Document:

EX-4.1

 Exhibit 4.1 
  

 
  

STATION CASINOS LLC 

THE GUARANTORS 
 named
herein 
 and 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Trustee 

5.000% SENIOR NOTES DUE 2025 

INDENTURE 
 Dated as of
September 21, 2017 
  
  

 

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture Act Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.05
	       (b)
	  	13.03
	       (c)
	  	13.03
	 313(a)
	  	7.06
	       (b)(2)
	  	7.06; 7.07
	       (c)
	  	7.06; 13.02
	       (d)
	  	7.06
	 314(a)
	  	4.03; 13.02; 13.05
	       (c)(1)
	  	13.04
	       (c)(2)
	  	13.04
	       (c)(3)
	  	N.A.
	       (e)
	  	13.05
	       (f)
	  	N.A.
	 315(a)
	  	7.01
	       (b)
	  	7.05; 12.02
	       (c)
	  	7.01
	       (d)
	  	7.01
	       (e)
	  	6.11
	 316(a)(last sentence)
	  	2.09
	       (a)(1)(A)
	  	6.05
	       (a)(1)(B)
	  	6.04
	       (a)(2)
	  	N.A.
	       (b)
	  	6.07
	       (c)
	  	2.12
	 317(a)(1)
	  	6.08
	       (a)(2)
	  	6.09
	       (b)
	  	2.04
	 318(a)
	  	13.01
	       (b)
	  	N.A.
	       (c)
	  	13.01

 N.A. means not applicable. 
  

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

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE 1	 
	DEFINITIONS AND INCORPORATION BY REFERENCE	 
			
	Section 1.01	 	 Definitions
	  	 	1	 
	Section 1.02	 	 Other Definitions
	  	 	36	 
	Section 1.03	 	 Incorporation by Reference of Trust Indenture Act
	  	 	37	 
	Section 1.04	 	 Rules of Construction
	  	 	37	 
	
	ARTICLE 2	 
	THE NOTES	 
			
	Section 2.01	 	 Form and Dating
	  	 	38	 
	Section 2.02	 	 Execution and Authentication
	  	 	38	 
	Section 2.03	 	 Registrar and Paying Agent
	  	 	39	 
	Section 2.04	 	 Paying Agent to Hold Money in Trust
	  	 	39	 
	Section 2.05	 	 Holder Lists
	  	 	39	 
	Section 2.06	 	 Transfer and Exchange
	  	 	40	 
	Section 2.07	 	 Replacement Notes
	  	 	50	 
	Section 2.08	 	 Outstanding Notes
	  	 	51	 
	Section 2.09	 	 Treasury Notes
	  	 	51	 
	Section 2.10	 	 Temporary Notes
	  	 	51	 
	Section 2.11	 	 Cancellation
	  	 	52	 
	Section 2.12	 	 Defaulted Interest
	  	 	52	 
	Section 2.13	 	 CUSIP Numbers
	  	 	52	 
	
	ARTICLE 3	 
	REDEMPTION AND PREPAYMENT	 
			
	Section 3.01	 	 Notices to Trustee
	  	 	52	 
	Section 3.02	 	 Selection of Notes to Be Redeemed or Purchased
	  	 	53	 
	Section 3.03	 	 Notice of Redemption
	  	 	53	 
	Section 3.04	 	 Effect of Notice of Redemption
	  	 	54	 
	Section 3.05	 	 Deposit of Redemption or Purchase Price
	  	 	54	 
	Section 3.06	 	 Notes Redeemed or Purchased in Part
	  	 	55	 
	Section 3.07	 	 Optional Redemption
	  	 	55	 
	Section 3.08	 	 Mandatory Redemption
	  	 	55	 
	Section 3.09	 	 Offer to Purchase by Application of Excess Proceeds
	  	 	55	 
	
	ARTICLE 4	 
	COVENANTS	 
			
	Section 4.01	 	 Payment of Notes
	  	 	57	 
	Section 4.02	 	 Maintenance of Office or Agency
	  	 	57	 
	Section 4.03	 	 Provision of Financial Information
	  	 	58	 
	Section 4.04	 	 Compliance Certificate
	  	 	60	 

  
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	 	 	 	  	Page	 
	Section 4.05	 	 Taxes
	  	 	60	 
	Section 4.06	 	 Stay, Extension and Usury Laws
	  	 	60	 
	Section 4.07	 	 Restricted Payments
	  	 	61	 
	Section 4.08	 	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	65	 
	Section 4.09	 	 Incurrence of Indebtedness and Issuance of Preferred Stock
	  	 	67	 
	Section 4.10	 	 Asset Sales
	  	 	71	 
	Section 4.11	 	 Transactions with Affiliates
	  	 	74	 
	Section 4.12	 	 Liens
	  	 	75	 
	Section 4.13	 	 Lines of Business
	  	 	76	 
	Section 4.14	 	 Legal Existence
	  	 	76	 
	Section 4.15	 	 Offer to Repurchase Upon Change of Control
	  	 	76	 
	Section 4.16	 	 Covenant Termination
	  	 	77	 
	Section 4.17	 	 Additional Subsidiary Guarantees
	  	 	78	 
	Section 4.18	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	78	 
	Section 4.19	 	 No Layering
	  	 	79	 
	Section 4.20	 	 Mandatory Disposition Pursuant to Gaming Laws
	  	 	79	 
	Section 4.21	 	 Financial Calculations for Limited Condition Acquisitions
	  	 	79	 
	
	ARTICLE 5	 
	SUCCESSORS	 
			
	Section 5.01	 	 Merger, Consolidation, or Sale of Assets
	  	 	80	 
	Section 5.02	 	 Successor Person Substituted
	  	 	81	 
	
	ARTICLE 6	 
	DEFAULTS AND REMEDIES	 
			
	Section 6.01	 	 Events of Default
	  	 	82	 
	Section 6.02	 	 Acceleration
	  	 	83	 
	Section 6.03	 	 Other Remedies
	  	 	84	 
	Section 6.04	 	 Waiver of Past Defaults
	  	 	84	 
	Section 6.05	 	 Control by Majority
	  	 	84	 
	Section 6.06	 	 Limitation on Suits
	  	 	84	 
	Section 6.07	 	 Rights of Holders of Notes to Receive Payment
	  	 	85	 
	Section 6.08	 	 Collection Suit by Trustee
	  	 	85	 
	Section 6.09	 	 Trustee May File Proofs of Claim
	  	 	85	 
	Section 6.10	 	 Priorities
	  	 	86	 
	Section 6.11	 	 Undertaking for Costs
	  	 	86	 
	Section 6.12	 	 Remedies Subject to Applicable Law
	  	 	86	 
	
	ARTICLE 7	 
	TRUSTEE	 
			
	Section 7.01	 	 Duties of Trustee
	  	 	86	 
	Section 7.02	 	 Rights of Trustee
	  	 	87	 
	Section 7.03	 	 Individual Rights of Trustee
	  	 	89	 
	Section 7.04	 	 Trustee’s Disclaimer
	  	 	89	 
	Section 7.05	 	 Notice of Defaults
	  	 	89	 
	Section 7.06	 	 Reports by Trustee to Holders of the Notes
	  	 	89	 
	Section 7.07	 	 Compensation and Indemnity
	  	 	90	 

  
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	 	 	 	  	Page	 
	Section 7.08	 	 Replacement of Trustee
	  	 	90	 
	Section 7.09	 	 Successor Trustee by Merger, etc
	  	 	91	 
	Section 7.10	 	 Eligibility; Disqualification
	  	 	91	 
	Section 7.11	 	 Preferential Collection of Claims Against Company
	  	 	92	 
	
	ARTICLE 8	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 
			
	Section 8.01	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	92	 
	Section 8.02	 	 Legal Defeasance and Discharge
	  	 	92	 
	Section 8.03	 	 Covenant Defeasance
	  	 	93	 
	Section 8.04	 	 Conditions to Legal or Covenant Defeasance
	  	 	93	 
	Section 8.05	 	 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous
Provisions
	  	 	94	 
	Section 8.06	 	 Repayment to Company
	  	 	95	 
	Section 8.07	 	 Reinstatement
	  	 	95	 
	
	ARTICLE 9	 
	AMENDMENT, SUPPLEMENT AND WAIVER	 
			
	Section 9.01	 	 Without Consent of Holders of Notes
	  	 	95	 
	Section 9.02	 	 With Consent of Holders of Notes
	  	 	96	 
	Section 9.03	 	 Compliance with Trust Indenture Act
	  	 	98	 
	Section 9.04	 	 Revocation and Effect of Consents
	  	 	98	 
	Section 9.05	 	 Notation on or Exchange of Notes
	  	 	98	 
	Section 9.06	 	 Trustee to Sign Amendments, etc
	  	 	98	 
	
	ARTICLE 10	 
	[RESERVED]	 
	
	ARTICLE 11	 
	NOTE GUARANTIES	 
			
	Section 11.01	 	 Guaranty
	  	 	99	 
	Section 11.02	 	 Limitation on Guarantor Liability
	  	 	100	 
	Section 11.03	 	 Execution and Delivery of Guaranty
	  	 	100	 
	Section 11.04	 	 Merger, Consolidation or Sale of Assets of Guarantors
	  	 	100	 
	Section 11.05	 	 Successor Corporation Substituted
	  	 	101	 
	Section 11.06	 	 Releases
	  	 	101	 
	
	ARTICLE 12	 
	SATISFACTION AND DISCHARGE	 
			
	Section 12.01	 	 Satisfaction and Discharge
	  	 	102	 
	Section 12.02	 	 Application of Trust Money
	  	 	103	 

  
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	 	 	 	  	Page	 
	ARTICLE 13	 
	MISCELLANEOUS	 
			
	Section 13.01	 	 Trust Indenture Act Controls
	  	 	103	 
	Section 13.02	 	 Notices
	  	 	103	 
	Section 13.03	 	 Communication by Holders of Notes with Other Holders of Notes
	  	 	105	 
	Section 13.04	 	 Certificate and Opinion as to Conditions Precedent
	  	 	105	 
	Section 13.05	 	 Statements Required in Certificate or Opinion
	  	 	105	 
	Section 13.06	 	 Rules by Trustee and Agents
	  	 	105	 
	Section 13.07	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	106	 
	Section 13.08	 	 Governing Law
	  	 	106	 
	Section 13.09	 	 No Adverse Interpretation of Other Agreements
	  	 	106	 
	Section 13.10	 	 Successors
	  	 	106	 
	Section 13.11	 	 Severability
	  	 	106	 
	Section 13.12	 	 Counterpart Originals
	  	 	106	 
	Section 13.13	 	 Table of Contents, Headings, etc
	  	 	106	 
	Section 13.14	 	 Force Majeure
	  	 	107	 
	Section 13.15	 	 Patriot Act
	  	 	107	 
	Section 13.16	 	 Waiver of Jury Trial
	  	 	107	 

 EXHIBITS 
  

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

  
 -iv- 

 INDENTURE dated as of September 21, 2017 among Station Casinos LLC, a Nevada limited
liability company, the Guarantors (as defined) and Wells Fargo Bank, National Association, a national banking association, as trustee. 

The Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the
Holders (as defined) of the 5.000% Senior Notes due 2025 (the “Notes”): 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION 

BY REFERENCE 

Section 1.01 Definitions. 

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

“Affiliate” means, when used with reference to any Person, any other Person directly or indirectly controlling, controlled
by, or under direct or indirect common control with, the referent Person. For the purposes of this definition, the term “control” when used with respect to any specified Person means the power to direct or cause the direction of management
or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “affiliated,” “controlling” and “controlled” have meanings correlative of
the foregoing. 
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
 “Applicable
Premium” means with respect to any Note on any Redemption Date, as determined by the Company, the greater of: 
 (1)
1.0% of the principal amount of the Note; and 

 (2) the excess of: 

(A) the present value at such Redemption Date of (i) the Redemption Price of the Note at October 1, 2020 (as set
forth in Paragraph 5 of the Note) plus (ii) all required interest payments due on the Note through October 1, 2020 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as
of such redemption date plus 50 basis points; over 
 (B) the principal amount of the Note. 

“Asset Acquisition” means: 

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

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

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

other than, in both cases: 
 (A)
any disposition to the Company, 
 (B) any disposition to any Obligor or Restricted Subsidiary, 

(C) any disposition that constitutes a Restricted Payment or a Permitted Investment that is made in accordance with
Section 4.07 hereof, 
 (D) any transaction or series of related transactions resulting in Net Cash Proceeds to such
Obligor of less than $25 million, 
 (E) any transaction that is consummated in accordance with Article V hereof, 

(F) the sale or discount, in each case without recourse (direct or indirect), of accounts receivable arising in the ordinary
course of business of the Company or such Restricted Subsidiary, as the case may be, but only in connection with the compromise or collection thereof, 

  
 -2- 

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

(H) transfers of damaged, worn-out or obsolete equipment or assets that, in the Company’s reasonable judgment, are no
longer used or useful in the business of the Company or its Restricted Subsidiaries (including the abandonment or other disposition of intellectual property that is, in the reasonable judgment of the Company, no longer economically practicable to
maintain or useful in the conduct of the business of the Company and its Restricted Subsidiaries), 
 (I) sales or grants of
licenses or sublicenses to use the patents, trade secrets, know-how and other intellectual property, and licenses, leases or subleases of other assets of the Company or any Restricted Subsidiary to the extent not materially interfering with the
business of the Company and the Restricted Subsidiaries, 
 (J) any exchange of like property pursuant to Section 1031
of the Internal Revenue Code of 1986, as amended, for use in a Related Business, 
 (K) sale or other disposition of cash or
Cash Equivalents, 
 (L) any surrender or waiver of contractual rights or the settlement, release, recovery on or surrender
of contract, tort or other claims of any kind that occur in the ordinary course of the Company’s or any Restricted Subsidiary’s business, 

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

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

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

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

  
 -3- 

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

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

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

(2) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such
Person. 
 “Capitalized Lease Obligation” means, as to any Person, the discounted rental stream payable by such Person that
is required to be classified and accounted for as a capital lease obligation under GAAP and, for purposes of this definition, the amount of such obligation at any date shall be the capitalized amount of such obligation at such date, determined in
accordance with GAAP. The final maturity of any such obligation shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without penalty.

 “Cash Equivalents” means: 

(1) Government Securities; 

(2) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such
state or any public instrumentality thereof maturing within 12 months from the date of acquisition thereof by the Company or any Restricted Subsidiary and, at the time of acquisition, having one of the two highest ratings obtainable from either
S&P or Moody’s; 
 (3) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any
commercial bank that (i) is organized under the Laws of the United States, any state thereof or the District of Columbia or is the principal banking Subsidiary of a bank holding company organized under the Laws of the United States, any state
thereof or the District of Columbia, and is a member of the Federal Reserve System, and (ii) has combined capital and surplus of at least $500,000,000, in each case with average maturities of not more than 12 months from the date of
acquisition thereof; 

  
 -4- 

 (4) investments in commercial paper maturing within 12 months from the date
of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s; 

(5) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in
clause (2) and (3) above and entered into with a commercial bank described in clause (3) above; and 
 (6)
Investments in money market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P or Aaa by Moody’s and
(iii) have portfolio assets of at least $5,000,000,000. 
 “Casino” means any gaming establishment and other property
or assets directly ancillary thereto or used in connection therewith, including any building, restaurant, hotel, theater, parking facilities, retail shops, land, golf courses and other recreation and entertainment facilities, marina, vessel, barge,
ship and equipment. 
 “Change of Control” means the occurrence of any of the following: 

(1) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
transaction or a series of related transactions, of all or substantially all of the assets of the Company, or the Company and its Restricted Subsidiaries taken as a whole, to any “person” (as such term is used in Section 13(d)(3) of
the Exchange Act) other than to a Permitted Holder, 
 (2) the adoption, or, if applicable, the approval of any requisite
percentage of the Company’s stockholders of a plan relating to the liquidation or dissolution of the Company, or 
 (3)
the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as defined above) other than a Permitted Holder becomes the “beneficial owner” (as such
term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of the Company (measured by voting power rather than number of shares), other than in connection with any transaction
or transactions in which the Company shall become the wholly owned Subsidiary of a parent company and, thereafter, the foregoing shall instead apply to such parent company. 

“Change of Control Time” means the earlier of the public announcement of (1) a Change of Control or (2) (if
applicable) the Company’s intention to effect a Change of Control. 
 “Change of Control Triggering Event” means both
a Change of Control and a Rating Decline; provided, however, that a Change of Control Triggering Event shall not be deemed to have occurred if (i) at the Change of Control Time the Notes have Investment Grade Status and
(ii) the Company effects a Legal Defeasance or Covenant Defeasance of the Notes prior to a Rating Decline. 
 “Company Tax
Payments” means payments by the Company to Holdco to enable Holdco to make Tax Distributions (as defined in the Holdco LLC Agreement as in effect on the Issue Date or as may be amended, modified or replaced from time so long as such
amendment, modification or replacement is not materially adverse to Holders of the Notes) to its members pursuant to Section 5.4 of the 

  
 -5- 

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

“Clearstream” means Clearstream Banking, S.A. 

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

(2) Consolidated Interest Expense during such period (other than non-cash Consolidated Interest Expense attributable to the
Notes and loans under the Bank Credit Agreement); 
 provided, that the Consolidated Coverage Ratio shall be calculated giving pro forma effect as of
the beginning of the applicable period, to any Asset Acquisition, Incurrence, repayment or redemption of Indebtedness (including the Notes), issuance or redemption of Disqualified Capital Stock, Asset Sale, designation of an Unrestricted Subsidiary
as a Restricted Subsidiary or designation of a Restricted Subsidiary as an Unrestricted Subsidiary, at any time during or subsequent to such period, but on or prior to the applicable Determination Date. 

In making such computation, Consolidated Interest Expense: 

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

It is understood that the Company may rely on internal or publicly reported financial reports even though there may be subsequent adjustments
(including review and audit adjustments) to such financial statements. For avoidance of doubt, any action taken or not taken in compliance with a covenant in this Indenture which is based upon or made in reliance on a computation of the Consolidated
Coverage Ratio by the Company based on such internal or publicly reported financial statements shall be deemed to continue to comply with the applicable covenant, notwithstanding any subsequent adjustments that may result in changes to such internal
or publicly reported financial statements. 

  
 -6- 

 For purposes of calculating Consolidated EBITDA and Consolidated Interest Expense of the Company
for the most recently completed period of four full fiscal quarters ending on the last day of the last quarter for which internal financial statements are available (such period of four fiscal quarters, the “Measurement Period”),
not more than 135 days prior to the transaction or event giving rise to the need to calculate the Consolidated EBITDA and Consolidated Interest Expense, 

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

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

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

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

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

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

  
 -7- 

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

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

(B) the consolidated interest expense of such Person for such period, whether paid or accrued, including, without limitation,
amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations and the interest component of all payments associated with Capital Lease Obligations, 

(C) depreciation and amortization expense (including the amortization of deferred financing charges) and any amortization or
write-off of goodwill or other intangible assets and depreciation expense for such Person and its Restricted Subsidiaries for such period, 

(D) all other non-cash items (other than non-cash interest) of such Person or any of its Restricted Subsidiaries reducing such
Consolidated Net Income for such period, other than any non-cash item for such period that requires the accrual of or a reserve for cash charges for any future period, 

(E) any net after-tax losses from all sales or dispositions of assets outside of the ordinary course of business, 

(F) any net after-tax extraordinary or non-recurring losses and losses on early extinguishment of debt, 

(G) any non-recurring costs or expenses of an acquired company or business incurred in connection with the purchase or
acquisition of such acquired company or business by such Person (including any restructuring expenses or charges) and any non-recurring adjustments necessary to conform the accounting policies of the acquired company or business to those of such
Person, 
 (H) the amount of interest expense attributable to minority equity interests of third parties in any non-wholly
owned Subsidiary to the extent paid by third parties, 
 (I) any losses attributable to Interest Swap Obligations and Hedging
Obligations permitted to be Incurred by clause (7) of Permitted Indebtedness, 
 (J) non-cash charges relating to
compensation expense in connection with benefits provided under employee stock option plans, restricted stock plans and other equity compensation arrangements, 

(K) all non-cash losses from investments recorded using the equity method, 

  
 -8- 

 (L) any cost, charge, fee or expense (including discounts and commissions and
including fees and charges incurred in respect of letters of credit or bankers acceptance financings) (or any amortization of any of the foregoing) associated with any issuance (or proposed issuance) of debt, or equity or any refinancing transaction
(or proposed refinancing transaction) or any amendment or other modification of any debt instrument, and 
 (M) any charges,
fees and expenses (or any amortization thereof) related to any acquisition, Investment or disposition (or any such proposed acquisition, Investment or disposition) (including amortization or write offs of debt issuance or deferred financing costs,
premiums and prepayment penalties), in each case, whether or not successful, less 
 (3) (A) all non-cash items of such
Person or any of its Restricted Subsidiaries increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business, (B) all cash payments during such period relating to non-cash items that
were added back in determining Consolidated EBITDA in any prior period and (C) solely for the purpose of calculating the Consolidated Coverage Ratio, Consolidated Leverage Ratio or the Consolidated Secured Leverage Ratio distributions made by
the Company to the Holding Companies during such period pursuant to clause (13) under Section 4.07, plus 
 (4)
pre-opening expenses, plus 
 (5) without duplication, the sum of (A) the New Property EBITDA, (B) Expansion
Capital Expenditures EBITDA and (C) Development Project EBITDA to the extent that such New Property, property subject to the Expansion Capital Expenditures or Development Project has not been subsequently sold, transferred or otherwise disposed
of by the Company or the Restricted Subsidiary that owns such New Property, property subject to the Expansion Capital Expenditures or Development Project, as applicable, plus 

(6) solely for the purpose of calculating the Consolidated Coverage Ratio, Consolidated Leverage Ratio or the Consolidated
Secured Leverage Ratio, the amount of any restructuring charges or reserve (including those relating to severance, relocation costs and one-time compensation charges), costs incurred in connection with any non-recurring strategic initiatives, other
business optimization expenses (including incentive costs and expenses relating to business optimization programs and signing, retention and completion bonuses) and any unusual or non-recurring charges or items of loss or expense (including, without
limitation, losses on asset sales (other than asset sales in the ordinary course of business), plus 
 (7) Company Tax
Payments paid or accrued for such period. 
 Consolidated EBITDA shall be further adjusted (to the extent not reflected under clauses
(1) through (7) above, without duplication): 
 (A) to include, if otherwise excluded from Consolidated EBITDA due to the operation
of paragraph (3) above, the amount of insurance proceeds received during such period or after such period and on or prior to the date the calculation is made with respect to such period, attributable to any property which has been closed or had
operations curtailed for such period; provided that such amount of insurance proceeds shall only be included pursuant to this clause (A) to the extent of the amount of insurance proceeds plus Consolidated EBITDA attributable to such
property for such period 

