemption date; 

(2) the redemption price; 

(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion 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; 

  
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 (6) that upon the satisfaction of any conditions to such redemption set
forth in the notice of redemption, and unless the Issuers default in making such redemption payment, interest on the 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. 
 Any redemption or purchase of the Notes, including in connection with an Equity Offering or an Offer
to Purchase upon a Change of Control, with the net cash proceeds of an Asset Sale or in connection with another transaction (or series of related transactions) or event, including any financing, may, at the Issuers’ option, be subject to one or
more conditions precedent, including, but not limited to, completion or occurrence of the related Equity Offering, Change of Control, Asset Sale or other transaction or event, as the case may be, and notice of such redemption or purchase may be
given prior to the completion or the occurrence of the related Equity Offering, Change of Control, Asset Sale or other transaction or event. In addition, if such redemption or purchase is subject to satisfaction of one or more conditions precedent,
such notice shall describe each such condition, and if applicable, shall state that, in the Issuers’ discretion, the date of redemption or purchase may be delayed until such time (including more than 60 days after the date the notice of
redemption or purchase was sent) as any or all such conditions shall be satisfied, or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the date
of redemption or purchase, or by the date of redemption or purchase as so delayed, or such notice may be rescinded at any time in the Issuers’ discretion if in the good faith judgment of the Issuers any or all of such conditions will not be
satisfied. In addition, the Issuers may provide in such notice that payment of the redemption or purchase price and performance of its obligations with respect to such redemption or purchase may be performed by another Person. In any such case, the
Issuers shall provide prompt written notice to the Trustee at least three Business Days prior to the redemption date rescinding such redemption in the event that any such conditions precedent shall not have been (or will not be) satisfied, and such
redemption and notice of redemption shall then be rescinded and of no force and effect. Upon receipt of such notice from the Issuers rescinding such redemption, the Trustee shall promptly send a copy of such notice to the Holders of the Notes to be
redeemed in the same manner in which the notice of redemption was given. 
 At the Issuers’ request, the Trustee shall give the notice
of redemption in the Issuers’ name and at their expense; provided, however, that the Issuers have delivered to the Trustee, at least 45 days prior (or such shorter period of time as the Trustee may agree) 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 sent in accordance with Section 3.03 hereof, the Notes called for redemption, subject to any condition
included in the applicable notice of redemption, become due and payable on the redemption date at the redemption price. A notice of redemption may, at the Issuers’ option, be subject to the satisfaction of one or more conditions precedent. 

  
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 Section 3.05 Deposit of Redemption or Purchase Price. 

One Business Day prior to the redemption or purchase date, the Issuers shall deposit with the Trustee or with the Paying Agent money
sufficient to pay the redemption or purchase price of, accrued interest and Additional Interest, if any, on all the Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Issuers any money
deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption or purchase price of accrued interest and Additional Interest, if any, on all Notes to be redeemed or purchased. 

If the Issuers comply 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 Issuers
to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at
the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Issuers shall issue and, upon receipt of an Authentication Order, the
Trustee shall authenticate for the Holder at the expense of the Issuers 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 November 1, 2026 (the date that is three months prior to the scheduled maturity date of the Notes), the Issuers
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 to the holders (with a copy to the Trustee), at a redemption price equal to 100% of the principal amount of the Notes to be
redeemed, plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the date of redemption (subject to the rights of Holders of Notes on any relevant record date to receive interest due on the applicable
interest payment date). 
 (b) At any time on or after November 1, 2026 (the date that is three months prior to the scheduled maturity
date of the Notes), the Issuers 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 to the holders (with a copy to the Trustee), at a redemption price equal to 100% of the
principal amount of the Notes to be redeemed, plus accrued and unpaid interest and Additional Interest, if any, to the date of redemption. 

(c) Unless the Issuers default 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) The Issuers or their affiliates may at any time and from time to time purchase
Notes. Any such purchases may be made through open market or privately negotiated transactions with third parties or pursuant to one or more tender or exchange offers or otherwise, upon such terms and at such prices as well as with such
consideration as the Issuers or any such affiliates may determine. 
 (e) Any redemption pursuant to this Section 3.07 shall be made
pursuant to the provisions of Sections 3.01 through 3.06 hereof. 

  
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 Section 3.08 Mandatory Redemption. 

The Issuers are not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.09 Gaming Redemption. 
 If
any Gaming Authority requires that a Holder or Beneficial Owner of the Notes must be licensed, qualified or found suitable under any applicable Gaming Laws and such Holder or Beneficial Owner: 

(a) fails to apply for a license, qualification or a finding of suitability within 30 days (or such shorter period as may be required by the
applicable Gaming Authority) after being requested to do so by the Gaming Authority, or 
 (b) is denied such license or qualification or not
found suitable, or if any Gaming Authority otherwise requires that Notes from any Holder or Beneficial Owner be redeemed, subject to applicable Gaming Laws, the Issuers shall have the right, at their option: 

(1) to require any such Holder or Beneficial Owner to dispose of its Notes within 30 days (or such earlier date as may be
required by the applicable Gaming Authority) of receipt of such notice or finding by such Gaming Authority, or 
 (2) to call
for the redemption of the Notes of such Holder or Beneficial Owner at a redemption price equal to the least of: 
 (A) the
principal amount thereof, together with accrued and unpaid interest to the earlier of the date of redemption or the date of the denial of license or qualification or of the finding of unsuitability by such Gaming Authority, 

(B) the price at which such Holder or Beneficial Owner acquired the Notes, together with accrued and unpaid interest to the
earlier of the date of redemption or the date of denial of license or qualification or of the finding of unsuitability by such Gaming Authority, or 

(C) such other lesser amount as may be required by any Gaming Authority. 

The Issuers shall notify the Trustee in writing of any such redemption as soon as practicable. The Holder or Beneficial Owner applying for
license, qualification or a finding of suitability must pay all costs of the licensure or investigation for such qualification or finding of suitability. Notwithstanding any other provision of this Indenture, immediately upon the imposition of a
requirement to dispose of Notes by a Gaming Authority, such Person shall, to the extent required by applicable Gaming Laws, have no further right: (i) to exercise, directly or indirectly, through any trustee, nominee or any other person or
entity, any right conferred by such Notes or (ii) to receive any interest, dividends or any other distributions or payments with respect to such Notes or any remuneration in any form with respect to such Notes from the Issuers or the Trustee,
except the redemption price. 
 Notwithstanding anything herein to the contrary, redemption notices may be sent or given less than 30 days
or more than 60 days prior to a redemption if so required by any applicable Gaming Authority in connection with a redemption pursuant to this Section 3.09. 

  
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 ARTICLE 4 

COVENANTS 
 Section 4.01 Payment of
Notes. 
 The Issuers shall pay or cause to be paid the principal of, premium on, if any, and interest and Additional
Interest, if any, on, the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Additional Interest, if any, will be considered paid on the date due if the Paying Agent, if other than the Issuers or
a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Issuers in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest, if any, then due. The
Issuers shall pay all Additional Interest, if any, in the same manner on the dates and in the amounts defined above and set forth in the Registration Rights Agreement. 

The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then
applicable interest rate on the Notes to the extent lawful. 
 Section 4.02 Maintenance of Office or Agency. 

The Issuers shall maintain in the Borough of Manhattan, the City of New York, 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 Issuers in respect of the Notes and
this Indenture may be served. The Issuers shall 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 Issuers fail to maintain any such required office or agency or
fail 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 Issuers 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 Issuers of their obligation to maintain an office or agency in the Borough of
Manhattan, the City of New York for such purposes. The Issuers shall 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 Issuers hereby designate the office of the Trustee located at 60 Livingston Avenue, St. Paul, Minnesota 55107, as one such office or
agency of the Issuers in accordance with Section 2.03 hereof. 
 Section 4.03 Reports.  

(a) Whether or not the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will
provide the Trustee and the Holders of Notes within fifteen (15) Business Days after filing, or in the event no such filing is made or required, within fifteen (15) Business Days after the end of the time periods specified in those
sections with: 
 (1) all quarterly and annual financial information that would be required to be contained in a filing with
the SEC on Forms 10-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and, with respect to the annual financial statements only, a report thereon by the Company’s certified independent accountants, and 

  
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 (2) all current reports that would be required to be filed with the SEC on
Form 8-K if the Company were required to file such reports. 
 provided that the foregoing delivery
requirements will be deemed satisfied if the foregoing materials are available on the SEC’s EDGAR system or on the Company’s website within the applicable time period specified above (provided that if posted to a secure internet portal,
the Company will separately electronically deliver such reports to the Trustee). For the avoidance of doubt, the foregoing delivery requirements will be deemed satisfied by filings with the SEC that are made jointly by Holdings and the Company. 

(b) In addition, following the earlier of (x) the Issue Date or (y) the consummation of the Exchange Offer whether or not required by
the SEC, the Company shall, if the SEC will accept the filing, file a copy of all of the information and reports referred to in clauses (1) and (2) of the preceding clause (a) with the SEC for public availability within the time periods
specified in the SEC’s rules and regulations. 
 (c) For so long as any of the Notes remain outstanding and constitute “restricted
securities” under Rule 144, the Company shall furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(d) Notwithstanding anything herein to the contrary, the Company shall not be deemed to have failed to comply with any provision of this
reporting covenant for purposes of Section 6.01(4) hereof as a result of the late filing or provision of any required information or report until 90 days after the date any such information or report was due. 

(e) Delivery of reports, information and documents referred to above, to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 4.04 Compliance Certificate. 

(a) The Issuers shall deliver to the Trustee, within 120 business days after the end of each fiscal year commencing with the year ending
December 31, 2019, an Officers’ Certificate stating that a review of the activities of the Issuers and their Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view
to determining whether the Issuers and their Restricted Subsidiaries have performed their respective obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to his or her knowledge the Issuers
and their Restricted Subsidiaries have performed their obligations under this Indenture (or, in the event of noncompliance, specifying such noncompliance and the nature and status thereof of which signer may have knowledge). 

(b) So long as any of the Notes are outstanding, the Issuers shall, within 30 business days upon becoming aware of any Event of Default,
deliver to the Trustee a statement specifying such Event of Default. 

  
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 Section 4.05 Stay, Extension and Usury Laws.  

The Issuers and each of the Subsidiary Guarantors covenant (to the extent that they may lawfully do so) that they 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
Issuers and each of the Subsidiary Guarantors (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they will not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.06 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 distribution on or with respect to its Capital Stock held by Persons other than the
Company or any of its Restricted Subsidiaries, other than: 
 (A) dividends or distributions payable solely in Equity
Interests (other than Disqualified Stock); and 
 (B) pro rata dividends or distributions on Common Stock of any Restricted
Subsidiary; 
 (2) purchase, redeem, retire or otherwise acquire for value any Equity Interests of the Company held by any
Person other than the Company or any of its Restricted Subsidiaries; 
 (3) make any voluntary or optional principal payment,
redemption, repurchase, defeasance, or other acquisition or retirement for value, of Subordinated Indebtedness of the Company or any Subsidiary Guarantor (other than (A) with respect to intercompany Subordinated Indebtedness or (B) the
purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the
date of such purchase, repurchase, redemption, defeasance or other acquisition or retirement); or 
 (4) make an Investment,
other than a Permitted Investment, in any Person 
 (all such payments and any other actions set forth in clauses (1) through (4) above being
collectively referred to as “Restricted Payments”), if, at the time of, and after giving effect to, the proposed Restricted Payment: 

(A) a Default or Event of Default shall have occurred and be continuing; 

(B) the Company could not Incur at least $1.00 of Indebtedness in compliance with both clauses (a) and (c) of
Section 4.08 hereof; 
 (C) the aggregate amount of all Restricted Payments (the amount, if other than in cash, to be
the Fair Market Value thereof as determined by the Company) made on or after April 25, 2016 (other than those referred to in clauses (2), (3), (4), (5), (6), (7), (9), (10), (11), (12), (13), (14), (15), (16), (17), (18), (19) and (20) of
clause (b) of this Section 4.06) would exceed the sum of: 

  
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 (i) 95% of the aggregate amount of Funds From Operations (or, if Funds From
Operations is a loss, minus 100% of the amount of such loss) accrued on a cumulative basis during the period (taken as one accounting period) from the first day of the Fiscal Quarter during which April 25, 2016 occurred and ending on the
last day of the most recent Fiscal Quarter preceding the Transaction Date for which internal financial statements are available, plus 

(ii) 100% of the aggregate net cash proceeds and the Fair Market Value of other property received by the Company after
April 25, 2016 from (a) the issue or sale of Equity Interests of the Company (other than Disqualified Stock, Designated Preferred Stock, Excluded Contributions and any Permitted Warrant Transaction), (b) a contribution to the common
equity capital of the Company (other than Excluded Contributions) or (c) the issue or sale of convertible Indebtedness of the Company upon the conversion of such Indebtedness into Equity Interests (other than Disqualified Stock and Designated
Preferred Stock) of the Company; plus 
 (iii) an amount equal to the net reduction in Investments (other than
reductions in Permitted Investments) in any Person resulting from payments of interest on Indebtedness, dividends, repayments of loans or advances, or other transfers of assets, in each case to the Company or any of its Restricted Subsidiaries or
from the net cash proceeds from the sale of any such Investment (except, in each case, to the extent any such payment or proceeds have already been included in the calculation of Funds From Operations) or from redesignations of Unrestricted
Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of “Investment”) not to exceed, in each case, the amount of Investments previously made by the Company and its Restricted Subsidiaries in such
Person. 
 Notwithstanding the foregoing, the Company and any of its Restricted Subsidiaries may declare or pay any dividend or make any
distribution to their equity holders to fund a dividend or distribution by Holdings (and make any corresponding distributions to the Company’s partners other than Holdings) so long as Holdings believes in good faith that Holdings qualifies as a
real estate investment trust under the Code and the declaration or payment of such dividend, in each case, by Holdings, or the making of such distribution is necessary either to maintain Holdings’ status as a real estate investment trust under
the Code for any calendar year or to enable Holdings to avoid payment of any tax for any calendar year that could be avoided by reason of a distribution by Holdings to its shareholders, with such distribution by Holdings to be made as and when
determined by Holdings, whether during or after the end of, the relevant calendar year. 
 (b) The provisions of Section 4.06(a) hereof
will not prohibit: 
 (1) the payment of any dividend, distribution or redemption of any Equity Interests or Subordinated
Indebtedness within 60 days after the date of declaration or notice thereof or call for redemption if, at such date of declaration or notice or call for redemption, such payment or redemption was permitted by the provisions of Section 4.06(a)
(the declaration of such payment will be deemed a Restricted Payment under Section 4.06(a) as of the date of declaration and the payment itself will be deemed to have been made on the date of declaration and will not also be deemed a Restricted
Payment under Section 4.06(a)); provided, however, that any Restricted Payment made in reliance on this clause (1) shall reduce the amount available for Restricted Payments pursuant to clause (C) of Section
4.06(a)(4) only once; 

  
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 (2) the redemption, repurchase, defeasance or other acquisition or
retirement for value of Subordinated Indebtedness of the Company or any Subsidiary Guarantor including premium, if any, and accrued and unpaid interest and related transaction expenses, with the proceeds of, or in exchange for, other Subordinated
Indebtedness Incurred under Section 4.08(d)(5); 
 (3) the making of any Restricted Payment or Investment in an
aggregate amount outstanding pursuant to this clause (3) not to exceed the amount of Excluded Contributions received by the Company after the Issue Date (with each such Investment being measured as of the date made and without giving effect to
any subsequent changes in value); 
 (4) the redemption of Common Units for Equity Interests of Holdings pursuant to the
terms of the Partnership Agreement; 
 (5) payments and distributions to dissenting Holders of Common Units and stockholders
of Holdings or any other direct or indirect parent company of the Company (or the payment of dividends or distributions to Holdings (or any other direct or indirect parent company of the Company) to provide Holdings (or such parent company) with the
cash necessary to make such payments and distributions) pursuant to applicable law pursuant to or in connection with a consolidation, merger or transfer of assets that complies with Section 5.01 hereof; 

(6) the payment of cash (A) in lieu of the issuance of fractional shares of Capital Stock upon conversion, exercise,
redemption or exchange of securities convertible into or exchangeable for Capital Stock of the Company or any other direct or indirect parent company of the Company (or the payment of dividends or distributions to such parent company to provide such
parent company with the cash necessary to make such payments) and (B) in lieu of the issuance of whole shares of Capital Stock upon conversion, exercise, redemption or exchange of securities convertible into or exchangeable for Capital Stock of
the Company or any other direct or indirect parent company of the Company (or the payment of dividends or distributions to such parent company to provide such parent company with the cash necessary to make such payments); 

(7) the acquisition or re-acquisition, whether by forfeiture or in connection with
satisfying applicable payroll or withholding tax obligations, of Equity Interests of the Company in connection with the administration of their equity compensation programs in the ordinary course of business; 

(8) the redemption, repurchase or other acquisition or retirement of any Equity Interests of the Company or Holdings or any
other direct or indirect parent company of the Company (or the payment of dividends or distributions to Holdings (or any other direct or indirect parent company of the Company) to provide Holdings (or any such parent company) with the cash necessary
to make such redemptions, repurchases, acquisitions or retirements) from any director, officer or employee of the Company, Holdings (or any other direct or indirect parent company of the Company) or any Restricted Subsidiary of the Company, or from
such Person’s estate, in an aggregate amount under this clause (8) not to exceed $10.0 million in any consecutive four Fiscal Quarter period; provided that any amount not so used in any given consecutive four Fiscal Quarter
period may be carried forward and used in the next succeeding consecutive four Fiscal Quarter Period; 

  
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 (9) the declaration or payment of any cash dividend or other cash
distribution in respect of Equity Interests of Holdings or any other direct or indirect parent company of the Company, the Company or any of its Restricted Subsidiaries constituting Preferred Stock (or the payment of dividends or distributions to
Holdings (or any other direct or indirect parent company of the Company) to provide Holdings (or any such parent company) with the cash necessary to make such payments or distributions), so long as the Interest Coverage Ratio contemplated by
Section 4.08(c) would be greater than or equal to 2.0 to 1.0 after giving effect to such payment; provided that at the time of payment of such dividend or distribution no Default or Event of Default shall have occurred and be continuing
(or would result therefrom); 
 (10) the repayment, defeasance, redemption, repurchase or other acquisition of Subordinated
Indebtedness or Disqualified Stock of the Company (A) in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other than to any Subsidiary) of, Disqualified Stock of the Company, or (B) pursuant to a required
Offer to Purchase arising from a Change of Control or Asset Sale, as the case may be; provided that such repayment, repurchase, redemption, acquisition or retirement occurs after all Notes tendered by Holders in connection with a related
Offer to Purchase have been repurchased, redeemed or acquired for value in accordance with the applicable provisions of this Indenture; 

(11) Permitted Tax Payments; 

(12) the declaration and payment of dividends or distributions by the Company to, the making of loans to, or other payments to
Holdings (or any other direct or indirect parent company of the Company) in amounts required for Holdings (or any other direct or indirect parent company of the Company) to pay, in each case without duplication, (a) franchise taxes and other
fees, taxes and expenses required to maintain their corporate existence; (b) customary salary, bonus and other benefits payable to officers, directors, employees, members of management, consultants and/or independent contractors of Holdings (or
any other direct or indirect parent company of the Company) and any reasonable and customary indemnification claims made by current or former directors, officers, members of management, employees or consultants of such entity, to the extent such
salaries, bonuses and other benefits are attributable to the ownership or operation of the Company and its Restricted Subsidiaries, including the Company’s proportionate share of such amounts relating to Holdings (or such other direct or
indirect parent company) being a public company; (c) general corporate operating and overhead costs and expenses (including corporate overhead, legal or similar expenses, audit and other accounting and reporting expenses) of Holdings (or any
other direct or indirect parent company of the Company) to the extent such costs and expenses are attributable to the ownership or operation of the Company and its Restricted Subsidiaries, including the Company’s proportionate share of such
amounts relating to Holdings (or other direct or indirect parent company) being a public company; and (d) fees and expenses other than to Affiliates of the Company related to any successful or unsuccessful financing transaction or equity
offering; 
 (13) the declaration and payments of dividends on Disqualified Stock; provided that, at the time of
payment of such dividend, no Default or Event of Default shall have occurred and be continuing (or would result therefrom); 

  
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 (14) payments of intercompany subordinated Indebtedness, the Incurrence of
which was permitted under Section 4.08(d)(2); provided that no Default or Event of Default shall have occurred and be continuing (or would result therefrom); 

(15) the declaration and payment of dividends to Holders of any class or series of Designated Preferred Stock (other than
Disqualified Stock) issued by the Company after the Issue Date; provided that the amount of dividends paid pursuant to this clause (15) shall not exceed the aggregate amount of cash actually received by the Company from the sale of such
Designated Preferred Stock; and provided further that, at the time of payment of such dividend, no Default or Event of Default shall have occurred and be continuing (or would result therefrom); 

(16) payments in connection with, and the consummation of any transactions pursuant to or contemplated by (i) the MGM
Agreements, (ii) the Northfield Agreements, (iii) the Empire City Agreements, (iv) the Park Agreements and (v) transactions pursuant to agreements generally described in the Offering Memorandum and any amendment, modification or
extension thereto to the extent such amendment, modification or extension is not, individually or in the aggregate, materially adverse to the Company and its Subsidiaries, taken as a whole, or to the holders of the notes, as determined by the
Company in good faith;  
 (17) the making of cash payments in
connection with any conversion of Convertible Indebtedness in an aggregate amount since the date of this Indenture not to exceed the sum of (a) the principal amount of such Convertible Indebtedness plus (b) any payments received by the
Company or any of its Restricted Subsidiaries pursuant to the exercise, settlement or termination of any related Permitted Bond Hedge Transaction; 

(18) any payments in connection with (a) a Permitted Bond Hedge Transaction and (b) the settlement of any related
Permitted Warrant Transaction (i) by delivery of shares of Holdings’ common stock upon settlement thereof or (ii) by (A) set-off against the related Permitted Bond Hedge Transaction or
(B) payment of an early termination amount thereof in common stock upon any early termination thereof; 
 (19) other
Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this clause (19), not to exceed the greater of (i) $200.0 million and (ii) an amount equal to 3.0% of Adjusted Total
Assets; and 
 (20) Restricted Payments with respect to any Interim Assumed Drop-Down Indebtedness. 

For purposes of determining compliance with this Section 4.06, in the event that any Restricted Payment meets the criteria of more than one of the types
of Restricted Payment described in the above clauses of Section 4.06(b), or is permitted to be made pursuant to Section 4.06(a), the Company, in its sole discretion, may classify such Restricted Payment and only be required to include the
amount and type of such Restricted Payment in one of such categories; provided that the Company may divide and classify any Restricted Payment in one or more of the types of Restricted Payment and may later reclassify all or a portion of such
Restricted Payment, in any manner that complies within this Section 4.06. 
 Section 4.07 Dividend and Other Payment Restrictions Affecting
Restricted Subsidiaries.  
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to create or
otherwise cause to become effective any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary to: 

  
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 (1) pay dividends or make any other distributions permitted by applicable
law on any Equity Interests of such Restricted Subsidiary owned by the Company or any of its Restricted Subsidiaries; 
 (2)
pay any Indebtedness owed to the Company or any other Restricted Subsidiary; 
 (3) make loans or advances to the Company or
any other Restricted Subsidiary; or 
 (4) transfer its property or assets to the Company or any other Restricted Subsidiary.

 (b) The restrictions in Section 4.07(a) hereof will not apply to encumbrances or restrictions: 

(1) in this Indenture and any other agreement, including the Credit Agreement, as the same are in effect on the Issue Date, and
any extensions, refinancings, renewals or replacements of such agreements; provided that such encumbrances or restrictions do not materially impair the ability of the Issuers to satisfy their obligations to make payments on the Notes when due
(as determined in good faith by the Company);  
 (2) imposed under any applicable documents or instruments pertaining
to any current or future Secured Indebtedness permitted under this Indenture (and relating solely to assets constituting collateral thereunder or cash proceeds from or generated by such assets); 

(3) existing under or by reason of applicable law, rule, regulation or order (including requirements imposed by any Gaming
Authority, Gaming Laws and any regulations, orders or decrees of any Gaming Authority or other applicable Governmental Authority), this Indenture, the Notes and the Note Guarantees; 

(4) on cash, Cash Equivalents or other deposits or net worth imposed under contracts entered into the ordinary course of
business, including such restrictions imposed by customers or insurance, surety or bonding companies; 
 (5) with respect to
a Foreign Subsidiary entered into in the ordinary course of business or pursuant to the terms of Indebtedness of a Foreign Subsidiary that was Incurred by such Foreign Subsidiary in compliance with the terms of this Indenture; 

(6) contained in any license, permit or other accreditation with a regulatory authority entered into in the ordinary course of
business; 
 (7) contained in agreements or instruments which prohibit the payment or making of dividends or other
distributions other than on a pro rata basis; 
 (8) existing with respect to any Person or the property or assets of any
Person acquired by the Company or any of its Restricted Subsidiaries or that otherwise becomes a Restricted Subsidiary, or with respect to any Person or the property or assets of any Person newly designated as a Restricted Subsidiary of the Company,
existing at the time of such acquisition or designation and not incurred solely in contemplation thereof, which encumbrances or restrictions are not applicable to any Person or the property or assets of the Person other than the Person or the
property or assets of the Person so acquired or designated; 

  
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 (9) in the case of clause (4) of Section 4.07(a): 

(A) that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease,
license, conveyance or contract or similar property or asset; 
 (B) existing by virtue of any transfer of, agreement to
transfer, option or right with respect to, or Lien on, any property or assets of the Company or any Restricted Subsidiary not otherwise prohibited by this Indenture; 

(C) existing under or by reason of Finance Leases or purchase money obligations for property acquired in the ordinary course of
business that impose restrictions on that property; or 
 (D) arising or agreed to in the ordinary course of business, not
relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or assets of the Company or any Restricted Subsidiary in any manner material to the Company and its Restricted Subsidiaries taken as
a whole; 
 (10) with respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for
the sale or disposition of all or substantially all of the Capital Stock of, or property and assets of, such Restricted Subsidiary (including any restrictions on distributions or on the making of loans or advances by that Restricted Subsidiary
pending its sale or other disposition); 
 (11) contained in the terms of any Indebtedness or any agreement pursuant to which
such Indebtedness was issued if: 
 (A) the encumbrance or restriction is not materially more disadvantageous to the Holders
of the Notes than is customary in comparable financings (as determined by the Company), and 
 (B) the encumbrances or
restrictions do not impair the ability of the Issuers to satisfy their obligations to make payments on the Notes (as determined in good faith by the Company); 

(12) existing under or by reason of restrictions on cash or other deposits or net worth imposed by customers under contracts
entered into in the ordinary course of business or cash earnest money deposits in favor of sellers in connection with acquisitions not prohibited under this Indenture; 

(13) restrictions applicable to any Unrestricted Subsidiary or any Joint Venture (or the Equity Interests thereof) or which
exist under or by reason of customary provisions contained in joint venture agreements and customary provisions in leases, in each case entered into in the ordinary course of business; 

(14) which exist under or by reason of Permitted Liens that limit the right of the debtor to transfer or otherwise dispose of
the assets subject to such Liens; 
 (15) which exist under the Loan Documents, the Existing Notes, the Existing Note
Guarantees or by reason of any Secured Hedge Agreement or any Secured Cash Management Agreement; provided that such encumbrances or restrictions do not materially impair the ability of the Issuers to satisfy their obligations to make payments
on the Notes (as determined in good faith by the Company); 

  
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 (16) restricting transfer, license or assignment of any licensing agreement
or other contract (or otherwise relating to the assets subject thereto) entered into by the Company or its Restricted Subsidiaries in the ordinary course of business; 

(17) which exist under or by reason of contractual obligations which (i) exist on the Issue Date and (ii) to the
extent contractual obligations permitted by clause (i) are set forth in an agreement evidencing Indebtedness, any agreement evidencing any permitted modification, replacement, renewal, extension or refinancing of such Indebtedness so long as
such modification, replacement, renewal, extension or refinancing is not (taken as a whole) materially less favorable to the Holders of the Notes; 

(18) any other encumbrances or restrictions so long as such encumbrances or restrictions do not materially impair the ability
of the Issuers to satisfy their obligations to make payments on the Notes (as determined in good faith by the Company); 

(19) in connection with and pursuant to permitted extensions, refinancings, renewals or replacements of restrictions imposed
pursuant to clauses (1) through (18) of this Section 4.07(b); provided that the encumbrances and restrictions in any such extensions, refinancings, renewals or replacements are no less favorable in any material respect, taken
as a whole, to the holders than those encumbrances or restrictions that are being extended, refinanced, renewed or replaced; 

(20) customary negative pledges and restrictions on Liens in favor of any holder of Indebtedness for borrowed money permitted
under Section 4.08; 
 (21) encumbrances or restrictions contained in the Master Leases; provided that such
encumbrances or restrictions apply solely to the Property subject to the applicable Master Lease; and 

(22) customary provisions in partnership agreements, limited liability company organizational governance documents, joint
venture agreements and other similar agreements that restrict the transfer of ownership interests in such partnership, limited liability company, joint venture or similar Person or provisions in agreements or instruments which prohibit the payment
of dividends or the making of other distributions with respect to any class of capital stock of a Person other than on a pro rata basis. 
 Nothing
contained in this Section 4.07 will prevent the Company or any of its Restricted Subsidiaries from restricting the sale or other disposition of property or assets of the Company or its Restricted Subsidiaries that secure Indebtedness of the
Company or any of its Restricted Subsidiaries. 
 Section 4.08 Incurrence of Indebtedness. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, Incur any Indebtedness if, immediately after giving effect
to the Incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, the aggregate principal amount of all outstanding Indebtedness of the Company and its Restricted Subsidiaries on a consolidated basis would be greater
than 65% of Adjusted Total Assets as of any date of Incurrence. 
 (b) The Company will not, and will not permit any of its Restricted
Subsidiaries to, Incur any Subsidiary Indebtedness or any Secured Indebtedness if, immediately after giving effect to the Incurrence of such Subsidiary Indebtedness or Secured Indebtedness and the receipt and application of the proceeds therefrom,
the aggregate principal amount of all outstanding Subsidiary Indebtedness and Secured Indebtedness of the Company and its Restricted Subsidiaries on a consolidated basis would be greater than 45% of Adjusted Total Assets as of any date of
Incurrence. 