  
 -9- 

 
(without giving effect to this clause (A)) does not exceed Consolidated EBITDA attributable to such property during the most recently completed four fiscal quarters for which financial results
are available that such property was fully operational (or if such property has not been fully operational for four consecutive fiscal quarters for which financial results are available prior to such closure or curtailment, the Consolidated EBITDA
attributable to such property during the period prior to such closure or curtailment (for which financial results are available) annualized over four fiscal quarters); and 

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

“Consolidated Indebtedness” means, as at any date of determination, (a) an amount equal to the aggregate amount of all
Indebtedness of the Company and its Restricted Subsidiaries (other than any such Indebtedness that has been discharged or defeased) on such date, in an amount that would be reflected on a balance sheet on such date prepared on a consolidated basis
in accordance with GAAP, consisting of Indebtedness for borrowed money, obligations in respect of Capital Leases, purchase money Indebtedness, Indebtedness of the kind described in clause (4) of the definition of “Indebtedness”,
Indebtedness evidenced by promissory notes and similar instruments and guarantees in respect of any of the foregoing (to be included only to the extent set forth in clause (iii) below); provided that (i) Consolidated Indebtedness shall not
include (A) Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder or (B) Indebtedness of the type described in clause (5) of the definition thereof, (ii) the amount of Consolidated
Indebtedness, in the case of Indebtedness of a Restricted Subsidiary that is not a Wholly Owned Subsidiary, shall be reduced by an amount directly proportional to the amount (if any) by which Consolidated EBITDA was reduced (including through the
calculation of Consolidated Net Income) in respect of such non-controlling interest in such Restricted Subsidiary owned by a Person other than the Company or any of its Restricted Subsidiaries, (iii) the amount of Consolidated Indebtedness, in
the case of Indebtedness of a Subsidiary of the Company that is not a Guarantor and which Indebtedness is not guaranteed by any Obligor or Holding Company shall be reduced by an amount directly proportional to the amount by which Consolidated EBITDA
was reduced due to the undistributed earnings of such Subsidiary being excluded from Consolidated Net Income pursuant to clause (7) or (8) thereof and (iv) Consolidated Indebtedness shall exclude Indebtedness not in excess of $500
million at any one time outstanding, which constitutes Development Expenses, or the proceeds of which were applied to fund Development Expenses (but only for so long as such Indebtedness constitutes Development Expenses); less (b) Excess
Cash. 
 “Consolidated Interest Expense” means, with respect to any Person for any period, the sum of: 

(1) the consolidated interest expense of such Person and its Restricted Subsidiaries paid or accrued during such period
(including the interest component of any deferred payment obligations, the interest component of all payments associated with Capitalized Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or
bankers’ acceptance financings, and net payments (if any) pursuant to Hedging Obligations or Interest Swap Obligations); provided, however, that Consolidated Interest Expense shall not include either (x) amortization or write-offs
of debt issuance costs and deferred financing costs (including without limitation, related to the original issuance of the Notes or any financing consummated prior thereto), (y) any expensing of commitment or other financing fees or
(z) write-offs relating to termination of interest rate swap arrangements related to the original issuance of the Notes, and 

  
 -10- 

 (2) the consolidated interest of such Person and its Restricted Subsidiaries that
was capitalized during such period, and 
 (3) any interest accruing on Indebtedness of another Person that is guaranteed by
such Person or one of its Restricted Subsidiaries, and 
 (4) the product of: 

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

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

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

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

  
 -11- 

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

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

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

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

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

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

(2) net after-tax extraordinary or non-recurring gains or losses and losses on early extinguishment of debt, 

(3) any after-tax effect of income (loss) from the early extinguishment, conversion or cancellation of debt, Interest Swap
Obligations, Hedging Obligations or other derivative instruments; 
 (4) any impairment charge or asset write-off, in each
case pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP; 
 (5) the effect of marking to market
Interest Swap Obligations and Hedging Obligations permitted to be Incurred by clause (7) of Permitted Indebtedness, 

(6) the cumulative effect of a change in accounting principles, 

  
 -12- 

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

(8) solely for the purpose of determining the amount available for Restricted Payments under clause (3)(A) of the second
paragraph under Section 4.07(a), any net income of any Restricted Subsidiary that is not a Guarantor if such Restricted Subsidiary is subject to restrictions, directly or indirectly, by contract, operation of law, pursuant to its charter or
otherwise on the payment of dividends or the making of distributions by such Restricted Subsidiary to such Person except that: 

(A) such Person’s equity in the net income of any such Restricted Subsidiary for such period shall be included in such
Consolidated Net Income up to the aggregate amount of cash that could have been paid or distributed during such period to such Person as a dividend or other distribution (provided that such ability is not due to a waiver of such restriction), and

 (B) such Person’s equity in a net loss of any such Restricted Subsidiary for such period shall be included in
determining such Consolidated Net Income regardless of any such restriction, 
 (9) any restoration to income of any
contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date, 

(10) income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such
period whether or not such operations were classified as discontinued), 
 (11) in the case of a successor to such Person by
consolidation or merger or as a transferee of such Person’s assets, any net income or loss of the successor corporation prior to such consolidation, merger or transfer of assets, 

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

  
 -13- 

 (15) to the extent covered by insurance and actually reimbursed, or, so long as
the Company has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is in fact reimbursed within 365 days of the date of such
determination (with a deduction in the applicable future period for any amount so added back to the extent not so reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business
interruption; 
 (16) the net income (but not loss) of any Unrestricted Subsidiary, except that the Company’s or any
Restricted Subsidiary’s equity in the net income of any Unrestricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Unrestricted Subsidiary during
such period to the Company or a Restricted Subsidiary as a dividend or other distribution; 
 (17) any fees, expenses,
premiums and other charges in connection with the issuance of the Notes, the incurrence of Indebtedness under the Bank Credit Agreement or any other issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction,
amendment or other modification of any debt instrument, acquisition, investment or asset disposition; 
 (18) payments made
by the Company or a Restricted Subsidiary to an Unrestricted Subsidiary pursuant to the Subsidiary Tax Sharing Agreement; 

(19) gains and losses resulting solely from fluctuations in currency values and the related tax effect; and 

(20) any net income of a Restricted Subsidiary (or former Restricted Subsidiary) with respect to which a Trigger Event has
occurred following the occurrence and during the continuation of such Trigger Event; 
 provided further that Consolidated Net Income shall be
reduced by all Corporate Expense Payments and Company Tax Payments paid or accrued for such period. 
 “Consolidated Net Tangible
Assets” means, as of any Determination Date, the total amount of assets that would appear on the consolidated balance sheet of the Company and its Restricted Subsidiaries as at the end of the most recently completed fiscal quarter for which
financial statements are available, less the sum of (i) the goodwill, net, and other intangible assets and (ii) all current liabilities (other than any current portion of long-term Indebtedness), in each case as they would appear on the
consolidated balance sheet of the Company and its Restricted Subsidiaries as at the end of the most recently completed fiscal quarter for which financial statements are available, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Secured Leverage Ratio” means, with respect to any Person on any Determination Date, the ratio of (a) the
aggregate amount of Consolidated Indebtedness (or, in the case of Indebtedness issued at less than its principal amount at maturity, the accreted value thereof) of such Person and its Restricted Subsidiaries as of such Determination Date that is
secured by a lien on the assets or property of such Person or any of its Restricted Subsidiaries (provided that for purposes of calculating 

  
 -14- 

 
such Consolidated Secured Leverage Ratio any Indebtedness Incurred under clause (ii) of the proviso in clause (3) of the definition of “Permitted Indebtedness” shall be deemed
to be secured by a lien on the assets or property of the Company and its Restricted Subsidiaries) to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended prior to such date for which internal financial
reports are available, ended not more than 135 days prior to such date (the “Measurement Period”), provided that: 

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

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

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

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

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

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

  
 -15- 

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

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

“Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in Section 13.02 hereof or such
other address as to which the Trustee may give notice to the Company. 
 “Credit Facilities” means, with respect to any
Obligor, one or more debt facilities (including, without limitation, the Bank Credit Agreement), indentures or commercial paper facilities with any combination of banks, other institutional lenders or other institutional lenders or accredited or
institutional investors, providing for revolving credit loans, term loans, terms debt, debt securities, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such
lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after termination or otherwise), refinanced (including by means of sales of debt securities to
institutional investors), modified, substituted or otherwise restructured (including, but not limited to, the inclusion of additional borrowers thereunder), in whole or in part from time to time by the same or different institutional investors or
other purchasers. Without limiting the generality of the foregoing, the term “Credit Facilities” shall include agreements in respect of Interest Swap Obligations and other Hedging Obligations with lenders party to the Credit Facilities or
their affiliates. 
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor
entity thereto. 
 “Default” means any event that is or with the passage of time or the giving of notice or both would be
an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued
in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form,
the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

  
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 “Designated Non-Cash Consideration” means the fair market value of non-cash
consideration received by the Company or any of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an officer’s certificate setting forth the basis of such
valuation, executed by a financial officer of the Company, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Non-Cash Consideration. 

“Determination Date” means, with respect to any calculation, the date on or as of which such calculation is made in
accordance with the terms hereof. 
 “Development Expenses” means, without duplication, the aggregate principal amount, not
to exceed $500 million at any time, of outstanding Indebtedness incurred after the Issue Date, the proceeds of which, at the time of determination, have been applied or are required or intended to be used to fund, (i) Expansion Capital
Expenditures of the Company or any Restricted Subsidiary, (ii) a Development Project or (iii) interest, fees or related charges with respect to such Indebtedness; provided that (A) the Company or the Restricted Subsidiary or other
Person that owns assets subject to the Expansion Capital Expenditure or Development Project, as applicable, is diligently pursuing the completion thereof and has not at any time ceased construction of such Expansion Capital Expenditure or
Development Project, as applicable, for a period in excess of 90 consecutive days (other than as a result of a force majeure event or inability to obtain requisite Gaming Approvals or other governmental authorizations, so long as, in the case of any
such Gaming Approvals or other governmental authorizations, the Company or a Restricted Subsidiary or other applicable Person is diligently pursuing such Gaming Approvals or governmental authorizations) and (B) no such Indebtedness shall
constitute Development Expenses with respect to an Expansion Capital Expenditure project or a Development Project from and after the end of the first full fiscal quarter after the earlier of (x) opening for business, and (y) completion of
construction of the applicable Expansion Capital Expenditure project or Development Project. 
 “Development Project” means
Investments, directly or indirectly, (a) in any joint ventures in which the Company or any of its Restricted Subsidiaries, directly or indirectly, has control or with whom it has a management or similar contract and in which the Company or any
of its Restricted Subsidiaries owns (directly or indirectly) at least 25% of the Equity Interests of such joint venture, or (b) in, or expenditures with respect to, casinos, “racinos,” full-service casino resorts or non-gaming resorts
or Persons that own casinos, “racinos,” full-service casino resorts or non-gaming resorts (including casinos, “racinos,” full-service casino resorts or non-gaming resorts in development or under construction that are not
presently opening or operating) with respect to which the Company or any of its Restricted Subsidiaries will directly manage the development thereof or (directly or indirectly through Subsidiaries) the Company or any of its Restricted Subsidiaries
has entered into a management or similar contract (or an agreement to enter into such a management or similar contract) and such contract remains in full force and effect at the time of such Investment, though it may be subject to regulatory
approvals, in each case, used to finance, or made for the purpose of allowing such joint venture, casino, “racino,” full-service casino resort or non-gaming resort, as the case may be, to finance, the purchase or other acquisition of any
fixed or capital assets or the refurbishment of existing assets or properties that develops, adds to or significantly improves the property of such joint venture, casino, “racino,” full-service casino resort or non-gaming resort and assets
ancillary or related thereto, or the construction and development of a casino, “racino,” full-service casino resort, non-gaming resort or assets ancillary or related thereto and including pre-opening expenses with respect to such joint
venture, casino, “racino,” full-service casino resort or non-gaming resort and other fees and payments to be made to such joint venture or the owners of such casino, “racino,” full-service casino resort or non-gaming resort. 

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

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

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any public or
private sale of Qualified Capital Stock. 
 “Euroclear” means Euroclear Bank, S.A./N.V., or its successor, as operator of
the Euroclear system. 
 “Event of Default” means the occurrence of any of the events described in Section 6.01 hereof
after giving effect to any applicable grace periods or notice requirements. 
 “Excess Cash” means the cash and Cash
Equivalents of the Company and its Restricted Subsidiaries, less $90 million; provided, however, that in the event that Excess Cash is less than zero, Excess Cash shall be deemed to be zero. 

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

  
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 “Expansion Capital Expenditures EBITDA” means, in the event of any opening of
any business representing Expansion Capital Expenditures occurs during a period, the Consolidated EBITDA attributable to such Expansion Capital Expenditures (as determined by the Company); provided that, for any period, if the business representing
Expansion Capital Expenditures was not opened on the first day of such period, then the Expansion Capital Expenditures EBITDA for such period shall be equal to (i) the actual Consolidated EBITDA for such business representing Expansion Capital
Expenditures during such period as determined above, divided by (ii) the number of days during such period from and after the opening of the business representing Expansion Capital Expenditures, times (iii) the total number of days in such
period. 
 “Fertitta Family Entity” means any trust or entity one hundred percent (100%) owned and controlled by or
established for the sole benefit of, or the estate of, any of Frank J. Fertitta III or Lorenzo J. Fertitta or their spouses or lineal descendants (including, without limitation, adopted children and their lineal descendants). 

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

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of
the accounting profession of the United States, as in effect from time to time; provided that, except as otherwise specifically provided, all calculations made for purposes of determining compliance with the terms of this Indenture shall
utilize GAAP as in effect as of the Issue Date. 
 “Gaming Approval” means any governmental approval, license, permit,
registration, qualification or finding of suitability relating to any gaming business, operation or enterprise. 
 “Gaming
Authority” means any applicable governmental, regulatory or administrative state or local agency, authority, board, bureau, commission, department or instrumentality of any nature whatsoever involved in the supervision or regulation of
casinos, gaming and gaming activities, including, without limitation, in the State of Nevada, the Nevada Gaming Commission, the Nevada State Gaming Control Board, and any of their respective successors or replacements. 

“Gaming Facility” shall mean any gaming establishment and other property or assets ancillary thereto or used in connection
therewith, including, without limitation, any casinos, hotels, resorts, race tracks, off-track wagering sites, theaters, parking facilities, recreational vehicle parks, timeshare operations, retail shops, restaurants, other buildings, land, golf
courses and other recreation and entertainment facilities, marinas, vessels, barges, ships and related equipment. 
 “Gaming
Law” means all Laws pursuant to which a Gaming Authority possesses licensing, permit or regulatory authority over casinos, gaming and gaming activities conducted within its jurisdiction, or the ownership of an entity engaged therein. 

  
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 “Global Note” means a permanent global note in registered form deposited with
the Trustee, as a custodian for The Depository Trust Company or any other designated depositary, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in
the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(1), 2.06(d)(2) or 2.06(d)(3) hereof. 

“Global Note Legend” means the legend set forth in Section 2.06(g)(2) hereof, which is required to be placed on all
Global Notes issued under this Indenture. 
 “Government Securities” means marketable direct obligations issued by, or
unconditionally guaranteed by, the United States government or issued by any agency or instrumentality thereof and backed by the full faith and credit of the United States, in each case maturing within 12 months from the date of acquisition thereof
by any Obligor or any Restricted Subsidiary. 
 “Governmental Authority” means any nation or government, any state or other
political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government, including, without limitation, all Gaming Authorities. 
 “Guarantee” means a
guarantee by a Guarantor of the Obligations of the Company arising under or in connection with the Notes. 
 “Guarantor”
means each Material Restricted Subsidiary of the Company in existence on the Issue Date, any future Material Restricted Subsidiary of the Company and any future Subsidiary that is a guarantor under the Bank Credit Agreement, in each case which has
guaranteed the obligations of the Company arising under or in connection with the Notes as required by this Indenture; provided that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its respective
Guarantee is released in accordance with the terms of this Indenture. 
 “Hedging Obligations” means all obligations of the
Obligors or any Domestic Restricted Subsidiary that is not an Obligor arising under or in connection with any rate or basis swap, forward contract, commodity swap or option, equity or equity index swap or option, bond, note or bill option, interest
rate option, foreign currency exchange transaction, cross currency rate swap, currency option, cap, collar or floor transaction, swap option, synthetic trust product, synthetic lease or any similar transaction or agreement. 

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

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

“Holding Company” means Holdco and each other Person that owns a direct or indirect interest in any such Holding Company.

  
 -20- 

 “IAI Global Note” means a Global Note substantially in the form of Exhibit
A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that shall be issued in a denomination equal to the outstanding principal
amount of the Notes sold to Institutional Accredited Investors. 
 “Incur” means, with respect to any Indebtedness
of any Person or any Lien, to create, issue, incur (by conversion, exchange or otherwise), assume, guarantee or otherwise become liable in respect of such Indebtedness or Lien or the recording, as required pursuant to GAAP or otherwise, of any such
Indebtedness on the balance sheet of such Person (and “Incurrence,” “Incurred,” “Incurrable” and “Incurring” shall have meanings correlative to the foregoing). 

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

(1) any obligations for money borrowed, 

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

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

(4) any obligations to pay the deferred purchase price of property or services, including Capitalized Lease Obligations, 

(5) the maximum fixed redemption or repurchase price of Disqualified Capital Stock, 

(6) Indebtedness of other Persons of the types described in clauses (1) through (5) above, secured by a Lien on the
assets of such Person or its Restricted Subsidiaries, valued, in such cases where the recourse thereof is limited to such assets, at the lesser of the principal amount of such Indebtedness or the fair market value of the subject assets, 

(7) Indebtedness of other Persons of the types described in clauses (1) through (5) above, guaranteed by such Person
or any of its Restricted Subsidiaries, and 
 (8) the net obligations of such Person under Hedging Obligations and Interest
Swap Obligations, 
 provided that the amount of any Indebtedness at any date shall be calculated as the outstanding balance of all unconditional
obligations and the maximum liability supported by any contingent obligations at such date. 
 Notwithstanding the foregoing,
“Indebtedness” shall not be construed to include trade payables, deferred payments in respect of services by employees, credit on open account, accrued liabilities, provisional credit, daylight overdrafts or similar items. For purposes of
this definition, the “maximum fixed redemption or repurchase price” of any Disqualified Capital Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if
such Disqualified Capital Stock were repurchased on the date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value

  
 -21- 

 
of such Disqualified Capital Stock, such fair market value shall be determined in good faith by the Board of the issuing Person. Unless otherwise specified in this Indenture, the amount
outstanding at any time of any Indebtedness issued with original issue discount is the full amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in
conformity with GAAP. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” means the first $550,000,000 aggregate principal amount of Notes issued under this Indenture on the date
hereof. 
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined
in Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is not also a QIB. 
 “Interest Payment Date”
means the Stated Maturity of an installment of interest on the Notes. 
 “Interest Swap Obligations” means the net
obligations of any Person under any interest rate protection agreement, interest rate future, interest rate option, interest rate swap, interest rate cap, collar or floor transaction or other interest rate Hedging Obligation. 

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

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

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

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

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

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

  
 -22- 

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

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

“Issue Date” means September 21, 2017. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law (including, without limitation, any Gaming
Law). 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a
place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue on such payment for the intervening period. 
 “Letter of Credit Obligations” means Obligations of an
Obligor arising under or in connection with letters of credit. 
 “Lien” means, with respect to any assets, any mortgage,
lien, pledge, charge, security interest or other similar encumbrance (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof). 

“Limited Condition Acquisition” means any acquisition or other Investment, including by way of merger, amalgamation or
consolidation or similar transaction, by the Issuer or one or more of its Restricted Subsidiaries, with respect to which the Company or any such Restricted Subsidiaries have entered into an agreement or is otherwise contractually committed to
consummate and the consummation of which is not expressly conditioned upon the availability of, or on obtaining, third party financing. 

“Material Restricted Subsidiary” means any Subsidiary which is both a Material Subsidiary and a Restricted Subsidiary. 

“Material Subsidiary” means any Subsidiary of the Company organized under the laws of the United States or any state thereof
or the District of Columbia, other than a Non-Material Subsidiary. 

  
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 “Moody’s” means Moody’s Investors Services, Inc., and any successor to
its rating agency business. 
 “Native American Investments” means any Investment made pursuant to any management,
construction, development, support or similar agreement by and between the Company or any of its Subsidiaries or Affiliates and a Native American Tribe or instrumentality thereof. 

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

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

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

“New Property EBITDA” means, with respect to any New Property for any period, the amount for such period of Consolidated
EBITDA of such New Property (determined as if references to the Company and the Restricted Subsidiaries in the definition of “Consolidated EBITDA” (and in the component financial definitions used therein) were references to the Person that
owns such New Property and its applicable Subsidiaries), all as determined on a consolidated basis for such New Property; provided that, for any period, if the New Property was not opened on the first day of such period, then the New Property
EBITDA for such period shall be equal to (i) the actual Consolidated EBITDA for such New Property during such period as determined above, divided by (ii) the number of days during such period from and after the opening of such New
Property, times (iii) the total number of days in such period. 

  
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 “Non-Material Subsidiaries” means all Restricted Subsidiaries designated by the
Company to the Trustee as Non-Material Subsidiaries; provided, that (i) no such Restricted Subsidiary may have assets (attributable to the Company’s and its Restricted Subsidiaries’ equity interest in such entity) having a fair
market value in excess of $25 million and (ii) all such Restricted Subsidiaries may not in the aggregate at any time have assets (attributable to the Company’s and its Restricted Subsidiaries’ equity interest in such entity)
constituting more than 3.0% of the Company’s Consolidated Net Tangible Assets based on the Company’s most recent internal financial statements. 

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

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

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities, whether absolute or contingent, payable under the documentation governing any Indebtedness. 
 “Obligor” means
the Company or any Guarantor, and any successor obligor upon the Notes and the Guarantees, respectively. 
 “Officer”
means, (i) with respect to any Person that is a corporation, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the
Controller, the Secretary, the Assistant Secretary or any Vice-President of such Person and (ii) with respect to any other Person, the individuals selected by the Board or corresponding governing or managing body of such Person to perform
functions similar to those of the officers listed in clause (i). 
 “Officers’ Certificate” means a certificate signed
on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of
Section 13.05 hereof. 
 “Opinion of Counsel” means a written opinion from legal counsel reasonably satisfactory to
the Trustee that meets the requirements of Sections 13.04 and 13.05 hereof. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 

“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). 
 “Paying
Agent” has the meaning given to it in Section 2.03 hereof. 
 “Permitted Holder” means the Fertitta Holder
and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; provided that, in the case of such group and without giving effect
to the existence of such group or any other group, the Fertitta Holder, collectively, has beneficial ownership of at least 49.9% of the Voting Stock of the Company or any of its direct or indirect parent companies. Any Person or group whose
acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional
Permitted Holder. 