  
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 (c) The Company will not, and will not permit any of its Restricted Subsidiaries to, Incur
any Indebtedness if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, the Interest Coverage Ratio of the Company and its Restricted Subsidiaries on a consolidated basis would be
less than 2.0 to 1.0 (calculated on a Pro Forma Basis). 
 (d) Notwithstanding clauses (a), (b) and (c) of this Section 4.08,
the Company or any of its Restricted Subsidiaries may Incur each and all of the following: 
 (1) Indebtedness of the Company
or any of the Subsidiary Guarantors outstanding under Credit Facilities and the issuance or creation of letters of credit and bankers’ acceptances thereunder or in connection therewith (with letters of credit and bankers acceptances being
deemed to have a principal amount equal to the face amount thereof), in an aggregate principal amount at any one time outstanding not to exceed the sum of (1) (x) $3,400.0 million plus (y) the aggregate principal amount of any
outstanding Incremental Term Loans (provided that after giving pro forma effect to any such incurrences of Indebtedness pursuant to this clause (y), the Company and its Restricted Subsidiaries are in compliance with paragraphs (a) and (b)
above) plus (2) in the case of any refinancing of any Indebtedness permitted under this clause (1) or any portion thereof, the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and
expenses Incurred in connection with such refinancing; 
 (2) Indebtedness owed to: 

(A) The Company or a Subsidiary Guarantor evidenced by an unsubordinated promissory note; or 

(B) any other Restricted Subsidiary; provided that if the Company or any Subsidiary Guarantor is an obligor, the
Indebtedness is subordinated in right of payment to the Notes, in the case of the Company, or the Note Guarantee, in the case of a Subsidiary Guarantor (except to the extent prohibited by applicable Gaming Law); and provided further that any
event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of such Indebtedness (other than to the Company or any other Restricted Subsidiary) shall be deemed, in each case, to constitute
an Incurrence of such Indebtedness not permitted by this clause (2)(B); 
 (3) the Notes to be issued on the Issue Date; 

(4) Indebtedness outstanding as of the Issue Date; 

(5) Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease,
discharge or refund other outstanding Indebtedness (other than clauses (1), (2), (6), (10), (11) and (13) of this Section 4.08(d)) plus the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and
other costs and expenses Incurred in connection with such refinancing (any such action, to “Refinance”), in an amount not to exceed the amount so Refinanced; provided that Indebtedness, the proceeds of which are used to
Refinance Subordinated Indebtedness, will be permitted under this clause (5) only if: 

  
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 (A) such new Indebtedness, by its terms or by the terms of any agreement or
instrument pursuant to which such new Indebtedness is issued or remains outstanding, is expressly made subordinate in right of payment to the Notes at least to the extent that the Indebtedness to be Refinanced is subordinated to the Notes; and 

(B) such new Indebtedness, determined as of the date of Incurrence of such new Indebtedness, does not mature prior to the
Stated Maturity of the Subordinated Indebtedness to be Refinanced, and the Average Life of such new Indebtedness is at least equal to the remaining Average Life of the Subordinated Indebtedness to be Refinanced; and 

provided further, that in no event may Indebtedness of the Company or a Subsidiary Guarantor that ranks equally with or
subordinate in right of payment to the Notes or such Subsidiary Guarantor’s Note Guarantee, as applicable, be Refinanced by means of any Indebtedness of any Restricted Subsidiary that is not a Subsidiary Guarantor pursuant to this clause (5);

 (6) Indebtedness: 

(A) constituting reimbursement obligations with respect to letters of credit in respect of workers’ compensation claims,
unemployment or other insurance or self-insurance obligations, performance or surety bonds or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims, self-insurance obligations, performance or
surety bonds or completion guarantees; provided, however, that upon the drawing of such letters of credit or the Incurrence of such Indebtedness, such obligations are reimbursed within 30 days following such drawing or Incurrence; 

(B) arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within 30 days of its Incurrence; and 

(C) arising from agreements providing for indemnification, adjustment of purchase price or similar obligations Incurred in
connection with the disposition of any business, assets or Restricted Subsidiary; 
 (7) Finance Lease Obligations, synthetic
lease obligations, mortgage financings or purchase money obligations Incurred after the Issue Date in an aggregate principal amount at any one time outstanding, including Indebtedness Incurred to Refinance Indebtedness Incurred pursuant to this
clause (7), not to exceed the greater of (i) $125.0 million and (ii) an amount equal to 2.0% of Adjusted Total Assets as of any date of Incurrence; 

(8) Indebtedness of the Company, to the extent the net proceeds therefrom are promptly: 

(A) used to purchase Notes tendered in an Offer to Purchase made as a result of a Change of Control; or 

(B) deposited to defease or discharge the Notes as described in Articles 8 and 11 hereof; 

  
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 (9) Note Guarantees and Guarantees of other Indebtedness of the Company or
any Subsidiary Guarantor by any of its Restricted Subsidiaries; provided that such Indebtedness was permitted to be Incurred pursuant to another clause of this Section 4.08; 

(10) Indebtedness of the Company or any of its Restricted Subsidiaries consisting of financing of insurance premiums incurred
in the ordinary course of business; 
 (11) customer deposits and advance payments received in the ordinary course of
business from customers in the ordinary course of business; 
 (12) additional Indebtedness, Incurred after the Issue Date,
of the Company and its Restricted Subsidiaries in an aggregate principal amount at any one time outstanding, including all Indebtedness Incurred to Refinance Indebtedness Incurred pursuant to this clause (12), not to exceed the greater of
(i) $200.0 million and (ii) an amount equal to 3.0% of Adjusted Total Assets as of any date of Incurrence; 

(13) Indebtedness constituting Interim Assumed Drop-Down Indebtedness; provided that (x) to the extent such
Indebtedness remains outstanding after the date that is 15 days after the original Incurrence thereof, such Indebtedness shall no longer be permitted to be Incurred pursuant to this clause (13) and must otherwise be permitted under another
provision of this Section 4.08 and (y) to the extent such Indebtedness is extended, refinanced, renewed or replaced such extension, refinancing, renewal or replacement, as applicable, shall not be permitted pursuant to this clause (13);

 (14) Indebtedness under Secured Cash Management Agreements and in respect of netting services, overdraft protections and
otherwise in connection with deposit accounts, commercial credit cards, stored value cards, purchasing cards and treasury management services, including any obligations pursuant to Cash Management Agreements, and other netting services, overdraft
protections, automated clearing-house arrangements, employee credit card programs, controlled disbursement, ACH transactions, return items, interstate depository network service, Society for Worldwide Interbank Financial Telecommunication transfers,
cash pooling and operational foreign exchange management, and in each case, similar arrangements and otherwise in connection with cash management, including cash management arrangements among the Company and its Subsidiaries; 

(15) any Guarantee issued by the Company pursuant to the matters described in any indemnity agreements entered into for the
benefit of a title company that has been engaged by the Company or any of its Restricted Subsidiaries; 
 (16) Guarantees
issued by the Company or any of its Restricted Subsidiaries of any Indebtedness of joint ventures or Unrestricted Subsidiaries (and each such Guarantee will reduce amounts available pursuant to clauses (3), (18) or (19) of the definition
of “Permitted Investments,” as applicable, on a dollar-for-dollar basis by the full amount of such Guarantee to the extent that any payments are made by the
Company or any of its Restricted Subsidiaries in respect of such Guarantee), if (i) both before and after giving effect to the incurrence of each such Guarantee, no Event of Default has occurred or is continuing, and (ii) to the extent
that any payments are made by the Company or any of its Restricted Subsidiaries in respect of such Guarantee incurred pursuant to this clause (16), the applicable dollar limitations set forth in clauses (3), (18) or (19) of the definition
of “Permitted Investments,” as applicable, would not be exceeded after giving effect to the full amount of any Guarantees that have become payable by the Company or any of its Restricted Subsidiaries if the full amount of such Guarantees
were being incurred as Investments thereunder; 

  
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 (17) Indebtedness of the Company or any Restricted Subsidiary supported by a
letter of credit issued under any Credit Facilities in an aggregate principal amount not to exceed the stated amount of such letter of credit (but which stated amount may include the amount of any anticipated premiums, expenses (including upfront
fees and original issue discount) and any accretion in the principal amount thereof); 
 (18) contractual indemnity
obligations entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business in connection with the normal course of operation of its casinos and other property; 

(19) obligations (contingent or otherwise) existing or arising under any Hedging Obligations or Swap Contracts (including
Secured Hedge Agreements) incurred in the ordinary course of business; 
 (20) Indebtedness of a Restricted Subsidiary that
is a non-Subsidiary Guarantor in an amount not to exceed the greater of (i) $25.0 million and (ii) an amount equal to 0.5% of Adjusted Total Assets as of any date of Incurrence in the aggregate
for all such Restricted Subsidiaries at any time and, without duplication, Indebtedness Incurred to Refinance Indebtedness Incurred pursuant to this clause (20); 

(21) Indebtedness incurred in connection with any Sale and Leaseback Transaction (including any Indebtedness Incurred to
Refinance Indebtedness Incurred pursuant to this clause (21)); and 
 (22) Indebtedness (x) of a Person that
becomes a Restricted Subsidiary after the date hereof, that existed at the time such Person became a Restricted Subsidiary and was not created (but may have been amended) in anticipation or contemplation thereof and (y) assumed in connection
with any Investment permitted under this Indenture and not created (but may have been amended) in anticipation or contemplation thereof, in each case under this clause (22), as long as immediately after giving effect thereto, after giving pro forma
effect to such transaction, either (a) the Interest Coverage Ratio immediately following such transaction and related incurrence or assumption (including a pro forma application of the net proceeds therefrom) would be at least 2.0 to 1.0 or
(b) the pro forma Interest Coverage Ratio would be greater than the actual Interest Coverage Ratio immediately prior to such acquisition, incurrence or assumption. 

(e) For purposes of determining compliance with any U.S. dollar restriction on the Incurrence of Indebtedness where the Indebtedness Incurred
is denominated in a different currency, the amount of such Indebtedness will be the U.S. Dollar Equivalent determined on the date of the Incurrence of such Indebtedness; provided, however, that if any such Indebtedness denominated
in a different currency is subject to a Currency Agreement with respect to U.S. dollars covering all principal, premium, if any, and interest payable on such Indebtedness, the amount of such Indebtedness expressed in U.S. dollars will be as provided
in such Currency Agreement. 
 (f) For purposes of determining any particular amount of Indebtedness under this Section 4.08,
Guarantees, Liens or obligations with respect to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount will not be included. 

  
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 (g) For purposes of determining compliance with this Section 4.08, in the event that an
item of Indebtedness meets the criteria of more than one of the types of Indebtedness described in the above clauses of Section 4.08(d) or is Incurred in compliance with clauses (a), (b) and (c) of this Section 4.08, as
applicable, the Company, in its sole discretion, may classify such item of Indebtedness and only be required to include the amount and type of such Indebtedness in one of such categories; provided that the Company may divide and classify an
item of Indebtedness in one or more of the types of Indebtedness and may later reclassify all or a portion of such item of Indebtedness, in any manner that complies within this Section 4.08. Indebtedness under the Credit Agreement outstanding
on the Issue Date will initially be deemed to have been incurred on such date in reliance on the exception provided by clause (d)(1) of this Section 4.08. 

(h) 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 4.09 Asset Sales. 

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

(1) the consideration received by the Company or such Restricted Subsidiary is at least equal to the Fair Market Value of the
assets sold or disposed of, and 
 (2) at least 75% of the consideration received by the Company or such Restricted
Subsidiary consists of cash or Cash Equivalents; provided that, with respect to the sale of one or more Properties, up to 75% of the consideration may consist of Indebtedness of the purchaser of such Properties so long as such Indebtedness is
secured by a first priority Lien on the Properties sold; provided further that, for purposes of this clause (2), the amount of the following will be deemed to be cash: 

(A) any liabilities of the Company or any such Restricted Subsidiaries (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; 

(B) any securities 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 90 days of the consummation of such Asset Sale; and 

  
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 (C) any Designated Non-cash
Consideration received by the Issuers or such Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant
to this clause (C) that is at that time outstanding, not to exceed the greater of (i) $50.0 million and (ii) an amount equal to 1% of Adjusted Total Assets, with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value. 

(b) Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Company will or will cause such Net Cash Proceeds (or an
amount equal to the amount of such Net Cash Proceeds) to be applied to: 
 (1) permanently reduce Secured Indebtedness of the
Company or any Subsidiary Guarantor or Indebtedness of any other Restricted Subsidiary that is not a Subsidiary Guarantor, in each case owing to a Person other than the Company or any of its Restricted Subsidiaries; or 

(2) make a capital expenditure or invest in property or assets (other than current assets) of a nature or type or that are used
in the business of the Company or any of its Restricted Subsidiaries existing on the date of such capital expenditure or investment (or enter into a definitive agreement committing to make such capital expenditure or so invest within 12 months after
the receipt of such Net Cash Proceeds). 
 Pending the application of any such Net Cash Proceeds as described above, the Company may invest
such Net Cash Proceeds in any manner that is not prohibited by this Indenture. The amount of such excess Net Cash Proceeds required to be applied (or to be committed to be applied) during such 365-day period
as set forth in the preceding sentence and not applied as so required by the end of such period will constitute “Excess Proceeds.” If, as of the first day of any calendar month, the aggregate amount of Excess Proceeds not previously
subject to an Offer to Purchase pursuant to this Section 4.09 totals more than $100.0 million, the Company must commence, not later than the fifteenth Business Day of such month, and consummate an Offer to Purchase from the Holders of the
Notes and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to an Offers to Purchase or redeem with the proceeds of sales of assets, on a pro rata
basis, an aggregate principal amount of Notes and such other pari passu Indebtedness equal to the Excess Proceeds on such date, at a purchase price equal to 100% of the principal amount of the Notes and such other pari passu Indebtedness plus, in
each case, accrued interest and Additional Interest, if any, to the Payment Date. 
 If the aggregate principal amount of Notes and other
pari passu Indebtedness with the Notes tendered into such Offer to Purchase exceeds the amount of Excess Proceeds, then the Notes and such other pari passu Indebtedness will be purchased on a pro rata basis based on the principal amount of the Notes
and such other pari passu Indebtedness tendered. Upon completion of each Offer to Purchase, any remaining Excess Proceeds subject to such Offer to Purchase will no longer be deemed to be Excess Proceeds and may be applied to any other purpose not
prohibited hereunder. 
 The Issuers 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 Offer to Purchase in connection with an Asset Sale. To the
extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.09, the Issuers will comply with the applicable securities laws and regulations and will not be deemed to have breached their
obligations under this Section 4.09 by virtue of such compliance. 

  
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 Section 4.10 Transactions with Affiliates.  

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to enter into, renew or extend any transaction of any kind
with any Affiliate of the Company or any of its Restricted Subsidiaries (other than transactions between or among the Company and the Restricted Subsidiaries), in each case, involving consideration in excess of $50.0 million (an
“Affiliate Transaction”) for any transaction or series of related transactions, except upon terms (taken as a whole) that are not materially less favorable to the Company or such Restricted Subsidiary than could be obtained, at the
time of such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the agreement providing therefor, in a comparable arm’s-length transaction with a
Person that is not such an Affiliate. 
 (b) The foregoing limitation does not limit, and will not apply to: 

(1) transactions (A) approved by (i) a majority of the disinterested members of the Board of Directors of Holdings or
(ii) a majority of the conflicts committee of Holdings constituted as set forth in the limited liability company agreement of Holdings (as in effect from time to time) or (B) for which the Company or any Restricted Subsidiary delivers to
the Trustee a written opinion of an independent qualified real estate appraisal firm or a nationally recognized investment banking, accounting or appraisal firm, stating that the transaction is fair to the Issuers or such Restricted Subsidiary from
a financial point of view; 
 (2) any transaction solely among the Company and any of its Restricted Subsidiaries or solely
among Restricted Subsidiaries of the Company; 
 (3) any payments or other transactions pursuant to any tax-sharing agreement between or among the Company, any Restricted Subsidiaries, Holdings or any direct or indirect parent thereof, and any transactions undertaken for the purpose of improving the consolidated tax
efficiency of any direct or indirect parent entity of the Company (each, a “Parent Entity”), any Restricted Subsidiaries or Holdings (provided that such transactions, taken as a whole, are not materially adverse to the Company and
the Restricted Subsidiaries (as determined by the Company in good faith)); 
 (4) (i) any Restricted Payments or Investments
not prohibited by Section 4.06 hereof, (ii) the Incurrence of any Indebtedness permitted under clauses (d)(2), (9), (13), (16), (20) and (22) of Section 4.08 hereof, (iii) any sales or other dispositions of assets that do
not constitute “Asset Sales” or are excluded from the definition of “Asset Sales” pursuant to the first sentence of such definition in this Indenture or clauses (D), (F) and (T) of such definition and (iv) the
Incurrence of any Liens constituting “Permitted Liens” pursuant to clauses (8), (11) through (42), (44) or (45) of such definition; 

(5) payments or other transactions (including the payment of any fees and expenses in connection therewith) pursuant to or in
connection with (i) the Partnership Agreement, (ii) the MGM Agreements, (iii) the Northfield Agreements, (iii) the Empire City Agreements, (iv) the Park Agreements and (v) transactions pursuant to agreements generally
described in the Offering Memorandum or any amendment, modification, or supplement thereto or replacement thereof, as long as such agreement or arrangement, as so amended, modified, supplemented or replaced, taken as a whole, is not, in the
reasonable determination of the Company, materially less favorable to the Company and the Restricted Subsidiaries than the original agreement or arrangement in existence on the Issue Date; 

  
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 (6) director’s fees and any employment, consulting, service, severance
or termination agreement, or reasonable and customary indemnification arrangements, entered into by the Company (or any direct or indirect parent company thereof) or any of its Restricted Subsidiaries with officers, directors, employees and
consultants of the Company (or any direct or indirect parent company thereof) or its Restricted Subsidiaries that are Affiliates of the Company or its Subsidiaries and the payment of compensation, customary fees, perquisites and fringe benefits and
the issuance of securities to such officers, directors, employees and consultants (including amounts paid pursuant to employee benefit plans, employee stock option or similar plans), or loans and advances to any officer, director or employee, in the
ordinary course of business; 
 (7) commission, payroll, reasonable out-of-pocket costs, travel and similar advances or loans (including payment or cancellation thereof) to officers and employees of the Company or any of its Subsidiaries to the extent attributable to the
ownership, management or operation of the Company and its Subsidiaries; 
 (8) the issuance, sale or transfer, and
transactions related to the issuance, sale or transfer, of Equity Interests of the Company to Affiliates or any Parent Entity, including in connection with capital contributions by such Affiliates or Parent Entity to the Company or any Restricted
Subsidiary; 
 (9) any transaction with any Person who is not an Affiliate immediately before the consummation of such
transaction that becomes an Affiliate as a result of such transaction; 
 (10) any transaction with a joint venture,
partnership, limited liability company or other entity that would constitute an Affiliate Transaction solely because the Company or a Restricted Subsidiary owns an equity interest in such joint venture, partnership, limited liability company or
other entity; 
 (11) (i) license or lease agreements with any Unrestricted Subsidiary or joint venture on terms which, taken
as a whole together with all related transactions with such Unrestricted Subsidiary or joint venture, are commercially reasonable, (ii) other agreements and transactions in the ordinary course of business (and reasonable extensions of such
course of business) with, or for the benefit of, any Unrestricted Subsidiary or joint venture that are commercially reasonable or are materially consistent with the past practices of the Company, which shall include transactions with sub-tenants of Real Property, and (iii) any agreement by an Unrestricted Subsidiary or joint venture to pay management, development or other similar fees to the Company or a Subsidiary Guarantor, directly or
indirectly, relating to the provision of management services, overhead, sharing of customer lists and customer loyalty programs; 

(12) transactions contemplated by each applicable Transfer Agreement; 

(13) agreements with joint ventures and Unrestricted Subsidiaries to facilitate arrangements related to (i) easements,
exceptions, reservations, or other agreements for the purpose of pipelines, conduits, cables, wire communication lines, power lines and substations, streets, trails, walkways, traffic signals, drainage, irrigation, water, electricity and sewerage
purposes, dikes, canals, ditches, the removal of oil, gas, coal, or other minerals, and other like purposes affecting Property, facilities, or equipment which individually or in the aggregate do not materially burden or impair the Fair Market Value
or use of such Property for the purposes for which it is or may reasonably be expected to be held or (ii) easements, exceptions, reservations, or other agreements for the purpose of facilitating the joint or common use of Property in or
adjacent to a neighboring development, shopping center, utility company, public facility or other projects affecting Property which individually or in the aggregate do not materially burden or impair the Fair Market Value or use of such Property for
the purposes for which it is or may reasonably be expected to be held; 

  
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 (14) future leases and subleases between MGM or its Subsidiaries and the
Company or its Restricted Subsidiaries (provided that such transactions, taken as a whole, are not materially adverse to the Company and the Restricted Subsidiaries (as determined by the Company in good faith)); 

(15) leases or subleases not interfering in any material respect with the ordinary conduct of the business of the Company and
the Subsidiary Guarantors (which, for the avoidance of doubt, includes operating subleases) and licenses or sublicenses of Intellectual Property made in the ordinary course of business, and termination of leases (other than the Master Lease) and
Swap Contracts in the ordinary course of business; or 
 (16) Indebtedness of the Company or any Restricted Subsidiary owed
to the Company or any Restricted Subsidiary; provided that (except to the extent prohibited by applicable Gaming Law) Indebtedness of the Company or any Subsidiary Guarantor owing to a Restricted Subsidiary that is not a Subsidiary Guarantor
shall be subordinated to the Notes; and 
 (17) (i) the exercise by the Company of rights under derivative securities linked
to Equity Interests underlying Convertible Indebtedness or similar products purchased by the Company or Holdings in connection with the issuance of Convertible Indebtedness and (ii) any termination fees or similar payments in connection with
the termination of warrants or other Equity Interests issued in connection with such Convertible Indebtedness. 
 Notwithstanding the foregoing, any
transaction or series of related transactions covered by Section 4.10(a) hereof and not covered by clauses (2) through (18) of Section 4.10(b) hereof the aggregate amount of which exceeds $50.0 million in value must be approved
or determined to be fair in the manner provided for in clause (1)(A) or (B) above. 
 Section 4.11 Liens. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause to become effective
any Lien of any kind (other than Permitted Liens) that secures Obligations upon any of their property or assets, now owned or hereafter acquired, unless all payments due under this Indenture and the Notes are secured on an equal and ratable or prior
basis with the Obligations so secured until such time as such Obligations are no longer secured by a Lien; provided that this Section 4.11 will not restrict the granting of Liens on securities issued by any gaming licensee until all
required approvals of this Section 4.11 have been obtained under applicable Gaming Laws. 
 For purposes of determining compliance with
this Section 4.11, in the event that any Lien meets the criteria of more than one of the types of Liens described under the definition of “Permitted Liens,” the Company, in its sole discretion, may classify such Lien in one such type
of Permitted Liens; provided that the Company may divide and classify a Lien in one or more of the types of Permitted Liens and may later reclassify all or a portion of such Lien, in any manner that complies within this Section 4.11.

  
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 Section 4.12 Corporate Existence. 

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

(1) their corporate, partnership or other existence, and the corporate, partnership or other existence of each of their
Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Issuers or any such Restricted Subsidiary (it being understood that legal name changes may be made upon the
reasonable discretion of the Issuers); and 
 (2) the rights (charter and statutory) and licenses of the Issuers and their
Restricted Subsidiaries; 
 provided, however, that the Issuers shall not be required to preserve any such right or license, or the corporate,
partnership or other existence of any of their Restricted Subsidiaries, if the loss thereof would not reasonably be expected to be materially adverse to the Issuers and their Subsidiaries, taken as a whole. 

Section 4.13 Offer to Repurchase Upon Change of Control.  

(a) Unless the Company has previously or concurrently sent a redemption notice with respect to all existing Notes as described in
Section 3.07 and all conditions precedent applicable to such redemption notice have been satisfied, within 30 days following any Change of Control or, at the option of the Company, prior to any Change of Control, but after public announcement
of the transaction or transactions that constitute or may constitute the Change of Control, the Company shall be required to commence an Offer to Purchase for all Notes then outstanding at a purchase price equal to 101% of the principal amount of
the Notes, plus accrued and unpaid interest and Additional Interest, if any, to the Payment Date. The Offer to Purchase will, if sent prior to the date on which the Change of Control occurs, describe the transaction or transactions that constitute
or may constitute the Change of Control, and state that the Offer to Purchase is conditioned on the Change of Control occurring on or prior to the applicable Payment Date. 

(b) There can be no assurance that the Company will have sufficient funds available at the time of any Change of Control to make any debt
payment (including repurchases of Notes) required by the foregoing covenant (as well as any covenant that may be contained in other securities of the Company or that might be outstanding at the time). 

(c) Subject to the following clause, the provisions described above that require the Company to make an Offer to Purchase following a Change of
Control will be applicable regardless of whether any other provisions of this Indenture are applicable. Except as described above with respect to a Change of Control, this Indenture does not contain provisions that permit the Holders of the Notes to
require that the Company repurchase or redeem the Notes in the event of a takeover, recapitalization or similar transaction. In addition, Holders of Notes may not be entitled to require the Company to purchase their Notes in certain circumstances
involving a significant change in the composition of the Company’s Board of Directors. 
 (d) The Company will not be required to make
an Offer to Purchase upon a Change of Control if a third party makes the Offer to Purchase in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to an Offer to Purchase made by the
Company and purchases all Notes validly tendered and not withdrawn under such Offer to Purchase. 
 (e) If Holders of not less than 90.0% in
aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer to Purchase and the Company, or any third party making an Offer to Purchase in lieu of the Company as described above,
purchases all of the Notes validly tendered and not withdrawn by such holders, the Company will have the right, upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days

  
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following such purchase pursuant to the Change of Control Offer to Purchase described above, to redeem all Notes that remain outstanding following such purchase at a redemption price in cash
equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest and Additional Interest, if any, to, but not including such purchase date. 

(f) The Company will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities
laws or regulations in connection with the repurchase of Notes as a result of Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.13, we will comply with the
applicable securities laws and regulations and will not be deemed to have breached our obligations under this Section 4.13 by virtue of our compliance with such securities laws or regulations 

(g) If the terms of any Credit Facilities prohibit the Company from making an Offer to Purchase or from purchasing the Notes pursuant thereto,
prior to the sending of the notice to Holders, but in any event within 30 days following any Change of Control, the Company covenants to: 

(1) repay in full all Indebtedness outstanding under such Credit Facilities or offer to repay in full all such Indebtedness and
repay the Indebtedness of each lender who has accepted such offer; or 
 (2) obtain the requisite consent under such Credit
Facilities to permit the purchase of the Notes as described above. 
 The Company must first comply with the covenant described in clause
(g) above before it will be required to purchase Notes in the event of a Change of Control; provided, however, that the Company’s failure to comply with the covenant described in clause (g) above or to make an Offer to
Purchase because of any such failure shall constitute a Default described in clause (4) in Section 6.01 (and not under clause (3) thereof); provided further, if the Company has instituted any liability management
procedures or is otherwise engaged in obtaining the requisite consents under such Credit Facilities to permit the purchase of the Notes (such engagement to be determined by the Company in its sole discretion), the Company shall have an additional 30
days following the initial 30 day period after the occurrence of a Change of Control to secure such consents and no Default shall have occurred if such consents are obtained within such 30 day period. 