  
 -25- 

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

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

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

(3) Investments existing on the Issue Date; 

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

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

(8) Hedging Obligations and Interest Swap Obligations otherwise in compliance with this Indenture; 

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

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

(12) Investments the payment of which consists of Equity Interests of the Company or any direct or indirect parent of the
Company (exclusive of Disqualified Capital Stock) or proceeds from the sale of such Equity Interests; provided that such Equity Interests will not increase the amount available for Investments under clause (3) of the second paragraph
under Section 4.07(a); 
 (13) other Investments in any Person having an aggregate fair market value (measured on the
date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (13) that are 

  
 -26- 

 
at the time outstanding (after giving effect to any such Investments that are returned to the Company or any Subsidiary that made such prior Investment, without restriction, in cash on or prior
to the date of any such calculation, but only up to the amount of the Investment made under this clause (13) in such Person), not to exceed the greater of (x) $450 million and (y) 15.0% of Consolidated Net Tangible Assets; 

(14) any Investment if after giving effect to such Restricted Payment, the Consolidated Leverage Ratio of the Company on a pro
forma basis is less than 4.75 to 1.00; 
 (15) advances of payroll payments to employees of the Company and the Restricted
Subsidiaries in the ordinary course of business; 
 (16) guarantees consisting of Support Agreements of the Company and its
Restricted Subsidiaries; 
 (17) Native American Investments in an amount up to $20 million in any fiscal year;
provided, however, that, if the aggregate amount of such Native American Investments made in any fiscal year is less than $20 million, such amount may be carried over once to be available for such Native American Investments in the next
succeeding fiscal year; and provided, further, that, in addition to the foregoing, payments according to existing contractual arrangements with any Native American Tribe may be made pursuant to existing contractual arrangements, such payments
not to exceed $25 million in the aggregate. 
 (18) Investments of a Restricted Subsidiary acquired after the Issue Date
or of a Person merged into the Company or merged or consolidated with a Restricted Subsidiary in accordance with Article V after the Issue Date to the extent that such Investments were not made in contemplation of or in connection with such
acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation; 
 (19)
Investments consisting of payments by the Company or Restricted Subsidiary to an Unrestricted Subsidiary pursuant to any Related Party Agreements; and 

(20) the occurrence of a Reverse Trigger Event under any applicable Transfer Agreement. 

“Permitted Liens” means: 

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

 (2) Liens on property of a Person existing at the time such Person is acquired and becomes a Restricted Subsidiary or is
merged into or consolidated with the Company or a Restricted Subsidiary; provided that such Liens were not Incurred in anticipation of such acquisition, merger or consolidation (other than as permitted pursuant to Section 4.09(b)(21))
and do not extend to any assets other than those of the acquired Person or the Person merged into or consolidated with the Company or such Restricted Subsidiary, as applicable; 

(3) Liens on property existing at the time of acquisition thereof by any Obligor or Restricted Subsidiary; provided that
such Liens were not Incurred in anticipation of such acquisition; 

  
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 (4) Liens Incurred to secure Indebtedness (and customary obligations related
thereto) permitted by clause (6) of Section 4.09(b), attaching to or encumbering only the subject assets and directly related property such as proceeds (including insurance proceeds) and products thereof and accessions, replacements and
substitutions thereof; 
 (5) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance
bonds or other obligations of a like nature incurred in the ordinary course of business, including Liens securing letters of credit issued in the ordinary course of business consistent with industry practice in connection therewith; 

(6) Liens created by “notice” or “precautionary” filings in connection with operating leases or other
transactions pursuant to which no Indebtedness is Incurred by the Company or any Restricted Subsidiary; 
 (7) Liens to
secure Indebtedness (and customary obligations related thereto) permitted by clause (3) of the definition of Permitted Indebtedness; 

(8) Liens existing on the Issue Date (other than Liens described in clause (7) above); 

(9) Liens for taxes, assessments or governmental charges or claims (including, without limitation, Liens securing the
performance of workers compensation, social security, or unemployment insurance obligations) that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded;
provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 

(10) Liens on shares of any equity security or any warrant or option to purchase an equity security or any security which is
convertible into an equity security issued by any Obligor that holds, directly or indirectly through a holding company or otherwise, a license under any applicable Gaming Laws; provided that this clause (10) shall apply only so long as
such Gaming Laws provide that the creation of any restriction on the disposition of any of such securities shall not be effective and, if such Gaming Laws at any time cease to so provide, then this clause (10) shall be of no further effect;

 (11) Liens on securities constituting “margin stock” within the meaning of Regulation T, U or X promulgated by
the Board of Governors of the Federal Reserve System, to the extent that (i) prohibiting such Liens would result in the classification of the obligations of the Company under the Notes as a “purpose credit” and (ii) the
Investment by any Obligor in such margin stock is permitted by this Indenture; 
 (12) Liens securing Permitted Refinancing
Indebtedness (and customary obligations related thereto); provided that any such Lien attaches only to the assets encumbered by the predecessor Indebtedness (and customary obligations related thereto), unless the Incurrence of such Liens is
otherwise permitted under this Indenture; 
 (13) Liens securing stay and appeal bonds or judgment Liens in connection with
any judgment not giving rise to an Event of Default under clause (5) of Section 6.01; 

  
 -28- 

 (14) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics,
suppliers, materialmen, repairmen and other Liens imposed by law incurred in the ordinary course of business, in respect of obligations that are not yet delinquent, are bonded or that are being contested in good faith by appropriate proceedings
promptly instituted and diligently concluded; provided that adequate reserves shall have been established therefor in accordance with GAAP; 

(15) easements, rights-of-way, zoning restrictions, reservations, covenants, encroachments and other similar charges or
encumbrances in respect of real property which do not, individually or in the aggregate, materially interfere with the conduct of business by any Obligor; 

(16) any interest or title of a lessor under any Capitalized Lease Obligation permitted to be incurred hereunder; 

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

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

(19) Liens of a collection bank under Section 4-210 of the Uniform Commercial Code on items in the course of collection
and normal and customary rights of setoff upon deposits of cash in favor of banks and other depository institutions; 
 (20)
Liens in favor of the Trustee arising under this Indenture; 
 (21) Liens securing Interest Swap Obligations or Hedging
Obligations that are permitted under this Indenture; 
 (22) pledges or deposits in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of
(including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Company or any Restricted Subsidiary; 

(23) deposits to secure the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness
for borrowed money and Capitalized Leases), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in
the ordinary course of business; 
 (24) leases, licenses, subleases or sublicenses granted to others in the ordinary course
of business which do not (x) interfere in any material respect with the business of the Company or any Restricted Subsidiary or (y) secure any Indebtedness; 

  
 -29- 

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

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

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

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

(33) Liens solely on any cash earnest money deposits made by the Company or any of the Restricted Subsidiaries in connection
with any letter of intent or purchase agreement permitted hereunder; 
 (34) Liens arising from precautionary UCC financing
statement filings regarding operating leases entered into in the ordinary course of business; 
 (35) Liens securing
customary cash management obligations not otherwise prohibited by this Indenture;

  
 -30- 

 (36) Liens incurred by the Company or any Restricted Subsidiary with respect to
obligations that do not exceed the greater of (x) $250 million at any one time outstanding and (y) 9.0% of Consolidated Net Tangible Assets; 

(37) Liens with respect to obligations that are incurred at a time that the Company’s Consolidated Secured Leverage Ratio
is no greater than 4.75 to 1.00 on a pro forma basis after giving pro forma effect to the incurrence of such obligations; 

(38) Liens created by the applicable Transfer Agreement; and 

(39) Permitted Vessel Liens. 

“Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any Restricted Subsidiary issued in exchange
for, or the net proceeds of which are used to repay, redeem, extend, refinance, renew, replace, defease or refund other Permitted Indebtedness of such Person arising under clause (1), (2), (3), (5), (6), (13), (16) or (23) of the
definition of “Permitted Indebtedness” or Indebtedness Incurred under the Consolidated Coverage Ratio test in Section 4.09(a) (any such Indebtedness, “Existing Indebtedness”); provided that: 

(1) the principal amount of such Permitted Refinancing Indebtedness does not exceed the principal amount and accrued interest
of such Existing Indebtedness (plus the amount of prepayment penalties, fees, premiums and expenses incurred or paid in connection with the refinancing of such Indebtedness), except to the extent that the Incurrence of such excess is otherwise
permitted by this Indenture; 
 (2) such Permitted Refinancing Indebtedness has a final maturity date on or later than the
final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, such Existing Indebtedness; 

(3) if such Existing Indebtedness is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness has
a final maturity date on or later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least as favorable to the Holders of the Notes as those contained in the documentation governing the Indebtedness
being repaid, redeemed, extended, refinanced, renewed, replaced, defeased or refunded; and 
 (4) such Permitted Refinancing
Indebtedness shall be Indebtedness solely of an Obligor or a Restricted Subsidiary obligated under such Existing Indebtedness, unless otherwise permitted by this Indenture. 

“Permitted Vessel Liens” shall mean maritime Liens on ships, barges or other vessels for damages arising out of a maritime
tort, wages of a stevedore, when employed directly by a Person listed in 46 U.S.C. § 31341, crew’s wages, salvage and general average, whether now existing or hereafter arising and other maritime Liens which arise by operation of law
during normal operations of such ships, barges or other vessels. 
 “Person” means any individual, corporation, company,
association, partnership, limited liability company, joint venture, trust, unincorporated organization or Governmental Authority or any other entity. 

  
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 “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. 

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

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

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

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

“Rating Agency” means (a) Moody’s or S&P or (b) if Moody’s or S&P or both shall not make a rating
on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer (as certified by a resolution of the Company’s Board) which shall be substituted for Moody’s or
S&P or both, as the case may be. 
 “Rating Decline” shall have occurred if at any date within 90 calendar days after
the date of public disclosure of the occurrence of a Change of Control (which period will be extended for so long as the Company’s debt ratings are under publicly announced review for possible downgrading (or without an indication of the
direction of a possible ratings change) by either Moody’s or S&P or their respective successors) the Notes no longer have Investment Grade Status. 

“Redemption Date” means, when used with respect to any Note to be redeemed, the date fixed for such redemption pursuant to
this Indenture and the Notes. 
 “Redemption Price” means, when used with respect to any Note to be redeemed, the price
fixed for such redemption, payable in immediately available funds, pursuant to this Indenture and the Notes. 
 “Registrar”
has the meaning given to it in Section 2.03 hereof. 
 “Regulation S” means Regulation S promulgated under the
Securities Act. 
 “Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in
reliance on Rule 903 of Regulation S. 
 “Related Business” means the gaming (including pari-mutuel betting) business
and/or any and all businesses that in the good faith judgment of the Company are reasonably related to, necessary for, in support or anticipation of ancillary or complementary to or in preparation for (or required by a Gaming Authority to be
developed, constructed, improved or acquired in connection with the licensing approval of such Casino or Casinos), the gaming business including, without limitation, the development, expansion or operation of any Casino (including any land-based,
dockside, riverboat or other type of Casino), owned, or to be owned, by the Company or one of its Subsidiaries. 

  
 -32- 

 “Related Party Agreements” means the Holdco LLC Agreement, as the same may be
amended, modified or replaced from time so long as such amendment, modification or replacement is not more disadvantageous to the Company or any of its Restricted Subsidiaries in any material respect than the agreement in place at the time of such
amendment, modification or replacement. 
 “Responsible Officer” when used with respect to the Trustee, means any officer
within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers 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 Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

“Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. If no
referent Person is specified, “Restricted Subsidiary” means a Restricted Subsidiary of the Company. 
 “Reverse Trigger
Event” shall mean the transfer of Equity Interests of any Restricted Subsidiary or any Gaming Facility from trust or other similar arrangement to Borrower or any of its Restricted Subsidiaries from time to time. 

“Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

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

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

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

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

“Securities Act” means the Securities Act of 1933, as amended, and any successor statute or statutes thereto, and the rules
and regulations of the SEC promulgated thereunder. 

  
 -33- 

 “Significant Subsidiary” means any Obligor, other than the Company, that would
be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation S-X is in effect on the date of this Indenture. 

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

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

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

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

“Support Agreement” means (a) the guaranty by the Company or a Restricted Subsidiary of the completion of the
development, construction and opening of a new gaming facility by any Affiliate or Subsidiary of the Company (including a Native American Subsidiary) or of any gaming facility owned by others which is to be managed exclusively by any such Affiliate
or Subsidiary and/or (b) the agreement by the Company or a Restricted Subsidiary to advance funds, property or services to or on behalf of an Affiliate or Subsidiary (including a Native American Subsidiary) in order to maintain the financial
condition or level of any balance sheet item of such Subsidiary or Affiliate (including “keep well” or “make well” agreements) in connection with the development, construction and operations of a new gaming facility by such
Subsidiary or Affiliate (or of any gaming facility owned by others which is to be managed exclusively by such Subsidiary or Affiliate). 

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

“Transfer Agreement” shall mean any trust or similar arrangement required by any Gaming Authority from time to time with
respect to the Equity Interests of any Restricted Subsidiary (or any Person that was a Restricted Subsidiary) or any Gaming Facility. 

“Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to the Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to October 1, 2020; provided, however, that if the period from the Redemption Date to
October 1, 2020 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

  
 -34- 

 “Tribal Receivable” means advances by the Company or any of its Restricted
Subsidiaries to the Federated Indians of Graton Rancheria, the North Fork Rancheria of Mono Indians or any other Native American tribe with which the Company or any of its Subsidiaries has a management, development, construction or other support
agreement. 
 “Trigger Event” shall mean the transfer of shares of Equity Interests of any Restricted Subsidiary or any
Gaming Facility into trust or other similar arrangement required by any Gaming Authority from time to time. 
 “Trustee”
means Wells Fargo Bank, National Association until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

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

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

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

(1) the Company certifies to the Trustee that such designation complies with Section 4.07; and 

(2) each Subsidiary to be so designated and each of its Subsidiaries has not at the time of designation, and does not
thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of its Restricted
Subsidiaries. 
 For purposes of making the determination of whether any such designation of a Subsidiary as an Unrestricted Subsidiary
complies with Section 4.07, the portion of the fair market value of the net assets of such Subsidiary of the Company at the time that such Subsidiary is designated as an Unrestricted Subsidiary that is represented by the interest of the Company
and its Restricted Subsidiaries in such Subsidiary, in each case as determined in good faith by the Board of the Company, shall be deemed to be an Investment. Such designation will be permitted only if such Investment would be permitted at such time
under Section 4.07. 

  
 -35- 

 No Unrestricted Subsidiary may create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable with respect to any Indebtedness pursuant to which the lender (or the Unrestricted Subsidiary) has recourse to any of the assets of the Company or any of its Restricted Subsidiaries. 

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

(1) (i) the Company could Incur at least $1.00 of Indebtedness (other than Permitted Indebtedness) pursuant to the Consolidated
Coverage Ratio test described above under Section 4.09 or (ii) the Consolidated Coverage Ratio of the Company is no less than the Company’s Consolidated Coverage Ratio immediately prior to such transaction or series of transactions;
and 
 (2) immediately before and immediately after giving effect to such designation, no Default or Event of Default shall
have occurred and be continuing. Any such designation by the Board shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution giving effect to such designation and an officers’ certificate certifying that
such designation complied with the foregoing provisions. 
 “U.S. Person” means a U.S. Person as defined in Rule 902(k)
promulgated under the Securities Act. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person
that is at the time entitled to vote in the election of the Board of such Person. 
 “Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the Company’s calculations of the number of years obtained by dividing: 

(1) the then outstanding aggregate principal amount of such Indebtedness into, 

(2) the total of the products obtained by multiplying: 

(A) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal,
including payment at final maturity, in respect thereof, by 
 (B) the number of years (calculated to the nearest
one-twelfth) which will elapse between such date and the making of such payment. 
 Section 1.02 Other Definitions. 

 

			
	 Term
	  	Defined in
Section
	 “Affiliate Transaction”
	  	4.11
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.15
	 “Change of Control Payment”
	  	4.15
	 “Change of Control Payment Date”
	  	4.15
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01

  
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	 Term
	  	Defined in
Section
	 “Legal Defeasance”
	  	8.02
	 “Net Proceeds Offer”
	  	4.10
	 “Net Proceeds Offer Payment Date”
	  	4.10
	 “Net Proceeds Offer Trigger Date”
	  	4.10
	 “Offer Period”
	  	3.09
	 “Paying Agent”
	  	2.03
	 “Payment Default”
	  	6.01
	 “Payment Restriction”
	  	4.08
	 “Permitted Indebtedness”
	  	4.09
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

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

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

“indenture securities” means the Notes; 

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

“indenture to be qualified” means this Indenture; 

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

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

Unless the context otherwise requires: 

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

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

(3) “or” is not exclusive; 

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

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

(6) provisions apply to successive events and transactions; 

  
 -37- 

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

ARTICLE 2 
 THE NOTES

 Section 2.01 Form and Dating. 

(a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A
hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and integral multiples $1,000
in excess thereof. Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 The terms and
provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

(b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and
without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate
principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and
redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee,
in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 Section 2.02 Execution and
Authentication.  
 At least one Officer must sign the Notes for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 

  
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 The Trustee will, upon receipt of a written order of the Company signed by two Officers (an
“Authentication Order”), authenticate Notes for original issue up to the aggregate principal amount that may be validly issued under this Indenture, including any Additional Notes. 

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

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

Section 2.04 Paying Agent to Hold Money in Trust. 

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

Section 2.05 Holder Lists. 

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

  
 -39- 

 Section 2.06 Transfer and Exchange. 

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

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

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

(B) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for
Definitive Notes and delivers a written notice to such effect to the Trustee; and 
 (2) a Person holding a beneficial
interest in a Global Note may exchange such beneficial interest for a Definitive Note if there has occurred and is continuing a Default or Event of Default with respect to the Notes and the Registrar has received a written request from such Person
to issue a Definitive Note; 
 provided that in no event shall the Regulation S Global Note be exchanged by the Company for Definitive Notes prior to
(y) the expiration of the Restricted Period and (z) the receipt by the Registrar of any certificates required pursuant to Rule 903(c)(3)(ii)(B) under the Securities Act. Upon the occurrence of either of the preceding events in (1) or
(2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated
and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or 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), provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or
(f) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer
comparable to those set forth herein to the extent required by the Securities Act or by the provisions of this Indenture. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or
(2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (1)
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be
made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial  

  
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Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No
written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

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

(A) both: 

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

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

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

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

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

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

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

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

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

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

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

(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; 

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

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

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

(G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all
restrictions on transfer contained therein. 
 (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive
Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note only if Definitive Notes are then issuable under Section 2.01(a) hereof and the Registrar receives the following: 

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

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

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

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

(1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then,
upon receipt by the Registrar of the following documentation:  
 (A) if the Holder of such Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

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

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

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

  
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 (F) if such Restricted Definitive Note is being transferred to the Company or any
of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

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

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

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

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

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D) or
(3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

  
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 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the
requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly
authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

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

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

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

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

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

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

and, in each such case, if the Company or the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Company and the
Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 

  
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 (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. 
 (f) [Reserved]. 

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

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

  
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OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 

(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2),
(d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

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

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

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.” 
 (3) Gaming Law Legend. Each Global Note and Definitive Note (and
all Notes issued in exchange therefor or in substitution thereof) shall bear the legend in substantially the following form: 
 “THE
NOTES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON OWNERSHIP AND TRANSFER IMPOSED BY APPLICABLE GAMING LAWS AND SECTION 4.20 OF THE INDENTURE (WHICH IS SUMMARIZED ON THIS CERTIFICATE).” 

  
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 (4) Original Issue Discount Legend. Each Note issued hereunder that has
more than a de minimis amount of original issue discount for U.S. Federal Income Tax purposes shall bear a legend in substantially the following form: 

“THIS NOTE WAS ISSUED WITH “ORIGINAL ISSUE DISCOUNT” WITHIN THE MEANING OF SECTIONS 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (“OID”). THE ISSUE DATE OF THE NOTE IS             . FOR INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF OID AND THE YIELD TO MATURITY,
PLEASE CONTACT THE ISSUER AT THE FOLLOWING ADDRESS: STATION CASINOS LLC, 1505 SOUTH PAVILION CENTER DRIVE, LAS VEGAS, NEVADA 89135, ATTENTION: GENERAL COUNSEL.” 

(h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any
time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the
principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the
beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on
such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (i) General Provisions
Relating to Transfers and Exchanges. 
 (1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee
will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05 hereof). 
 (3) The Registrar will not be
required to register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

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

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

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

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any Note, the Trustee,
any Agent and the Company may deem and treat the Person in whose name any Note is registered on the books of the Registrar as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all
other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee will
authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 
 (8) The Trustee shall have
no obligation or duty to monitor, determine or inquire as to compliance with any restrictions or transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between
or among Agent Members or Beneficial Owners of interest in any Global Note) other than to require delivery of such certificates and other documentations or evidence as are expressly required by, and to do so if and when expressly required by the
terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

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

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

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

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

Section 2.09 Treasury Notes. 

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

Section 2.10 Temporary Notes. 

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

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

  
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 Section 2.11 Cancellation. 

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

If the Company defaults in a payment of interest on the Notes, the Company shall pay the defaulted interest then borne by the Notes, (plus
interest on the defaulted interest to the extent lawful), in any lawful manner. The Company will pay the defaulted interest to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in
Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record
date and payment date; provided that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written
request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed (or in the case of Notes held in book entry form, by electronic transmission) to each affected Holder a notice that states the
special record date, the related payment date and the amount of such defaulted interest to be paid. 
 Section 2.13 CUSIP
Numbers. 
 The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the
Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or
as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notices to Trustee. 

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

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

  

	 	(2)	the redemption date; 

  

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

  

	 	(4)	the redemption price; and 

  

	 	(5)	the applicable CUSIP numbers. 

  
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 Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed or purchased pursuant to this Indenture (except as provided in Section 4.20) at any
time, the Trustee will select the Notes to be redeemed or purchased among the Holders as follows: 
 (1) if the Notes are
listed, in compliance with the requirements of the principal national securities exchange on which the Notes are listed, or 

(2) if the Notes are not so listed, by lot, on a pro rata basis (in the case of a partial redemption) or in accordance with the
procedures of DTC. If a partial offer is made with the proceeds of an Equity Offering, the Trustee will select the Notes by lot or in accordance with the Applicable Procedures of DTC. 

In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise
provided herein, not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 

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

Section 3.03 Notice of Redemption. 