The Issuers 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 of Control. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Section 4.13, the Issuers will comply with the applicable securities laws and regulations and will not be deemed to have breached their obligations under this Section 4.13 by virtue of such
compliance. 
 Section 4.14 Limitation on Issuances of Guarantees by Subsidiary Guarantors.  

The Company will not permit any Subsidiary Guarantor to Guarantee, directly or indirectly, any Indebtedness of the Company, or any Subsidiary
Guarantor (“Guaranteed Indebtedness”), unless, if the Guaranteed Indebtedness: 
 (1) ranks equally in right of payment with
the Notes or a Note Guarantee, then the Guarantee of such Guaranteed Indebtedness will rank equally with, or subordinate to, Note Guarantee; or 

  
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 (2) is subordinate in right of payment to the Notes or a Note Guarantee, then the Guarantee
of such Guaranteed Indebtedness will be subordinated in right of payment to the Note Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated in right of payment to the Notes or such Note Guarantee. 

Section 4.15 Fall-Away Event. 

In the event of the occurrence of a Fall-Away Event, the Company and its Restricted Subsidiaries will not be subject to Sections 4.06, 4.07,
4.08, 4.09, 4.10, 4.14 or 5.01(3); provided, however, that Section 4.08 and Section 4.14, as applicable, will remain applicable to the Company and its Restricted Subsidiaries for so long as any of the Existing Notes are
outstanding which contain a substantially similar covenant. The Issuers shall deliver promptly to the Trustee an Officers’ Certificate notifying the Trustee of the occurrence of the Fall-Away Date. The Trustee shall not have any duty to monitor
whether or not a Fall-Away Date has occurred nor any duty to notify the Holders of any of the foregoing. 
 Section 4.16 Restrictions on Activities
of the Co-Issuer. 
 The Co-Issuer does not
and will not hold any material assets, and will not become liable for any material obligations or engage in any significant business activities; provided that the Co-Issuer may issue Equity Interests to
the Company and may be a co-obligor or guarantor with respect to Indebtedness if the Company is a primary obligor of such Indebtedness and the net proceeds of such Indebtedness are received by the Company or
one or more of the Company’s Subsidiaries (other than the Co-Issuer), and may engage in activities related thereto or necessary in connection therewith. 

Section 4.17 Master Lease. 

The Company will not enter into any amendment to the Master Lease unless (a) such amendment is approved by (i) a majority of the
disinterested members of the Board of Directors of Holdings or (ii) a majority of the conflicts committee of Holdings constituted as set forth in the limited liability company agreement of Holdings (as in effect from time to time), (b) such
amendment would not materially impair the ability of the Issuers to satisfy their obligations to make payments on the Notes (as determined in good faith by the Company) or (c) such amendment is entered into in order to effectuate an acquisition
of property or assets by the Company that are leased back to the Tenant under the Master Lease; provided that amendments of the Master Lease (and any corresponding rent reduction) pursuant to the terms of the Master Lease in connection with a
casualty event or an asset sale in each case made in accordance with the Master Lease shall not be deemed to materially impair the ability of the Issuers to satisfy their obligations to make payments on the Notes or to materially impair the rights
and remedies of the Holders of the Notes. 
 Section 4.18 Future Guarantors. 

If, after the Issue Date, any Wholly Owned Subsidiary of the Company (including any newly formed, newly acquired or newly redesignated
Restricted Subsidiary, but excluding any Excluded Subsidiary) that is not then an Issuer or a Subsidiary Guarantor, Guarantees any Indebtedness of the Issuers or any other Subsidiary Guarantor under any Credit Facility or any Capital Markets
Indebtedness of the Issuers or any other Subsidiary Guarantor, then, the Issuers shall cause such Restricted Subsidiary, within 20 Business Days of the date that such Indebtedness has been guaranteed, to execute and deliver to the Trustee a
supplemental indenture in the form of Exhibit E hereto pursuant to which such Restricted Subsidiary shall become a Subsidiary Guarantor under this Indenture providing for a Guarantee by such Restricted Subsidiary on the same terms and
conditions as those set forth in this Indenture and applicable to the other Subsidiary Guarantors; provided that this Section 4.18 will not be applicable to any Guarantee of any Restricted Subsidiary that existed at the time such Person
became a Restricted Subsidiary and that was not Incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. 

  
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 ARTICLE 5 

SUCCESSORS 
 Section 5.01 Consolidation,
Merger and Sale of Assets. 
 The Company will not consolidate or merge with or into, or sell, convey, transfer or otherwise dispose
(collectively, a “transfer”) of all or substantially all of its property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions) to, any Person or permit any Person to merge
with or into the Company unless: 
 (1) the Company is the continuing Person, or the Person (if other than the Company)
formed by such consolidation or into which the Company is merged or that acquired such property and assets of the Company is an entity organized and validly existing under the laws of the United States of America or any state or jurisdiction thereof
and expressly assumes, by a supplemental indenture, executed and delivered to the Trustee, all of the obligations of the Company on the Notes, the Note Guarantees and under this Indenture and the Registration Rights Agreement; 

(2) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 (3) in the case of a transaction involving the Company, immediately after giving effect to such transaction on a Pro Forma
Basis, the Company, or any Person becoming the successor obligor of the Notes, as the case may be, (A) could Incur at least $1.00 of Indebtedness in compliance with both clause (a) and clause (c) of Section 4.08 hereof or
(B) has a Leverage Ratio that is no higher than the Leverage Ratio of the Company immediately before giving effect to the transaction and any related Incurrence of Indebtedness; provided that this clause (3) will not apply to
(i) a consolidation or merger of one or more Restricted Subsidiaries with or into the Company or (ii) any merger effected solely to change the state of domicile of the Company; and 

(4) if the Company will not be the continuing Person, the Company delivers to the Trustee an Officers’ Certificate and an
Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental indenture complies with this provision and that all conditions precedent provided for herein relating to such transaction have been complied
with. 
 Notwithstanding the foregoing, this Section 5.01 shall not apply to the lease of all or substantially all of the real estate
assets of the Company or any of its respective Subsidiaries to MGM or its Subsidiaries or another operator pursuant to a Master Lease or other similar leases. 

Section 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger or any transfer of all or substantially all of the Company’s assets, in accordance with the foregoing,
the successor Person formed by such consolidation or into which the Company is merged or to which such transfer is made, will succeed to, be substituted for, and may exercise every one of the Company’s rights and powers under this Indenture
with the same effect as if such successor Person had been named therein as the Company and, except in the case of the lease or a 

  
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sale or other transfer of less than all assets, the Company will be released from the obligations under the Notes. For the avoidance of doubt, the restrictions set forth in Section 5.01
hereof will not apply to any consolidation, merger or liquidation of the Co-Issuer into or with the Company, any dissolution of the Co-Issuer, or any transfer of all or
substantially all of the property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions) of the Co-Issuer to the Company, in each case where the Company
is the surviving entity. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 
 Section 6.01
Events of Default. 
 Each of the following is an “Event of Default”: 

(1) default in the payment of principal of, or premium, if any, on any note when it is due and payable at maturity, upon
acceleration, redemption or otherwise; 
 (2) default in the payment of interest on any Note when it is due and payable, and
such default continues for a period of 30 days; 
 (3) default in the performance or breach of Section 5.01 hereof or
the failure by the Issuers or any of their Restricted Subsidiaries to make or consummate an Offer to Purchase in accordance with Sections 4.09 or 4.13; 

(4) the Issuers or the Company defaults in the performance of or breaches any other covenant or agreement of the Issuers or the
Company in this Indenture or under the Notes (other than a default specified in clause (1), (2) or (3) above) and such default or breach continues for a period of 60 consecutive days upon written notice by the Trustee or the Holders of 25%
or more in aggregate principal amount of the Notes; 
 (5) there occurs with respect to any issue or issues of Indebtedness
of the Issuers or the Company or any Significant Subsidiary having an outstanding principal amount of (i) $200.0 million or more in the aggregate, in the case of Recourse Indebtedness (other than the Notes), or
(ii) $300.0 million or more in the aggregate, in the case of Non-Recourse Indebtedness, in each case, for all such issues of all such Persons, whether such Indebtedness now exists or is created after
the date of this Indenture: 
 (A) an event of default that has caused the Holders thereof to declare such Indebtedness to be
due and payable prior to its Stated Maturity and such Indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of such acceleration; and/or 

(B) the failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall
not have been made, waived or extended within 30 days of such payment default; 
 (6) other than in connection with any
transaction not prohibited by Section 4.17, the Master Lease shall have terminated or the Master Lease Guaranty shall have terminated (other than in accordance with the terms of the Master Lease or the Master Lease Guaranty); provided
that such termination shall not constitute an Event of Default (and neither the Trustee nor any Holder of Notes shall take any corresponding actions as if such termination constituted an Event of Default) if within 90 days after such termination the
Company has entered into one or more Permitted Replacement Leases (or in the case of the Master Lease Guaranty, a replacement guaranty is entered into in accordance with the Master Lease); 

  
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 (7) any final judgment or order (not covered by insurance) for the payment
of money in excess of $200.0 million for all such final judgments or orders against the Company or any Significant Subsidiary: 

(A) is rendered against the Company or any Significant Subsidiary and is not paid or discharged; and 

(B) there shall be any period of 60 consecutive days following entry of the final judgment or order that causes the aggregate
amount for all such final judgments or orders outstanding and not paid or discharged against the Company or any Significant Subsidiary to exceed $200.0 million during which a stay of enforcement of such final judgment or order, by reason of a
pending appeal or otherwise, shall not be in effect; 
 (8) a court having jurisdiction enters a decree or order for: 

(A) relief in respect of the Company or any Significant Subsidiary in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect; 
 (B) appointment of a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Company or any Significant Subsidiary; or 

(C) the winding up or liquidation of the affairs of the Company or any Significant Subsidiary and, in each case, such decree or
order remains unstayed and in effect for a period of 60 consecutive days; 
 (9) the Company or any Significant Subsidiary:

 (A) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or consents to the entry of an order for relief in an involuntary case under such law; 
 (B) consents to the
appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Company or
any Significant Subsidiary; 
 (C) effects any general assignment for the benefit of its creditors; or 

(10) any Note Guarantee ceases to be in full force and effect (other than in accordance with the terms of such Note Guarantee
and this Indenture) or any Subsidiary Guarantor notifies the Trustee in writing that it denies or disaffirms its obligations under its Note Guarantee. 

  
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 Section 6.02 Acceleration. 

If an Event of Default (other than an Event of Default specified in Section 6.01(8) or (9) above that occurs with respect to the
Company or any Significant Subsidiary) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Issuers (and to the Trustee if
such notice is given by the Holders), may, and the Trustee at the request of the Holders of at least 25% in aggregate principal amount of the Notes then outstanding will, declare the principal of, premium, if any, and accrued interest on the Notes
to be immediately due and payable. Upon a declaration of acceleration, such principal of, premium, if any, and accrued interest will be immediately due and payable. In the event of a declaration of acceleration because an Event of Default set forth
in Section 6.01(5) above has occurred and is continuing, such declaration of acceleration will be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant to Section 6.01(5) shall be remedied
or cured by the Issuers or the relevant Significant Subsidiary or waived by the Holders of the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto. 

If an Event of Default specified in Section 6.01(8) or (9) above occurs with respect to the Company or any Significant Subsidiary,
the principal of, premium, if any, and accrued interest on the Notes then outstanding will automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of at least
a majority in principal amount of the outstanding Notes by written notice to the Issuers and to the Trustee, may waive all past defaults and rescind and annul a declaration of acceleration and its consequences if: 

(X) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become
due solely by such declaration of acceleration, have been cured or waived, and 
 (Y) the rescission would not conflict with any judgment or
decree of a court of competent jurisdiction. 
 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, or interest or Additional 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 a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders
of all of the Notes 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, or interest or Additional 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. 

  
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 Section 6.05 Control by Majority. 

The Holders of at least a majority in aggregate principal amount of the 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 the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the
Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with
any such direction received from Holders. 
 Section 6.06 Limitation on Suits. 

A Holder of a Note may not pursue any remedy with respect to this Indenture or the Notes unless: 

(1) the Holder gives the Trustee written notice of a continuing Event of Default; 

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

  
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 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 allowed in any judicial proceedings relative to the Issuers (or any other
obligor upon the Notes), their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10 Priorities. 

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

First: to the Trustee, in each of its capacities hereunder, its agents and attorneys for amounts due under
Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred (including, without limitation, reasonable and documented fee and expenses of legal counsel), 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, and interest and Additional 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, and interest and Additional Interest, if any,
respectively; and 
 Third: to the Issuers or to such party as a court of competent jurisdiction shall direct. 

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

Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, 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. 

  
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 ARTICLE 7 

TRUSTEE 
 Section 7.01 Duties of
Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall 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 thereof, 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 shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture, as modified or supplemented by a supplemental indenture, if any, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

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

(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 clause (c) does not limit the effect of clause (b) of this Section 7.01;

 (2) the Trustee shall 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 shall 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
clauses (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 shall be under no obligation to exercise any of its rights or 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. 

  
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 (f) The Trustee shall not be liable for interest on any money received by it and all such
moneys shall remain uninvested except as the Trustee may agree in writing with the Issuers. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) The Trustee shall not be deemed to have notice of any Default or Event of Default, except an Event of Default under Section 6.01(1) or
6.01(2), unless a Responsible Officer has received written notice of such Default or Event of Default at the Corporate Trust Office of the Trustee. 

Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting,
it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall 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 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 and agents and will not be responsible for the misconduct or negligence of any
attorney or agent appointed with due care. 
 (d) The Trustee shall 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 Issuers shall be sufficient if signed by an Officer of the Issuers. 

(f) In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

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

(h) The Trustee may request that the Issuers deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture. 
 (i) The permissive rights of the Trustee to do things enumerated in
this Indenture shall not be construed as duties hereunder. 
 (j) The Trustee shall not be deemed to have notice of any Default or Event of
Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Notes and this Indenture. 

  
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 (k) The Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder. 
 Section 7.03 Individual Rights of Trustee. 

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

Section 7.04 Trustee’s Disclaimer. 

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

If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall 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, or interest or Additional Interest, if any, on, any Note, the Trustee may
withhold the notice if and so long as the Trustee 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 the Notes
remain outstanding, the Trustee shall 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 shall also deliver 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 or electronically delivered by the Trustee to the
Issuers 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 Issuers shall promptly notify the Trustee when the Notes are listed on any stock exchange. 

Section 7.07 Compensation and Indemnity. 

(a) The Issuers shall pay to the Trustee (acting in any capacity) from time to time reasonable compensation for its acceptance of this
Indenture and services hereunder. The Trustee’s compensation will not be limited by any law on compensation of a Trustee of an express trust. The Issuers shall 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, professional advisers and legal counsel.

  
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 (b) The Issuers and the Subsidiary Guarantors shall, jointly and severally, indemnify the
Trustee, acting in any capacity (including the Trustee’s officers, directors, agents, counsels and employees) against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuers and the Subsidiary Guarantors (including this Section 7.07) and defending itself against any claim (whether
asserted by the Issuers, the Subsidiary Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be
attributable to its negligence or willful misconduct as determined by a final, non-appealable decision of a court of competent jurisdiction. The Trustee shall notify the Issuers promptly of any claim for which
it may seek indemnity. Failure by the Trustee to so notify the Issuers shall not relieve the Issuers or any of the Subsidiary Guarantors of their obligations hereunder. The Issuers or such Subsidiary Guarantor shall defend the claim and the Trustee
shall cooperate in the defense. The Trustee may have separate counsel and the Issuers shall pay the reasonable fees and expenses of such counsel. Neither the Issuers nor any Subsidiary Guarantor need pay for any settlement made without its consent,
which consent shall not be unreasonably withheld. 
 (c) The obligations of the Issuers and the Subsidiary Guarantors under this
Section 7.07 will survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 
 (d) To
secure the Issuers’ and the Subsidiary Guarantors’ payment obligations in this Section 7.07, the Trustee shall 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, or interest or Additional Interest, if any, on, particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 

(e) When the Trustee incurs expenses or renders services after an Event of Default specified in clause (8) or (9) of Section 6.01
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 shall 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 shall 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 Issuers. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by providing 30 days’ prior notice to the Trustee and the Issuers
in writing. The Issuers may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 

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

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuers. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Issuers, 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 shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders. The retiring Trustee shall 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 Issuers’ 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 trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$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). 

  
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 Section 7.11 Preferential Collection of Claims Against Issuers. 

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. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuers may at any time 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 Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuers and each of the
Subsidiary Guarantors shall, 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 Issuers and the Subsidiary Guarantors shall 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 Issuers, shall execute proper instruments
acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(1) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium on, if any, or
interest or Additional Interest, if any, on such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 

(2) the Issuers’ obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 

(3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers’ and the Subsidiary
Guarantors’ obligations in connection therewith; and 
 (4) this Article 8. 

Subject to compliance with this Article 8, the Issuers may exercise their option under this Section 8.02 notwithstanding the prior
exercise of their option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 

Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuers and each of the
Subsidiary Guarantors shall, 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 4.03, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.13,
4.14, 4.15, 4.16, 4.17 and 4.18 and clauses (3) and (4) of Section 5.01 and Section 10.04 hereof with respect to the outstanding Notes on and after the date 

  
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the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for
the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Issuers and the Subsidiary 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 Issuers’ 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) (with respect to Significant Subsidiaries only), (9) (with respect to Significant Subsidiaries only) and (10) 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 Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable government securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public
accountants, to pay the principal of, premium on, if any, and interest and Additional 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 Issuers 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 Issuers must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that: 

(A) the Issuers have 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; 

  
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 (4) no Default or Event of Default shall have occurred and be continuing on
the date of such deposit (other than a Default or Event of Default resulting from 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); 
 (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 Issuers or any of the Subsidiary Guarantors is a party or by
which the Issuers or any of the Subsidiary Guarantors is bound; and 
 (6) the Issuers 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 Issuers 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 Additional Interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

The Issuers shall 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 shall deliver or
pay to the Issuers from time to time upon the request of the Issuers 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 Issuers.

 Any money deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust for the payment of the principal of,
premium on, if any, or interest or Additional Interest, if any, on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest or Additional Interest, if any, has become due and payable shall be paid to the
Issuers on their request or (if then held by the Issuers) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Issuers as Trustee thereof, will thereupon 

  
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cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuers cause to be published once, in the New
York Times and The Wall Street Journal (national edition) (or if either such publications are unavailable, two similar nationally recognized publications as determined in the Company’s sole discretion), 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 Issuers. 

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 Issuers’ and the Subsidiary 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 Issuers makes any payment of principal of, premium on, if any, or interest or Additional Interest, if any, on, any Note following the reinstatement of its obligations, the Issuers shall 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 Issuers, the Subsidiary Guarantors and
the Trustee may amend or supplement this Indenture, the Notes or the Note Guarantees: 
 (1) to cure any ambiguity, defect,
omission or inconsistency in this Indenture or the Notes; 
 (2) to provide for the assumption of the Issuers’ or a
Subsidiary Guarantor’s obligations to Holders of the Notes and the Note Guarantees in the case of a merger or consolidation or sale of all or substantially all of the Issuers’ or such Subsidiary Guarantor’s assets to comply with
Article 5 or Section 10.04; 
 (3) to comply with any requirements of the SEC in connection with the qualification of
this Indenture under the TIA; 
 (4) to evidence and provide for the acceptance of an appointment by a successor Trustee;

 (5) to provide for uncertificated Notes in addition to or in place of certificated Notes; provided that the
uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code; 

  
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 (6) to provide for any Guarantee of the Notes, to secure the Notes or to
confirm and evidence the release, termination or discharge of any Guarantee of or Lien securing the Notes when such release, termination or discharge is permitted by this Indenture; 

(7) to add to the covenants of the Issuers or any Subsidiary Guarantor for the benefit of the Holders of the Notes or to
surrender any right or power conferred upon the Issuers or any Subsidiary Guarantor; 
 (8) to provide for the issuance of
Additional Notes in accordance with the terms of this Indenture; 
 (9) to conform the text of this Indenture, the Notes or
the Note Guarantees to any provision of the “Description of the Notes” section of the Offering Memorandum to the extent that such provision in the “Description of the Notes” section of the Offering Memorandum was intended to be a
verbatim recitation of a provision this Indenture, the Notes or the Note Guarantees; 
 (10) to comply with applicable Gaming
Laws, to the extent that such amendment or supplement is not materially adverse to the Holders of the Notes; 
 (11) 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 this Indenture of any Holder; or 

(12) to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes;
provided, however, that (a) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act, or any other applicable securities law and (b) such amendment does not
materially and adversely affect the rights of Holders to transfer Notes. 
 Upon the request of the Issuers accompanied by a Board
Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Sections 7.02 and 9.06 hereof, the Trustee shall join with the Issuers and the Subsidiary 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 shall 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 below in this Section 9.02, the Issuers, the
Subsidiary Guarantors and the Trustee may amend or supplement this Indenture (including without limitation, Section 4.09 and Section 4.13 hereof), the Notes and the Note Guarantees with the consent of the Holders of at least a majority in
aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium on, if any, or interest or Additional 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, the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes).  

  
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 Upon the request of the Issuers accompanied by a Board Resolution 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 Sections
7.02 and 9.06 hereof, the Trustee shall join with the Issuers and the Subsidiary 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 Issuers shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers 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. 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) change the
Stated Maturity of the principal of, or any installment of interest on, any Note; 
 (2) reduce the principal amount of, or
premium, if any, or interest on, any Note; 
 (3) change the place of payment of principal of, or premium, if any, or
interest on, any Note; 
 (4) impair the right to institute suit for the enforcement of any payment on or after the Stated
Maturity (or, in the case of a redemption, on or after the redemption date) of any Note; 
 (5) reduce the above-stated
percentages of outstanding Notes the consent of whose holders is necessary to modify or amend this Indenture; 
 (6) waive a
default in the payment of principal of, premium, if any, or interest on the Notes; 
 (7) voluntarily release a Subsidiary
Guarantor other than in accordance with this Indenture; 
 (8) after the time an Offer to Purchase is required to have been
made pursuant to Section 4.09 and Section 4.13 hereof, reduce the purchase amount or price or extend the latest expiration date or purchase date thereunder; or 

(9) reduce the percentage or aggregate principal amount of outstanding Notes the consent of whose Holders is necessary for
waiver of compliance with certain provisions of this Indenture or for waiver of certain defaults. 

  
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 Section 9.03 Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the
TIA as then in effect if this Indenture is then qualified thereunder. 
 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 Issuers 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 shall 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. Evidence of such approval shall be delivered to the Trustee with an Officers’ Certificate. In executing any amended or supplemental indenture, the Trustee shall 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 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the
execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such amendment or supplement is legal, valid, binding and enforceable in accordance with its terms. 

ARTICLE 10 
 NOTE GUARANTEES 

Section 10.01 Guarantee. 

(a) Subject to this Article 10, each of the Subsidiary 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 or the Notes as against either of the Issuers or the obligations of the Issuers
hereunder or thereunder, that: 
 (1) the principal of, premium, if any, on, and interest and Additional Interest, if any, on
the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest and Additional Interest, if any, on, the Notes, if lawful,
and all other obligations of the Issuers 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 

  
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 (2) in case of any extension of time of payment or renewal of any Notes or
any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Subsidiary Guarantors shall be
jointly and severally obligated to pay the same immediately. Each Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Subsidiary Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture as against either of the Issuers, 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 Issuers, 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 Subsidiary Guarantor hereby waives diligence, presentment, demand
of payment, filing of claims with a court in the event of insolvency or bankruptcy of either of the Issuers, any right to require a proceeding first against the Issuers, 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 Issuers, the Subsidiary Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Subsidiary 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 Subsidiary 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 Subsidiary Guarantor further agrees that, as between the Subsidiary 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
Subsidiary Guarantors for the purpose of this Note Guarantee. The Subsidiary Guarantors shall have the right to seek contribution from any non-paying Subsidiary Guarantor so long as the exercise of such right
does not impair the rights of the Holders under the Note Guarantee. 
 Section 10.02 Limitation on Guarantor Liability. 

Each Subsidiary 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 Subsidiary 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 Subsidiary Guarantors hereby irrevocably agree that the obligations of such Subsidiary Guarantor will be limited to the maximum amount
that will, after giving effect to such maximum amount and all other contingent and 

  
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fixed liabilities of such Subsidiary Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on
behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under this Article 10, result in the obligations of such Subsidiary Guarantor under its Note Guarantee not constituting a fraudulent transfer
or conveyance. 
 Section 10.03 Execution and Delivery of Note Guarantee. 

To evidence its Note Guarantee set forth in Section 10.01 hereof, each Subsidiary Guarantor hereby agrees that this Indenture will be
executed on behalf of such Subsidiary Guarantor by one of its Officers. 
 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 Subsidiary Guarantors. 
 The Company shall cause each Restricted Subsidiary that is required to
become a Subsidiary Guarantor pursuant to Section 4.18 hereof to comply with the provisions of Section 4.18 and this Article 10, to the extent applicable. 

Section 10.04 Subsidiary Guarantors May Consolidate, etc., on Certain Terms. 

Except as otherwise provided in Section 10.05 hereof, no Subsidiary Guarantor may consolidate or merge with or into, or transfer all or
substantially all of its property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions) to, any Person (other than the Company or another Subsidiary Guarantor), unless: 

(1) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;
and 
 (2) such Subsidiary Guarantor is the continuing Person, or the Person (if other than such Subsidiary Guarantor) formed
by such consolidation or into which such Subsidiary Guarantor is merged or that acquired or leased such property and assets of such Subsidiary Guarantor is an entity organized and validly existing under the laws of the United States of America or
any state or jurisdiction thereof and expressly assumes, by a supplemental indenture, executed and delivered to the Trustee, all of the obligations of such Subsidiary Guarantor on the Note Guarantees and under this Indenture and the Registration
Rights Agreement. 
 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 and satisfactory in form to the Trustee, 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 Subsidiary Guarantor, such successor Person will succeed to and be substituted for the Subsidiary Guarantor with the same effect as if it had been named herein as a Subsidiary 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.

  
 107 

 Except as set forth in Articles 4 and 5 hereof, and notwithstanding clause (2) of this
Section 10.04, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Subsidiary Guarantor with or into the Company or another Subsidiary Guarantor, or will prevent any sale or conveyance of the
property of a Subsidiary Guarantor as an entirety or substantially as an entirety to the Company or another Subsidiary Guarantor. 
 Section 10.05
Releases. 
 The Note Guarantee of a Subsidiary Guarantor will automatically terminate and be released upon: 

(1) a sale or other disposition (including by way of consolidation or merger) of the Subsidiary Guarantor, or the Capital Stock
of the Subsidiary Guarantor such that the Subsidiary Guarantor is no longer a Restricted Subsidiary, in a transaction that does not violate Section 4.09 hereof; 

(2) the sale or disposition of all or substantially all of the assets of the Subsidiary Guarantor; 

(3) the designation in accordance with this Indenture of the Subsidiary Guarantor as an Unrestricted Subsidiary; 

(4) at such time as such Subsidiary Guarantor is no longer a Subsidiary Guarantor or other obligor with respect to any Credit
Facilities or Capital Markets Indebtedness of the Company; or 
 (5) defeasance or discharge of the Notes in accordance with
Article 8 or Article 11 hereof. 
 ARTICLE 11 

SATISFACTION AND DISCHARGE 
 Section 11.01
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 Issuers, 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 Issuers or any Subsidiary 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, as determined by the Issuers, 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, and interest and Additional Interest, if any, on, the Notes to the date of maturity or
redemption; 

  
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 (2) in respect of subclause (b) of clause (1) of this
Section 11.01, 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); 
 (3) the Issuers or any
Subsidiary Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and 
 (4) the Issuers have
delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be. 

In addition, the Issuers 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 11.01, the provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01 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 11.02
Application of Trust Money. 
 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee
pursuant to Section 11.01 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 Issuers acting as their own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal of, premium on, if any, and interest and Additional Interest, on, the Notes 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 11.01 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 Issuers’ and any Subsidiary Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the
Issuers have made any payment of principal of, premium on, if any, or interest or Additional Interest, if any, on, any Notes because of the reinstatement of its obligations, the Issuers 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. 

  
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 ARTICLE 12 

MISCELLANEOUS 
 Section 12.01 Trust
Indenture Act Controls. 
 If this Indenture is qualified under the TIA and any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by TIA §318(c), the imposed duties will control. 
 Section 12.02 Notices. 