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

	 	(1)	the redemption date; 

  

	 	(2)	the redemption price; 

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

  
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	 	(4)	the name and address of the Paying Agent; 

  

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

  

	 	(6)	that, unless the Company defaults in making such redemption payment and interest, if any, on Notes called for redemption, ceases to accrue on and after the redemption date, subject to the satisfaction of any condition
to such redemption; 

  

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

 

	 	(8)	that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes; 

At the Company’s request, the Trustee will give the notice of redemption in the Company’s name and at its expense; provided,
however, that the Company has delivered to the Trustee, at least 45 days prior to the redemption date (unless a shorter period is acceptable to the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding paragraph. 
 Section 3.04 Effect of Notice of
Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption
become irrevocably due and payable on the redemption date at the redemption price, subject to the satisfaction of any conditions to such redemption. A notice of redemption may be conditional in that the Company may, notwithstanding the giving of the
notice of redemption, condition the redemption of the Notes specified in the notice of redemption upon the completion of other transactions, such as refinancings or acquisitions (whether of the Company or by the Company). 

Section 3.05 Deposit of Redemption or Purchase Price. 

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

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

  
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 Section 3.06 Notes Redeemed or Purchased in Part. 

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

Section 3.07 Optional Redemption. 

(a) The Company has the option to redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the
redemption prices set forth in Paragraph 5 of the form of Note set forth in Exhibit A hereto, which are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest, if any, to the applicable
Redemption Date. 
 (b) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01
through 3.06 hereof. 
 Restrictions on the transfer of the Capital Stock of the Company’s Subsidiaries licensed in certain
jurisdictions, and agreements not to encumber such Capital Stock, in each case, in respect of the Notes, are not effective without the prior approval of the applicable Gaming Authorities. No Subsidiary shall be subject to such restrictions until the
earlier of such time as (1) approval of such restrictions with respect to such Subsidiary is received from the applicable Gaming Authorities or (2) a registered public offering of the Notes is made pursuant to a prior approval of the
applicable Gaming Authorities. All required approvals have been obtained as of the Issue Date with respect to the Company’s existing Subsidiaries. 

By accepting a Note, each Holder or beneficial owner of a Note will be agreeing to comply with all requirements of the Gaming Laws and Gaming
Authorities in each jurisdiction where the Company and its Affiliates are licensed or registered under applicable Gaming Laws or conduct gaming activities, and that the Notes held by such Holder or owner will be subject to redemption pursuant to
Section 4.20 hereof or as otherwise required pursuant to applicable Gaming Laws or by Gaming Authorities. 
 Section 3.08
Mandatory Redemption. 
 Except as described under Sections 4.10 and 4.15 hereof, the Company is not required to make
mandatory redemption or sinking fund payments with respect to the Notes. 
 Section 3.09 Offer to Purchase by Application of Excess
Proceeds. 
 In the event that, pursuant to Section 4.10 hereof, the Company is required to commence a Net Proceeds Offer,
it will follow the procedures specified below. 
 The Net Proceeds Offer will remain open for a period of at least 20 Business Days
following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). The Net Proceeds Offer Payment Date shall be no later than five Business
Days after the termination of the Offer Period. On the Net Proceeds Offer Payment Date, the Company shall purchase the principal amount of Notes required to be purchased pursuant to Section 4.10 hereof. Payment for any Notes so purchased shall
be made in the same manner as interest payments are made. 

  
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 If the Net Proceeds Offer Payment Date is on or after an interest record date and on or before
the related Interest Payment Date, any accrued and unpaid interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such record date. 

Upon the commencement of a Net Proceeds Offer, the Company will send, by first class mail (or in the case of Notes held in book entry form, by
electronic transmission), a notice to each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Net Proceeds Offer. The notice, which will
govern the terms of the Net Proceeds Offer, will state: 
 (1) that the Net Proceeds Offer is being made pursuant to this
Section 3.09 and Section 4.10 hereof and the length of time the Net Proceeds Offer will remain open; 
 (2) the
amount of the Excess Proceeds in the Net Proceeds Offer, the purchase price and the Net Proceeds Offer Payment Date; 
 (3)
that any Note not tendered or accepted for payment will continue to accrue interest; 
 (4) that, unless the Company defaults
in making such payment, any Note accepted for payment pursuant to the Net Proceeds Offer will cease to accrue interest, if any, after the Net Proceeds Purchase Date; 

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

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

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

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

On or before the Net Proceeds Offer Payment Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the
extent necessary, the Net Proceeds Offer Amount (less any pro rata portion thereof attributable to other pari passu Indebtedness) of Notes or portions thereof tendered pursuant to the Net Proceeds Offer, or if less than the Net
Proceeds Offer Amount attributable to the Notes has been tendered, all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or
portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be, will promptly mail or deliver to each tendering Holder on or
before 10:00 a.m. New York City time an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the
Company, will authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed
or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Net Proceeds Offer on the Net Proceeds Offer Payment Date. 

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

COVENANTS 

Section 4.01 Payment of Notes. 

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

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

The Company will maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or
co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes 

  
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and this Indenture may be sent. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company
fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or sent to the office of the Corporate Trust Office of the Trustee. 

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

The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with
Section 2.03 hereof. 
 Section 4.03 Provision of Financial Information. 

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

(1) (a) all annual and quarterly reports containing substantially all the information that would be required to be filed with
the SEC on Forms 10-K (including Items 1 through 3, Items 6 through 9 and Item 13 thereof) and 10-Q (including Part I and Items 1, 1A, 3, 5 and 6 of Part II thereof), solely with respect to the first three fiscal quarters of each fiscal year),
if the Company were required to file such forms and (b) with respect to the annual reports only, a report on the annual financial statements by the Company’s independent registered public accounting firm; and 

(2) within the time period specified for filing current reports on Form 8-K by the SEC, current reports that would be required
to be filed with the SEC pursuant to Items 1, 2, 4, 5.01, 5.02 (other than compensation information) and 5.03, 7 and 9 of Form 8-K if the Company had been required to file Current Reports on Form 8-K. 

All such annual reports will be furnished within 105 days after the end of the fiscal year to which they relate, and all such quarterly reports will be
furnished within 60 days after the end of the fiscal quarter to which they relate. The Trustee shall have no responsibility whatsoever to determine if such filing or posting has occurred. Delivery of the reports and documents described above to the
Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants contained in the Indenture (as to which the Trustee is entitled to conclusively rely on an Officer’s Certificate). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or
otherwise, the Company’s compliance with the covenants or with respect to any reports or other documents filed with the SEC or EDGAR or any website under the Indenture, or participate in any conference calls; provided, however,
that nothing herein shall relieve the Trustee of its obligations under Article 7 of this Indenture. 
 All such reports will be prepared in
all material respects in accordance with the information requirements applicable to such report; provided, however, 

  
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 (a) in no event will such reports be required to comply with Section 302, Section 404
or Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307, 308 and 308T of Regulation S-K; 
 (b) in no event will such
reports be required to comply with Rule 3-10 of Regulation S-X promulgated by the SEC or contain separate financial statements for the Company, the Guarantors or other Subsidiaries the shares of which may be pledged to secure the Notes or any
Guarantee that would be required under (i) Section 3-09 of Regulation S-X or (ii) Section 3-16 of Regulation S-X, respectively, promulgated by the SEC; 

(c) in no event with such reports be required to comply with Items 402 (except that such reports will be required to present executive
compensation and beneficial ownership information only to the extent that and in the same general style of presentation as such information is included in and presented in a customary Rule 144A offering memorandum for a company not subject to
Section 13 or 15(d) of the Exchange Act) of Regulation S-K promulgated by the SEC; 
 (d) in no event shall such reports be required to
include any exhibits that would have been required to be filed pursuant to Item 601 of Regulation S-K (other than agreements evidencing material Indebtedness, agreements evidencing material acquisitions or dispositions, or historical and pro
forma financial statements); and 
 (e) in no event will such reports be required to comply with Regulation G under the Exchange Act or
Item 10(e) of Regulation S-K promulgated by the SEC with respect to any non-GAAP financial measures contained therein. 
 The Company
will make available such information and such reports to the Trustee under this Indenture, to any Holder of Notes and, upon request, to any beneficial owner of the Notes, in each case by posting such information on its website, on Intralinks or any
comparable password-protected online data system that will require a confidentiality acknowledgment, and will make such information readily available to any Holder of Notes, any bona fide prospective investor in the Notes (which prospective
investors will be limited to “qualified institutional buyers” within the meaning of Rule 144A of the Securities Act that certify their status as such to the reasonable satisfaction of the Company), any bona fide securities analyst (to the
extent providing analysis of investment in the Notes to investors and prospective investors therein) or any bona fide market maker in the Notes who agrees to treat such information as confidential or accesses such information on Intralinks or any
comparable password-protected online data system that will require a confidentiality acknowledgment; provided, the Company will post such information thereon and make readily available any password or other login information to any such holder of
Notes, prospective investor, securities analyst or market maker. 
 Notwithstanding the foregoing, the Company will be deemed to have
furnished such reports referred to above to the Trustee and the holders of the Notes if it has filed (or, in the case of a Form 8-K, furnished) such reports with the SEC via the EDGAR filing system and such reports are publicly available. 

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

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

(a) The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 105
days after the end of each fiscal year, beginning October 15, 2017, an Officers’ Certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial
officer or the principal accounting officer of the Company, stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto). 

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

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

Section 4.06 Stay, Extension and Usury Laws. 

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

  
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 Section 4.07 Restricted Payments. 

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

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

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

(each of the foregoing prohibited actions set forth in clauses (i), (ii), (iii) and (iv) being referred to as a “Restricted
Payment”).  
 Notwithstanding the foregoing, the Company or any Restricted Subsidiary may make any
Restricted Payment so long as, at the time of such proposed Restricted Payment or immediately after giving effect thereto, 

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

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

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

(A) 50% of the cumulative Consolidated Net Income (or if cumulative Consolidated Net Income shall be a loss, minus 100% of such
loss) of the Company and the Restricted Subsidiaries during the period (treating such period as a single accounting 

  
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period) beginning with the fiscal quarter in which the Issue Date occurs and ending on the last day of the most recent fiscal quarter of the Company ending immediately prior to the date of the
making of such Restricted Payment for which internal financial statements are available ending not more than 135 days prior to the Determination Date, plus 

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

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

  
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of an Unrestricted Subsidiary into a Restricted Subsidiary which Subsidiary was designated as an Unrestricted Subsidiary after the Issue Date, the amount of the Company and its Restricted
Subsidiaries’ Restricted Investment therein as determined under this Section 4.07, plus the aggregate fair market value of any additional Restricted Investments (each valued as of the date made) by the Company and its Restricted
Subsidiaries in such Unrestricted Subsidiary after the Issue Date; 
 (b) Notwithstanding the foregoing, the provisions set forth in
Section 4.07(a) will not prohibit the following Restricted Payments: 
 (1) the payment of any dividend or the making of
any distribution within 60 days after the date of declaration of such dividend or distribution if the making thereof would have been permitted on the date of declaration; provided such dividend will be deemed to have been made as of its date
of declaration for purposes of this clause (1); 
 (2) the redemption, repurchase, retirement or other acquisition of Capital
Stock of the Company or warrants, rights or options to acquire Capital Stock of the Company either (a) solely in exchange for shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified Capital Stock of
the Company, or (b) through the application of net proceeds of a substantially concurrent sale (other than to a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified
Capital Stock of the Company; provided that such aggregate net proceeds are limited to cash, Cash Equivalents and other assets used or useful in a Related Business or the Capital Stock of a Person engaged in a Related Business; 

(3) the payment, redemption, repurchase, retirement, defeasance or other acquisition of Indebtedness of any Obligor that is
subordinate in right of payment to the Notes or the Guarantees (a) solely in exchange for (i) shares of Qualified Capital Stock of the Company or (ii) Permitted Refinancing Indebtedness, or (b) through the application of the net
proceeds of a sale (other than to an Obligor) within 45 days of such sale of (i) shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified Capital Stock of the Company or (ii) Permitted
Refinancing Indebtedness or (c) within one year of the scheduled final maturity thereof; provided that such aggregate net proceeds are limited to cash, Cash Equivalents and other assets used or useful in a Related Business or the Capital
Stock of a Person engaged in a Related Business; 
 (4) any Restricted Payment if after giving effect to such Restricted
Payment, the Consolidated Leverage Ratio of the Company on a pro forma basis is less than 4.75 to 1.00; provided that after giving effect thereto no Default or Event of Default then exists or would result therefrom; 

(5) other Restricted Payments not to exceed the greater of (x) $450 million in the aggregate made on or after the
Issue Date and (y) 15.0% of Consolidated Net Tangible Assets (measured at the time any such payment is made); provided that after giving effect thereto no Default or Event of Default then exists or would result therefrom; 

(6) repurchases by the Company of, or distributions to Holdco to permit one or more of the Holding Companies to, repurchase its
common stock, membership interests, profit units, options, warrants or other securities exercisable or convertible into such common stock, membership interests or profit units in an aggregate amount not to exceed $10 million in any fiscal year;
provided, that any amounts not used in any fiscal year may be carried forward for up to two succeeding fiscal year periods until used; 

  
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 (7) loans or advances to employees made in the ordinary course of business of the
Company or any Restricted Subsidiary in an amount not to exceed $10 million in the aggregate outstanding at any one time; 

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

(b) to the extent required by applicable law; 

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

(10) distributions to Holdco to fund the repurchase by the Holding Companies of Equity Interests deemed to occur upon the
exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options, or upon the vesting of restricted stock, restricted stock units or performance share units to the extent necessary to
satisfy tax withholding obligations attributable to such vesting; 
 (11) the declaration and payment of regularly scheduled
or accrued dividends or distributions to holders of any class or series of Disqualified Capital Stock of the Company or any Restricted Subsidiary of the Company issued on or after the Issue Date in accordance with the Consolidated Coverage Ratio
test described in Section 4.09(a); 
 (12) that portion of Restricted Payments the payment for which consists
exclusively of the Company’s Qualified Capital Stock or proceeds from the substantially concurrent sale of the Company’s Qualified Capital Stock; provided that the amount of any such payment shall be excluded from clause (3) of
the preceding paragraph; 
 (13) the declaration and payment of dividends by the Company to, or the making of loans to,
Holdco in amounts not to exceed $50.0 million during any fiscal year to permit the Holding Companies to pay (the “Corporate Expense Payments”); 

(A) franchise taxes and other fees, taxes and expenses required to maintain their corporate or limited liability company
existence; 

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

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

(D) reasonable fees and expenses incurred in connection with any debt or equity offering by such direct or indirect parent
company of the Company; 
 (14) so long as the Company or any Restricted Subsidiary is taxed as a partnership or disregarded
entity for U.S. federal, state or local income tax purposes, Company Tax Payments; 
 (15) so long as no Default or
Event of Default has occurred and is continuing, the repurchase of Indebtedness subordinated in right of payment to the Notes or any Guarantee with any Excess Net Proceeds as provided in Section 4.10 and Section 4.15 hereof;
provided that all Notes tendered by holders thereof in connection with a Change of Control Offer or Net Proceeds Offer have been repurchased , redeemed or acquired for value; and 

(16) Restricted Payments in an amount not to exceed the amount paid to the Company or any Restricted Subsidiary in cash in
respect of any Tribal Receivable, including any interest on the principal amount thereof. 
 (c) In determining the aggregate amount of
Restricted Payments made subsequent to the Issue Date, Restricted Payments made pursuant to clauses (3)(a)(ii), (3)(b)(ii), 3(c), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15) and (16) of Section 4.07(b) shall, in
each case, be excluded from such calculation. 
 For purposes of this Section 4.07, it is understood that the Company may rely on
internal or publicly reported financial statements even though there may be subsequent adjustments (including review and audit adjustments) to such financial statements. For avoidance of doubt, any Restricted Payment that complied with the
conditions of this Section 4.07, made in reliance on such calculation by the Company based on such internal or publicly reported financial statements, shall be deemed to continue to comply with the conditions of this Section 4.07,
notwithstanding any subsequent adjustments that may result in changes to such internal financial or publicly reported statements. 

Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or permit or
suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 

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

  
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 (2) make loans or advances to or pay any Indebtedness or other obligations owed
to the Company or to any other Restricted Subsidiary, or 
 (3) transfer any of its property or assets to the Company
or to any Restricted Subsidiary (each such encumbrance or restriction in clause (1), (2) or (3), a “Payment Restriction”). 

However, the preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of: 

(a) applicable law or required by any Gaming Authority; 

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

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

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

(f) any restrictions of the nature described in clause (3) above with respect to the transfer of assets secured by a Lien
that is permitted by this Indenture to be Incurred; 
 (g) any encumbrance or restriction contained in Permitted
Refinancing Indebtedness; provided that the provisions relating to such encumbrance or restriction contained in any such Permitted Refinancing Indebtedness are no less favorable to the Holders of the Notes in any material respect in the good
faith judgment of the Company than the provisions relating to such encumbrance or restriction contained in the Indebtedness being refinanced; 

(h) agreements governing Indebtedness of the Company or its Restricted Subsidiaries existing on the Issue Date, and any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings,
replacement or refinancings are no more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date of this Indenture, taken as a whole;  

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

  
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 (j) provisions with respect to the disposition or distribution of assets or
property in joint venture agreements, asset sale agreements, stock sale agreements, sale-leaseback agreements and other similar agreements not prohibited by this Indenture; 

(k) any restriction on cash or other deposits or net worth imposed by customers or lessors or required by insurance, surety or
bonding companies, in each case under contracts entered into in the ordinary course of business; 
 (l) any agreement for the
sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending the sale or other disposition; 

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

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

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

(3) Indebtedness Incurred by the Company or any Restricted Subsidiary pursuant to the Bank Credit Agreement or other
Credit Facilities; provided that the aggregate principal amount of all such Indebtedness outstanding under this clause (3) as of any date of Incurrence (after giving pro forma effect to the application of the proceeds of such
Incurrence), including all  

  
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Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, refinance, renew, replace, defease or refund any Indebtedness Incurred pursuant to this clause (3), shall not exceed the
greater of (i) $3.5 billion and (ii) the maximum principal amount of Indebtedness that could be Incurred such that after giving effect to such Incurrence, the Company’s Consolidated Secured Leverage Ratio would be no greater than 4.75
to 1.00, to be reduced dollar-for-dollar by the aggregate amount of all Net Cash Proceeds of Asset Sales applied by an Obligor to repay Indebtedness under the Credit Facilities pursuant to Section 4.10 hereof; 

(4) Indebtedness of a Restricted Subsidiary to the Company or any Guarantor, or of the Company to any Guarantor, for so
long as such Indebtedness is held by an Obligor; provided that if as of any date any Person other than an Obligor acquires any such Indebtedness or holds a Lien in respect of such Indebtedness (other than a Permitted Lien), such acquisition
or holding shall be deemed to be an Incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (4) by the issuer of such Indebtedness; 

(5) Permitted Refinancing Indebtedness; 

(6) Indebtedness Incurred by the Company or any Restricted Subsidiary solely to finance the construction or acquisition or
improvement of, or consisting of Capitalized Leased Obligations Incurred to acquire rights of use in, property or assets or any kind whatsoever, whether real, personal or mixed and whether tangible or intangible and including all contract rights,
income or revenue rights, real property interests, trademarks, trade names, equipment or Equity Interests or ownership of any other Person useful in any Core Business, not to exceed $75 million in aggregate principal amount outstanding at any time
(including all Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, refinance, renew, replace, defease or refund any Indebtedness Incurred pursuant to this clause (6)) for all of the Company and its Restricted Subsidiaries;

 (7) Hedging Obligations and Interest Swap Obligations entered into not as speculative Investments but as hedging
transactions designed to protect the Company and its Restricted Subsidiaries against fluctuations in interest rates in connection with Indebtedness otherwise permitted hereunder or against exchange rate risk or commodity pricing risk; 

(8) Indebtedness of the Company or any Restricted Subsidiary arising in respect of (x) performance bonds,
completion guarantees and similar arrangements (to the extent that the Incurrence thereof does not result in the Incurrence of any obligation for the payment of borrowed money of others), in the ordinary course of business; provided, that
such Indebtedness shall be Incurred solely in connection with the development, construction, improvement or enhancement of assets useful in the business of the Company and its Restricted Subsidiaries or the development, improvement or enhancement of
the operations of the Company and its Restricted Subsidiaries or (y) Support Agreements; 
 (9) Indebtedness of
the Company or any Restricted Subsidiary arising in respect of letters of credit, bankers’ acceptances, worker’s compensation claims, payment obligations in connection with self-insurance or similar obligations, surety bonds and appeal
bonds (to the extent that the Incurrence thereof does not result in the Incurrence of any obligation for the payment of borrowed money of others), in the ordinary course of business, in amounts and for the purposes customary in such Person’s
industry; 

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

(11) the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted
Subsidiaries of shares of preferred stock; provided, however, that: 
 (a) any subsequent issuance or
transfer of Equity Interests that results in any such preferred stock being held by a Person other than the Company or a Restricted Subsidiary; and 

(b) any sale or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted
Subsidiary of the Company 
 will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary
that was not permitted by this clause (11); 
 (12) Indebtedness arising from agreements of the Company or any Restricted
Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or Subsidiary otherwise permitted by this Indenture; 

(13) the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of
dividends on Disqualified Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock; 

(14) [Reserved]; 

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

(16) Indebtedness in an aggregate principal amount outstanding under this clause (16) as of any date of Incurrence,
including all Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, refinance, renew, replace, defease or refund any Indebtedness Incurred pursuant to this clause (16), not to exceed the greater of (a) $400 million and
(b) 13.0% of Consolidated Net Tangible Assets; 
 (17) Indebtedness representing deferred compensation to employees of
the Company and the Restricted Subsidiaries incurred in the ordinary course of business; 
 (18) Indebtedness consisting of
promissory notes issued by the Company to current or former officers, directors, managers and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of any Holding Company or the
Company permitted by clause (6) of Section 4.07(b); provided that (i) such Indebtedness shall be subordinated in right of payment to the Notes on terms (it being understood that, subject to the

  
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dollar limitation described below, such subordination provisions shall permit the payment of interest and principal in cash if no Event of Default has occurred) and (ii) the aggregate amount
of all cash payments (whether principal or interest) made by the Company in respect of such notes since the Issue Date, when combined with the aggregate amount of Restricted Payments made pursuant to clause (6) of Section 4.07(b) since the
Issue Date, shall not exceed $10 million; 
 (19) Indebtedness consisting of obligations of the Company or the Restricted
Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with any Investment expressly permitted under Section 4.07; 

(20) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in
supply arrangements, in each case, in the ordinary course of business; 
 (21) Acquired Debt and other Indebtedness of
Persons outstanding on the date on which such Person became a Restricted Subsidiary or was acquired by, or merged into, the Company or any of its Restricted Subsidiaries or incurred or issued to finance a merger, consolidation or other acquisition;
provided, however, that (A) at the time such Person is acquired, either (i) the Company would have been able to incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(a) on a pro forma basis after
giving effect to the incurrence of such Acquired Debt or Indebtedness pursuant to this clause (21) or (ii) on a pro forma basis, the Consolidated Coverage Ratio of the Company and its Restricted Subsidiaries would be higher than such ratio
immediately prior to such merger, consolidation or acquisition or (B) such Indebtedness is Indebtedness of a Restricted Subsidiary that existed at the time such Person became a Subsidiary and was not created in anticipation or contemplation
thereof; 
 (22) Indebtedness, Disqualified Capital Stock or preferred stock of the Company to the extent the net
proceeds thereof are promptly deposited to defease the Notes as described under Article 8 of this Indenture; and 
 (23)
Indebtedness (including, without limitation, Support Agreements) used to finance, or incurred or issued for the purpose of (or in the case of Support Agreements, incurred in connection with) financing, Expansion Capital Expenditures or Development
Projects (including Permitted Refinancing Indebtedness in respect thereof) in an aggregate principal amount, including all Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, refinance, renew, replace, defease or refund any
Indebtedness Incurred pursuant to this clause (23), not to exceed $500 million at any time outstanding provided that no Default or Event of Default then exists or would result therefrom. 

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

  
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 Any Indebtedness of any Person existing at the time it becomes a Restricted Subsidiary (whether
by merger, consolidation, acquisition of capital stock or otherwise) shall be deemed to be Incurred as of the date such Person becomes a Restricted Subsidiary. 

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

For purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness meets the criteria of more than
one of the categories of Permitted Indebtedness described in clauses (1) through (23) of such definition or is entitled to be Incurred pursuant to Section 4.09(b) hereof, the Company will, in its sole discretion, classify such item of
Indebtedness in any manner that complies with this Section 4.09 and such item of Indebtedness will be treated as having been Incurred pursuant to only one of such clauses or pursuant to Section 4.09(b) hereof. The Company may reclassify
such Indebtedness from time to time in its sole discretion and may classify any item of Indebtedness in part under one or more of the categories of Permitted Indebtedness and/or in part as Indebtedness entitled to be Incurred pursuant to
Section 4.09(b) hereof. 
 Accrual of interest or dividends, the accretion of principal amount or dividends, the payment of interest on
any Indebtedness in the form of additional Indebtedness with the same terms or the payment of dividends on any Disqualified Capital Stock in the form of additional Disqualified Capital Stock with the same terms will not be deemed to be an Incurrence
of Indebtedness or an issuance of Disqualified Capital Stock or preferred stock for purposes of this covenant. Any increase in the amount of Indebtedness solely by reason of currency fluctuations will not be deemed to be an incurrence of
Indebtedness for purposes of determining compliance with this covenant. A change in GAAP that results in an obligation existing at the time of such change, not previously classified as Indebtedness, becoming Indebtedness will not be deemed to be an
incurrence of Indebtedness for purposes of this covenant. 
 Section 4.10 Asset Sales. 

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

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

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

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

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

(2) the consideration for such Asset Sale constitutes (x) Productive Assets; provided that any non-cash
consideration not constituting Productive Assets received by such entity in connection with such Asset Sale that is converted into or sold or otherwise disposed of for cash or Cash Equivalents at any time within 360 days after such Asset Sale
shall constitute Net Cash Proceeds subject to the provisions set forth above or (y) Designated Non-Cash Consideration received by the Company or such Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together
with all other Designated Non-Cash Consideration received pursuant to this clause (y) that is at the time outstanding, not to exceed $75 million at the time of the receipt of such Designated Non-Cash Consideration, with the fair market value of
each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value. 

Upon the consummation of an Asset Sale, the Company or the affected Restricted Subsidiary will be required to apply an amount equal to all Net
Cash Proceeds (excluding amounts received and considered as “cash” pursuant to clause (2)(A) of the first paragraph of this Section 4.10) that are received from such Asset Sale within 360 days of the receipt thereof either: 

(1) to reinvest (or enter into a binding commitment to invest, if such investment is effected within 360 days after the date of
such commitment) in Productive Assets or in Asset Acquisitions not otherwise prohibited by this Indenture, 
 (2) to repay
Indebtedness under the Bank Credit Agreement (or other Indebtedness of the Company or such Restricted Subsidiary, as applicable, secured by a Lien), and, in the case of any such repayment under any revolving credit or other facility that permits
future borrowings, effect a permanent reduction in the availability or commitment under such facility, 
 (3) to
(x) prepay, repay, redeem or purchase Notes including (i) as provided under Section 3.07 hereof, (ii) making an offer (in accordance with the procedures set forth below for a Net Proceeds Offer) to all Holders to purchase their
Notes at a purchase price of at least 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, thereon up to the principal amount of Notes to be repurchased or (iii) purchasing Notes at a purchase price of
at least 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, thereon up to the principal amount of Notes to be repurchased, through privately negotiated transactions or open market purchases, in a manner
that complies with this Indenture and applicable securities law or (y) prepay, repay, redeem or purchase any other pari passu Indebtedness of the Company or any Guarantor; provided that if the Company or any Restricted Subsidiary shall so repay
or prepay any such other pari passu Indebtedness, the Company will reduce (or offer to reduce) Obligations under this Indenture, the Notes and the Note Guarantees on a pro rata basis (based on the amount so applied to such repayments or prepayments)
as provided in the immediately preceding clause (x), subject to the applicable procedures of DTC; 
 (4) to improve real
property or make a capital expenditure; or 
 (5) any combination of the foregoing. 

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

Pending the final application of any such Net Cash Proceeds, the Company or such Restricted Subsidiary may temporarily reduce revolving
Indebtedness or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Indenture. 
 Any Net Cash Proceeds from an
Asset Sale that are not applied pursuant to the preceding paragraph shall constitute “Excess Net Proceeds.” No later than 20 business days following the date on which the aggregate amount of Excess Net Proceeds exceeds $50 million
(the “Net Proceeds Trigger Date”), the Company shall make an offer to purchase (the “Net Proceeds Offer”), on a date (the “Net Proceeds Offer Payment Date”) not less than 30 nor more than
60 days following the applicable Net Proceeds Offer Trigger Date, on a pro rata basis, an aggregate principal amount equal to the Excess Net Proceeds of (a) Notes, at a purchase price in cash equal to 100% of the aggregate principal amount
of Notes, in each case, plus accrued and unpaid interest thereon, if any, on the Net Proceeds Offer Payment Date, and (b) other pari passu Indebtedness of the Company or any Guarantor, in each case to the extent required by the terms
thereof. If at any time within 360 days after an Asset Sale any non-cash consideration received by the Company or the affected Restricted Subsidiary in connection with such Asset Sale (other than non-cash consideration deemed to be cash as
provided in clause (2)(B) of the first paragraph of this Section 4.10) is converted into or sold or otherwise disposed of for cash, then such conversion or disposition will be deemed to constitute an Asset Sale hereunder and the Net Cash
Proceeds thereof will be applied in accordance with this covenant. To the extent that the aggregate principal amount of Notes or other pari passu Indebtedness tendered pursuant to the Net Proceeds Offer is less than the Excess Net Proceeds,
the Company or such Restricted Subsidiary may use any remaining proceeds of such Asset Sales for general corporate purposes (but subject to the other terms of this Indenture). Upon completion of a Net Proceeds Offer, the Excess Net Proceeds relating
to such Net Proceeds Offer will be deemed to be zero for purposes of any subsequent Asset Sale. In the event that a Restricted Subsidiary consummates an Asset Sale, only that portion of the Net Cash Proceeds therefrom (including any Net Cash
Proceeds received upon the sale or other disposition of any non-cash proceeds received in connection with an Asset Sale) that are distributed to or received by the Company or a Restricted Subsidiary will be required to be applied by the Company or
the Restricted Subsidiary in accordance with the provisions of this covenant. 
 The Company will comply with all applicable laws,
including, without limitation, Section 14(e) of the Exchange Act and the rules thereunder and all applicable federal and state securities laws, and will include all instructions and materials necessary to enable holders to tender their Notes
and, to the extent that the provisions of any such laws or rules conflict with the provisions of this covenant, the Company’s compliance with such laws and rules shall not in and of itself cause a breach of the Company’s obligations under
Section 3.09 or this Section 4.10. 

  
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 Section 4.11 Transactions with Affiliates. 

The Company will not, and will not permit any Restricted Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose of
any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate involving
aggregate payments or consideration in excess of $10 million (each, an “Affiliate Transaction”) unless: 

(1) such Affiliate Transaction is, considered in light of any series of related transactions of which it comprises a part, on
terms no less favorable to the Company or such Restricted Subsidiary than those that might reasonably have been obtained at such time in a comparable transaction or series of related transactions on an arm’s-length basis from a Person that is
not such an Affiliate; and 
 (2) with respect to any Affiliate Transaction involving aggregate consideration of $35 million
or more to the Company or such Restricted Subsidiary, a majority of the disinterested members of the Board of the Company (and of any other affected Restricted Subsidiary, where applicable) shall, prior to the consummation of any portion of such
Affiliate Transaction, have approved such Affiliate Transaction, as evidenced by a resolution of its Board. 
 The foregoing restrictions
will not apply to: 
 (1) reasonable fees, compensation and benefit arrangements (including any such compensation in the form
of Equity Interests not derived from Disqualified Capital Stock, together with loans and advances, the proceeds of which are used to acquire such Equity Interests) paid to, and indemnity provided on behalf of, officers, directors, employees or
consultants of the Company or its Subsidiaries as determined in good faith by the Board or senior management; 
 (2) any
transaction solely between or among the Company and any of its Restricted Subsidiaries or between two or more Restricted Subsidiaries to the extent any such transaction is otherwise in compliance with, or not prohibited by, this Indenture; 

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

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

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

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

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

(8) transactions pursuant to agreements existing on the Issue Date and any modification thereto or any transaction contemplated
thereby in any replacement agreement therefor so long as such modification or replacement is not more disadvantageous to the Company or any of our Restricted Subsidiaries in any material respect than the respective agreement existing on the Issue
Date; 

  
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 (9) transactions with joint ventures and Subsidiaries thereof and Unrestricted
Subsidiaries relating to the provision of management services, overhead, sharing of customer lists and customer loyalty programs or that are approved by a majority of the disinterested members of the Company’s Board (or by the audit committee
or any committee of the Board consisting of disinterested members of the Board) (a director shall be disinterested if he or she has no interest in such joint venture or Unrestricted Subsidiary other than through the Company and its Restricted
Subsidiaries); provided that no Affiliate of the Company (other than the Company’s Restricted Subsidiaries) has an interest (other than indirectly through the Company and other than Unrestricted Subsidiaries or such joint ventures) in any such
joint venture or Unrestricted Subsidiary; 
 (10) any transaction with respect to which the Company or any of its Restricted
Subsidiaries obtains an opinion as to the fairness to the Company or such Restricted Subsidiary, as applicable, of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national
standing; 
 (11) transactions between the Company or any Restricted Subsidiary and any Person, which is an Affiliate solely
due to a director or directors of such Person (or a parent company of such Person) also being a director of the Company; provided, however, that any such director abstains from voting as a director of the Company on any matter involving such other
Person; 
 (12) [Reserved]; 

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

Section 4.12 Liens. 

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

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

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

  
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 Section 4.13 Lines of Business. 

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

Section 4.14 Legal Existence. 

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

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

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

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

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

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

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

The Paying Agent will promptly send to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate upon receipt of an Authentication Order and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to the unpurchased portion of the Notes surrendered by such Holder, if any;
provided that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change
of Control Payment Date. 
 The Change of Control provisions described above will be applicable whether or not any other provisions of this
Indenture are applicable. 
 (c) The Company will not be required to make a Change of Control Offer upon a Change of Control or Change of
Control Triggering Event, as applicable, if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.15 and purchases all Notes validly tendered
and not withdrawn under the Change of Control Offer. 
 (d) If Holders of not less than 90% in aggregate principal amount of the outstanding
Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described above, purchases all of the Notes validly tendered and not
withdrawn by such Holders, the Company or such third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described
above, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to, but not including, the date of redemption (subject to the right of
Holders of record of Notes on the relevant record date to receive interest due on the relevant Interest Payment Date). 
 Section 4.16
Covenant Termination.  
 If on any date following the Issue Date: (i) the Notes have Investment Grade Ratings from both
of the Rating Agencies and (ii) no Default or Event of Default has occurred and is continuing under this Indenture, then beginning on that date and continuing at all times thereafter regardless of any subsequent changes in the ratings of the
Notes or the occurrence of any Default or Event of Default, the Company and its Subsidiaries will not be subject to Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.13 and 5.01(2) of this Indenture (collectively, the “Terminated Covenants”
and, such event, the “Covenant Termination Event”). 

  
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 Upon and following a Covenant Termination Event, no Default or Event of Default or breach of any
kind will be deemed to have occurred or exist under the indenture or the Notes with respect to the Terminated Covenants based on, and none of the Company or any of its Subsidiaries shall bear any liability for, any actions taken or failed to be
taken, or any events occurring, upon and following a Covenant Termination Event, regardless of whether such actions, failure to act or event would have been permitted if the applicable Terminated Covenants remained in effect (it being understood
that any provisions in the definition of “Permitted Liens” which may refer to one or more Terminated Covenants shall be interpreted as though such applicable Terminated Covenant(s) were still in effect). 

Section 4.17 Additional Subsidiary Guarantees. 

The Company shall cause (i) any Material Restricted Subsidiary that is not a Guarantor and (ii) any Subsidiary that is not a
Guarantor that becomes a guarantor under the Bank Credit Agreement after the Issue Date, to: 
 (1) execute and deliver to
the Trustee a supplemental indenture in form reasonably satisfactory to the Trustee pursuant to which such Restricted Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and this Indenture on the terms
set forth in this Indenture; and 
 (2) deliver to the Trustee an Officers Certificate stating that all conditions precedent
to the execution of the supplemental indenture have been complied with and the supplemental indenture is permitted under the indenture and an Opinion of Counsel that such supplemental indenture has been duly authorized, executed and delivered by
such Restricted Subsidiary and constitutes a legal, valid, binding and enforceable obligation of such Restricted Subsidiary. Thereafter, such Restricted Subsidiary shall be a Guarantor for all purposes of this Indenture. 

Section 4.18 Designation of Restricted and Unrestricted Subsidiaries. 

(a) The Board of the Company may designate any of its Restricted Subsidiaries to be Unrestricted Subsidiaries if such designation would not
cause a Default. For purposes of making such determination, all outstanding Investments by the Obligors (except to the extent repaid in cash or in kind) in the Subsidiary so designated will be deemed to be Restricted Payments at the time of such
designation and will reduce the amount available for Restricted Payments under Section 4.07(a) to the extent that such deemed Restricted Payments would not be excluded from such calculation under Section 4.07(b). All such outstanding
Investments will be deemed to constitute Investments in an amount equal to the fair market value of such Investments at the time of such designation (as determined in the good faith reasonable judgment of the Company). 

Such designation will only be permitted if such Restricted Payment would be permitted at such time and if such Restricted Subsidiary otherwise
meets the definition of an Unrestricted Subsidiary. 
 (b) Any such designation by the Board of the Company shall be evidenced to the
Trustee by filing with the Trustee a certified copy of the Board resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing conditions and was permitted by
Section 4.07. If at any time any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness
of such Subsidiary shall be deemed to be Incurred by a Restricted Subsidiary as of such time (and, if such Indebtedness is not permitted to be Incurred as of such date under Section 4.09, the Company shall be in default of such Section). The
Board 

  
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of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation shall be deemed to be an Incurrence of Indebtedness by a
Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if: 

(1) such Indebtedness is permitted under Section 4.09, and, if applicable, calculated on a pro forma basis as if such
designation had occurred at the beginning of the reference period, and 
 (2) no Default or Event of Default would be in
existence following such designation. 
 Section 4.19 No Layering. 

The Company will not, and will not permit any Guarantor to, incur or suffer to exist Indebtedness that is contractually subordinated in right
of payment to any other Indebtedness of the Company or such Guarantor, as the case may be, unless such Indebtedness is also contractually subordinated in right of payment to the Notes or such Guarantor’s Guarantee, as the case may be. 

Section 4.20 Mandatory Disposition Pursuant to Gaming Laws. 

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

Section 4.21 Financial Calculations for Limited Condition Acquisitions. 

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

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

SUCCESSORS 

Section 5.01 Merger, Consolidation, or Sale of Assets. 

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

(1) either 

(A) in the case of a consolidation or merger, the Company, or any successor thereto, is the surviving or continuing
corporation, or 
 (B) the Person (if other than the Company) formed by such consolidation or into which the Company is
merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition of the properties and assets of the Company and its Subsidiaries, taken as a whole (the “Successor”), (i) shall be a
corporation or limited liability company organized and validly existing under the laws of the United States or any State thereof or the District of Columbia and (ii) shall expressly assume, by supplemental indenture (in form and substance
reasonably satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, and interest, if any, on all of the Notes and the performance of every covenant of the Notes and
this Indenture on the part of the Company to be performed or observed; 
 (2) in the event that such transaction involves
(a) the incurrence by the Company or any Restricted Subsidiary, directly or indirectly, of additional Indebtedness (and treating any Indebtedness not previously an obligation of the Company or any of its Restricted Subsidiaries incurred in
connection with or as a result of such transaction as having been incurred at the time of such transaction) and/or (b) the assumption contemplated by clause (1)(B)(ii) above (including giving effect to any Indebtedness and Acquired Debt
Incurred or anticipated to be Incurred in connection with or in respect of such transaction), then immediately after giving effect to such incurrence and/or assumption under clauses (a) and (b), (i) the Company, or any such other Person
assuming the obligations of the Company through the operation of clause (1)(B) above, could Incur at least $1.00 of Indebtedness (other than Permitted Indebtedness) pursuant to the Consolidated Coverage Ratio test described above under
Section 4.09(a) or (ii) the Consolidated Coverage Ratio of the Company (or such other Person assuming the obligations of the Company through the operation of clause (1)(B) above) is no less than the Company’s Consolidated
Coverage Ratio immediately prior to such transaction or series of transactions; and 

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

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

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

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

  
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 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 

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

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

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

(B) results in the acceleration of such Indebtedness prior to its express maturity (which acceleration has not been rescinded,
annulled or cured within 20 business days of receipt by the Company or any Restricted Subsidiary of the Company of such notice), 
 and, in
each case, the due and payable principal amount of any such Indebtedness, together with the due and payable principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so
accelerated, aggregates $75 million or more; 
 (5) failure by the Company or any Restricted Subsidiary of the Company to pay
final judgments aggregating in excess of $75 million, net of any applicable insurance, the carrier or underwriter with respect to which has acknowledged liability in writing, which judgments are not paid, discharged or stayed for a period of 60 days
after such judgment or judgments become final and non-appealable; 
 (6) the Company or any of its Significant Subsidiaries:

 (A) commences a voluntary case, 

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

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

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

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

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

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

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

Section 6.02 Acceleration. 

If an Event of Default (other than an Event of Default with respect to clauses (6) and (7) of Section 6.01 hereof with respect
to the Company or any of its Significant Subsidiaries), occurs and is continuing, then and in every such case, the Trustee or the Holders of not less than 25% in aggregate principal amount of the then outstanding Notes may declare the principal
amount, together with any accrued and unpaid interest, if any, and premium, if any, on all the Notes and Guarantees then outstanding to be due and payable, by a notice in writing to the Company (and to the Trustee, if given by Holders) specifying
the Event of Default and that it is a “notice of acceleration” and upon delivery of such notice the principal amount, together with any accrued and unpaid interest, if any, and premium, if any, on all Notes and Guarantees then outstanding
will become immediately due and payable. Upon the occurrence of specified Events of Default specified in clause (6) or (7) of Section 6.01 hereof with respect to the Company or any of its Significant Subsidiaries, the principal
amount, together with any accrued and unpaid interest and premium and liquidated damages, if any, will immediately and automatically become due and payable, without the necessity of notice or any other action by any Person. Holders of the Notes may
not enforce this Indenture, the Notes or the Guarantees except as provided in this Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust
or power. The Trustee shall be under no obligation to exercise any of the rights or powers at the request or direction of any of the Holders unless such Holders shall have offered to the trustee security or indemnity satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or
Event of Default relating to the payment of principal or interest, if any) if it determines that withholding notice is in their interest. 

Notwithstanding clause (3) of Section 6.01 or any other provision of this Indenture, any failure to perform, or breach of, any
covenant or agreement pursuant to Section 4.03, shall not be a Default or an Event of Default until the 121st day after the Company has received the notice referred to in clause (3) of Section 6.01 (at which point, unless cured
or waived, such failure to perform or breach shall constitute an Event of Default). Prior to such 121st day, remedies against the Company for any such failure or breach will be limited to liquidated damages at a rate per year equal to 0.25% of
the principal amount of the Notes from the 60th day following such notice to and including the 120th day following such notice. References in this Indenture to interest due in respect of the Notes shall include any liquidated damages
payable pursuant to the immediately preceding sentence. 
 The Holders of a majority in aggregate principal amount of the then outstanding
Notes by written notice to the Trustee may, on behalf of all of the Holders of all the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default
in the payment of principal of, premium, if any, or interest on the Notes or the Guarantees. 

  
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 Section 6.03 Other Remedies. 

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

Section 6.04 Waiver of Past Defaults. 

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

Section 6.05 Control by Majority. 

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

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

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

(2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee
to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee security or indemnity reasonably satisfactory to the
Trustee against any loss, liability or expense; 

  
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 (4) the Trustee does not comply with the request within 60 days after receipt of
the request and the offer of security or indemnity; and 
 (5) during such 60-day period, Holders of a majority in aggregate
principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such request. 
 A Holder of a Note may
not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such
actions or forbearances are unduly prejudicial to such Holders). 
 Section 6.07 Rights of Holders of Notes
to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive
payment of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08
Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and accrued and unpaid interest on the Notes and interest on
overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel. 
 Section 6.09 Trustee May File Proofs of Claim. 

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

  
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 Section 6.10 Priorities. 

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

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

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

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

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

Section 6.11 Undertaking for Costs. 

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

Section 6.12 Remedies Subject to Applicable Law. 

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

TRUSTEE 
 Section 7.01
Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights
and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

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

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

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of certificates or opinions specifically required by any provision
hereof to be furnished to it, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or
other facts stated therein). 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of
this Section 7.01; 
 (2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee will
not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 

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

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

Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document (whether in original or facsimile form) believed by it to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 

  
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 (b) Before the Trustee acts or refrains from acting, it shall be entitled to receive an
Officers’ Certificate and an Opinion of Counsel. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate and Opinion of Counsel. The Trustee may consult with counsel
of its own selection and the 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
agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it
reasonably and, after the occurrence and during the continuance of an Event of Default, prudently believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

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

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

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

(j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded. 
 (k) The Trustee shall not be responsible or liable for the actions or
omissions of, or any inaccuracies in the records of, any non-Affiliated custodian, clearing agency, common depository, Euroclear or Clearstream (provided that, in the case of any such Person appointed by the
Trustee, such Person was appointed with due care) or for the acts or omissions of the Company or any Guarantor. 
 (l) Nothing herein shall
be construed to impose an obligation on the part of the Trustee to recalculate, evaluate or (absent manifest error) verify any report, certificate or information received from the Company. 