Any notice or communication by the Issuers, any Subsidiary 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 Issuers and/or any Subsidiary Guarantor: 

MGM Growth Properties Operating Partnership LP 

1980 Festival Plaza Drive, Suite, Suite #750 

Las Vegas, Nevada 89135 

Facsimile No.: (702) 669-1040 

Attention: Chief Financial Officer 

With a copy to: 
 MGM Growth
Properties Operating Partnership LP 
 1980 Festival Plaza Drive, Suite, Suite #750 

Las Vegas, Nevada 89135 

Facsimile No.: (702) 669-1040 

Attention: Corporate Legal 
 And a
copy to: 
 Milbank, Tweed, Hadley & McCloy LLP 

55 Hudson Yards 
 New York, New
York 10005 
 Facsimile No.: (212) 822-5022 

Attention: Rod Miller, Esq. 
 And
on or after February 15, 2019, to: 
 Milbank, Tweed, Hadley & McCloy LLP 

28 Liberty Street 
 New York, New
York 10001s 
 Facsimile No.: (212) 822-5022 

Attention: Rod Miller, Esq. 

  
 110 

 If to the Trustee: 

U.S. Bank National Association 

Global Corporate Trust Services 

West Side Flats 
 60 Livingston
Avenue 
 St. Paul, MN 55107 

Facsimile No.: (651) 466-7429 

Attention: MGM Growth Properties Operating Partnership LP corporate trust administrator 

The Issuers, any Subsidiary Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent
notices or communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at
the time delivered by hand, if personally delivered; 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 if this Indenture is then qualified thereunder. 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.
When the Notes are in global form, all notices to Holders will be sent pursuant to Applicable Procedures, and when done so, such notices will be deemed to have been delivered for purposes of this Indenture. 

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 Issuers mail a notice or communication to Holders, they will mail a copy to the Trustee and each Agent at the same
time. 
 Section 12.03 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
Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA §312(c). 
 Section 12.04 Certificate and Opinion
as to Conditions Precedent. 
 Upon any request or application by the Issuers to the Trustee to take any action under this Indenture,
the Issuers 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 12.05 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 

  
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 (2) an Opinion of Counsel in form and substance reasonably satisfactory to
the Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 12.05 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; 

(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 12.06 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; provided that no such rule shall conflict with the terms of this Indenture or the TIA. 

Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No past, present or future director, officer, partner, controlling Person, employee, incorporator or stockholder of the Issuers or any
Subsidiary Guarantor, as such, will have any liability for any obligations of the Issuers or the Subsidiary Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the
federal securities laws. 
 Section 12.08 Governing Law; Waivers of Jury Trial. 

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. THE ISSUERS, THE TRUSTEE, HOLDERS AND EACH OF THE SUBSIDIARY GUARANTORS HEREBY IRREVOCABLY WAIVE,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREIN. 

  
 112 

 Section 12.09 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuers or their Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.10 Successors. 

All agreements of the Issuers 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 Subsidiary Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05 hereof. 

Section 12.11 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 12.12 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. 
 Section 12.13 Table of Contents, Headings, etc. 

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

Section 12.14 Patriot Act. 
 The
parties hereto acknowledge that in accordance with Section 326 of the Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for
the Trustee to satisfy the requirements of the Patriot Act. 
 Section 12.15 Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances. 
 [Signatures on following page] 

  
 113 

 SIGNATURES 

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

  

			
	MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
	
	by MGM Growth Properties OP GP LLC, its general partner
		
	By:	 	 /s/ Andrew Hagopian III

		 	Name: Andrew Hagopian III
		 	Title:   Secretary
	
	MGP FINANCE CO-ISSUER, INC.
		
	By:	 	 /s/ Andrew Hagopian III

		 	Name: Andrew Hagopian III
		 	Title:   Secretary
	
	Subsidiary Guarantors:
	
	MGP LESSOR HOLDINGS, LLC
		
	By:	 	 /s/ Andrew Hagopian III

		 	Name: Andrew Hagopian III
		 	Title:   Secretary
	
	MGP LESSOR, LLC
		
	By:	 	 /s/ Andrew Hagopian III

		 	Name: Andrew Hagopian III
		 	Title:   Secretary
	
	MGP OH, INC.
		
	By:	 	 /s/ Andrew Hagopian III

		 	Name: Andrew Hagopian III
		 	Title:   Secretary

 [Signature Page to Indenture] 

 
			
	NORTHFIELD PARK ASSOCIATES LLC
		
	By:	 	 /s/ Andrew Hagopian III

		 	Name: Andrew Hagopian III
		 	Title:   Secretary
	
	CEDAR DOWNS OTB, LLC
		
	By:	 	 /s/ Andrew Hagopian III

		 	Name: Andrew Hagopian III
		 	Title:   Secretary

 [Signature Page to Indenture] 

 
			
	IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed and attested, all as of the date first above written.
	
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	 /s/ Raymond S. Haverstock

		 	Name: Raymond S. Haverstock
		 	Title:   Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

[Face of Note] 
  

CUSIP/CINS ____________ 
 5.750%
Senior Notes due 2027 
  

			
	No. ___	  	$____________*

 MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP 

MGP FINANCE CO-ISSUER, INC. 

promises to pay to                  or registered assigns, 

the principal sum of
                                         
                                         
                              DOLLARS [(as such sum may be increased or decreased as set forth on
the Schedule of Exchanges of Interest on the Global Notes attached hereto)]1 on February 1, 2027. 

Interest Payment Dates: February 1 and August 1 

Record Dates: January 15 and July 15 
 Dated:
_______________ 
  

			
	MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
		
	By:	 	  

		 	Name:
		 	Title:
	
	MGP FINANCE CO-ISSUER, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

	1 	 Use this only if the Note is a Global Note. 

  
 A-1 

			
	This is one of the Notes referred to
	in the within-mentioned Indenture:
	
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-2 

 [Back of Note] 

5.750% Senior Notes due 2027 
 [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] 
 [Insert the Regulation S Temporary Global Note 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. MGP GROWTH PROPERTIES OPERATING PARTNERSHIP LP, a Delaware limited partnership (the
“Company”) and MGP FINANCE CO-ISSUER, INC., a Delaware corporation (the “Co-Issuer,” and, together with the Company, the
“Issuers”), promise to pay or cause to be paid interest on the principal amount of this Note at 5.750% per annum from
                        ,          until maturity and shall pay the Additional Interest,
if any, payable pursuant to the Registration Rights Agreement referred to below. The Issuers will pay interest and Additional Interest, if any, semi-annually in arrears on February 1 and August 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                         ,
        . The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate equal to the then applicable interest rate on the Notes 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 Issuers will pay interest on the Notes (except defaulted interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the January 15 or July 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
of, premium on, if any, and interest and Additional Interest, if any, at the office or agency of the Paying Agent and Registrar within the City and State of New York, or, at the option of the Issuers, payment of interest and Additional 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,
and interest and Additional Interest, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuers 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, U.S. Bank National Association, 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. 

  
 A-3 

 (4) INDENTURE. The Issuers issued the Notes under an
Indenture dated as of January 25, 2019 (the “Indenture”) among the Issuers, the Subsidiary 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 the TIA for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Issuers. 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 November 1, 2026 (the date that is three months prior to the scheduled maturity date of the
Notes), the Issuers 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 to the holders (with a copy to the Trustee), at a redemption price equal to 100% of the principal amount
of the Notes to be redeemed, plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the date of redemption (subject to the rights of Holders of Notes on any relevant record date to receive interest due
on the applicable interest payment date). 
 (B) At any time on or after November 1, 2026 (the date that is three months
prior to the scheduled maturity date of the Notes), the Issuers 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 to the holders (with a copy to the Trustee), at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest and Additional Interest, if any, to the date of redemption. 

Unless the Issuers default 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. 
 The Issuers or their affiliates may at any time and from time to time purchase Notes. Any
such purchases may be made through open market or privately negotiated transactions with third parties or pursuant to one or more tender or exchange offers or otherwise, upon such terms and at such prices as well as with such consideration as the
Issuers or any such affiliates may determine. 
 (6) MANDATORY REDEMPTION. The Issuers
are not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 (7) GAMING
REDEMPTION. If any Gaming Authority requires that a Holder or Beneficial Owner of the Notes must be licensed, qualified or found suitable under any applicable Gaming Laws and such Holder or Beneficial Owner: 

(A) fails to apply for a license, qualification or a finding of suitability within 30 days (or such shorter period as may be
required by the applicable Gaming Authority) after being requested to do so by the Gaming Authority, or 
 (B) is denied such
license or qualification or not found suitable, or if any Gaming Authority otherwise requires that notes from any Holder or Beneficial Owner be redeemed, subject to applicable Gaming Laws, the Issuers shall have the right, at their option:
(i) to require any such Holder or Beneficial Owner to dispose of its notes within 30 days (or such earlier date as may be required by the applicable Gaming Authority) of receipt of such notice or finding by such Gaming Authority, or
(ii) to call for the redemption of the Notes of such Holder or 

  
 A-4 

 
Beneficial Owner at a redemption price equal to the least of: (A) the principal amount thereof, together with accrued and unpaid interest to the earlier of the date of redemption or the date
of the denial of license or qualification or of the finding of unsuitability by such Gaming Authority, (B) the price at which such Holder or Beneficial Owner acquired the notes, together with accrued and unpaid interest to the earlier of the
date of redemption or the date of denial of license or qualification or of the finding of unsuitability by such Gaming Authority, or (C) such other lesser amount as may be required by any Gaming Authority. 

The Issuers shall notify the Trustee in writing of any such redemption as soon as practicable. The Holder or Beneficial Owner applying for
license, qualification or a finding of suitability must pay all costs of the licensure or investigation for such qualification or finding of suitability. Notwithstanding any other provision of the Indenture, immediately upon the imposition of a
requirement to dispose of Notes by a Gaming Authority, such Person shall, to the extent required by applicable Gaming Laws, have no further right (i) to exercise, directly or indirectly, through any trustee, nominee or any other person or
entity, any right conferred by such Notes or (ii) to receive any interest, dividends or any other distributions or payments with respect to such Notes or any remuneration in any form with respect to such Notes from the Issuers or the Trustee,
except the redemption price. 
 (8) REPURCHASE AT THE OPTION OF
HOLDER. 
 (A) Unless (i) the Company has previously or concurrently sent a redemption
notice with respect to all existing Notes as set forth in Section 3.07 of the Indenture and all conditions precedent applicable to such redemption notice have been satisfied or (ii) a third party makes an Offer to Purchase the Notes in the
manner, at the time and otherwise in compliance with the requirements under the Indenture, the Issuers must commence, within 30 days of the occurrence of a Change of Control, an Offer to Purchase for all Notes then outstanding, at a purchase price
equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest and Additional Interest, if any, to the Payment Date. 

(B) If the Company or a Restricted Subsidiary of the Company consummates any Asset Sales, if, as of the first day of any
calendar month, the aggregate amount of Excess Proceeds not previously subject to an Offer to Purchase pursuant to Section 4.09 of the Indenture totals more than $100.0 million, the Company must commence, not later than the fifteenth
Business Day of such month, and consummate an Offer to Purchase from the Holders of the Notes and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in Section 4.09 of the
Indenture with respect to an Offer to Purchase or redeem with the proceeds of sales of assets, on a pro rata basis, an aggregate principal amount of Notes and such other pari passu Indebtedness equal to the Excess Proceeds on such date, at a
purchase price equal to 100% of the principal amount of the Notes and such other pari passu Indebtedness plus, in each case, accrued interest and Additional Interest, if any, to the Payment Date. 

(9) NOTICE OF REDEMPTION. At least 30 days (or such shorter notice as may be
acceptable to the Trustee) but not more than 60 days before a redemption date, the Company will send a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be sent more than
60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles 8 or 11 thereof, and redemption notices may be sent or given less than 30
days or more than 60 days prior to a redemption if so required by any applicable Gaming Authority in connection with a redemption pursuant to Section 3.09 of the Indenture. Any redemption or purchase of the notes may at the Issuers’ option
be subject to one or more conditions precedent. Notes and portions of Notes selected will be in amounts of $2,000 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. 

  
 A-5 

 (10) DENOMINATIONS, TRANSFER,
EXCHANGE. The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the
Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the
Indenture. The Issuers 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 Issuers 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. 

[This Regulation S Temporary Global Note is exchangeable in whole or in part for one or more Global Notes only (i) on or after the
termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied by an Opinion of Counsel, if applicable) required by Article 2
of the Indenture. Upon exchange of this Regulation S Temporary Global Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note.] [INCLUDE IN REGULATION S TEMPORARY GLOBAL NOTE ONLY] 

(11) 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. 
 (12) AMENDMENT,
SUPPLEMENT AND WAIVER. The Notes are subject to the amendment, supplement and waiver provisions set forth in Article IX of the Indenture. 

(13) DEFAULTS AND REMEDIES. The Events of Default and remedies of the
Holders pertaining to the Notes are set forth in Article VI of the Indenture. 
 (14) 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. 
 (15) NO RECOURSE AGAINST
OTHERS. No director, officer, employee, partner, controlling Person, incorporator or stockholder of the Issuers or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Issuers or the
Subsidiary Guarantors under the Notes, the Indenture or the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

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

  
 A-6 

 (18) 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 January 25, 2019, among the Issuers and
J.P. Morgan Securities LLC as representative of the Initial Purchasers of the Notes, as may be further amended, modified or supplemented from time to time, and, with respect to any Additional Notes, one or more registration rights agreements among
the Issuers, the Subsidiary 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 Issuers to the purchasers of Additional Notes to register such
Additional Notes under the Securities Act (the “Registration Rights Agreement”). 
 (19) 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. 
 (20) 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 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: 
 MGM Growth Properties Operating Partnership LP 

1980 Festival Plaza Drive, Suite, Suite #750 
 Las Vegas, Nevada
89135 
 Facsimile No.: (702) 669-1040 

Attention: Chief Financial Officer 

  
 A-7 

 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 Issuers. 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). 

  
 A-8 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.09 or 4.13 of the Indenture, check the appropriate
box below: 
 ☐ Section 4.09
                ☐ Section 4.13 
 If you want to
elect to have only part of the Note purchased by the Issuers pursuant to Section 4.09 or Section 4.13 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). 