  
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 (m) No obligation to pursue any action that is not in accordance with applicable law. 

(n) The permissive rights or powers of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee.

 (o) Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes. 

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

Section 7.03 Individual Rights of Trustee. 

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

Section 7.04 Trustee’s Disclaimer. 

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

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

Section 7.06 Reports by Trustee to Holders of the Notes. 

(a) Within 60 days after each July 15 beginning with the July 15, 2018 following the date of this Indenture, and for so long as
Notes remain outstanding, the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 

  
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 (b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by
the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company will promptly notify the Trustee in writing when the Notes are listed on any
stock exchange or delisted therefrom. 
 Section 7.07 Compensation and Indemnity. 

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

(b) The Company and the Guarantors, jointly and severally, will indemnify the Trustee against any and all losses, costs, claims, damages,
liabilities or expenses (including reasonable attorneys’ fees and expenses and court costs) incurred in connection with any action, claim or suit brought to enforce the Trustee’s right to indemnification incurred by it arising out of or in
connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company and the Guarantors (including this Section 7.07) and defending itself against
any claim (whether asserted by the Company, the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or
expense may be determined to have been caused by its negligence or willful misconduct as adjudicated by a court of competent jurisdiction. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the
Trustee to so notify the Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor will, upon request of the Trustee, defend the claim and the Trustee will cooperate in the defense.
The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably
withheld. 
 (c) The obligations of the Company and the Guarantors under this Section 7.07 will survive the satisfaction and discharge
of this Indenture and the resignation and removal of the Trustee. 
 (d) To secure the Company’s and the Guarantors’ payment
obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien will survive the
satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.01(6) or (7) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy
Law. 
 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. 

  
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 (b) The Trustee may resign in writing at any time and be discharged from the trust hereby created
by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing with 30 days’ notice. The Company may remove the
Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 

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

(4) the Trustee becomes incapable of acting. 

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

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

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

Section 7.09 Successor Trustee by Merger, etc. 

Any business entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto. 
 Section 7.10 Eligibility;
Disqualification. 
 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the
laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and
surplus of at least $50.0 million as set forth in its most recent published annual report of condition. 

  
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 This Indenture will always have a Trustee who satisfies the requirements of TIA
§ 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
 Section 7.11 Preferential Collection of
Claims Against Company. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA
§ 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 

ARTICLE 8 
 LEGAL
DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

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

Section 8.02 Legal Defeasance and Discharge. 

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

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

(4) this Section 8.02. 

  
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 Subject to compliance with this Article 8, the Company may exercise its option under this
Section 8.02, notwithstanding the prior exercise of its option under Section 8.03 hereof. 
 Section 8.03 Covenant
Defeasance. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.03, the Company and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 3.09, 4.03,
4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.17, 4.18 and 4.19 hereof and clauses (2) and (3) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04
hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences
of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Guarantees, the Company and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not
constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Guarantees will be unaffected thereby. In addition, upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(5) hereof will not constitute Events of Default. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

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

(1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on the
outstanding Notes on the stated maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date; 

(2) in the case of an election under Section 8.02 hereof, the Company shall have delivered to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that: 
 (A) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling, or 
 (B) since the Issue Date, there has been a change in the
applicable federal income tax law, 

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

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

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

  
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 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the outstanding Notes. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the
Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Company. 

Subject to any applicable abandonment laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then
held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be
published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 8.07
Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in
accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and the
Guarantors’ obligations under this Indenture and the Notes and the Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on, any Note following the
reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENT,
SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Obligors and the Trustee may amend or supplement this Indenture or the Notes or the
Guarantees without the consent of any Holder of Notes: 
 (1) to cure any ambiguity, defect or inconsistency as evidenced in
an Officers’ Certificate; 

  
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 (2) to provide for uncertificated Notes or Guarantees in addition to or in place
of certificated Notes or Guarantees; 
 (3) to provide for the assumption of the Company’s or a Guarantor’s
obligations to the Holders of the Notes and Guarantees by a successor to the Company or such Guarantor pursuant to Article 5 or Article 11 hereof; 

(4) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not
materially adversely affect the legal rights hereunder of any Holder; 
 (5) to comply with requirements of the SEC in order
to effect or maintain the qualification of this Indenture under the TIA; 
 (6) to comply with requirements of applicable
Gaming Laws or to provide for requirements imposed by applicable Gaming Authorities; 
 (7) to provide for the issuance of
Additional Notes in accordance with the limitations set forth in this Indenture as of the date hereof; or 
 (8) to allow any
Guarantor to execute a supplemental indenture and/or a Notation of Guaranty with respect to the Notes; or 
 (9) provide for
the acceptance or appointment of a successor Trustee. 
 Upon the request of the Company accompanied by a resolution of its Board
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of any
amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended
or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With
Consent of Holders of Notes. 
 Except as provided below in this Section 9.02, the Company and the Trustee may amend or
supplement this Indenture (including, without limitation, Section 3.09, 4.10 and 4.15 hereof and the defined terms used therein) and the Notes and the Guarantees with the consent of the Holders of at least a majority in aggregate principal
amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the
Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default
resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the Notes or the Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then
outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes).
Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 

  
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 Upon the request of the Company accompanied by a resolution of its Board authorizing the
execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents
described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 

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

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

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

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

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

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

  
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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. 
 Section 9.04 Revocation and Effect of Consents. 

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

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

 Section 9.06 Trustee to Sign Amendments, etc. 

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

  
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 ARTICLE 10 

[RESERVED] 
 ARTICLE 11

 NOTE GUARANTIES 

Section 11.01 Guaranty. 

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

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

(b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Guaranty will not be discharged except by complete performance of the obligations
contained in the Notes and this Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Guaranty, to the extent theretofore
discharged, will be reinstated in full force and effect. 
 (d) Each Guarantor agrees that it will not be entitled to any right of
subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and
the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Guaranty, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith
become due and payable by the Guarantors for the purpose of this Guaranty. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under
the Guaranty. 

  
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 Section 11.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guaranty of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any
Guaranty. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount
and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under this Article 11, result in the obligations of such Guarantor under its Guaranty not constituting a fraudulent transfer or conveyance. 

Section 11.03 Execution and Delivery of Guaranty. 

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

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

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

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

(1) either 

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

  
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 (2) immediately before and immediately after giving effect to such transaction
and the assumption contemplated by clause (1)(b)(ii) above (including, without limitation, giving effect to any Indebtedness and Acquired Debt Incurred or anticipated to be Incurred and any Lien granted in connection with or in respect of the
transaction) no Default and no Event of Default shall have occurred or be continuing. 
 This Section does not apply to transactions subject
to Section 11.06(a) hereof. 
 Section 11.05 Successor Corporation Substituted. 

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

(c) Upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 12
hereof, each Guarantor will be released and relieved of any obligations under its Guaranty. 

  
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 Any Guarantor not released from its obligations under its Guaranty as provided in this
Section 11.06 will remain liable for the full amount of principal of and interest and premium on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 11. 

ARTICLE 12 
 SATISFACTION
AND DISCHARGE 
 Section 12.01 Satisfaction and Discharge. 

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

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

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

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

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

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

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

  
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 Section 12.02 Application of Trust Money. 

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

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

ARTICLE 13 

MISCELLANEOUS 

Section 13.01 Trust Indenture Act Controls. 

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

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

If to the Company and/or any Guarantor: 

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

Facsimile No.: 702-367-9675 

Attention: General Counsel 

  
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 If to the Trustee: 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

333 S. Grand Avenue, 5th Floor, Suite 5A 

Los Angeles, CA 90071 

Facsimile No.: (213) 253-7598 

Attention: Corporate, Municipal and Escrow Services 

The Company, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time
delivered by hand, if personally delivered; when receipt acknowledged, if mailed; when receipt acknowledged, if transmitted by facsimile; and when receipt acknowledged, if sent by overnight air courier guaranteeing next day delivery. 

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

Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight
air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to
mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
 Where this
Indenture provides for notice of any event to a Holder of a Global Note, such notice shall be sufficiently given if given to the Depositary for such Note (or its designee), pursuant to the applicable procedures of such Depositary, if any, prescribed
for the giving of such notice. 
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly
given, whether or not the addressee receives it. 
 If the Company mails a notice or communication to Holders, it will mail a copy to the
Trustee at the same time. 
 Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides
for notice of any event (including any notice of redemption or repurchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee, including by electronic mail in accordance with Applicable Procedures. 

  
 -104- 

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

 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the
Notes. The Company, any Guarantor, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 13.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture (except that no Opinion of Counsel shall
be delivered upon the initial authentication and delivery of the Notes on the Issue Date) the Company shall furnish to the Trustee: 

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

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

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

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

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

Section 13.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions. 

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

Section 13.08 Governing Law. 

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

Section 13.09 No Adverse Interpretation of Other Agreements. 

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

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

Section 13.11 Severability. 

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

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 13.13 Table of Contents, Headings, etc. 

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

  
 -106- 

 Section 13.14 Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, 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. 
 Section 13.15 Patriot Act. 

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

Section 13.16 Waiver of Jury Trial. 

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

(Signatures on following page) 

  
 -107- 

 
					
	STATION CASINOS LLC
		
	By:	 	/s/ Stephen L. Cootey
		 	Name:	 	Stephen L. Cootey
		 	Title:	 	Executive Vice President, Chief Financial Officer & Treasurer

  
 S-1 

 
			
	 NP BOULDER LLC
 NP CENTERLINE
HOLDINGS LLC
 NP DURANGO LLC
 NP FIESTA LLC

NP INSPIRADA LLC
 NP IP HOLDINGS LLC

NP LAKE MEAD LLC
 NP MT. ROSE LLC

NP OPCO HOLDINGS LLC
 NP OPCO LLC

NP PALACE LLC
 NP RED ROCK LLC

NP RENO CONVENTION CENTER LLC
 NP RANCHO LLC

NP SANTA FE LLC
 NP SONOMA LAND HOLDINGS LLC

NP STEAMBOAT LLC
 NP SUNSET LLC

NP TEXAS LLC
 NP TOWN CENTER LLC

STATION GVR ACQUISITION, LLC
 FERTITTA ENTERTAINMENT LLC

FE LANDCO MANAGEMENT LLC
 RRR PALMS LLC

FIESTA PARENTCO, L.L.C.
 FP HOLDINGS, L.P.

FP HOLDCO, L.L.C.
 FPIII, L.L.C.

PALMS PLACE, LLC
 PPII HOLDINGS, L.L.C.

N-M VENTURES LLC
 N-M VENTURES II LLC

PALMS LEASECO LLC
 NP LANDCO HOLDCO LLC

NP TROPICANA LLC
 CV PROPCO, LLC

  

					
		
	By:	 	/s/ Stephen L. Cootey
		 	Name:	 	Stephen L. Cootey
		 	Title:	 	Authorized Person

  
 S-2 

 
					
	 SC MADERA DEVELOPMENT, LLC
 SC
MADERA MANAGEMENT, LLC
 SC SONOMA DEVELOPMENT, LLC
 SC SONOMA
MANAGEMENT, LLC
 SC MICHIGAN, LLC

		
	By:	 	/s/ Frank J. Fertitta III
		 	Name:	 	Frank J. Fertitta III
		 	Title:	 	President & Treasurer

  
 S-3 

 
			
	THE TRUSTEE
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Maddy Hughes
		 	Name: Maddy Hughes
		 	Title: Vice President

  

  
 S-4 

 EXHIBIT A 

[Face of Note] 
 CUSIP
No. 144A: [            ]/REG S: [            ] 

ISIN No. 144A: [            ] /REG S:
[            ] 
 5.000% Senior Notes due 2025 

No.                        
                                         
                                         
                                         
                                         
 $                             

STATION CASINOS LLC promises to pay to              or registered assigns,
the principal sum of
                                        
DOLLARS on October 1, 2025. 
 Interest Payment Dates: April 1 and October 1 

Record Dates: March 15 and September 15 

Dated:
                        , 20         

 

			
	STATION CASINOS LLC
		
	By:	 	 
		 	Name:
		 	Title:

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

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 
 Authorized
Signatory 

Dated:                        

  
 S-5 

 [Back of Note] 

5.000% Senior Notes due 2025 

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

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

THE NOTES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON OWNERSHIP AND TRANSFER IMPOSED BY APPLICABLE GAMING LAWS AND SECTION
4.20 OF THE INDENTURE (WHICH IS SUMMARIZED ON THIS CERTIFICATE). 
 Capitalized terms used herein have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated. 
 (1) INTEREST. Station Casinos LLC, a Nevada limited liability company (the
“Company”), promises to pay interest on the principal amount of this Note at 5.000% per annum. The Company will pay interest semi-annually in arrears on April 1 and October 1 of each year commencing April 1,
2018, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest
has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be April 1, 2018. The Company will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is equal to the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest, if any (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day
year of twelve 30-day months. 
 (2) METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest), if
any, to the Persons who are registered Holders of Notes at the close of business on the March 15 and April 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest
Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Company maintained for such purpose,
or, at the option of the Company, payment of interest, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be
required with respect to principal of and interest, premium, if any, on all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 (3)
PAYING AGENT AND REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The
Company or any of its Subsidiaries may act in any such capacity. 

  
 A-21 

 (4) INDENTURE. The Company issued the Notes under an Indenture dated as of
September 21, 2017 (the “Indenture”) among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are
subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling. The Notes are unsecured obligations of the Company. The Indenture does not limit the aggregate principal amount of the Notes that may be issued thereunder. 

(5) OPTIONAL REDEMPTION. 

(a) Except as set forth below and under paragraph 6 and paragraph 7, the Company does not have the option to redeem the Notes prior to
October 1, 2020. Thereafter, the Company has the option to redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the Redemption Prices (expressed as percentages of the principal amount thereof) set
forth below plus accrued and unpaid interest, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on October 1 of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2020
	  	 	102.500	% 
	 2021
	  	 	101.250	% 
	 2022 and thereafter
	  	 	100.000	% 

 Notwithstanding the foregoing, the Company may, at any time prior to October 1, 2020, redeem up to 35% of
the outstanding aggregate principal amount of Notes with the net cash proceeds of one or more Equity Offerings of the Company at a Redemption Price in cash of 105.000% of the principal amount thereof, plus accrued and unpaid interest, if any, on the
Notes redeemed, to the Redemption Date; provided that (1) at least 65% of the outstanding aggregate principal amount of Notes remains outstanding immediately after the occurrence of such redemption; (2) notice of any such redemption
shall be given by the Company to the holders and the Trustee within 30 days after the consummation of any such Equity Offering; and (3) such redemption shall occur within 60 days of the date of such notice. 

In addition, at any time prior to October 1, 2020, the Company may also redeem all or any part of the Notes upon not less than 30 nor
more than 60 days’ prior notice mailed by first-class mail (or in the case of Notes held in book entry form, by electronic transmission) to each holder’s registered address, at a Redemption
Price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to the date of redemption. 

(b) Restrictions on the transfer of the Capital Stock of the Company’s Subsidiaries licensed in certain jurisdictions, and agreements not
to encumber such Capital Stock, in each case, in respect of the Notes, are not effective without the prior approval of the applicable Gaming Authorities. No Subsidiary shall be subject to such restrictions until the earlier of such time as
(1) approval of such restrictions with respect to such Subsidiary is received from the applicable Gaming Authorities or (2) a registered public offering of the Notes is made pursuant to a prior approval of the applicable Gaming
Authorities. All required approvals have been obtained as of the Issue Date with respect to the Company’s existing Subsidiaries. 

  
 A-31 

 (c) By accepting a Note, each Holder or beneficial owner of a Note will be agreeing to
comply with all requirements of the Gaming Law and Gaming Authorities in each jurisdiction where the Company and its Affiliates are licensed or registered under applicable Gaming Law or conduct gaming activities and that the Notes held by such
Holder or owner will be subject to redemption pursuant to Section 4.20 hereof or as otherwise required pursuant to applicable Gaming Law or by Gaming Authorities. 

(6) MANDATORY REDEMPTION. The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes.

 (7) REPURCHASE AT THE OPTION OF HOLDER. 

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

  
 A-41 

 Any Net Cash Proceeds from an Asset Sale that are not applied pursuant to the preceding paragraph
shall constitute “Excess Net Proceeds.” No later than 20 business days following the date on which the aggregate amount of Excess Net Proceeds exceeds $50 million (the “Net Proceeds Trigger Date”), the Company shall make an offer
to purchase (the “Net Proceeds Offer”), on a date (the “Net Proceeds Offer Payment Date”) not less than 30 nor more than 60 days following the applicable Net Proceeds Offer Trigger Date, on a pro rata basis, an aggregate
principal amount equal to the Excess Net Proceeds of (a) Notes, at a purchase price in cash equal to 100% of the aggregate principal amount of Notes, in each case, plus accrued and unpaid interest thereon, if any, on the Net Proceeds Offer
Payment Date, and (b) other pari passu Indebtedness of the Company or any Guarantor, in each case to the extent required by the terms thereof. If at any time within 360 days after an Asset Sale any non-cash consideration received by the Company
or the affected Restricted Subsidiary in connection with such Asset Sale (other than non-cash consideration deemed to be cash as provided in clause (2)(B) of Section 4.10 of the Indenture) is converted into or sold or otherwise disposed of
for cash, then such conversion or disposition will be deemed to constitute an Asset Sale hereunder and the Net Cash Proceeds thereof will be applied in accordance with this covenant. To the extent that the aggregate principal amount of Notes or
other pari passu Indebtedness tendered pursuant to the Net Proceeds Offer is less than the Excess Net Proceeds, the Company or such Restricted Subsidiary may use any remaining proceeds of such Asset Sales for general corporate purposes (but subject
to the other terms of the Indenture). Upon completion of a Net Proceeds Offer, the Excess Net Proceeds relating to such Net Proceeds Offer will be deemed to be zero for purposes of any subsequent Asset Sale. In the event that a Restricted Subsidiary
consummates an Asset Sale, only that portion of the Net Cash Proceeds therefrom (including any Net Cash Proceeds received upon the sale or other disposition of any non-cash proceeds received in connection with an Asset Sale) that are distributed to
or received by the Company or a Restricted Subsidiary will be required to be applied by the Company or the Restricted Subsidiary in accordance with the provisions of this covenant. 

(8) NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption
date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction or discharge of the Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed. A notice of
redemption may be conditional in that the Company may, notwithstanding the giving of the notice of redemption, condition the redemption of the Notes specified in the notice of redemption upon the completion of other transactions, such as
refinancings or acquisitions (whether of the Company or by the Company). 
 (9) DENOMINATIONS, TRANSFER, EXCHANGE. The
Notes are in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not
exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period
of 15 days before the mailing of a notice of redemption of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

  
 A-51 

 (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner
for all purposes. 
 (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture or the Notes or the
Guarantees may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class, and any existing Default or
Event or Default or compliance with any provision of the Indenture or the Notes or the Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if
any, voting as a single class. Without the consent of any Holder of a Note, the Indenture or the Notes or the Guarantees may be amended or supplemented to cure any ambiguity, defect or inconsistency as evidenced in an Officers’ Certificate, to
provide for uncertificated Notes or Guarantees in addition to or in place of certificated Notes or Guarantees, to provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes and Guarantees in case
of a merger, consolidation or disposition of all or substantially all assets, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not materially adversely affect the legal rights under the
Indenture of any such Holder, to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, to comply with the requirements of applicable Gaming Laws or to provide for requirements
imposed by applicable Gaming Authorities, to conform the Indenture or the Notes to the “Description of Notes” section relating to the issuance of the Notes issued on the Issue Date, to provide for the issuance of Additional Notes in
accordance with the limitations set forth in the Indenture as of September 21, 2017, to allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Notation of Guaranty with respect to the Notes, or to provide for the
acceptance or appointment of a successor Trustee. 
 (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default for 30
days in the payment when due of interest on the Notes or the Guarantees; (ii) default in payment of the principal of or premium, if any, on the Notes or the Guarantees when due and payable, at maturity, upon acceleration, redemption or
otherwise, (iii) failure by any Obligor to comply with any of its other agreements in the Indenture, the Notes or the Guarantees for 60 days after written notice to the Company by the Trustee or the Holders of not less than 25% in aggregate
principal amount of the Notes then outstanding voting as a single class; (iv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed
by the Company or any Restricted Subsidiary (or the payment of which is guaranteed by the Company or any Restricted Subsidiary) whether such Indebtedness or guarantee now exists, or is created after the Issue Date, which default is caused by a
failure to pay principal on such Indebtedness at the stated final maturity thereof prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”), or results in the acceleration
of such Indebtedness prior to its express maturity (which acceleration has not been rescinded, annulled or cured within 20 business days of receipt by the Company or such Restricted Subsidiary of such notice) and, in each case, the due and payable
principal amount of any such Indebtedness, together with the due and payable principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $75 million or
more; (v) certain final judgments for the payment of money that remain undischarged for a period of 60 days after such judgment or judgments become final and non-appealable; and (vi) certain events of bankruptcy or insolvency with respect
to the Company or any of its Significant Subsidiaries. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare the principal amount,
together with any accrued and unpaid interest, if any, and premium, if any, on all the Notes and Guarantees to be due and payable immediately; provided that if the Holders of at least 25% in aggregate principal amount of the then outstanding Notes
declare such acceleration, they shall provide a copy of the acceleration 

  
 A-61 

 
notice to the Trustee. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable
immediately without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes
may direct the Trustee in its exercise of any trust or power. The Trustee shall be under no obligation to exercise any of the rights or powers at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. The Trustee may withhold from Holders of the Notes notice of any continuing
Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest, if any) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the
then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or
Event of Default in the payment of interest or premium on, or the principal of, the Notes. References herein to interest due in respect of the Notes shall include any liquidated damages payable pursuant to Section 6.02 of the Indenture. 

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

 (14) NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, agent, manager, partner,
member, incorporator or stockholder of the Company or any of the Guarantors (or of any stockholder of the Company), as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees or the
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of
the Notes. 
 (15) AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent. 
 (16) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 (17) [Reserved]. 

(18) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or
as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

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

  
 A-71 

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

1505 South Pavilion Center Drive 

Las Vegas, Nevada 89135 

Attention: General Counsel 

  
 A-81 

 ASSIGNMENT FORM 

Station Casinos LLC 5.000% Senior Notes due 2025 

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

 
  

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

  
  
  

 
  

 
  

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

                          
                           

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

Date:                         

  

	
	Your Signature:
	
	   

	(Sign exactly as your name appears on the face of this Note)
	
	Tax Identification No.:                                
                

 Signature Guarantee: 

                          
                           

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

OPTION OF HOLDER TO ELECT PURCHASE 

  
 A-91 

 Station Casinos LLC 5.000% Senior Notes due 2025 

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

 

			
	☐ Section 4.10	  	☐ Section 4.15

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

			
	Date:
                                         
       	  	$                                      
          

  

	
	(Sign exactly as your name appears on the face of this Note)
	
	Tax Identification No.:                        

 Signature Guarantee: 

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

  
 A-23 

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

									
	Date of Exchange	 	 Amount of decrease

in Principal Amount
 of this
Global Note
	 	 Amount of increase in
Principal Amount of

this Global Note
	 	 Principal Amount of

this Global Note
 following
such
 decrease (or increase)
	 	 Signature of authorized
signatory of

Trustee or Custodian

 

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

  
 A-13 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Wells Fargo
Bank, National Association 
 MAC N9300-070 
 600 South Fourth
Street 
 Minneapolis, MN 55415 
 Attention: Bondholder
Communications 
 Re: 5.000% Senior Notes due 2025 

Reference is hereby made to the Indenture, dated as of September 21, 2017 (the “Indenture”), among Station Casinos LLC, as issuer (the
“Company”), the Guarantors party thereto and Wells Fargo 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 Global Note or a Restricted
Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is
not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the
Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction
was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not
part of a plan or scheme to evade the registration 

  
 B-1 

 
requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or
for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the
restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

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

(a) ☐ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 

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

or 

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

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

  
 B-2 

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

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

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

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

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

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

  

	(a)	☐ a beneficial interest in the: 

  

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

  

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

  

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

  

	(b)	☐ a Restricted Definitive Note. 

  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 

 

	(a)	☐ a beneficial interest in the: 

  

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

  

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

  

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

  

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

  

	(b)	☐ a Restricted Definitive Note. 

  

	(c)	☐ an Unrestricted Definitive Note. 

 in accordance with the terms of the Indenture. 

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Wells Fargo
Bank, National Association 
 MAC N9300-070 
 600 South Fourth
Street 
 Minneapolis, MN 55415 
 Attention: Bondholder
Communications 
 Re: 5.000% Senior Notes due 2025 

(CUSIP        ) 

Reference is hereby made to the Indenture, dated as of September 21, 2017 (the “Indenture”), among Station
Casinos LLC, as issuer (the “Company”), the Guarantors party thereto and Wells Fargo 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 (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the
Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

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

  
 C-1 

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

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

  
 C-2 

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

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                     
 Signature Guarantee:
                                        

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

  
 C-3 

 EXHIBIT D 

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

Attention: General Counsel 
 Wells Fargo Bank, National
Association 
 MAC N9300-070 
 600 South Fourth Street 

Minneapolis, MN 55415 
 Attention: Bondholder Communications 

 

	 	Re:	5.000% Senior Notes due 2025 

 Reference is hereby made to the Indenture, dated as of
September 21, 2017 (the “Indenture”), among Station Casinos LLC, as issuer (the “Company”), the guarantors party thereto from time to time and Wells Fargo 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 Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein),
(C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you a signed letter substantially in the form of this letter and, if
such transfer is in respect of a principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act,
(D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(d) under the Securities Act or (F) pursuant to an effective registration

  
 D-1 

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

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

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

	
	 
	[Insert Name of Accredited Investor]

  

			
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                         

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

  
 D-2 

 EXHIBIT E 

[FORM OF NOTATION OF GUARANTY] 
 For value
received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of
September 21, 2017 (the “Indenture”) among Station Casinos LLC (the “Company”), the Guarantors party thereto and Wells Fargo Bank, National Association, as trustee (the “Trustee”), (a) the
due and punctual payment of the principal of, and premium and interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any,
if lawful, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes
or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors
to the Holders of Notes and to the Trustee pursuant to the Guaranty and the Indenture are expressly set forth in Article 11 of the Indenture (which is hereby incorporated by reference) and reference is hereby made to the Indenture for the precise
terms of the Guaranty. Capitalized terms used but not defined herein have the meanings given to them in the Indenture. 
  

			
	[NAME OF GUARANTOR(S)]
		
	By:	 	 
		 	Name:
		 	Title:

  
 E-1 

 EXHIBIT F 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of , 20[ ], among (the “Guarantying Subsidiary”), a
subsidiary of Station Casinos LLC (or its permitted successor), a Nevada limited liability company (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, National
Association, a national banking association, as trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E
S S E T H 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of September 21, 2017 providing for the issuance of 5.000% Senior Notes due 2025 (the “Notes”); 

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

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

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

4. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, agent, manager, partner, member, incorporator or
stockholder of the Guarantying Subsidiary (or of any stockholder of the Company), as such, shall have any liability for any obligations of the Company or any Guarantying Subsidiary under the Notes, any Guarantees, the Indenture or this Supplemental
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes. 
 5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS
SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 F-1 

 6. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

7. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 

8. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guarantying Subsidiary and the Company. 

  
 F-2 

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

 

			
	[GUARANTYING SUBSIDIARY]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	STATION CASINOS LLC
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	[EXISTING GUARANTORS]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	WELLS FARGO BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  
 F-3EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

INCREMENTAL JOINDER AGREEMENT NO. 4 AND 

FOURTH AMENDMENT TO CREDIT AGREEMENT 

This INCREMENTAL JOINDER AGREEMENT NO. 4 AND FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Fourth Amendment”), dated as of
September 21, 2017 and effective as of the Effective Date (as hereinafter defined), is made and entered into by and among STATION CASINOS LLC, a Nevada limited liability company (the “Borrower”), the GUARANTORS party hereto,
RED ROCK RESORTS, INC. (“RRR”), STATION HOLDCO LLC (“Holdco”, and together with the Borrower, the Guarantors party hereto and RRR, the “Station Parties”), each of the INCREMENTAL REVOLVING FACILITY
LENDERS (as hereinafter defined) party hereto, each of the INCREMENTAL TERM A-3 FACILITY LENDERS (as hereinafter defined) party hereto, each of the REVOLVING LENDERS party hereto, each of the TERM A FACILITY LENDERS party hereto, each of the TERM
A-3 FACILITY LENDERS party hereto, each of the L/C LENDERS (as hereinafter defined) party hereto and DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH, as administrative agent under the Existing Credit Agreement referred to below (together with its successors
and assigns in such capacity, the “Administrative Agent”). 
 RECITALS: 

WHEREAS, reference is hereby made to the Credit Agreement, dated as of June 8, 2016 (as amended by that certain First Amendment to Credit
Agreement, dated as of January 30, 2017, that certain Incremental Joinder Agreement, dated as of January 30, 2017, that certain Second Amendment to Credit Agreement, dated as of April 5, 2017, that certain Incremental Joinder
Agreement No. 2 and Third Amendment to Credit Agreement, dated as of May 2, 2017, and that certain Incremental Joinder Agreement No. 3, dated as of May 10, 2017, and as it may be further amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Existing Credit Agreement”), among the Borrower, the Guarantors, the banks, financial institutions and other entities from time to time party thereto as lenders (including
the L/C Lenders and the Swingline Lender), Administrative Agent, Deutsche Bank AG Cayman Islands Branch, as collateral agent, and the other parties thereto; 

WHEREAS, pursuant to Section 2.12 of the Credit Agreement, the Borrower has requested that (i) those certain financial institutions
party hereto and listed on Schedule A hereto (the “Incremental Revolving Facility Lenders”) provide in the aggregate $96,000,000 in Incremental Revolving Commitments having the same terms as the Closing Date Revolving
Commitments, as amended hereby (the “Incremental Revolving Facility Commitments” and the loans made thereunder, the “Incremental Revolving Facility Loans”) and (ii) those certain financial institutions party
hereto and listed on Schedule B hereto (the “Incremental Term A-3 Facility Lenders”) party hereto provide in the aggregate $34,029,592.94 in New Term Loan Commitments having the same terms as the existing Term A-3
Facility Commitments, as amended hereby (the “Incremental Term A-3 Facility Loan Commitments” and the loans made thereunder, the “Incremental Term A-3 Facility Loans”); 

WHEREAS, the Borrower intends to, prior to, concurrently with and following the Effective Date, issue up to $550,000,000 in aggregate
principal amount of new senior unsecured notes in one or more tranches (the “New Senior Notes”) which in part will constitute a Permitted Refinancing of the Senior Unsecured Notes and in part will constitute Permitted Unsecured
Indebtedness; 

 WHEREAS, the Borrower has further requested that the Lenders party hereto agree to amend the
Existing Credit Agreement subject to and in accordance with the terms and conditions set forth herein to, among other things, extend the R/C Maturity Date and the Term A Facility Maturity Date; 

WHEREAS, the proceeds of the New Senior Notes and the Incremental Term A-3 Facility Loans will be used on the Effective Date to (a) repay
the Borrower’s existing Senior Unsecured Notes, (b) repay the Term A-3 Facility Loans held immediately prior to the effectiveness of this Fourth Amendment by certain non-consenting Lenders, (c) repay outstanding revolving loans under
the Revolving Facility to the extent of available proceeds and (d) pay fees and expenses in connection with the Transactions; 

WHEREAS, pursuant to Section 13.04(b) of the Existing Credit Agreement, the Borrower may, at its option, either (a) require
any Revolving Lender, Term A Facility Lender, or Term A-3 Facility Lender that does not consent to this Fourth Amendment to assign all of its rights and obligations under the Existing Credit Agreement with respect to all of such non-consenting Revolving Lender’s, Term A Facility Lender’s, or Term A-3 Facility Lender’s Revolving Loans and Revolving Commitments, Term A Facility Loans and Term A-3 Facility Loans, as applicable,
to one or more assignees or (b) terminate the Commitments or prepay the Loans, as applicable, of any Revolving Lender, Term A Facility Lender or Term A-3 Facility Lender that does not consent to this Fourth Amendment and replace such terminated
Commitments or prepaid Loans, as applicable, or (c) consummate any combination of clause (a) and clause (b); 
 WHEREAS, the
Borrower has elected to apply a portion of the proceeds of the Incremental Term A-3 Facility Loans to repay and replace the Term A-3 Facility Loans held immediately prior to the effectiveness of this Fourth Amendment by certain non-consenting
Lenders; and 
 WHEREAS, each Incremental Revolving Lender, Incremental Term A-3 Facility Lender, L/C Lender, Revolving Lender, Term A
Facility Lender and Term A-3 Facility Lender party hereto and the Administrative Agent is willing, on the terms and subject to the conditions set forth below, to enter into this Fourth Amendment and to consent to the amendments of and waivers under
the Amended Credit Agreement described herein. 
 NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants
herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.1 Definitions. Except as otherwise expressly provided herein, capitalized terms used in this Fourth Amendment
(including in the Recitals and the introductory paragraph above) shall have the meanings given in the Amended Credit Agreement (as defined below), and the rules of construction set forth in the Amended Credit Agreement shall apply to this Fourth
Amendment. 

  
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 ARTICLE II 

AMENDMENTS TO CREDIT AGREEMENT 

SECTION 2.1 Amendments to Existing Credit Agreement. 

(a) Subject to the conditions and upon the terms set forth in this Fourth Amendment and in reliance on the representations and warranties of
the Station Parties set forth in this Fourth Amendment, the Borrower, the other Station Parties, each of the Incremental Revolving Facility Lenders, Incremental Term A-3 Facility Lenders, L/C Lenders, Revolving Lenders, Term A Facility Lenders and
Term A-3 Facility Lenders party hereto and the Administrative Agent agree that on the Effective Date, simultaneously with the effectiveness of the provisions of Articles III and IV below, the Existing Credit Agreement shall be amended as set forth
in Exhibit A attached hereto (double underlining indicates new language and strikethrough indicates language that has been deleted) (the Existing Credit
Agreement, as so amended by this Fourth Amendment, the “Amended Credit Agreement”). 
 (b) The corresponding Annexes to the
Existing Credit Agreement are hereby restated as set forth in the Amended Credit Agreement. 
 (c) Pursuant to
Section 13.04(b)(B) of the Existing Credit Agreement and without limiting the terms thereof, the Borrower may, in its discretion, (i) require any Revolving Lender, Term A Facility Lender, or Term A-3 Facility Lender that does not
consent to this Fourth Amendment to assign all of its rights and obligations under the Existing Credit Agreement with respect to all of such non-consenting Revolving Lender’s, Term A Facility Lender’s, or Term A-3 Facility Lender’s
Revolving Loans and Revolving Commitments, Term A Facility Loans and Term A-3 Facility Loans, as applicable, to one or more assignees, (ii) terminate the Commitments or prepay the Loans, as applicable, of any Revolving Lender, Term A Facility
Lender or Term A-3 Facility Lender, in each case that does not consent to this Fourth Amendment and replace such terminated Commitments or prepaid Loans, as applicable, or (iii) consummate any combination of clause (i) and
clause (ii). 
 (d) The Borrower hereby elects to apply $23,125,007.85 of the principal amount of the Incremental Term A-3 Facility
Loans to repay and replace a like principal amount of the Term A-3 Facility Loans held immediately prior to the effectiveness of this Fourth Amendment by certain non-consenting Lenders and hereby directs the Administrative Agent to apply the
proceeds of such Incremental Term A-3 Facility Loans to repay the Term A-3 Facility Loans of such non-consenting Lenders in accordance with the terms of the Credit Agreement. 

  
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 ARTICLE III 

AGREEMENT TO PROVIDE NEW TERM LOAN COMMITMENTS 

SECTION 3.1 Agreement to Make New Term Loans. Each Incremental Term A-3 Facility Lender hereby agrees, severally and not jointly, to
provide its respective Incremental Term A-3 Facility Loan Commitment as set forth on Schedule A annexed hereto on the terms set forth in this Fourth Amendment, and its Incremental Term A-3 Facility Loan Commitment shall be binding as of
the Effective Date (as defined below). Each Incremental Term A-3 Facility Lender hereby agrees, severally and not jointly, to make an Incremental Term A-3 Facility Loan to the Borrower having the same terms as the Term A-3 Facility Loans on the
Effective Date in the amount of its Incremental Term A-3 Facility Loan Commitment. Additionally, by delivering its consent to this Fourth Amendment, the Declining Lender hereby agrees that effective on and as of the Effective Date, its Term A
Facility Loans shall be automatically converted to Term A-3 Facility Loans having the same terms as the Term A-3 Facility Loans set forth in the Amended Credit Agreement and the other Credit Documents after giving effect to this Fourth Amendment.

 SECTION 3.2 New Loans and Commitments. The Incremental Term A-3 Facility Loan Commitment of each Incremental Term A-3 Facility
Lender is in addition to such Incremental Term A-3 Facility Lender’s existing Loans and Commitments under the Existing Credit Agreement, if any (which shall continue under and be subject in all respects to the Amended Credit Agreement), and,
immediately after giving effect to the amendments contemplated hereby, will be subject in all respects to the terms of the Amended Credit Agreement (and, in each case, the other Credit Documents). 

SECTION 3.3 Applicable Margin. The Applicable Margin for the Incremental Term A-3 Facility Loans shall be the same as the Applicable
Margin with respect to the Term A-3 Facility Loans after giving effect to this Fourth Amendment. 
 SECTION 3.4 Maturity Date. The
maturity date for the Incremental Term A-3 Facility Loans shall be the Term A Facility Maturity Date after giving effect to this Fourth Amendment. 

SECTION 3.5 Principal Payments. Borrower hereby promises to pay Administrative Agent for the account of the Incremental Term A-3
Facility Lenders with Incremental Term A-3 Facility Loans in repayment of the principal of such Incremental Term A-3 Facility Loans in accordance with Section 3.01(e) and Annex C of the Amended Credit Agreement (in each case,
as amended hereby). The amortization payments in Annex C of the Amended Credit Agreement (as amended hereby) include amounts due in respect of all Term A-3 Facility Loans outstanding on the Effective Date after giving effect to the
transactions contemplated herein (including, for the avoidance of doubt, the Incremental Term A-3 Facility Loans). 
 SECTION 3.6
Incremental Term A-3 Facility Loan Commitments. 
 (a) This Fourth Amendment represents Borrower’s request for
the Incremental Term A-3 Facility Loan Commitments to be provided on the terms set forth herein on the Effective Date and for the Incremental Term A-3 Facility Loans to be made thereunder to be funded on the Effective Date. It is the understanding,
agreement and 

  
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intention of the parties that all Incremental Term A-3 Facility Loans shall be part of the same Tranche of Loans as the Term A-3 Facility Loans made on the Third Amendment Effective Date and
shall constitute Loans and Term A-3 Facility Loans under the Credit Documents. Any Incremental Term A-3 Facility Loans shall be subject to the provisions of the Amended Credit Agreement and the other Credit Documents and shall be on terms and
conditions identical to the Term A-3 Facility Loans made in connection with the Third Amendment, as such terms and conditions are amended by this Fourth Amendment and the Amended Credit Agreement. 

(b) The Incremental Term A-3 Facility Loan Commitments may be drawn in no more than a single drawing on the Effective Date.
Upon such Borrowing, the Incremental Term A-3 Facility Loans so borrowed shall automatically become Loans and Term A-3 Facility Loans outstanding under the Amended Credit Agreement. The Incremental Term A-3 Facility Loan Commitments shall terminate
automatically at 5:00 p.m. New York time on the Effective Date (after giving effect to the funding of the Incremental Term A-3 Facility Loans thereunder). 

(c) The parties hereto agree that on and after the Effective Date, unless the context shall otherwise require, (i) the
Term A-3 Facility shall constitute the “Term A Facility”, (ii) the Term A-3 Facility Commitments shall constitute “Term A Facility Commitments”, (iii) the Term A-3 Facility Lenders shall constitute “Term A Facility
Lenders” and (iv) the Term A-3 Facility Loans shall constitute “Term A Facility Loans”, in each case, for all purposes of the Amended Credit Agreement and the other Credit Documents. For the avoidance of doubt, the Term A-3
Facility and Term A-3 Facility Loans shall also have all terms expressly applicable to the Term A-3 Facility and the Term A-3 Facility Loans. 

SECTION 3.7 Agreements of Incremental Term A-3 Facility Lenders. Each Incremental Term A-3 Facility Lender (a) represents and
warrants that it is legally authorized to enter into this Fourth Amendment; (b) confirms that it has received a copy of the Amended Credit Agreement, this Fourth Amendment and the other Credit Documents, together with copies of the financial
statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Fourth Amendment; (c) agrees that it will, independently and without reliance
upon the Administrative Agent or any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Amended Credit
Agreement, the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes each applicable Agent to take such action as agent on its behalf and to exercise such powers and
discretion under the Amended Credit Agreement, the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to each such Agent, as applicable, by the terms thereof, together with such powers as
are incidental thereto; (e) hereby affirms the acknowledgements and representations of such Incremental Term A-3 Facility Lender as a Lender contained in Section 12.07 of the Amended Credit Agreement; and (f) agrees that it
will be bound by the provisions of the Amended Credit Agreement and will perform in accordance with the terms of the Amended Credit Agreement all the obligations which by the terms of the Amended Credit Agreement are required to be performed by it
as a 

  
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Lender, including its obligations pursuant to Section 13.05 of the Amended Credit Agreement. Each Incremental Term A-3 Facility Lender acknowledges and agrees that upon its execution
of this Fourth Amendment that such Incremental Term A-3 Facility Lender shall on and as of the Effective Date become, or continue to be, a “Term A-3 Facility Lender” under, and for all purposes of, the Amended Credit Agreement and the
other Credit Documents, shall be subject to and bound by the terms thereof, shall perform all the obligations of and shall have all rights of a Lender thereunder, and shall make available such amount to fund its ratable share of outstanding
Incremental Term A-3 Facility Loans on the Effective Date as the Fourth Amendment Refinancing Arranger may instruct. Each Incremental Term A-3 Facility Lender has delivered herewith to the Borrower and the Administrative Agent such forms,
certificates or other evidence with respect to United States federal income tax withholding matters as such Incremental Term A-3 Facility Lender may be required to deliver to the Borrower and the Administrative Agent pursuant to
Section 5.06 of the Amended Credit Agreement. 
 SECTION 3.8 Excess Cash Flow. Each Incremental Term A-3 Facility Lender,
Term A Facility Lender and Term A-3 Facility Lender party hereto, on behalf of itself and its successors and assigns, hereby agrees and elects to decline all prepayments of the Term A Facility Loans and Term A-3 Facility Loans (including the
Incremental Term A-3 Facility Loans) to be made pursuant to Section 2.10(a)(iv) of the Amended Credit Agreement from and after the Effective Date. 

ARTICLE IV 
 AGREEMENT TO
PROVIDE INCREMENTAL REVOLVING FACILITY COMMITMENTS 
 SECTION 4.1 Agreement to Provide Incremental Revolving Facility
Commitments. Each Incremental Revolving Facility Lender hereby agrees, severally and not jointly, to provide its respective Incremental Revolving Facility Commitment as set forth on Schedule B annexed hereto on the terms set forth in
this Fourth Amendment, and its Incremental Revolving Facility Commitment shall be binding as of the Effective Date. 
 SECTION 4.2 New
Loans and Commitments. The Incremental Revolving Facility Commitment of each Incremental Revolving Facility Lender is in addition to such Incremental Revolving Facility Lender’s existing Loans and Commitments under the Existing Credit
Agreement, if any (which shall continue under and be subject in all respects to the Amended Credit Agreement), and, immediately after giving effect to the amendments contemplated hereby, will be subject in all respects to the terms of the Amended
Credit Agreement (and, in each case, the other Credit Documents). 
 SECTION 4.3 Incremental Revolving Facility Commitments. 

(a) This Fourth Amendment represents Borrower’s request for Incremental Revolving Facility Commitments to be provided on
the terms set forth herein on the Effective Date and for the Incremental Revolving Facility Loans to be made thereunder to be funded from time to time after the Effective Date in accordance with the Amended Credit Agreement. It is the understanding,
agreement and intention of the parties that 

  
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(i) the Incremental Revolving Facility Commitments shall be part of the same Tranche of Commitments as the Closing Date Revolving Commitments and shall constitute Closing Date Revolving
Commitments, Revolving Commitments and Commitments under the Credit Documents and (ii) all Incremental Revolving Facility Loans incurred pursuant to the Incremental Revolving Facility Commitments shall be part of the same Tranche of Loans as
the Revolving Loans incurred pursuant the Closing Date Revolving Commitments and shall constitute Loans and Revolving Loans under the Credit Documents. The Incremental Revolving Facility Commitments and Incremental Revolving Facility Loans shall be
subject to the provisions of the Amended Credit Agreement and the other Credit Documents and shall be on terms and conditions identical to the Closing Date Revolving Commitments and the Revolving Loans incurred pursuant to the Closing Date Revolving
Commitments, respectively, in each case, as such terms and conditions amended by the Amended Credit Agreement and this Fourth Amendment. 