  
 A-9 

 [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:] 

[SCHEDULE OF EXCHANGES OF INTERESTS IN
THE REGULATION S TEMPORARY GLOBAL NOTE * 
 The following
exchanges of a part of this Regulation S Temporary Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Restricted Global Note for an interest in this Regulation S Temporary Global Note, have
been made]: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of
this Global Note	  	Amount of
increase in
Principal Amount
of
this Global Note	  	Principal Amount
of this Global Note
following such
decrease
(or increase)	  	Signature of
authorized officer
of Trustee or
Custodian

  

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

  
 A-10 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 MGM Growth
Properties Operating Partnership LP 
 1980 Festival Plaza Drive, Suite, Suite #750 

Las Vegas, Nevada 89135 
 U.S. Bank National Association 

Global Corporate Trust Services 
 West Side Flats 

60 Livingston Avenue 
 St. Paul, MN 55107 

Facsimile No.: (651) 466-7429 

Attention: MGM Growth Properties Operating Partnership LP corporate trust administrator 

Re: 5.750% Senior Notes due 2027 

Reference is hereby made to the Indenture, dated as of January 25, 2019 (the “Indenture”), among MGM Growth Properties
Operating Partnership LP, a Delaware limited partnership (the “Company”) and MGP Finance Co-Issuer, Inc., a Delaware corporation (the
“Co-Issuer,” and, together with the Company, the “Issuers”), the Subsidiary Guarantors party thereto and U.S. Bank National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture. 

                       
 , (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of
$                         in such Note[s] or interests (the “Transfer”), to
                                     (the
“Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

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

  
 B-1 

 
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 restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Permanent Global Note, the Regulation S Temporary
Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
 3. ☐ Check and complete if
Transferee will take delivery of a beneficial interest in a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer
restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one): 
 (a) ☐ such Transfer is being effected pursuant
to any other available exemption from the registration requirements of the Securities Act, which certification is supported by 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; 
 or 

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

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

4. ☐ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted
Definitive Note. 
 (a) ☐ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and
in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

  
 B-2 

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

			
	  

		 	[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) ☐ a beneficial interest in the: 
  

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

 

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

(b) ☐ a Restricted Definitive Note. 

2. After the Transfer the Transferee will hold: 

[CHECK ONE] 
 (a) ☐ a
beneficial interest in the: 
  

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

 

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

 

	 	(iv)	 ☐ Unrestricted Global Note (CUSIP _________); or 

(b) ☐ a Restricted Definitive Note; or 

(c) ☐ an Unrestricted Definitive Note, 

in accordance with the terms of the Indenture. 
  

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 MGM Growth
Properties Operating Partnership LP 
 1980 Festival Plaza Drive, Suite, Suite #750 

Las Vegas, Nevada 89135 
 U.S. Bank National Association 

Global Corporate Trust Services 
 West Side Flats 

60 Livingston Avenue 
 St. Paul, MN 55107 

Facsimile No.: (651) 466-7429 

Attention: MGM Growth Properties Operating Partnership LP corporate trust administrator 

Re: 5.750% Senior Notes due 2027 

Reference is hereby made to the Indenture, dated as of January 25, 2019 (the “Indenture”), among MGM Growth Properties
Operating Partnership LP, a Delaware limited partnership (the “Company”) and MGP Finance Co-Issuer, Inc., a Delaware corporation (the
“Co-Issuer,” and, together with the Company, the “Issuers”), the Subsidiary Guarantors party thereto and U.S. Bank National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture. 

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

  
 C-1 

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

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

 

			
	  

		 	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: ______________________ 

  
 C-2 

 EXHIBIT D 

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 
 MGM
Growth Properties Operating Partnership LP 
 1980 Festival Plaza Drive, Suite #750 

Las Vegas, Nevada 89135 
 U.S. Bank National Association 

Global Corporate Trust Services 
 West Side Flats 

60 Livingston Avenue 
 St. Paul, MN 55107 

Facsimile No.: (651) 466-7429 

Attention: MGM Growth Properties Operating Partnership LP corporate trust administrator 

Re: 5.750% Senior Notes due 2027 

Reference is hereby made to the Indenture, dated as of January 25, 2019 (the “Indenture”), among MGM Growth Properties
Operating Partnership LP, a Delaware limited partnership (the “Company”) and MGP Finance Co-Issuer, Inc., a Delaware corporation (the
“Co-Issuer,” and, together with the Company, the “Issuers”), the Subsidiary Guarantors party thereto and U.S. Bank National Association, 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) ☐ a beneficial interest in a Global Note, or 

(b) ☐ 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 Issuers 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 Issuers a signed letter substantially in the form of this letter and, if such transfer is in respect
of a principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Issuers 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 beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this clause a notice advising such purchaser that
resales thereof are restricted as stated herein. 

  
 D-1 

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

5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is
an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
 You and the Issuers
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 SUPPLEMENTAL INDENTURE 
 TO
BE DELIVERED BY SUBSEQUENT GUARANTORS 
 SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of                         , among
                         (the “Guaranteeing Entity”), a subsidiary of MGP Finance
Co-Issuer, Inc., a Delaware corporation (the “Co-Issuer”), MGM Growth Properties Operating Partnership LP, a Delaware limited liability company (the
“Company”), the other Subsidiary Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as Trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Issuers have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of January 25, 2019 providing for the issuance of 5.750% Senior Notes due 2027 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Entity shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Entity shall unconditionally guarantee all of the Issuers’ 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 Guaranteeing Entity 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 Entity hereby agrees to provide
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 10 thereof. 

3. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or
stockholder of the Issuers or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Company or the Subsidiary Guarantors under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or
by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 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. 

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. 

  
 E-1 

 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 Entity
and the Company. 

  
 E-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:
	
	[COMPANY]
		
	By:	 	      

		 	Name:
		 	Title:
	
	[CO-ISSUER]
		
	By:	 	      

		 	Name:
		 	Title:
	
	[EXISTING GUARANTORS]
		
	By:	 	      

		 	Name:
		 	Title:
	
	[TRUSTEE],
	as Trustee
		
	By:	 	      

		 	Authorized Signatory

  
 E-3EXHIBIT
4.9

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY
AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES.

 

CLASS
A COMMON STOCK PURCHASE WARRANT

 

ACCELERATED
PHARMA, INC.

 

	Warrant
    Shares: __________	Issuance
    Date: January 17 , 2019

 

Warrant
No: 001

 

THIS
CLASS A COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, __________________,
with an address located at ___________________ or its assigns (the “Holder”) is entitled, upon the terms
and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the
“Initial Exercise Date”) and on or prior to the close of business on the five (5) year anniversary of the Initial
Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Accelerated
Pharma, Inc., a Delaware corporation with offices located at 15W155 81st Street, Burr Ridge, IL 60527 (the “Company”),
up to ___________ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stocks.
The purchase price of one share of common stock under this Warrant shall be equal to the Exercise Price, as defined in Section
2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
registration statement filed with the United States Securities and Exchange Commission on October 22, 2018, Registration Statement
No. 333-227916 (the “Registration Statement”) under the Securities act of 1933, as amended (the “Act”),
relating to the offering by the Company (the “Offering”) of 750,000 units (the “Units”),
each consisting of one (1) share of the Company’s common stock, par value $0.00001 (the “Common Stock”)
and one (1) Class A Warrant exercisable for a period of five (5) years from the Initial Exercise Date ending on the close of business
on the Termination Date, at the Exercise Price as defined in Section 2(b) (the “Warrant”).

 

Section
2. Exercise.

 

(a)
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after
the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of
the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books
of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days following
the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable
Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure
specified in Section 2(c) below is specified in the applicable Notice of Exercise. Notwithstanding anything herein to the
contrary (although the Holder may surrender the Warrant to, and receive a replacement Warrant from, the Company), the Holder shall
not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available
hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for
cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date
of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one (1) Trading Day of delivery
of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available
for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

    	 	 	 

    	 

    

 

(b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $4.40 per Warrant Share,
subject to adjustment as described herein (“Exercise Price”).

 

(c)
Mechanics of Exercise.

 

(i)
Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its
Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and
there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares
by the Holder is pursuant to an exemption from the registration requirements of the Act and Rule 144 is available, and otherwise
by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is two (2) Trading Days
after the latest of (A) the delivery to the Company of the Notice of Exercise, (B) surrender of this Warrant (if required) and
(C) payment of the aggregate Exercise Price as set forth above (such date, the “Warrant Share Delivery Date”).
The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall
be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with
payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi)
prior to the issuance of such shares, having been paid.

 

(ii)
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing
Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares
called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

(iii)
Revocation of Exercise. In addition to any other remedies which may be available to the Holder, in the event that the Company
fails for any reason to effect delivery of the Warrant Shares by the Warrant Share Delivery Date, the Holder may revoke all or
part of the relevant Warrant exercise by delivery of a notice to such effect to the Company, whereupon the Company and the Holder
shall each be restored to their respective positions immediately prior to the exercise of the relevant portion of this Warrant,
except that the liquidated damages described above shall be payable through the date notice of revocation or rescission is given
to the Company.

 

(iv)
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

(v)
Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for
any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses
shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued
in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment
Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient
to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing
of any Notice of Exercise.

 

    	 	 	 

    	 

    

 

(vi)
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

Section
3. Certain Adjustments.

 

(a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stocks or any other equity or equity equivalent securities
payable in Common Stocks (which, for avoidance of doubt, shall not include any Common Stocks issued by the Company upon exercise
of this Warrant or pursuant to any of the other Transaction Documents), (ii) subdivides outstanding Common Stocks into a larger
number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Stocks into a smaller number of
shares, or (iv) issues by reclassification of shares of the Common Stocks any shares of capital stock of the Company, then in
each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Stocks (excluding
treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common
Stocks outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately
adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section
3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such
dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination
or re-classification.

 

(b)
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders
of Common Stocks (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights
or warrants to subscribe for or purchase any security other than the Common Stocks (which shall be subject to 3(b)), then in each
such case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date
fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be
the VWAP determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less
the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed
applicable to one outstanding share of the Common Stocks as determined by the Board of Directors in good faith. In either case
the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness
so distributed or such subscription rights applicable to one Common Stock. Such adjustment shall be made whenever any such distribution
is made and shall become effective immediately after the record date mentioned above.

 

    	 	 	 

    	 

    

 

(c)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stocks are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stocks, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stocks or any compulsory share exchange pursuant to which the Common Stocks are
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding Common Stocks (not including any Common Stocks held by the
other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such
stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Stocks (or successor
security) of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder
of the number of Common Stocks for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stocks are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant
from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion
of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes Value” means
the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg,
L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing
purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between
the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility
equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately
following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation
shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being
offered in such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section
3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder
(without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder
in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form
and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity
(or its parent entity) equivalent to the Common Stocks acquirable and receivable upon exercise of this Warrant (without regard
to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies
the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Common Stocks
pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock
and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence
of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein.

 

(d)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of
a share, as the case may be. For purposes of this Section 3, the number of Common Stocks deemed to be issued and outstanding
as of a given date shall be the sum of the number of Common Stocks (excluding treasury shares, if any) issued and outstanding.

 

    	 	 	 

    	 

    

 

(e)
Notice to Holder.

 

(i)
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly give notice to the Holder setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a statement of the facts requiring such adjustment (“Adjustment
Notice”).

 

(ii)
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stocks, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stocks, (C) the Company shall authorize the granting to all holders of the Common Stocks rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stocks, any consolidation or merger to which the Company is
a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby
the Common Stocks are converted into other securities, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, to the extent that such information constitutes material
non-public information (as determined in good faith by the Company) the Company shall deliver to the Holder at its last address
as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stocks of record
to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date
as of which it is expected that holders of the Common Stocks of record shall be entitled to exchange their shares of the Common
Stocks for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect
the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

(h)
Increase in Warrant Shares. In the event the Exercise Price is reduced for any reason, including but not limited to pursuant
to Section 3 of this Warrant, the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise
Price payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise
Price prior to such adjustment.

 

Section
4. Transfer of Warrant.

 

(a)
Transferability. Subject to compliance with any applicable securities laws and the provisions of the Purchase Agreement,
this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

(b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the
Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall
be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant
Shares issuable pursuant thereto.

 

    	 	 	 

    	 

    

 

(c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

Section
5. Miscellaneous.

 

(a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

 

(b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

(c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next
succeeding Trading Day.

 

(d)
Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized
and unissued Common Stocks a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of
any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates
for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable
action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable
law or regulation, or of any requirements of the Trading Market upon which the Common Stocks may be listed. The Company covenants
that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise
of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized,
validly issued, fully paid and non-assessable and free from all taxes, liens and charges created by the Company in respect of
the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise
of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant. Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant
is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto,
as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

 

    	 	 	 

    	 

    

 

(e)
Jurisdiction. All questions concerning governing law, jurisdiction, venue and the construction, validity, enforcement and
interpretation of this Warrant shall be determined in accordance with the laws of the State of Delaware.

 

(f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered
and Rule 144 is available, will have restrictions upon resale imposed by state and federal securities laws.

 

(g)
Non-waiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting
any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

(h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the address of record in the Warrant Register.

 

(i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stocks or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

(j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant.

 

(k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

(l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holders of not less than a majority of the outstanding Warrants issued pursuant to the Purchase Agreement.

 

(m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

(n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

(Signature
Page Follows)

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date
first above indicated.

 

	 	ACCELERATED
    PHARMA, INC.
	 	 	 
	 	By:	/s/:
    Michael Fonstein
	 	Name:	Michael
    Fonstein
	 	Title:	CEO

 

    	 	 	 

    	 

    

 

NOTICE
OF EXERCISE

 

	TO:	ACCELERATED
    PHARMA, INC.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of lawful money of the United States;

 

(3)
Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name
as is specified below:

 

                _______________________________

 

(4)
After giving effect to this Notice of Exercise, the undersigned will not have exceeded the Beneficial Ownership Limitation.

 

The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

                _______________________________

 

                _______________________________

 

                _______________________________

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity:

__________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity:

____________________________________________________

Name
of Authorized Signatory:

______________________________________________________________________

Title
of Authorized Signatory:

_______________________________________________________________________

Date:

__________________________________________________________________________________________

 

    	 	 	 

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

ACCELERATED
PHARMA, INC.

 

 

FOR
VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are
hereby assigned to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

	 	Dated:
    ______________, _______

 

	 	Holder’s
    Signature:	_____________________________	 
	 	 	 	 
	 	Holder’s
    Address:	_____________________________	 
	 	 	 	 
	 	 	_____________________________	

 

 

Signature
Guaranteed: ___________________________________________

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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