(b) The Incremental Revolving Facility Commitments may be drawn from time to time after the Effective Date in accordance with
Section 2.01(a) of the Amended Credit Agreement and shall terminate as set forth in Section 2.04(a)(iv) of the Amended Credit Agreement. The Incremental Revolving Facility Loans borrowed under the Incremental Revolving
Facility Commitments shall be repaid in accordance with Section 3.01(a) of the Amended Credit Agreement. To the extent necessary for the Revolving Loans and participation interests in L/C Liabilities and Swingline Loans to be held by the
Revolving Lenders and the Incremental Revolving Facility Lenders ratably in accordance with their respective Revolving Commitments after giving effect to this Fourth Amendment, the Revolving Lenders and Incremental Revolving Facility Lenders shall
assign, transfer or purchase, as applicable, interests in the Revolving Loans, L/C Liabilities and Swingline Loans in accordance with Section 2.12(d) of the Amended Credit Agreement as if the Incremental Revolving Facility Commitments
were Incremental Revolving Commitments incurred on the Effective Date. 
 SECTION 4.4 Agreements of Revolving Lenders. Each
Incremental Revolving Facility Lender (a) represents and warrants that it is legally authorized to enter into this Fourth Amendment; (b) confirms that it has received a copy of the Amended Credit Agreement, this Fourth Amendment and the
other Credit Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Fourth Amendment;
(c) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Amended Credit Agreement, the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes each applicable Agent to take such
action as agent on its behalf and to exercise such powers and discretion under the Amended Credit Agreement, the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to each such Agent, as
applicable, by the terms thereof, together with such powers as are incidental thereto; (e) hereby affirms the acknowledgements and representations of such Incremental Revolving Facility Lender as a Lender contained in Section 12.07
of the Amended Credit Agreement; and (f) agrees that it will 

  
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be bound by the provisions of the Amended Credit Agreement and will perform in accordance with the terms of the Amended Credit Agreement all the obligations which by the terms of the Amended
Credit Agreement are required to be performed by it as a Lender, including its obligations pursuant to Section 13.05 of the Amended Credit Agreement. Each Incremental Revolving Facility Lender acknowledges and agrees that upon its
execution of this Fourth Amendment that such Incremental Revolving Facility Lender shall on and as of the Effective Date become, or continue to be, a “Revolving Lender” under, and for all purposes of, the Amended Credit Agreement and the
other Credit Documents, shall be subject to and bound by the terms thereof, shall perform all the obligations of and shall have all rights of a Lender thereunder, and shall make available such amount to fund its ratable share of outstanding
Incremental Revolving Facility Loans from time to time after the Effective Date in accordance with the Amended Credit Agreement. Each Incremental Revolving Facility Lender has delivered herewith to the Borrower and the Administrative Agent such
forms, certificates or other evidence with respect to United States federal income tax withholding matters as such Incremental Revolving Facility Lender may be required to deliver to the Borrower and the Administrative Agent pursuant to
Section 5.06 of the Amended Credit Agreement. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

To induce (a) the Incremental Revolving Facility Lenders to provide the Incremental Revolving Facility Commitments, (b) the
Incremental Term A-3 Facility Lenders to provide the Incremental Term A-3 Facility Loan Commitments and (c) the L/C Lenders, the Revolving Lenders, the Term A Facility Lenders and the Term A-3 Facility Lenders to agree to this Fourth Amendment,
the Station Parties represent to the Administrative Agent, the L/C Lenders, the Incremental Revolving Facility Lenders, the Incremental Term A-3 Facility Lenders, the Revolving Lenders, the Term A Facility Lenders and the Term A-3 Facility Lenders
that, as of the Effective Date and giving effect to all of the transactions occurring on the Effective Date: 
 SECTION 5.1 Corporate
Existence. Borrower and each other Station Party (a) is a corporation, partnership, limited liability company or other entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization;
(b)(i) has all requisite corporate or other power and authority, and (ii) has all governmental licenses, authorizations, consents and approvals necessary to own its Property and carry on its business as now being conducted; and (c) is
qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary; except, in the case of clauses (b)(ii) and (c) where the failure thereof
individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.2 Action;
Enforceability. Borrower and each other Station Party has all necessary corporate or other organizational power, authority and legal right to execute, deliver and perform its obligations under this Fourth Amendment and to consummate the
transactions herein contemplated; the execution, delivery and performance by Borrower and each other Station Party of this Fourth Amendment and the consummation of the transactions herein contemplated have been duly authorized by all necessary
corporate, partnership or other organizational action on its part; and this Fourth Amendment has been duly and validly executed 

  
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and delivered by each Station Party and constitutes its legal, valid and binding obligation, enforceable against each Station Party in accordance with its terms, except as such enforceability may
be limited by (a) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws of general applicability from time to time in effect affecting the enforcement of creditors’ rights and remedies and (b) the
application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

SECTION 5.3 No Breach; No Default. 

(a) None of the execution, delivery and performance by any Station Party of this Fourth Amendment nor the consummation of the
transactions herein contemplated do or will (i) conflict with or result in a breach of, or require any consent (which has not been obtained and is in full force and effect) under (x) any Organizational Document of any Station Party or
(y) any applicable Requirement of Law (including, without limitation, any Gaming Law) or (z) any order, writ, injunction or decree of any Governmental Authority binding on any Station Party, or tortiously interfere with, result in a breach
of, or require termination of, any term or provision of any Contractual Obligation of any Station Party or (ii) constitute (with due notice or lapse of time or both) a default under any such Contractual Obligation or (iii) result in or
require the creation or imposition of any Lien (except for the Liens created pursuant to the Security Documents) upon any Property of any Station Party pursuant to the terms of any such Contractual Obligation, except with respect to (i)(y), (i)(z),
(ii) or (iii) which would not reasonably be expected to result in a Material Adverse Effect; and 
 (b) No Default
or Event of Default has occurred and is continuing. 
 SECTION 5.4 Credit Document Representations. Each of the representations and
warranties made by the Borrower or any of the other Station Parties in or pursuant to the Credit Documents to which such entity is a party, as amended hereby, are true and correct in all material respects as of such date (except to the extent such
representations and warranties are qualified by “materiality” or “Material Adverse Effect,” in which case such representations and warranties shall be true and correct in all respects), as applicable, with the same effect as
though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier
date (except to the extent such representations and warranties are qualified by “materiality” or “Material Adverse Effect,” in which case such representations and warranties shall be true and correct in all respects)). 

  
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 ARTICLE VI 

CONDITIONS TO THE EFFECTIVE DATE 

This Fourth Amendment shall become effective on the date (the “Effective Date”) on which each of the following conditions is
satisfied or waived: 
 SECTION 6.1 Execution of Counterparts. The Administrative Agent shall have received executed counterparts of
this Fourth Amendment from each Station Party, the L/C Lenders, the Incremental Revolving Facility Lenders, the Incremental Term A-3 Facility Lenders and the Lenders who have consented hereto (constituting collectively the Required Tranche Lenders
under the Existing Credit Agreement with respect to the Revolving Facility, the Term A Facility and the Term A-3 Facility). 
 SECTION 6.2
Consent to Amendments. At such time that this Fourth Amendment becomes effective, (i) all Term A Facility Loans are held by Term A Facility Lenders, (ii) all Term A-3 Facility Loans are held by Term A-3 Facility Lenders,
(iii) all Revolving Loans and Revolving Commitments are held by Revolving Lenders and (iv) all L/C Commitments are held by L/C Lenders, in each case, who have consented to this Fourth Amendment with respect to their entire respective Term
A Facility Loans, Term A-3 Facility Loans, Revolving Loans and Revolving Commitments and L/C Commitments, as applicable (after giving effect to Article II, Section 2.1(d) hereof). 

SECTION 6.3 Corporate Documents. The Administrative Agent shall have received: 

(a) certified true and complete copies of the Organizational Documents of each Station Party and of all corporate or other
authority for each Station Party (including board of directors (or other applicable governing authority) resolutions and evidence of the incumbency, including specimen signatures, of officers) with respect to the execution, delivery and performance
of this Fourth Amendment and the extensions of credit hereunder, certified as of the Effective Date as complete and correct copies thereof by the secretary or an assistant secretary of each such Station Party (provided that, in lieu of attaching
such Organizational Documents and/or evidence of incumbency, such certificate may certify that (x) since the Closing Date (or such later date on which the applicable Station Party became party to the Credit Documents), there have been no
changes to the Organizational Documents of such Station Party and (y) no changes have been made to the incumbency certificate of the officers of such Station Party delivered on the Closing Date (or such later date referred to above)); 

(b) a certificate as to the good standing of each Station Party as of a recent date, from the Secretary of State (or other
applicable Governmental Authority) of its jurisdiction of incorporation; and 
 (c) a customary closing certificate of a
Responsible Officer of the Borrower certifying to the foregoing. 

  
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 SECTION 6.4 Opinions of Counsel. The Administrative Agent shall have received a favorable
written opinion of (i) Milbank, Tweed, Hadley & McCloy, special New York, Delaware and California counsel for the Station Parties and (ii) Brownstein Hyatt Farber Schreck, LLP, special Nevada counsel for the Station Parties, in
each case (A) dated the Effective Date, (B) addressed to Administrative Agent and the Lenders and (C) in a form reasonably satisfactory to Administrative Agent. 

SECTION 6.5 Fees, Costs and Expenses. All of the fees payable to the Fourth Amendment Arrangers in connection with this Fourth
Amendment in accordance with separate fee letters entered into by the Borrower and each such Fourth Amendment Arranger (if any) and all of the reasonable and documented
out-of-pocket costs and expenses (including the reasonable fees, expenses and disbursements of Latham & Watkins LLP and one local counsel in each applicable
jurisdiction reasonably deemed necessary by Agents) incurred by the Agents in connection with the negotiation, preparation, execution and delivery of this Fourth Amendment and the extension of the Revolving Facility, the Term A-3 Facility and the
Term A Facility and the syndication of the Incremental Term A-3 Facility Loan Commitments and the Incremental Revolving Facility Commitments shall have been paid. 

SECTION 6.6 No Default or Event of Default; Representations and Warranties True. Both immediately prior to and immediately after giving
effect to this Fourth Amendment and all of the transactions contemplated in connection therewith: 
 (a) no Event of Default
shall have occurred and be continuing; and 
 (b) each of the representations and warranties made by the Station Parties in
Article V hereof and in Article VI of the Existing Credit Agreement and in Article VI of the Amended Credit Agreement and in each of the other Credit Documents to which it is a party shall be true and correct in all material
respects on and as of the Effective Date (it being understood and agreed that any such representation or warranty which by its terms is made as of an earlier date shall be required to be true and correct in all material respects only as such earlier
date, and that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on the applicable date). 

SECTION 6.7 Flood Insurance Requirements. Administrative Agent shall have received from Borrower (i) a completed
“Life-of-Loan” Federal Emergency Management Agency standard flood hazard determination with respect to each Mortgaged Real Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed
by Borrower and the applicable Station Party relating thereto) and (ii) if any portion of any Mortgaged Real Property is located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood
hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968, the applicable Station Party shall have, with a financially sound and reputable insurer (determined at the time such
insurance was obtained), flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to such Flood Insurance Laws and deliver evidence of such compliance in form and substance
reasonably acceptable to Administrative Agent. 

  
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 SECTION 6.8 Notice of Borrowing. Administrative Agent shall have received a Notice of
Borrowing, duly completed and complying with Section 4.05 of the Existing Credit Agreement. 
 SECTION 6.9 Use of
Proceeds. The Borrower shall apply, concurrently with the making of the Incremental Term A-3 Facility Loans, the proceeds of the Incremental Term A-3 Facility Loans and the New Senior Notes, without differentiation, to (a) repay the
Borrower’s existing Senior Unsecured Notes, (b) repay the Term A-3 Facility Loans held immediately prior to the effectiveness of this Fourth Amendment by certain non-consenting Lenders, (c) repay outstanding revolving loans under the
Revolving Facility to the extent of available proceeds and (d) pay fees and expenses in connection with the Transactions. 
 SECTION
6.10 Pro Forma Compliance. Borrower shall be in compliance with the Financial Maintenance Covenants (as in effect under the Existing Credit Agreement) on a Pro Forma Basis as of the most recent Calculation Date (calculated in accordance with
Section 2.12(b)(v) of the Existing Credit Agreement) and the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower demonstrating the calculations thereof in reasonable detail. 

ARTICLE VII 

POST-CLOSING REQUIREMENTS 

SECTION 7.1 Post-Closing Real Property. Borrower shall as soon as practicable, but not later than sixty (60) days after the
Effective Date (or such later date as Administrative Agent may determine in its reasonable discretion), deliver or cause to be delivered to Collateral Agent the following items with respect to each Mortgaged Real Property, each in form and substance
reasonably acceptable to Administrative Agent: 
 (a) an amendment to each Mortgage encumbering a Mortgaged Real Property to
include the Incremental Term A-3 Facility Loans and the Incremental Revolving Facility Loans in the obligations secured by such Mortgage (the “Mortgage Amendments”), each duly executed and delivered by an authorized officer of each
Credit Party party thereto and in form suitable for filing and recording in all filing or recording offices that Administrative Agent may deem necessary or desirable unless Administrative Agent is satisfied in its reasonable discretion that Mortgage
Amendments are not required in order to secure the applicable Credit Party’s obligations as modified hereby; 
 (b) a
mortgage modification endorsement or local equivalent with respect to the Mortgaged Properties, each in form and substance reasonably satisfactory to Administrative Agent, or other endorsements acceptable to Administrative Agent; and 

(c) with respect to each Mortgage Amendment, legal opinions, each of which shall be addressed to Administrative Agent,
Collateral Agent and the Lenders, dated the effective date of such Mortgage Amendment and covering such matters as the Administrative Agent shall reasonably request in a manner customary for transactions of this type. 

  
 12 

 SECTION 7.2 Collateral Expenses. Borrower agrees to pay all fees, costs and expenses
incurred in connection with the preparation, execution, filing and recordation of the Mortgage Amendments, including, without limitation, reasonable attorneys’ fees, title insurance premiums, filing and recording fees, title insurance company
coordination fees, documentary stamp, mortgage and intangible taxes, if any, and title search charges and other charges incurred in connection with the recordation of the Mortgage Amendments and the other matters described in
Section 7.1. 
 ARTICLE VIII 

VALIDITY OF OBLIGATIONS AND LIENS 

SECTION 8.1 Validity of Obligations. Borrower and each Guarantor acknowledges and agrees that, both before and after giving effect to
this Fourth Amendment, Borrower and each Guarantor is, jointly and severally, indebted to the Lenders and the other Secured Parties for the Obligations (including the Obligations in respect of the Incremental Revolving Facility Commitments and the
Incremental Term A-3 Facility Loans provided pursuant to this Fourth Amendment), without defense, counterclaim or offset of any kind. The Borrower and each Guarantor hereby ratifies and reaffirms the validity, enforceability and binding nature of
such Obligations both before and after giving effect to this Fourth Amendment (except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles
of equity). 
 SECTION 8.2 Validity of Liens and Credit Documents. Borrower and each other Station Party hereby ratifies and
reaffirms the validity and enforceability (except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity) of the Liens and
security interests granted to Collateral Agent for the benefit of the Secured Parties to secure all of the Obligations (including the Obligations in respect of the Incremental Revolving Facility Commitments and the Incremental Term A-3 Facility
Loans provided pursuant to this Fourth Amendment) by Borrower and each other Station Party pursuant to the Credit Documents to which any of Borrower or such other Station Party is a party and hereby confirms and agrees that notwithstanding the
effectiveness of this Fourth Amendment, and except as expressly amended by this Fourth Amendment, each such Credit Document is, and shall continue to be, in full force and effect and each is hereby ratified and confirmed in all respects. 

ARTICLE IX 

MISCELLANEOUS 
 SECTION 9.1
Notice. For purposes of the Amended Credit Agreement, the initial notice address of each Incremental Revolving Facility Lender and Incremental Term A-3 Facility Lender (other than any Incremental Revolving Facility Lender or Incremental Term
A-3 Facility Lender that, immediately prior to the execution of this Fourth Amendment, is a “Lender” under the Existing Credit Agreement) shall be as set forth below its signature to this Fourth Amendment. 

  
 13 

 SECTION 9.2 Amendment, Modification and Waiver. This Fourth Amendment may not be amended,
modified or waived except by an instrument or instruments in writing signed and delivered on behalf of the Borrower and the Administrative Agent (acting at the direction of such Lenders as may be required under Section 13.04 of the
Amended Credit Agreement). 
 SECTION 9.3 Entire Agreement. This Fourth Amendment, the Existing Credit Agreement and the other Credit
Documents, constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to
the subject matter hereof. 
 SECTION 9.4 GOVERNING LAW. THIS FOURTH AMENDMENT, AND ANY CLAIMS, CONTROVERSIES, DISPUTES, OR CAUSES OF
ACTION (WHETHER ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) BASED UPON OR RELATING TO THIS FOURTH AMENDMENT, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW
PRINCIPLES THAT WOULD APPLY THE LAWS OF ANOTHER JURISDICTION. 
 SECTION 9.5 SUBMISSION TO JURISDICTION. EACH PARTY HERETO AGREES
THAT SECTION 13.09(b) OF THE EXISTING CREDIT AGREEMENT SHALL APPLY TO THIS FOURTH AMENDMENT MUTATIS MUTANDIS. 
 SECTION 9.6
Severability. Wherever possible, each provision of this Fourth Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Fourth Amendment shall be prohibited by or invalid
under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Fourth Amendment. 

SECTION 9.7 Counterparts. This Fourth Amendment may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Fourth Amendment by facsimile or other electronic transmission
(including portable document format (“.pdf”) or similar format) shall be effective as delivery of a manually executed counterpart hereof. 

SECTION 9.8 Lead Arrangers and Bookrunners. The Borrower has appointed Deutsche Bank Securities Inc. (the “Fourth Amendment
Refinancing Arranger”), JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Citizens Bank, N.A., Credit Suisse Securities (USA) LLC, Fifth Third
Bank, Macquarie Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., UBS Securities LLC and Wells Fargo Securities, LLC (collectively, the “Fourth Amendment Arrangers”) to act as lead arrangers and bookrunners for this Fourth
Amendment. Anything herein to the contrary 

  
 14 

 
notwithstanding, the Fourth Amendment Arrangers shall have no powers, duties or responsibilities under this Fourth Amendment or any of the other Credit Documents, except in their respective
capacities, as applicable, as the Administrative Agent, Collateral Agent, a Lender or a L/C Lender thereunder. 
 SECTION 9.9 LandCo
Credit Agreement. The Borrower hereby notifies the Agents and the Lenders that the LandCo Credit Agreement (as defined in the Existing Credit Agreement) has been repaid in full and that LandCo Holdings (as defined in the Existing Credit
Agreement) and its Subsidiaries have been designated as Restricted Subsidiaries under the Amended Credit Agreement. 
 SECTION 9.10
Credit Document. This Fourth Amendment shall constitute a “Credit Document” as defined in the Amended Credit Agreement. 

SECTION 9.11 No Novation. This Fourth Amendment shall not extinguish the obligations for the payment of money outstanding under the
Existing Credit Agreement or discharge or release the priority of any Credit Document (as defined in the Existing Credit Agreement) or any other security therefor. Nothing herein contained shall be construed as a substitution or novation of the
obligations outstanding under the Existing Credit Agreement or the instruments, documents and agreements securing the same, which shall remain in full force and effect. Nothing in this Fourth Amendment shall be construed as a release or other
discharge of the Borrower or any other Station Party from any of its obligations and liabilities under the Existing Credit Agreement or the other Credit Documents (as defined in the Existing Credit Agreement). 

[Remainder of page intentionally left blank] 

  
 15 

 IN WITNESS WHEREOF, the parties have caused this Fourth Amendment to be duly executed as of the
day and year first above written, to be effective as of the Effective Date. 
  

			
	Borrower:
	
	STATION CASINOS LLC

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

 [Signature Page to Fourth Amendment] 

  

 
			
	 NP BOULDER LLC
 NP
CENTERLINE HOLDINGS LLC
 NP DURANGO LLC
 NP
FIESTA LLC
 NP INSPIRADA LLC
 NP IP HOLDINGS
LLC
 NP LAKE MEAD LLC
 NP MT. ROSE LLC

NP OPCO HOLDINGS LLC
 NP OPCO LLC

NP PALACE LLC
 NP RED ROCK LLC

NP RENO CONVENTION CENTER LLC
 NP RANCHO LLC

NP SANTA FE LLC
 NP SONOMA LAND HOLDINGS LLC

NP STEAMBOAT LLC
 NP SUNSET LLC

NP TEXAS LLC
 NP TOWN CENTER LLC

STATION GVR ACQUISITION, LLC
 FERTITTA ENTERTAINMENT
LLC
 FE LANDCO MANAGEMENT LLC
 RRR PALMS
LLC
 FIESTA PARENTCO, L.L.C.
 FP HOLDINGS,
L.P.
 FP HOLDCO, L.L.C.
 FPIII, L.L.C.

PALMS PLACE, LLC
 PPII HOLDINGS, L.L.C.

N-M VENTURES LLC
 N-M VENTURES II LLC

PALMS LEASECO LLC
 NP LANDCO HOLDCO LLC

NP TROPICANA LLC
 CV PROPCO,
LLC

 
			
		
	By:	 	/s/Stephen L. Cootey
	Name:	 	Stephen L. Cootey
	Title:	 	Authorized Person

 [Signature Page to Fourth Amendment] 

  

 
			
	 SC MADERA DEVELOPMENT, LLC

SC MADERA MANAGEMENT, LLC
 SC MICHIGAN, LLC

SC SONOMA DEVELOPMENT, LLC
 SC SONOMA MANAGEMENT,
LLC

 
			
		
	By:	 	/s/Frank J. Fertitta III
	Name:	 	Frank J. Fertitta III
	Title:	 	President

 [Signature Page to Fourth Amendment] 

  

 
			
	 RED ROCK RESORTS, INC.

STATION HOLDCO LLC

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

 [Signature Page to Fourth Amendment] 

  

			
	Acknowledged and Agreed by:
	
	DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH, as Administrative Agent

			
		
	By:	 	/s/ Ian Dorrington
	Name:	 	Ian Dorrington
	Title:	 	Managing Director
		
	By:	 	/s/ Anca Trifan
	Name:	 	Anca Trifan
	Title:	 	Managing Director

 [Signature Page to Fourth Amendment] 

  

 SCHEDULE A 

Incremental Revolving Facility Commitments 
  

					
	 Name of Incremental Revolving Facility Lender
	  	Amount	 
	 Wells Fargo Bank, N.A.
	  	$	96,000,000.00	 
		  	  
	  
	 
	 Total:
	  	$	96,000,000.00	 
		  	  
	  
	 

 SCHEDULE B 

Incremental Term A-3 Facility Loan Commitments 
  

					
	 Name of Incremental Term A-3 Facility Lender
	  	Amount	 
	 Deutsche Bank AG Cayman Islands Branch
	  	$	5,029,592.94	 
	 Wells Fargo Bank, N.A.
	  	$	29,000,000.00	 
		  	  
	  
	 
	 Total:
	  	$	34,029,592.94	 
		  	  
	  
	 

 EXHIBIT A 

Amendments to Existing Credit Agreement 

[See Attached]

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